Thank you for standing by, and welcome to West Pharmaceutical's fourth quarter 2024 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star one one on your telephone. To remove yourself from the queue, you may press star one one again. I would now like to hand the call over to John Sweeney, Vice President, Investor Relations. Please go ahead. Good morning and welcome to West's fourth quarter and full year 2024 earnings conference call. We issued our financial results early this morning, and the release has been posted on the Investors section of the company's website located at westpharma.com. On the call today, we review our financial results, provide an update for our business, and present our financial outlook for FY25. There's a slide presentation that accompanies today's call, and a copy of the presentation is available on the Investor page of West's website. On slide four is a Safe Harbor Statement. Statements made by management on the call and the accompanying presentation contain forward-looking statements within the meaning of the U.S. Federal Securities Law. These statements are based on our beliefs and assumptions, current expectations, estimates, and forecasts. The company's future results are influenced by many factors beyond the control of the company. Actual results could differ materially from past results, as well as those expressed or implied in any forward-looking statements made here. Please refer to today's press release, as well as other disclosures made by the company regarding the risks to which it is subject, including our 10-K, 10-Q, and 8-K reports. During today's call, management will make reference to non-GAAP financial measures, including organic sales growth, adjusted operating profit, adjusted operating profit margin, and adjusted diluted EPS. Limitations and reconciliations of the non-GAAP financial measures to the most comparable financial results prepared in conformity to GAAP are provided in this morning's earnings release. I'll now turn the call over to our CEO, Eric Green. Please go ahead, Eric. Thank you, John, and good morning, everyone. Thanks for joining us today. I would like to begin with some comments on the fiscal year and fourth quarter 2024, followed by Bernard's detailed financial review and 2025 guidance. Then I'll close with some final thoughts on our business outlook. Starting on slide five, looking back at 2024, West executed on several key strategic initiatives. First, we capitalized on opportunities with the fast-growing GLP-1 market and continued our strong win rate on newly approved molecules, particularly in Biologics. Second, we made a great stride to reduce our manufacturing lead times, in some cases below pre-COVID levels, and we believe that industry-wide destocking is now close to the end, as customers are generally returning to more normalized ordering patterns. Third, we returned over $560 million to our shareholders through our share repurchase program during the year. And finally, we made strategic investments in additional HVP capacity, which we expect will drive incremental growth for years to come. Shifting to fourth quarter on slide six, there were several notable achievements. Results were above our expectations as revenues increased 3.3% on an organic basis, and the quarter marked a return to quarterly revenue growth. Proprietary product organic revenues increased 4.5% in the fourth quarter. This represents a continued improving trend as proprietary products' organic revenues decline year- over- year in each of the three quarters of 2024, largely driven by destocking. Finally, adjusted operating profit margin was 21.7%, roughly in line with prior year. Moving to slide seven, West's proprietary product segment can be broken down into three categories: HVP components, HVP delivery devices, and standard products. I'm pleased to report that HVP components, the most important contributor to West's long-term growth, are starting to show signs of strengthening, and we expect this positive momentum to continue. Our current expectation is that HVP component revenues will grow mid to high single digits in 2025, and we anticipate that we will see a continued mix shift to HVP in 2025 and beyond. A key performance driver is the biologics market. We expect this end market to continue to grow high single digit to low double digits, and we have a consistently strong win rate, participating on approximately 90% of new molecules entering this market. Our HVP GLP-1 elastomer business is performing well, and we expect an acceleration in growth due to the continued market expansion of this category. I would note that we have just agreed to terms for a multi-year contract with one of the largest manufacturers for all of their GLP-1 primary packaging elastomer needs. We remain particularly encouraged with the progress from our customers adopting Annex 1. For those unfamiliar with the EU GMP Annex 1, it is a set of regulations that govern manufacturing of sterile drugs in the European Union. Annex 1 requires companies filling sterile medicines to develop a documented contamination control strategy that assesses risk in their facilities and defines action plans to prevent the contamination of sterile products. Currently, we have over 200 Annex 1 projects in various stages with our customers. While the regulation went into effect in August of 2023, some customers were early adopters in a shift towards HVP, and we now have additional customers in the pipeline. It generally takes about 18 months for customers to shift from standard to HVP products as they address Annex 1. Moving to slide eight, high-value delivery devices. The biggest growth driver for this business in 2024 is our wearable on-body injector, SmartDose. We are working to optimize our manufacturing process with our new automation line coming on stream later in 2025, which will more than double our SmartDose capacity and drive efficiencies. While we categorize and view SmartDose as an HVP product, we expect that in 2025 it will be margin-dilutive. We are taking steps to improve our delivery device economics, and all options are on the table. Moving to standard products, these are the bulk products that we produce across our global manufacturing network. These products tend to be on the lower end of price and margin. The standard components are mainly used by our pharma and generic customers. Turning to slide nine, in contract manufacturing, we have made significant investments to build out our GLP-1 device business. The business is growing strongly and now accounts for approximately 40% of our total contract manufacturing. We anticipate the GLP-1 growth to continue as our investments in Dublin, Ireland, and Grand Rapids, Michigan come online during the year. There are two large continuous glucose monitoring customers that we serve. In both cases, these customers develop next-generation devices. We have made the decision to not participate going forward as our financial thresholds cannot be achieved. One of these customers has started to exit, and the other has let us know of their intention to exit in mid-2026. We're actively pursuing opportunities in CM that more closely align with our margin and capital return requirements. Taking all into account, all these factors, we expect a return to organic growth driven by the strength of our HVP components business. We have a highly profitable core business that will bridge West through these temporary impacts. We will be taking steps in the coming years to address these areas where we want to improve returns, and we expect to finish 2025 with solid momentum. Now I'll turn the call over to Bernard. Bernard. Thank you, Eric, and good morning. I will take you through the drivers impacting sales and margin in the quarter, as well as some balance sheet takeaways. And finally, we will review our first quarter and full year 2025 guides. First up, Q4. Our financial results are summarized on slide 10. We recorded net sales of $748.8 million in the quarter, representing organic sales growth of 3.3%. Looking at slide 11, proprietary products' organic net sales increased by 4.5%. This was a function of generally improving demand and strong sales of delivery devices in the quarter. Fourth quarter revenues included a $25 million benefit from a delivery device incentive. High-value products, which made up approximately 74% of Q4 proprietary product sales, generated mid-single-digit growth led by customer demand for self-injection device platforms. Looking at the performance by market, Biologics experienced high single-digit organic net sales growth driven by increases in sales of self-injection device platforms. Pharma saw mid-single-digit organic net sales growth driven by an increase in sales of Westar products and administrative systems. Generics had a mid-single-digit organic net sales decline driven by lower volumes of FluroTec products. Our contract manufacturing segment declined by low single digits. We recorded $273.6 million in gross profit, and gross profit margin was 36.5%, down 150 basis points year- over- year. Adjusted operating profit increased to $162.8 million this quarter, and adjusted operating profit margin of 21.7% was consistent with the same period last year. Finally, adjusted diluted EPS declined 0.5% for Q4. The stock-based compensation tax benefit had no impact on EPS compared to the same period last year. Now let's review the drivers in both revenue and profit performance. On slide 12, we show the contributions to sales growth in the quarter. Sales price increases contributed $39.3 million, or 5.4 percentage points. Included in sales price is a $25 million customer incentive associated with achieving volume levels. The pricing benefit was partially offset by a negative mix impact of $15.3 million, driven by lower sales volume of HVP components and a higher proportion of lower margin drug delivery devices. In addition, we faced a foreign currency headwind of approximately $7.2 million in the quarter. Looking at margin performance on slide 13, proprietary products' fourth quarter gross profit margin of 40.8% was 190 basis points lower than the margin achieved in the fourth quarter of 2023. The key driver for the decline was product mix. Contract manufacturing's fourth quarter gross profit margin of 17% was 90 basis points lower than the margin achieved in the fourth quarter of 2023. On slide 14, we have listed some key cash flow metrics. Operating cash flow was $653.4 million in 2024, a decline of $123.1 million, primarily due to a decline in operating results. In 2024, we spent $377 million on capital expenditures, a 4.1% increase over 2023. We continue to leverage our CapEx to increase our high-value product and contract manufacturing capacity. Working capital of approximately $988 million decreased by $277 million from 2023, mainly due to a reduction in our cash balance. Our cash balance at December 31, 2024, of $484.6 million was $369.3 million lower than our December 2023 balance. The decrease in cash is primarily due to $560.9 million of share repurchases and our capital expenditures offset by cash from operations. Turning to guidance, slide 15 provides a high-level summary. Full year 2025 net sales guidance is expected to be in a range of $2.875 billion-$2.905 billion. There is an estimated headwind of $75 million based on current foreign exchange rates. We expect organic sales growth to be approximately 2%-3%. This guidance assumes acceleration in HVP organic growth and that HVP components' margins will expand, driven by Biologics, GLP-1s, and Annex 1. We anticipate organic revenues in our proprietary product segment to increase as the impact of destocking continues to abate. Proprietary products' gross margins are expected to be up slightly as compared to prior year, driven by improving HVP components' performance. Contract manufacturing revenue is expected to be up low single digits as compared to FY 2024. As decreased revenue in continuous glucose monitoring business offsets expected growth in self-injection devices for obesity and diabetes, contract manufacturing margins are expected to decline 200 basis points year over year in FY 2025 due to lower utilization. Just a note on the ramp-up of our two CM sites. In Dublin, the building is now up and running. Auto-injector production has commenced and will continue to ramp as we move through the third and fourth quarters. Late in 2025 and into 2026, we expect both revenues and margins to benefit from the ramp-up in the pen and drug handling portion of the business. The Grand Rapids expansion is also operational, and we had our first revenues in the third quarter of 2024. These revenues will increase as we achieve scale in mid-2025. Our experience with new installations is that they take up to 18 months to achieve close to full capacity. Moving on to slide 16. For 2025, our EPS guidance is now anticipated to be in a range of $6-$6.20. Please note we have several exciting incremental opportunities not incorporated in this guidance, and we will update you on these in 2025 should they materialize. Slide 16 breaks down the progression from 2024 EPS of $6.75 to the 2025 guidance range. The guidance anticipates that proprietary products' revenues, excluding the impact of our drug delivery device 2024 incentive, accelerate with improving margins, adding $0.77 to 2025 EPS. This is more than offset by incentive compensation, plus the tax benefit on stock-based compensation, which is not incorporated in our guidance, and the currency headwind totaled to about $0.77. The drug delivery device incentive headwinds and glucose monitoring transition reduce 2025 EPS by about $0.43, and incremental investments in R&D and SG&A in 2025 are $0.22. In total, these factors get us to our 2025 guidance range of $6-$6.20. For CapEx, we are on a glide path back down to our traditional 6%-8% of revenues to support our long-range plan. We now anticipate 2025 CapEx of $275 million, down $100 million from 2024. We expect that 2024 will be the peak investment year for our growth initiatives over the next several years. Finally, today we are introducing first quarter 2025 guidance and anticipated revenues in the range of $680 million-$690 million, which translates into 1%-2% first quarter organic revenue growth, and first quarter 2025 adjusted EPS is expected to be in the range of $1.20-$1.25. I'd now like to turn the call back over to Eric. Thank you, Bernard. To summarize on slide 17, we are pleased with the strong finish to the year and with the opportunities ahead, I'm confident we will deliver on a successful 2025 for West. Our performance in HVP components is encouraging, and we are seeing a return to growth in our proprietary business because of our continued success in Biologics, GLP-1s, and the adoption of Annex 1. We anticipate that 2025 will be an important year that positions the company for the future success. We intend to capitalize on our strengths and continue to address areas that require additional attention. In closing, I would like to thank our team members across the globe for their unwavering dedication as they continue to make a difference in improving patients' lives. With that, Operator, we are ready for our first question. Thank you. Thank you. As a reminder, if you have not already, you may press star one one on your telephone to queue up. Please stand by while we compile the Q&A roster. Our first question comes from the line of Michael Ryskin of Bank of America Global Research. Your question, please, Michael. Thanks for taking the question, guys. A lot to unpack here. I'm going to ask, it's going to be one question, but I'm going to ask a big one. So if I just look at the fiscal year 2025 EPS guide, obviously it's well below expectations. I appreciate the color on the bridge, the progression from 2024 to 2025, the moving pieces. What I want to get at is sort of like what's a one-time versus a reset to a new base. So if I look at R&D, SG&A investments, that seems like that's sort of part of the model, right? We can debate tax, FX, incentive comp. Is it fair to say that everything outside of the contract manufacturing CGM issue is sort of the new base and that $6.20 guide is the new model for West that we're moving from? If so, just anything additional color you can give us on that contract manufacturing in our pocket. I think you just said in the prepared remarks something about a 200 basis points margin impact. Just sort of what's your outlook for being able to patch that hole, to bring something else in, and to sort of regain some of that EPS in our pocket that you're getting? Thanks. Yeah, thanks for the question, Michael. So when we look at the guide, a lot of these impacts are impacting 2025, particularly. And if you look at drug delivery device, that is a mixed impact in 2025, but we have a number of initiatives ongoing to expand the profitability in that business. We're looking at automation, we're looking at scale, we're looking at, in more medium term, adding more customers. So we would expect that to improve over time. Now, it'll take a little bit of time for us to do that. So again, we would expect a mixed impact to improve. And as the mix improves over time, EPS also improves with that. And that's what we talked about, I think, towards the back half of last year and the second half, really about the mixed impact that we were seeing in our business. And as Eric called out in his script, there are areas that we are addressing. If I look at the growth in HVP, we're seeing mid- to high-single-digit growth in HVP with expanding margins for driving our business. They're slightly offset in 2025, but again, we would expect that to be corrected. The CGM impact on contract manufacturing, again, that's here in the short term. We would expect to replace that business with business that has margins more in line with what our return on investment thresholds would be. And again, so over time, we would see those margins improving. Okay. I mean, any additional color you can provide on the CGM issue? I mean, the way I'm reading it is sort of a, it was your decision to walk away from those contracts because of the financial metrics. Just, I mean, given it creates a hole in our pocket sort of how bad was that, given these were existing customers. And we know the CGM marketplace is pretty concentrated in just two, maybe three players. So if you've got two customers, it doesn't seem like that's something you can replace there. Is that something you can flex to another product line outside of CGM? Yeah, Michael, good question. And that's exactly what we've focused on. We've had the ability to support our customers with CGM for the past 10+ years, in particular the technologies that were introduced early on in the ramp-up of CGM in the marketplace. So we've had a strong position as new technologies were developed by our customers. We did take the decision based on the economics that just did not meet our financial thresholds. And that decision was not taken lightly, but we wanted to make sure that we preserve the financial construct we believe is appropriate for that business that we provide in our contract manufacturing space. So therefore, we're doing a really well-scheduled ramp-down as they can move into the next generation through whether they're insourcing some of it. In fact, in many cases, they're insourcing. So that was the decision we made. And that is we will reuse. Let me state it clearly, though. There is space that would be available, which is being looked at and worked on with other customers to be able to support future launches and future product portfolios that we'll put into contract manufacturing going forward. So the impact will be in 2025, and we'll move through it. It's offset with some of the GLP-1 growth and other CM business that we're bringing in. All right. Thanks so much. I'll get back to you. Thank you. Thank you. Our next question comes from the line of Larry Solow of CJS Securities. Please go ahead, Larry. Great. Good morning, gentlemen. I guess first question, just on the proprietary product side. And again, I know you don't guide to segments, but it sounds like just the general outlook there is positive. And does that scale up as we go through the year? Or obviously, I guess Q1's essentially or seasonal usually a little bit slower, but is there any inventory issues that continue to wane as we move forward? And then the second part of the question is, so it sounds like the core HVP is doing okay, but there will be a little bit of a transition on SmartDose and lower margins. Maybe you can give us a little more color on that side of the equation too. Thank you, Larry, and thanks for the question. So no, you're absolutely correct. Let's take a look at proprietary as a whole. The key drivers of that business we'll start with is the HVP components. That has been the thesis of growth for West for a number of years. And we still feel strong about our prospects and the current pipeline that we have in place. What's driving it? Number one, Biologics. As we think about our continued strong position in that particular market, we mentioned that we're still just looking at the past year, past quarter, we still have a very high participation rate of all new launches that have been approved, around 90%+. And I just want to be clear on that. We do put biologics and biosimilars together because the value proposition to our customers and the economics are the same for us. We are in the top 50 biologics, and if you think about the pipeline of biologics that are being developed, it's quite robust. And so we feel really good about this space. That growth will continue in the near term of 2025, but well beyond that. The second lever is GLP-1s, and our position in GLP-1s is not just in contract manufacturing, but we have a very strong foothold in the proprietary HVP elastomers, primarily providing plungers for the largest players in this space. We did comment in our prepared remarks that we have secured a long-term contract with one of the customers to provide all of their proprietary elastomers needs in the GLP-1 space, and we are working with another customer to continue to have the majority of their needs going forward, so that is the GLP-1s. To give you a little context there, it's about mid-single-digit from a, in 2024, the size of the business against all of proprietary. The third area is Annex 1. We talked about it, but we're starting to see the, instead of talking about the pipeline, the actual projects that will turn into revenues in 2025. We're actually quite encouraged. We had an increase of interest in projects we've launched, well over 200, more than double-digit from the last quarter I mentioned. Roughly around 50% of those projects will turn into some sort of revenues throughout the duration of 2025. We believe that's going to give us about 100. I'm sorry, yeah, about 100-150 basis points growth expansion just in that particular area. So HVP components, very strong going forward. You asked about the destocking. It's consistent to what was said on previous quarters. We believe pharmaceutical or pharma customers have normalized. Biologics is becoming more normalized as we are where we are today, and then we believe generics will become more normalized throughout the duration of 2025, so consistent to what we have said before, and that's all based on the more consistent ordering patterns of our customers going forward. I do want to touch on SmartDose because you asked about that topic. SmartDose, we have been in a ramp-up mode in 2024. We onboarded Phoenix Site in the later part of first half of 2024. As you know, it takes time to get to full efficiencies of a particular site. It was another expansion of manual processes, so when Bernard talked about, "We're going to drive automation," that's in-house. It will take pretty much 2025. If we can bring it forward, we will. But we will be driving more towards automation to take costs down. We are looking at scale as the volumes are increasing significantly for us, for our customers. And in addition, more midterm, we are looking at new customers. But I will say we are looking at the portfolio specifically around this device and determining the best actions forward to ultimately increase shareholder values. So that is our focus on here while maintaining and supporting our customers and their patients. So those are the key topics I believe I covered. Yes. Any other, Larry? No, that was really good color. I guess just to follow up, anything you can add, just maybe a little tease on where the incremental opportunities not included in guidance. Is that just a bunch of different things across the P&L? Is there anything specific we could point to there? Thanks. Yeah, Larry, I don't want to create a wider range here. I just want to say that I do believe the way we look at our guidance is business that we have very clear visibility of and very confident that we can execute against. I'm confident in our team. I do believe HVP components is a growth driver for this business. It's showing up very strongly early on in 2025, and we expect that to drive. I mentioned the three areas: Biologics, GLP-1s, and Annex 1. These are very discrete projects, initiatives that we have our hands around, and then we have to fix devices, particularly one part of that portfolio, and that is a focus of the team, and we need to improve the profitability, and we do not have a lot of time to get that done, so that's the mandate. I expect the teams to overdeliver, but I'll leave it to that. Just to follow up on that, Larry, with the number of these opportunities, some are more in the short term and then some are medium-term opportunities. We'll update as we go through the year as to how they're transpiring. Just to put it in context, we have the ability to respond quicker than we probably have in the past based on the capacity we've installed, particularly in our HVP sites over the last number of years. We have that ability. Our lead times have come down considerably. We're in a better position to take advantage of those opportunities when they present themselves. Great. I appreciate all that. Thank you, guys. Thank you. Our next question comes from the line of Patrick Donnelly of Citi. Your line is open, Patrick. Hey, guys. Thank you for taking the questions. Maybe another one on the GLP side, just diving in a little bit there. Can you talk about the growth you're seeing from that market, particularly on the proprietary side? And then we do get a decent amount of questions just on the oral side. And there's going to be a few readouts here in the relative near term. Maybe just frame up how you think about the impact of orals, what that means for the market, and how you guys see that playing out. Yeah, Patrick, good morning. Thanks for the question. We do believe that from our lens and speaking with our customers that there will be an oral impact in the market. We do believe, however, the majority of the delivery will be injectable. And our models are built around a shared portion of the two. So that's how we kind of looked at our investments, how do we make sure that we safeguard the capital we put in to build support GLP-1s, and particularly around CM, where we have very clear levels of demand, our volume requirements that need to be take-or-pay type of environments for a number of years. So we're protecting that area. And as you know, in the proprietary side of the elastomers, a lot of those resources are fungible. But we feel really good about GLP-1s. Right now, as I mentioned, proprietary elastomers is roughly mid-single from the whole portfolio perspective of proprietary. CM is 40%. But if I think about the ramp-up, a lot of the ramp-up has been around CM with our infrastructure expansions, particularly in Grand Rapids and Dublin. More to come as we get the capabilities online. And more exciting is that in CM, we're going to have drug handling capabilities towards the end of 2025, early 2026, which is an expansion of our capabilities, but better margin profile for West. On the proprietary side, that's going to be the fastest growth area in 2025 for us. Actually, it's, think about a 2/3 versus 1/3 between the two units. And that is in line with our customers' expectations and our position with both of them from a, what do you call it, penetration rate of success, win rate with both customers. Okay. No, that's helpful. And then maybe Bernard, just to build on Mike's question earlier on the margins, can you just talk about, I guess, the build as we work our way through the year? I'm just trying to think about the right exit rate, the right way to build into 2026. And again, is it product mix driven, manufacturing ramp? Just talk about those moving pieces. And again, maybe the progression as we go through this year would be helpful. Thank you, guys. Yeah. So based on the guide we put out, Q1 is the most challenged from a margin perspective. We still see a little bit of destocking, particularly impacting generics, maybe a little bit on the biologic side. And that is, we progress through the year to get to our guide, we would expect to see improvement on the margin front. And that's coupled with the growth in high-value products, particularly around the containment space and in the areas that Eric talked about, GLP-1, Annex 1, and Biologics. And then the return to growth of HVP as we progress through the year. Does that help? Next question for you. Next question comes from the line of Doug. Your line is open, Doug. Hey, good morning. Thank you for. Good morning. I'm doing well. Good morning. Thank you for taking my question. So I think three quick ones. I'll just rattle through them all at once. First, you have three facilities in Mexico. I just want to see how you're capturing any potential tariff impact in your guidance. So that's one. The second is, I think based on some of the disclosures in the slide deck, it looks like the math would lead us to conclude that GLP-1s, as a percentage of sales, are about 10%. I just want to make sure that's right. And then the third is, you talked about several exciting incremental opportunities not included in guidance, as you talked about things in your prepared remarks. Any chance you would be willing to size up how impactful those could be? Thank you. Yeah. Excellent, Doug. Thank you. So the first question about Mexico, we do have a relationship with a company in Mexico. It's a 50-year relationship, actually, yeah, about close to 50 years, where we are the minority stakeholder in that business. And it's immaterial. The materials that we support them to be able to support the local market, but a lot of it's local for local. On the GLP-1s, you're accurate. It's ballpark about 10% with the GLP-1s of the overall business. But in CM, as I mentioned, it's about 40%, and the proprietary is about 5%. The growth of that is mid-single digits. The growth of that's very attractive. We'll look at a couple of basis points expansion from 2024 to 2025. On the upside. Just on the GLP-1, I think it's like GLPs and proprietary GLPs are about mid-single digits of our total revenue, and then the contract manufacturing GLPs represent about 40% of the contract manufacturing revenues in our total revenue. Then if we look at GLPs in total, it's really like mid-teens of our overall revenues, and obviously the economics around those businesses are a little bit different. And where we see the most growth, I think back to Eric's comment a few minutes ago, is really around the elastomer side, where we're seeing a lot of traction with both, well, with the primary GLP-1 providers. The third question around growth opportunities, I mean, obviously, we will continue to focus on expansion within HVP components, see if we can help our customer accelerate some of the launches that they have planned, and also some of the regulatory work that we're partnering with them on with Annex 1. And obviously, we will respond accordingly with GLP-1 growth. But I think at this point in time, that's probably as much we'll provide on the potential additional growth levers as we think about throughout 2025. Yeah. We'll update as we get closer to them having an impact on our numbers. So it's kind of hard to give you a sense of what they are now. Understood. Thank you. Thank you. Our next question comes from the line of Paul Knight of KeyBanc Capital Markets. Please go ahead, Paul. Hi, Eric. You have had a long-term guide of our construct of a 7%-9% organic growth. As we leave 2025 with capacity additions in place and the GLP-1 elastomer business in place, what do you feel about that 7%-9% construct? I believe, Paul. Good morning. I believe long-term, if you think about the 7%-9%, it feels very strong that we will be able to return to those type of top-line performance metrics. And in particular, I think in 2025, we'll see ourselves transition into that direction. And to your point, the key thesis of the growth is going to be around HVP components and proprietary. And so the early signs for 2025 are very strong. It's not one particular area. It's multiple areas, multiple customers, multiple drugs, and categories in the marketplace. So we feel that we're getting to a more normalized environment, which will allow us to get back to that growth algorithm that we had historically. And then maybe, I think, Bernard, you were commenting on the Dublin GLP-1 new site. You're expecting a lot of utilization in the year, excuse me, 2025. Is it at half of capacity for the year? What's your kind of view on what it's going to be producing relative to potential revenue? Yeah, Paul, I think where it becomes more material is in the back half of the year. We're at the early stages of ramping at the moment, and as we get into the back half of the year, we start to see the ramping around, particularly around the auto-injector element of the business, and then as we get into the later part of 2025 and into early 2026, that's when we would see drug handling coming on board, so it does take time. We've seen Grand Rapids starting to ramp at a start as we've got through the back end of 2024, and we'll see that continue into 2025, but Dublin, we won't really see a lot from that facility, I think, for the first half of this year. And last question would be, you cited drug handling. Does this mean you're doing complete component assembly? It's not fill-finish, is it? No, it's not fill-finish. It's final drug packaging. But we're not doing fill-finish. Okay. Thanks. Thank you. Our next question comes from the line of Matthew Larew of William Blair & Company. Please go ahead, Matthew. I'm going to start on the device side. Obviously, that's been a big theme of the last couple of years. There's been investment in that space, and I know you've been excited about the future there. You referenced today some of the challenges you've had in terms of the financial profile as well as converting to an automated line. Eric, I think you would use the word maximizing shareholder value as you think about options, which sounds like I guess the question is, is there sort of an existential question as to whether that should be a core competency of the company long-term or more about harder operational decisions that would need to be made in the near term to maximize profitability? Yeah, Matthew, there's two points to that. One is more near-term, what we have in our hands to be able to produce consistently high-quality product for our customers as we scale because the demand is increasing and be flawless in the execution of the automation. So we can go from a manual to a fully automated process, which will drive efficiencies. And there's other operational excellence drivers that we are focused on in that area to deliver on. As we scale, we will get better economics. But beyond that, we do have to just continue to pressure test what's the future look like for that device, that particular device, because the drug delivery device for us is beyond just one product. We do have a pretty attractive portfolio around admin systems. We do have what we call SelfDose and also our Crystal Zenith line. So if you think about the drug delivery device area, this particular product is one that we're really focused on right now to determine what is the long-term best option for West. Okay. Understood. And then just on the multi-year contract, GLP contract you mentioned, could you frame how that participation rate and duration of contract would compare to your prior just so we have a sense for what really is incremental there? In that particular case, we were on, and have historically been on, to provide all the elastomer components for our customer. And so what this does, it secures that position for multiple years. We have not articulated exactly the duration, but it is quite lengthy. And so it isn't a drastic departure from our customer. And as you know, it takes a long time to build that rapport, that credibility, and that supply chain. And so we feel really comfortable. And it was a natural progression of our relationship just to secure it and ensure that we're both aligned on future expectations and that we can help them and support one another and make sure that they can support their end patients at the end of the day with the drug launches, so it is long in duration. We haven't articulated exactly the number of years, but it is very long, and it is a continuation of our participation, which is majority of basically all their needs in that market with that customer. I think, Matt, it's also very important. It supports the growth in the GLP-1 market and feeds into the long-term construct that we talked about as one of the key drivers there. Now, we've ring-fenced that. And again, so it's really supporting that growth around HVP over the long term. Okay. Thank you. Thank you. Our next question comes from the line of Justin Bowers of Deutsche Bank. Please go ahead, Justin. Thank you. Good morning, everyone. Just a couple of clarifications here to kick it off. Eric, on the 100 basis points of growth expansion from Annex 1, is that referring to 2025 specifically, or is that sort of like a longer-term contribution? And then on the device part of the business, you said that there's a mandate there. And is that related to the contract manufacturing side of the business or also in prop products as well? Yeah. No, thanks for the question. The 100 basis points I referenced, the 100- 150 is really 2025. So these are projects that we were sharing with you last year and just wanted to give visibility that now they're converting into actual revenues for 2025. It takes about 14-18 months to do the transition, sometimes a little bit longer with our customers. And so that's why I wanted to mention it enough to realize that it's starting to become impactful for us near term. And we do believe that there's long-term growth trajectory on this, but we really haven't framed that as of as we speak. But it's been contemplated in our long-term growth algorithm for High-Value Products. On the device side, that is specifically my comment was specifically around the proprietary devices. And to be very clear, it's around our SmartDose platform. Okay. And then a follow-up to that, in the prepared remarks, you talked about price and incentive headwinds. And you called out $44 million in the second half of 2024. Is that ring-fenced there, or is there more to that? And then unrelatedly, HVP, mid-single-digit, back to mid-single-digit growth this year, and then Biologics, high single to low double. Is there any anticipated restock there, or are those back to run rate levels? I'll start with the last one first, if you don't mind. We believe that it's more of a natural back-to-the-growth algorithm that we expect with Biologics and HVP as we progress through 2025. So we don't see this as a restock since we do believe it becomes more normalized. And as you know, that once you're on the molecule, you tend to be on it for the duration of that drug in the market. And so it's really starting to harmonize with their supply chain needs going forward. On the first question, I think we mentioned the $0.44 on EPS. Not all of it is related to the device, but the majority is. So a good portion of it is. Some of it, the smaller portion, is related to the transition that we're seeing on the CGM business transitioning out this year and then also towards the tail end of last year, I'm sorry, next year. So that the impact, but we'll obviously use that asset, those locations to fill with new contracts, new customers that meet our financial construct. So that's kind of how you would look at that $0.44 headwind this year. Thanks for all the questions. I'll jump back in queue. Thank you. Thank you. Our next question comes from the line of David Windley of Jefferies. Your line is open, David. Hi. Good morning. Thanks for taking my questions. I have a few. I hope I can squeeze them in. So the first one, kind of on the last on Justin's question, I believe that your messaging in the second half of last year as you were seeing the ramp of your on-body wearable production and supply to the one key client that you were ramping was that you hoped to get some of this incentive fee value kind of converted into base price. I gather from the guidance that you're giving around this that you didn't. My math suggests that the incentive fee would have been worth $0.46 or so. And so I'm wondering, can you be a little more specific? Did you get some of it baked into base price, but not all? Or how did that play out, if you don't mind? Yeah. The way I would respond to that, David, well, first of all, good morning, is that the incentives far out exceed the pricing that we have established so far in 2025. So I won't dimension any further, but it is the incentives in the latter part of 2024, as we ramped, did exceed the going-forward pricing. Understood. But also to add to that, David, we're also seeing better production efficiencies and yield on that line. So we're improving on the cost side as well as the price. So when we're looking at how do we improve the economics around this device, it's looking at it from both a price perspective and also from a cost perspective. So we're working in a couple of different areas on that. So that gets us to that $0.33. Got it. I probably should have started with this one so as not to jump around. But the investments in SG&A and R&D, what are those specifically? And maybe talk to the timing of those. Why do those need to be made now? Yeah. So in the R&D area, specifically, the largest incremental investment that we're making in 2025 is to build out and be prepared for the launch at the end of this year or early next year of our integrated system. So this is the for human use prefilled syringe system that we have been working on with our customers. And we actually did launch not for human use prefilled systems with borosilicate earlier this year. The receptivity was very high. The engagement with customers was very strong. And therefore, we felt really comfortable to continue the planned path that we were on to execute and make sure we hit the timetables that we've established a couple of years ago with this product launch. It's new. It's early. But the adoption is quite exciting and more to come as we get to that point. But that is probably the largest incremental piece of our R&D from last year to this year, clearly. Okay. And on the SG&A side? Yeah. On the SG&A side, Dave, a lot of the incremental cost there is the annualization of costs that were being added as we were getting towards or getting through 2024. So when they get fully annualized, we have a little bit of a step up there. And there's some near normal merit increases. But we're not adding any additional resources from an SG&A perspective. So they're really costs that are carrying through. And then you're just our annual merit increase. Got it. Okay. So then coming back a little bit, kind of bringing the device question back in. And this is a little bit of Matthew Larew's question. So I believe you've covered the company for a long time. I think the Tech Group acquisition dating back to the 2000s, in fact, is the basis of your kind of foundation of your contract manufacturing business. And I believe the strategic import of that for you is to have the capability to parlay, so to speak, into some of the injection-molded proprietary devices like the on-body that you're bringing to market. So I guess it gets back to, I use the existential question, that the contract manufacturing business is proving to be lumpy. You're moving out of CGM, but into what is now going to be a very high client concentration in the contract manufacturing business. And I can understand where you would want to tolerate that for the contribution that could make on the proprietary product side. But the on-body wearable device margins are just not attractive enough to justify pursuing, it doesn't seem. And so I guess I come back to, is that pursuit worth it? I guess is the basic question. Because if I understand correctly, based on your answer on the on-body wearable, those margins are probably the lowest in your portfolio at something like 10%. So sorry for the very direct question, but just really wanting to understand why this makes strategic sense to continue to pursue, given the margins, the lumpiness, and the CapEx requirement. Thanks. Yeah. David, as we look at it, separate the two on the on-body wearable for the proprietary side. That technology is making an impact. But the economics on the scale-up has not met our expectations. And so therefore, we have to, as Bernard mentioned, we are driving ways to improve efficiencies through operational excellence, through automation, and through scale. However, to your question, we are looking at all options right now about the fit of this part of the portfolio long-term. On the contract manufacturing side, while some of the skills and resources did come out of that group to support the build-up of that portfolio a while back, it is still, it's independent, and it actually does support us when we think about diversifying our top line. It also allows us to have a larger, more robust relationship with some of the largest drug companies because they're looking to West to support them both on the contract manufacturing side and also on the proprietary side. So on a collective basis, that does positions very well in our conversations, in our customer engagements with some of the largest drug companies across the globe. So while they do have different economics, CM does have different economics to our proprietary. We expect those investments to have robust returns for that business. And when they don't, we have to make those decisions like we did with CGM. So I do believe for diversification of our top line, but same customer segment and spirit of being really focused on injectable medicines, we are positioned well strategically at this point with both of those businesses. Got it. I appreciate your patience on the questions. Thank you for the illumination. Thank you, David. Thank you. Our final question comes from the line of Jacob Johnson of Stephens Inc. Your question, please, Jacob. Hey. Thanks. Good morning. Maybe sticking with Dave's kind of strategic question and following up on a comment you just made there, Eric, on contract manufacturing, it seems like a bit of shift in strategy for this segment. Historically, kind of a lower margin, lower growth business. Seems you're now going after higher growth, higher return projects that maybe are more synergistic with proprietary products. Was this kind of a deliberate change in strategy that happened at some point, or is this just opportunistic given what's going on in the GLP-1 market and maybe related to that? Historically, this has been a low single-digit grower. Could it be something more than that as we look out over a multi-year period? Yeah. No, excellent question. I see two things here. One is in the contract manufacturing space, we think with our position, you're probably looking at mid-single-digit type growth, plus or minus for long-term. And you are correct. Our focus has been, we started shifting towards conversations with customers to go a little bit further downstream. We started thinking about drug device assembly and packaging, which is a higher value capability. And we're proving it out while it's early stage. As we talked about, Bernard gave details about the Dublin expansion where we expect to be online with the drug handling. These are active conversations we're having with existing customers that have asked us to do manufacturing and assembly of their devices. But now, can you bring the drug delivery into the equation? So yes, to answer your question, we're looking at shifting this business to be more differentiated and actually bring incremental value to West as a whole and still while leveraging the global relationships that we have with these large drug companies from an enterprise perspective. Thank you. I would now like to turn the call back to John Sweeney for closing remarks. Sir? Thank you very much for joining us today on the call. An online archive of the broadcast is available on our website at westpharma.com in the investors' section. Additionally, you may access a replay for 30 days following the presentation by using the dial-in numbers and conference ID provided at the end of today's earnings release. That concludes the call. Thank you and have a great day.