Okay. Thank you, everyone, for sticking with us here on Thursday and joining us for the West Management Presentation. My name is Matt Larew. I cover West and Life Science Tool Space here at William Blair. Very pleased to have West CEO Eric Green here with us today, and John Sweeney from Investor Relations. Thank you both for being here. Two quick things: the breakout is in the Maher room. You can join us there afterwards. I have to inform you that for a complete list of our disclosures or conflicts of interest, you can visit williamblair.com. I am very pleased to have West with us. Thanks for being here. Eric, I'll turn it over to you. Great. All right. Thank you, Matt. And thank you for the invitation to the Blair Conference. It's actually been a very productive day. And I'm actually looking forward to be able to talk to you a little bit about the West story. Before we get started, I just want to reference the Safe Harbor statement. It's also available at our website at westpharma.com if you are interested to go through the entire document. Look, there's five pillars I do want to talk about, about the investment thesis at West. And we're going to walk through that today. But I'm excited to share with you not just where we are, but actually where we're going. The first one is really around the strong platform that's driving sustainable growth for a number of years. Let's start about start talking about what we do at West. Our portfolio is pretty expansive around primary containment and also drug delivery devices. We have a very strong leadership position in those areas. As you think about who we serve, it's the global pharmaceutical market, whether it's small biotechs all to the largest companies in the globe. We do look at the opportunity on a global basis to be able to support our customers. Why it matters is that we are enabling our customers to be able to deliver these most complex molecules into the market to the patients on a regular basis with high quality for their injectable therapies. Let's look at the numbers at West. One I want to point out is that we do approximately over 41 billion components a year of manufacturing in our 25 manufacturing plants across the globe. If you look at that 41 billion plus components, that equates to, we believe, over 100 million patients a day are being touched by one way or the other of our products. Most of our portfolio is in our proprietary business, over 80%, while the rest is in our contract manufacturing position. We have been building this business over 100 years that we just bypassed last year. If you think about the diversity of the portfolio from a geographic point of view, we are well balanced between North America and also throughout Europe. We do have a strong presence in Asia-Pacific. I do want to note one of our strategic partners over the last 50 years is Daikyo in Japan, who represents us very well in that particular market. We represent them outside of Japan. From a market, from a product segment perspective, which I'm going to go a little bit deeper into next, it's quite diverse, but the largest portion of that portfolio is growing the fastest when you think about market trends and also the outlook of future requirements for our customers and the drug molecules they're developing. The last is when you think about the segment perspective, if you were following West five, seven years ago, this was quite different at that point in time. Now, roughly around 40% of our business is supporting biologics and biosimilars again across the globe. Let's go a little bit deeper dive around our portfolio. If we think about the fastest growing markets, the biologics is being supported by our HVP components. HVP, high value products, is a combination of components and also delivery devices. Delivery devices is roughly around 14% of the entire company based on last year's revenues. We have had a lot of discussion in the last four or five months, and I will go into greater detail later around a product called SmartDose. That product is less than a quarter of that 14%. It is a technology that we are advancing into the market. We advanced into the marketplace that is still a small portion of high value products. The fastest growing area, if you think about HVP, 60% of our revenues within the organization and over 75% of the growth profits is being driven by our high value product components. We have a very unique business model that has been built over decades, and it is rare, and it is resilient as you think about the cycle we have with our customers. We are early on in the discussions with our customers as they develop new molecules in the marketplace. As you think about the journey they are on to get it approved and into the market, we are a part of their filing process as you think about enabling us to be part of their partnership with them with the drug molecule for a long duration of time. You can see several of the drug molecules in market have 10, 20, 30 years of a drug life cycle that we participate. As regulations change and requirements change, we are able to move with them through that journey with our high value product portfolio. There are other accelerators that do come into play when you think about the GLP-1s, the Annex 1 regulation that is now part of our algorithm. As you think about the biologic space, it continues to be the fastest growing area with injectable medicines. It is a sustainable, unique business model that gives us the ability to work with our customers from a platform perspective as they introduce new molecules into the marketplace. This has resulted in, over time, if you think about where we are today versus where we were five years ago, that more of our revenues are coming from our HVP components. While that is continuing to grow, you're seeing this natural mix shift from a margin perspective that enables us to grow operating margin on normalized market conditions of about 100 plus basis points per annum. We believe this has a very attractive growth algorithm ahead of itself as more of these growth drivers are requiring our HVP components. Roughly, just to articulate, about 25% of our products are HVP from a unit perspective, while the revenues are significantly higher. This is a year of pivoting. If you think about the growth that we've had at West for a number of years, driving HVP components continue to be the preferred supplier of choice, whether it's in large or small molecule launches. We were part of the equation around the COVID pandemic, but we're also part of the equation of the destocking era after the COVID pandemic. We see 2025 as a year of transition back to more normalized market conditions, which equates to the type of growth algorithm we expect here at West from an organic perspective. Let's turn to the second pillar that I believe differentiates West from an investment thesis is our leadership position in the fastest growing area of healthcare, which is injectable medicines. The macro trends are pretty clear. When you think about, on the near term, there's a lot of conversation around GLP-1s, which I'll talk about a little bit in a moment. You also think about the hospital to home opportunity, about self-administration of some unique complex molecules that require combination devices that we can, is another macro trend that we see in the marketplace. As we think about shifting product needs from a regulatory perspective and also evolving external pressures, you see about the biologics growth, you see the more complex advanced therapies entering in the marketplace, and also the higher value needs of our portfolio from a macro perspective. These trends all play in favor of where we are in our portfolio and where we're going to drive growth into the future. I mean, I get asked many times, because of your market position on the elastomer components, what's your headwind? Not headwind, but headspace from a market perspective. We believe this market, the injectable medicine and delivery devices, is roughly around $13 billion in size. It is growing about mid-single digits. We are a portion of that in that market. We have opportunity to grow with the market, but also grow above the market with several of our programs that we have launched. The third pillar I want to talk about is the unmatched advantage ensuring strong growth moat around the business. Let's talk about this. There are really four areas, four advantages I want to talk about. The first one is long-term reoccurring revenues. I touched on it briefly earlier, but we work early on with our customers to identify what is the right primary packaging configuration for their molecule they want to launch into the market. Once that is commercialized, that tends to be a very long duration on that molecule for several decades. We continue to partner with our customers on the most complex molecules that continue to get approved in the marketplace. We are pretty proud about our position in biologics. Roughly around over 90% of the biologics that are approved, we are participating with our customers across the globe. The second advantage is really a culmination of multiple technologies that we are working with partners and brought into West to support us on product development and also in our manufacturing processes. We have a 50-plus year partnership with Daikyo. As you think about the technologies that we have that we bring to them and the technologies they have they bring to us, that has been an extremely healthy foundation that's given us the ability to build out that portfolio to be able to be more robust and to continue to be spec'd into about three-fourths of all small and large molecules on a global basis. The third advantage is the regulatory stack. It continues to get more complex. We are very well positioned to be able to support our customers as the regulations continue to change. Obviously, in 2023, components are now written into the European GMP regulations. We are able to respond with our customers to be able to support them on meeting those regulatory requirements as we move down the road with our customers. It's a deep understanding of the regulatory nature where we partner with our customers to enable them to be able to get approvals in the market and be able to have sustainable long-term growth on their drug molecules. The fourth advantage around our high value product components is really the infrastructure. We have been building this out for a number of years, but we do have centers of excellence today in our five different locations. There is a strong presence in North America and Europe, and we do have facility capabilities in Singapore. During the COVID time period, we had to ramp up to be able to support the vaccines that were distributed throughout the globe. We made investments into our high value product facilities, which now gives us a very good platform to continue to grow, which is unmatched when you look at a volume perspective for not just the whole portfolio, but particularly around our high value products. The fourth pillar I want to talk about is the growth factors that is on us today. I'm excited to kind of go a little bit deeper in all four. You think about biologics, Annex 1, GLP-1, and also how do we leverage our capacity expansion at West. The first is, as you know, you see this with the number of new approvals of biologics to the market continued is on the rise compared to small molecules. That positions us well to provide our customers with the highest end of high value products. As I mentioned earlier, we're about 90% plus on molecules that are being approved. It allows us to continue to be that leader with our partners in the biologic space. The second growth driver is around Annex 1. We're very uniquely positioned in this area. Let me give you a little bit of context around here. We talked earlier about 41 billion components a year that we manufacture. If you take contract manufacturing out, the proprietary business is roughly around 35 billion components. High value products is roughly 25% of that. The core, the standard products that we have historically at West for over decades, you're looking at approximately 25-26 billion components. That's the overall opportunity. The reason why we framed it around 6 billion components is because we looked at which molecules are in market that are reaching into the European Union. We looked at which customers tend to take the more leading advantage on making sure their portfolio is able to go into all markets across the globe. We believe this is a long-term journey. This is not going to be a short-term, one or two year impact to the business, but gradually increase over time. Why is it differentiated? It is because these products are already commercialized in the marketplace. What we are partnering with our customers on, they are looking at us to make that decision. Do they invest the capital to do pharmaceutical washing? Could be envision, could be sterilization, could be leveraging various big technologies. Do they give it to have outsourced to West, which is part of our HVP continuum? We're able to take existing formulas that are on existing molecules in the marketplace, commercialize, and be able to go on that journey to be able to provide the products that meet the Annex 1 regulations. It doesn't happen overnight. From the time we start a project to the time we actually can commercialize with our customer is approximately 18 months. Every customer is different. The size is going to be different. The volumes are going to be different. More importantly, we're able to partner with our customers to minimize the regulatory filings requirements that they will have to take by leveraging what's in the market already with our formulation and to be able to help them get to a standard that they feel extremely comfortable with the documentation as they go forward. This obviously, from our perspective, allows us to move from a standard product to more high value products, which is advantageous from an ASP and also from a margin perspective. The third lever is around GLP-1s, the opportunity. Let me break it down in two areas. We participate in both parts of our business. In contract manufacturing, we're one of many contract manufacturers that are given the IP, the technology to do mass manufacturing of auto injectors or pens to be able to support the GLP-1 market. Our primary locations that we manufacture are Grand Rapids, Michigan, and also in Dublin, Ireland. What we're able to, and that's roughly around 40% of our contract manufacturing business, we'll say in 2025, will be around GLP-1. We do believe we'll be in that corridor as we move forward. What is important about this is this is also given an opportunity. Our customers are asking us to do the drug handling for them. This is not fill finish, to be very clear. What this is, is taking the final fill finish cartridge or syringe and bringing it into the pen or the auto injector of their choice and then do sterilization and then out into the marketplace. If you think about the bigger opportunity for GLP-1s, it really is around our elastomer business. We're participating on the GLP-1s that are in the marketplace today, and also there's several that are being in development phase. This is roughly around 7% of our total sales. It's leveraging assets that we already had in place. You think about a GLP-1 primarily, yes, a lot of them are in devices. There are a few that are in vial configuration. These are used in our HVP products and then our finishing processes in HVP that we have installed for the COVID vaccines that are fungible or usable for other types of SKUs and customers and drug molecules that are going into the market. We are very well positioned to be able to support the ramp-up on GLP-1s elastomers business by leveraging existing assets that are in our HVP plants across the globe. As this continues to grow, we do take into consideration what potentially could impact by oral. We take a look at how we set up the contracts with our customers. We are both protecting ourselves on these investments. More importantly, in the elastomer piece of the business, again, all these assets are being leveraged for all HVP clients, whether it is in GLP-1s or other drug categories. The fourth driver, as we talk about, over the last five years, we've invested about $1 billion of capital into our facilities. These facilities tend to be really around our proprietary business while we have some business investments that are going into our contract manufacturing. Our focus has been 60-70% of our capital is around growth. This has positioned us very well as we think about these growth drivers that I spoke of earlier to be able to respond and support our customers on that growth. Today, the capacity utilization of HVP plants because of these investments we make are roughly around 60% type of percent, depending on the location, depending on the process. We're very well positioned for future growth with our capacity. We believe that we are able to drive our CapEx back to the reasonable level of 6-8% of our sales in the near future to support that growth algorithm of our long-term financial construct of 7-9%. The fifth pillar I want to touch on is around the durability of the business. In the short term, our focus is to continue to drive value to our customers. There are opportunities for us to get stronger, to respond more efficiently and effectively for our customer base. We are focused to deliver on that, particularly around the components, HVP components growth of our business. We talked about the growth drivers. We are able to leverage our global operations. One of the benefits that we have is over the years, we have built the manufacturing capabilities in regions. You think about the tariff challenges that I'll speak on in a moment. Aligning our operations in region allows us to be less impacted by tariffs or cross-border movement of goods. Looking at new offerings, I'm excited about the opportunity of integrated systems that we're developing and launching in the first part of 2026. When I say integrated systems, this is the first step really is a fully characterized pre-filled syringe, one drug master file to be able to support our customers and new future drug launches. That's showing early and strong traction with our customer base. We're also moving into drug handling with our contract manufacturing business, which is two times the margin for us. It gives us a more attractive business proposition with less capital intensity. We're excited about that opportunity as we advance these new offerings into the West portfolio. It is about driving performance. The last two years has been a challenge when you think about going through the destocking period of time. It's also driving performance on the operations side. We are really focused on how do we take that one device within drug delivery devices and improve margins. That is focused on a cost-down journey that we're on and will continue to drive so we can continue to have healthy growth in that part of the portfolio. Talk a little bit about tariffs. In the Q1 call, we framed this as the gross headwind for us for the balance of the year is about $20-$25 million. Since that call, there's been some changes. I suspect there'll be more changes. This is the amount. The reason why it is at the $20-$25 million, again, it goes back to we're able to support our customers with the same product in region where they want to have the final product distributed into the marketplace. We also have taken actions to mitigate the impact, the headwinds of this $20-$25 million. There are certain opportunities that we have around pricing. We have opportunities around working with our customers to tech transfer for one part of the geography to the next to be better aligned to their end needs, to their end market needs. We will continue to look at local sourcing supply. We're pretty confident that we're going to be able to continue to mitigate these headwinds. Until there is certainty of what the tariffs will end and be at going forward, we will continue to update the investment community on our quarterly calls. There are all these factors. When you think about the market trends, our position, and our opportunities of growth, we do see our long-term financial construct as a 7-9% organic growth driving through a mixed shift effect over 100 basis points of operating margin for a number of years to come. If you think about what we have done prior to COVID, that was the pattern of performance that West has delivered. We believe strongly, based on our market position, that we can continue with that going forward. To summarize, excited about the future for West. We're very well positioned with a phenomenal platform that gives us the strength and the ability to work with our customers on a global basis. We are the market leader, particularly around the elastomers and the components. It's also in a very fast-growing area of healthcare, which is injectable medicines. The motor on the business is very strong, robust, and it continues to get stronger as we launch new innovative differentiated products. As the regulatory changes, landscape changes, we're able to respond and support our customers through those modifications. The growth vectors we talked about, they're on us today. Some are more near-term, some are more long-term. All those growth vectors we talked about all support the high-value product components growth that we expect to get back to that double-digit area that we have historically delivered with those products. The durability of this business gives me the excitement that not only the last number of years that we've had this success, but the number of years ahead we'll be able to support our customers, grow this business, and continue to have a meaningful impact on patient health through the support of our customers. Thank you very much. I appreciate your time. I know that we'll be going to a Q&A session. That's right. The breakout is upstairs, but we do have time for one or two questions here. Maybe I'll kick it off, Eric. You obviously outlined a path of durable growth, and that was a theme that you repeated. That's across many different drug categories, capabilities. Certainly, GLPs is a big piece of that. You do that in two different areas. West has been in the diabetes space for, of course, decades, going back to 3 mL cartridges and supporting other products prior to the weight loss GLPs. Can you just talk about not what maybe GLPs are today, but what West's history is in the space, how it's grown through over time? I think you have a window into speaking with customers, how they're thinking about orals, the introduction of orals, how you're aligning capital projects with future capacity. Of course, it's fungible to other areas, but expected to be big in GLP. Maybe just help us understand West's history with GLPs, where you are today, and how important that one category is in the future. Yeah, that's a great point. Actually, West was developed, kind of grew through work with our customers around insulin for a number of decades. There are many different types of products that we've provided over the years to support our customers. It was a natural progression. Obviously, other types of drug molecules our customers have developed over the years. We've been supporting them on those also. It is not just in diabetes and/or obesity as we go forward. It is a continuation of the spectrum of how we've been supporting our customers. As they were developing and launching the GLP-1s, we were a natural partner of theirs to make sure that they had the right packaging configuration, whether it is on the elastomer side, but now, obviously, in the contract manufacturing side, we're able to support them in that area. We take a look at it two different ways because of potentially how orals play into the equation. As we think about our investment thesis, we've always taken into consideration that there will be a portion that will be potentially oral. We'll see how that evolves over time, but that's not quite 100% clear today. We have taken that into consideration. As you said earlier, it's true that in the proprietary side, a lot of the assets we're leveraging to build support of customers on the injectables is also being leveraged for other customers, other types of drug therapies, and other types of SKUs. We're very comfortable there that the investments we've made already will be able to support them on their growth on the elastomer side. When we turn over to the contract manufacturing, we're very selective on what type of arrangement we want to embark on and how much we want to go bid for that business. Because, like I said, we're one of five or one of six that are supporting them on those types of devices. We do have different contractual arrangements in that area also. Very long-term and making sure that installed capacity is protected from an investment point of view for us, but also for our customers as they embed some of their technologies into that site. I feel that we're in a much better place today than we would have been a long time ago. We've learned a lot through COVID on how to make sure that we structure those arrangements so that even those level of uncertainty about the ratio, we can support them in both areas. Okay. I think many people associate West with, of course, your dominant position in components, right? That's the bulk of the volume. In the last several years, in particular, devices has become a bigger part of the story. Of course, the focus is on SmartDose, but you have a portfolio of devices. You referenced a few slides ago, integrated systems being an interesting opportunity going forward. Maybe talk a little bit about how important devices have become, how important it will be? In light of what we've seen with SmartDose, is it still a margin accretive category for West that you feel as confident operating in as the component side? Yeah. Let me break it down in two ways. First of all, on integrated systems, that's different than drug delivery devices. That's our core. We know how the elastomer and the glass interact to build support with our customers, particularly around pre-filled syringes and cartridges. That's a confidence that we've built over years. We've been supporting them on the analytical testing for quite a long time. Now this is a natural transition to be able to provide the complete solution. On the drug delivery devices, the 14% of our business, it's really called four distinct areas that we operate in. One is administration systems. These are like vial transfer to a bag and so forth, convenience in a hospital or a clinical setting. You also have our CZ pre-filled syringe insert needle in that category. You also have a product called SelfDose, which is an auto injector. All those areas, profitability is actually very attractive. We've done a very good job to make sure that we were able to not just handle the growth, but also the profitability aspect. The SmartDose is an area where we went through a scale that it's a two-prong approach right now. Number one is that the team is focused on driving cost out. It is a highly manual process that we're transitioning to automated. That'll give us some opportunity by the end of the year to start leveraging margin. The second area is looking at other options around portfolio fit. We won't go into great detail on that, but that is the second option. We know that the device is having a very positive impact on patients, excellent patient experience and outcome. We know we're early on in technology in respect of a combination device in the marketplace. Wearable, there's not many of them. We are able to show success outside of the economic perspective. It is the least profitable part of that drug delivery device portfolio, which we're focused to fix.