WEST PHARMACEUTICAL SERVICES INC

Previous wording

Beginning in 2025, the U.S. government imposed additional tariffs and trade restrictions on certain goods produced outside of the United States, and certain jurisdictions in which we operate have imposed or are considering imposing tariffs and restrictions on certain goods produced in the United States. In February 2026, the U.S. Supreme Court issued a ruling that certain tariffs imposed under the International Emergency Economics Power Act (“IEEPA”) were unauthorized. During the second quarter of 2026, the Company began applying for and receiving certain refunds for tariffs previously collected under the IEEPA. We continue to monitor this dynamic trade-policy environment, including the potential impact of existing or future tariffs, trade restrictions, retaliatory measures, available refund processes and mitigation actions. Based on information currently available, we do not expect these matters to have a material impact on our 2026 results.

Current wording

Beginning in 2025, the U.S. government imposed additional tariffs and trade restrictions on certain goods produced outside of the United States, and certain jurisdictions in which we operate have imposed or are considering imposing tariffs and restrictions on certain goods produced in the United States. In February 2026, the U.S. Supreme Court issued a ruling that certain tariffs imposed under the International Emergency Economic Power Act (“IEEPA”) were unauthorized. During the second quarter of 2026, the Company began applying for and receiving certain refunds for tariffs previously collected under the IEEPA. We continue to monitor this dynamic trade-policy environment, including the potential impact of existing or future tariffs, trade restrictions, retaliatory measures, available refund processes and mitigation actions. Based on information currently available, we do not expect these matters to have a material impact on our 2026 results.

Previous wording

We continue to monitor the conflict in the Middle East and related macroeconomic developments, including potential impacts on our operations, supply chain, transportation costs, energy costs and petroleum-based raw material inputs. While escalation or prolongation of the conflict could contribute to volatility or inflationary pressure in certain of these costs, based on information currently available and our corresponding mitigation efforts, we do not expect these matters to have a material impact on our results of operations, financial condition or liquidity. During the first six months of 2026, our Israel-based facilities continued to operate without material disruption.

Current wording

We continue to monitor the conflict in the Middle East and related macroeconomic developments, including potential impacts on our operations, supply chain, transportation costs, energy costs and petroleum-based raw material inputs. While escalation or prolongation of the conflict could contribute to volatility or inflationary pressure in certain of these costs, based on information currently available and our corresponding mitigation efforts, we do not expect these matters to have a material impact on our results of operations, financial condition or liquidity. During the first nine months of 2026, our Israel-based facilities continued to operate without material disruption.

Previous wording

The following tables present a reconciliation from U.S. GAAP to non-U.S. GAAP financial measures for the three and six months ended June 30, 2026:

Current wording

The following tables present a reconciliation from U.S. GAAP to non-U.S. GAAP financial measures for the three and nine months ended September 30, 2026:

Previous wording

The following tables present a reconciliation from U.S. GAAP to non-U.S. GAAP financial measures for the three and six months ended June 30, 2025:

Current wording

The following tables present a reconciliation from U.S. GAAP to non-U.S. GAAP financial measures for the three and nine months ended September 30, 2025:

Previous wording

(1)During the three and six months ended June 30, 2026, the Company recorded pre-tax charges of $1.5 million and $2.9 million, respectively, related to our two existing restructuring programs: (i) $1.0 million and $1.9 million, respectively, within other expense (income), related to acceleration of depreciation and lease costs in connection with the Company's January 2025 restructuring plan and (ii) $0.5 million and $1.0 million, respectively, within selling, general and administrative expenses, for professional services relating to our 2024 plan to optimize the legal structure of the Company and its subsidiaries. In addition, we recorded a one-time tax cost of $12.0 million associated with an internal legal entity restructuring which occurred in the first quarter of 2026. During thethree and six months ended June 30, 2025, the Company recorded pre-tax charges of $1.6 million and $19.4 million, respectively, related to our two existing restructuring programs: (i) $0.2 million and $16.6 million, respectively, within other expense (income), related to severance, acceleration of depreciation and lease costs in connection with the Company's January 2025 restructuring plan and (ii) $1.4 million and $2.8 million, respectively, within selling, general and administrative expenses, for professional services relating to our 2024 plan to optimize the legal structure of the Company and its subsidiaries. In addition, we recorded income tax charges of $2.0 million in the first quarter of 2025, related primarily to withholding tax and capital gains incurred in executing our plan to optimize our legal structure.

Current wording

(1)During the three and nine months ended September 30, 2026, the Company recorded pre-tax charges of $6.3 million and $9.3 million, respectively, related to our two existing restructuring programs: (i) $5.8 million and $7.7 million, respectively, within other expense (income), related to severance and retention benefit charges and the acceleration of depreciation and lease costs in connection with the Company's January 2025 restructuring plan and (ii) $0.5 million and $1.6 million, respectively, within selling, general and administrative expenses, for professional services relating to our 2024 plan to optimize the legal structure of the Company and its subsidiaries. In addition, we recorded a one-time tax cost of $12.0 million associated with an internal legal entity restructuring which occurred in the first quarter of 2026. During thethree and nine months ended September 30, 2025, the Company recorded pre-tax charges of $2.5 million and $21.9 million, respectively, related to our two existing restructuring programs: (i) $0.9 million and $17.5 million, respectively, within other expense (income), related to severance, acceleration of depreciation and lease costs in connection with the Company's January 2025 restructuring plan and (ii) $1.6 million and $4.4 million, respectively, within selling, general and administrative expenses, for professional services relating to our 2024 plan to optimize the legal structure of the Company and its subsidiaries. In addition, we recorded income tax charges of $2.0 million in the first quarter of 2025, related primarily to withholding tax and capital gains incurred in executing our plan to optimize our legal structure.

Previous wording

(2)During the three and six months ended June 30, 2026, the Company recorded pre-tax charges of $6.4 million and $8.3 million, respectively, related to M&A activities, including the Company's agreement to sell its SmartDose® 3.5mL On-Body Delivery System and associated facilities to AbbVie. The Company recorded $1.3 million and $2.2 million, respectively, of the charges within other expense (income), related to employee benefit costs in connection with the sale agreement. The Company recorded the remaining $5.1 million and $6.1 million, respectively, within selling, general and administrative expenses, relating to professional services in connection with the sale agreement and other M&A activities.

Current wording

(2)During the three and nine months ended September 30, 2026, the Company recorded pre-tax benefit of $54.0 million and $45.7 million, respectively, related to M&A activities, primarily related to the Company's agreement to sell its SmartDose® 3.5mL On-Body Delivery System and associated facilities to AbbVie. The net benefit is composed of a net gain on the sale of its SmartDose® 3.5mL On-Body Delivery System assets of $55.7 million for thethree and nine months ended September 30, 2026 within other expense (income). The Company recorded a one-time tax cost of $22.4 million associated with the gain on the sale of SmartDose® 3.5mL On-Body Delivery System. The Company recorded a net benefit of $1.9 million and net charges of $0.3 million, respectively, within other expense (income), related to employee benefits in connection with the sale agreement. The Company recorded the remaining $3.6 million and $9.7 million, respectively, within selling, general and administrative expenses, relating to professional services in connection with other M&A activities.

Previous wording

(3)During thethree and six months ended June 30, 2026, the Company recorded cost-method investment impairment charges of $3.5 million within other expense (income).

Current wording

(3)During thenine months ended September 30, 2026, the Company recorded cost-method investment impairment charges of $3.5 million within other expense (income).

Previous wording

(4)During thethree and six months ended June 30, 2026, the Company recorded $0.4 million and $0.9 million, respectively, of amortization expense in association with an acquisition of increased ownership interest in Daikyo. During the three and six months ended June 30, 2025, the Company recorded $0.0 million and $0.2 million, respectively, of amortization expense within selling, general and administrative expenses associated with an intangible asset acquired duringthe second quarter of 2020. During thethree and six months ended June 30, 2025, the Company recorded $0.5 million and $0.9 million, respectively, of amortization expense in association with an acquisition of increased ownership interest in Daikyo.

Current wording

(4)During thethree and nine months ended September 30, 2026, the Company recorded $0.5 million and $1.4 million, respectively, of amortization expense in association with an acquisition of increased ownership interest in Daikyo. During the three and nine months ended September 30, 2025, the Company recorded $0.0 million and $0.2 million, respectively, of amortization expense within selling, general and administrative expenses associated with an intangible asset acquired duringthe second quarter of 2020. During thethree and nine months ended September 30, 2025, the Company recorded $0.4 million and $1.3 million, respectively, of amortization expense in association with an acquisition of increased ownership interest in Daikyo.

Previous wording

The following table presents net sales, consolidated and by reportable segment, for the six months ended June 30, 2026 and 2025:

Current wording

The following table presents net sales, consolidated and by reportable segment, for the three months ended September 30, 2026 and 2025:

Previous wording

Consolidated net sales increased by $105.8 million, or 13.8%, for the three months ended June 30, 2026, as compared to the same period in 2025, including a favorable foreign currency translation impact of $8.5 million. Excluding foreign currency translation effects, consolidated net sales for the three months ended June 30, 2026 increased by $97.3 million, or 12.7%, as compared to the same period in 2025. Volume and mix and sales price increases contributed $67.0 million and $30.3 million, respectively, of growth in the three months ended June 30, 2026.

Current wording

Consolidated net sales increased by $69.9 million, or 8.7%, for the three months ended September 30, 2026, as compared to the same period in 2025, including an unfavorable foreign currency translation impact of $4.0 million and a reduction in SmartDose® 3.5mL product revenue of $18.0 million due to our sale of the product line to AbbVie on July 1, 2026. Excluding foreign currency translation effects and the impact of SmartDose® 3.5mL, consolidated net sales for the three months ended September 30, 2026 organically increased by $91.9 million, or 11.9%, as compared to the same period in 2025. Volume and mix contributed $58.3 million of growth in the three months ended September 30, 2026, while sales price increases contributed $33.6 million.

Previous wording

Proprietary Products – Proprietary Products net sales increased by $102.8 million, or 16.6%, for the three months ended June 30, 2026, as compared to the same period in 2025, including a favorable foreign currency translation impact of $6.7 million. Excluding foreign currency translation effects, net sales for the three months ended June 30, 2026 increased by $96.1 million, or 15.5%, as compared to the same period in 2025. Increased sales of HVP components and HVP delivery devices products contributed approximately 11 percentage points and 5 percentage points, respectively, of organic sales growth. Sales of HVP components increased $65.5 million, or 18.4%, excluding foreign currency translation effects. This increase in HVP components sales was driven by continued strong customer demand for both Biologics and GLP-1 products as well as sales price increases. Sales of HVP delivery devices increased $29.5 million, or 29.2%, excluding foreign currency translation effects. The increase in HVP delivery devices was driven primarily by customer demand for our self-injection devices, in particular SmartDose 3.5mL in advance of the July 2026 transaction closing, and sales price increases. Sales of Standard Products increased by $1.1 million, or 0.7%, excluding foreign currency translation adjustments.

Current wording

Proprietary Products – Proprietary Products net sales increased by $81.3 million, or 12.6%, for the three months ended September 30, 2026, as compared to the same period in 2025, including an unfavorable foreign currency translation impact of $3.0 million. Excluding foreign currency translation effects and SmartDose® 3.5mL product revenue reduction of $18.0 million, net sales for the three months ended September 30, 2026 increased by $102.3 million, or 16.6%, as compared to the same period in 2025. Increased sales of HVP components contributed approximately 13 percentage points of organic sales growth and sales of HVP delivery devices contributed a further 3 percentage points. Sales of HVP components increased $79.1 million, or 20.3%, excluding foreign currency translation effects. This increase in HVP components sales was driven by continued strong customer demand for both Biologics and GLP-1 products as well as sales price increases. Sales of HVP delivery devices increased $18.3 million, or 26.4%, excluding foreign currency translation effects and the impact of SmartDose® 3.5mL. The increase in HVP delivery devices was driven primarily by customer demand for Daikyo Crystal Zenith® and Administration Systems. Sales of Standard Products increased by $4.9 million, or 3.1%, excluding foreign currency translation adjustments.

Previous wording

The following table presents net sales, consolidated and by reportable segment, for thethree and six months ended June 30, 2026 and 2025:

Current wording

The following table presents net sales, consolidated and by reportable segment, for the nine months ended September 30, 2026 and 2025:

Previous wording

Consolidated net sales increased by $252.7 million, or 17.3%, for the six months ended June 30, 2026, as compared to the same period in 2025, including a favorable foreign currency translation impact of $48.5 million. Excluding foreign currency translation effects, consolidated net sales for the six months ended June 30, 2026 increased by $204.2 million, or 13.9%, as compared to the same period in 2025. Volume and mix and sales price increases contributed $149.7 million and $54.5 million, respectively, of growth in the six months ended June 30, 2026.

Current wording

Consolidated net sales increased by $322.6 million, or 14.2%, for the nine months ended September 30, 2026, as compared to the same period in 2025, including a favorable foreign currency translation impact of $44.5 million. Excluding foreign currency translation effects and the reduction in SmartDose® 3.5mL product revenue of $18.0 million for the three months ended September 30, 2026 due to our sale of the product line to AbbVie on July 1, 2026, consolidated net sales for the nine months ended September 30, 2026 increased by $296.1 million, or 13.2%, as compared to the same period in 2025. Volume and mix contributed $208.0 million of growth in the nine months ended September 30, 2026, while sales price increases contributed $88.1 million.

Previous wording

Proprietary Products – Proprietary Products net sales increased by $234.1 million, or 19.8%, for the six months ended June 30, 2026, as compared to the same period in 2025, including a favorable foreign currency translation impact of $39.5 million. Excluding foreign currency translation effects, net sales for the six months ended June 30, 2026 increased by $194.6 million, or 16.5%, as compared to the same period in 2025. Sales of HVP components increased $136.9 million, or 20.4%, excluding foreign currency translation effects. The increase in HVP components sales was driven by continued strong customer demand for Biologics products and GLP-1 products as well as sales price increases. Sales of HVP delivery devices increased $55.8 million, or 28.3%, excluding foreign currency translation effects. The increase in HVP delivery devices was driven by higher market demand for self-injection devices and sales price increases. Sales of Standard Products increased by $1.9 million, or 0.6%, excluding foreign currency translation adjustments.

Current wording

Proprietary Products – Proprietary Products net sales increased by $315.4 million, or 17.2%, for the nine months ended September 30, 2026, as compared to the same period in 2025, including a favorable foreign currency translation impact of $36.5 million. Excluding foreign currency translation effects and the reduction in SmartDose® 3.5mL product revenue, net sales for the nine months ended September 30, 2026 increased by $296.9 million, or 16.5%, as compared to the same period in 2025. Sales of HVP components increased $216.0 million, or 20.4%, excluding foreign currency translation effects. The increase in HVP components sales was driven by continued strong customer demand for Biologics products and GLP-1 products as well as sales price increases. Sales of HVP delivery devices increased $74.3 million, or 27.9%, excluding foreign currency translation effects and excluding the reduction in SmartDose® 3.5mL product revenue. The increase in HVP delivery devices was driven by higher market demand for self-injection devices in the first half of 2026, higher sales of Daikyo Crystal Zenith®, and sales price increases. Sales of Standard Products increased by $6.6 million, or 1.4%, excluding foreign currency translation adjustments.

Previous wording

Consolidated -Consolidated gross profit increased by $55.3 million, or 20.2%, for the three months ended June 30, 2026, as compared to the same period in 2025, including a favorable foreign currency translation impact of $2.9 million for the three months ended June 30, 2026, as compared to the same period in 2025. Consolidated gross profit margin increased by 2.0 percentage points for the three months ended June 30, 2026, as compared to the same period in 2025.

Current wording

Consolidated -Consolidated gross profit increased by $53.1 million, or 18.0%, for the three months ended September 30, 2026, as compared to the same period in 2025, including an unfavorable foreign currency translation impact of $2.5 million for the three months ended September 30, 2026, as compared to the same period in 2025. Consolidated gross profit margin increased by 3.1 percentage points for the three months ended September 30, 2026, as compared to the same period in 2025.

Previous wording

Consolidated gross profit increased by $119.8 million, or 23.7%, for the six months ended June 30, 2026, as compared to the same period in 2025, including a favorable foreign currency translation impact of $19.1 million for the six months ended June 30, 2026, as compared to the same period in 2025. Consolidated gross profit margin increased by 1.9 percentage points for the six months ended June 30, 2026, as compared to the same period in 2025.

Current wording

Consolidated gross profit increased by $172.9 million, or 21.6%, for the nine months ended September 30, 2026, as compared to the same period in 2025, including a favorable foreign currency translation impact of $16.5 million for the nine months ended September 30, 2026, as compared to the same period in 2025. Consolidated gross profit margin increased by 2.2 percentage points for the nine months ended September 30, 2026, as compared to the same period in 2025.

Previous wording

Proprietary Products -Proprietary Products gross profit increased by $59.7 million, or 24.0%, for the three months ended June 30, 2026, as compared to the same period in 2025, including a favorable foreign currency translation impact of $2.8 million. Proprietary Products gross profit margin increased by 2.5 percentage points for thethree months ended June 30, 2026, as compared to the same periods in 2025, due primarily to favorable sales mix of HVP components, including GLP-1 products, as well as sales price increases. These were partially offset by inflationary pressures and plant costs.

Current wording

Proprietary Products -Proprietary Products gross profit increased by $59.4 million, or 22.5%, for the three months ended September 30, 2026, as compared to the same period in 2025, including an unfavorable foreign currency translation impact of $2.4 million. Proprietary Products gross profit margin increased by 3.6 percentage points for the three months ended September 30, 2026, as compared to the same periods in 2025, due primarily to favorable sales mix of HVP components, including GLP-1 products, as well as sales price increases. These were partially offset by inflationary pressures and plant costs.

Previous wording

Proprietary Products gross profit increased by $122.6 million, or 26.7%, for the six months ended June 30, 2026, as compared to the same period in 2025, including a favorable foreign currency translation impact of $17.7 million. Proprietary Products gross profit margin increased by 2.2 percentage points for thesix months ended June 30, 2026, as compared to the same periods in 2025, due primarily to favorable sales mix of HVP, including GLP-1 products, and sales price increases.

Current wording

Proprietary Products gross profit increased by $182.0 million, or 25.2%, for the nine months ended September 30, 2026, as compared to the same period in 2025, including a favorable foreign currency translation impact of $15.2 million. Proprietary Products gross profit margin increased by 2.7 percentage points for thenine months ended September 30, 2026, as compared to the same periods in 2025, due primarily to favorable sales mix of HVP components, including GLP-1 products, and sales price increases. These were offset by inflationary pressures on our cost base and plant performance.

Previous wording

West Vantage -West Vantage gross profit decreased by $4.4 million, or 17.2%, for the three months ended June 30, 2026, as compared to the same period in 2025, including afavorable foreign currency translation impact of $0.1 million. West Vantage gross profit margin decreased by 3.3 percentage points for thethree months ended June 30, 2026, as compared to the same period in 2025, due to inefficiencies associated with production downtime related to the Company’s May 2026 cyber incident, as well as inflationary pressures on our plant spend, partially offset by sales price increases.

Current wording

West Vantage -West Vantage gross profit decreased by $6.3 million, or 20.8%, for the three months ended September 30, 2026, as compared to the same period in 2025, including an unfavorable foreign currency translation impact of $0.1 million. West Vantage gross profit margin decreased by 2.8 percentage points for thethree months ended September 30, 2026, as compared to the same period in 2025, due to product mix, inflationary pressures on our plant spend, and plant ramp up costs related to our drug handling programs, partially offset by sales price increases.

Previous wording

West Vantage gross profit decreased by $2.8 million, or 5.9%, for the six months ended June 30, 2026, as compared to the same period in 2025, including a favorable foreign currency translation impact of $1.4 million. West Vantage gross profit margin decreased by 2.0 percentage points for the six months ended June 30, 2026, as compared to the same period in 2025, due to inefficiencies associated with production downtime related to the Company’s May 2026 cyber incident, as well as inflationary pressures on our plant spend, partially offset by sales price increases.

Current wording

West Vantage gross profit decreased by $9.1 million, or 11.7%, for the nine months ended September 30, 2026, as compared to the same period in 2025, including a favorable foreign currency translation impact of $1.3 million. West Vantage gross profit margin decreased by 2.3 percentage points for the nine months ended September 30, 2026, as compared to the same period in 2025, due to inefficiencies associated with production downtime related to the Company’s May 2026 cyber incident, as well as inflationary pressures on our plant spend, partially offset by sales price increases.

Previous wording

Consolidated R&D costs increased by $0.6 million, or 3.1%, and$0.1 million, or 0.3%, for the three and six months ended June 30, 2026, respectively, as compared to the three and six months ended June 30, 2025. The increase in R&D spend is associated with our investment in (1) primary injectables in elastomeric components, formulation development & packaging and (2) drug containment systems, self-injection systems, and drug administration consumables.

Current wording

Consolidated R&D costs increased by $1.2 million, or 7.0%, and$1.3 million, or 2.5%, for the three and nine months ended September 30, 2026, respectively, as compared to the three and nine months ended September 30, 2025. The increase in R&D spend is associated with our investment in (1) primary injectables in elastomeric components, formulation development & packaging and (2) drug containment systems, self-injection systems, and drug administration consumables.

Previous wording

All of the R&D costs incurred in thethree and six months ended June 30, 2026 and 2025 related to Proprietary Products.

Current wording

All of the R&D costs incurred in the three and nine months ended September 30, 2026 and 2025 related to Proprietary Products.

Previous wording

Consolidated - Consolidated SG&A costs increased by $21.7 million, or 22.6%, for thethree months ended June 30, 2026, as compared to the same period in 2025, including an unfavorable foreign currency translation impact of$0.6 million.

Current wording

Consolidated - Consolidated SG&A costs increased by $10.2 million, or 9.9%, for thethree months ended September 30, 2026, as compared to the same period in 2025, including a favorable foreign currency translation impact of$0.1 million.

Previous wording

Proprietary Products -Proprietary Products SG&A costs increased by$8.0 million, or 13.0%, for thethree months ended June 30, 2026, as compared to the same period in 2025, including an unfavorable foreign currency translation impact of$0.6 million, due primarily to increased salary and wages due to headcount increases and annual inflationary increases, higher annual incentive compensation from a higher projected incentive payout compared to the same period in 2025 and increased software license and IT costs, which contributed approximately 7%, 4% and 2%, respectively, of the SG&A cost increases.

Current wording

Proprietary Products -Proprietary Products SG&A costs increased by$8.9 million, or 13.6%, for thethree months ended September 30, 2026, as compared to the same period in 2025, including a favorable foreign currency translation impact of$0.1 million, due primarily to higher annual incentive compensation from a higher projected incentive payout compared to the same period in 2025, increased salaries and wages due to headcount increases and increased professional fees, which contributed approximately 6%, 4% and 2%, respectively, to the SG&A cost increases.

Previous wording

Proprietary Products SG&A costs increased by$12.7 million, or 10.4%, for thesix months ended June 30, 2026, as comparedto the same period in 2025, including an unfavorable foreign currency translation impact of $2.6 million. Proprietary Products SG&A costs increased due primarily to increased salary and wages due to headcount increases and annual inflationary increases and higher annual incentive compensation from a higher projected incentive payout compared to the same period in 2025, which contributed approximately 6% and 3%, respectively, of the SG&A cost increases.

Current wording

Proprietary Products SG&A costs increased by$21.6 million, or 11.5%, for thenine months ended September 30, 2026, as comparedto the same period in 2025, including an unfavorable foreign currency translation impact of $2.5 million. Proprietary Products SG&A costs increased due primarily to higher annual incentive compensation from a higher projected incentive payout compared to the same period in 2025 and increased salaries and wages due to headcount increases, each of which contributed approximately 4% of the SG&A cost increases.

Previous wording

West Vantage -West Vantage SG&A costs increased by$1.3 million, or 18.6%, for thethree months ended June 30, 2026, as compared to the same period in 2025, including an unfavorable foreign currency translation impact of less than $0.1 million, due primarily to higher annual incentive compensation from a higher projected incentive payout compared to the same period in 2025, increased charges related to computer hardware and increased salary and wages due to annual inflationary increases.

Current wording

West Vantage -West Vantage SG&A costs increased by$0.6 million, or 8.0%, for thethree months ended September 30, 2026, as compared to the same period in 2025, due primarily to increased salary and wages due to annual inflationary increases.

Previous wording

West Vantage SG&A costs increased by$1.5 million, or 10.3%, for thesix months ended June 30, 2026, ascompared to the same period in 2025, including an unfavorable foreign currency translation impact of $0.2 million, due primarily to higher annual incentive compensation from a higher projected incentive payout compared to the same period in 2025 and increased salary and wages due to annual inflationary increases.

Current wording

West Vantage SG&A costs increased by$2.1 million, or 9.5%, for thenine months ended September 30, 2026, ascompared to the same period in 2025, including an unfavorable foreign currency translation impact of $0.2 million, due primarily to increased salary and wages due to annual inflationary increases and higher annual incentive compensation from a higher projected incentive payout compared to the same period in 2025.

Previous wording

Corporate and unallocated items -Corporate and unallocated SG&A costs increased by$12.4 million, or 45.3%, for thethree months ended June 30, 2026, ascompared to the same period in 2025. During the three months ended June 30, 2026, the Company recorded expense within SG&A on the following unallocated items: (i) expense of$6.9 million related to nonrecurring professional fees associated with various items including certain legal matters and our cybersecurity incident from May 2026 and (ii) expense of $5.1 million relating to professional services in connection with the Company's agreement to sell its SmartDose® 3.5mL On-Body Delivery System and other M&A activities, which were not recorded during the same period in 2025. Additionally, the Company recorded additional charges related to stock-based compensation in thethree months ended June 30, 2026, as compared to the same period in 2025, of approximately $3.5 million related to improved financial performance metrics and increased mark to market charges. See the Financial Performance Summary section above for further details.

Current wording

Corporate and unallocated items -Corporate and unallocated SG&A costs increased by$0.7 million, or 2.4%, for thethree months ended September 30, 2026, ascompared to the same period in 2025. During the three months ended September 30, 2026, the Company recorded expense within SG&A on the following unallocated items: (i) expense of $1.8 million related to nonrecurring professional fees associated with various items including certain legal matters and our cybersecurity incident from May 2026 and (ii) expense of $3.6 million relating to professional services in connection with the Company's agreement to sell its SmartDose® 3.5mL On-Body Delivery System and other M&A activities, which were not recorded during the same period in 2025. These increases were partially offset by a decrease in charges related to stock-based compensation in the three months ended September 30, 2026, as compared to the same period in 2025, of approximately $4 million, and decreased general corporate costs. See the Financial Performance Summary section above for further details.

Previous wording

Corporate and unallocated SG&A costs increased by$19.0 million, or 40.0%, for thesix months ended June 30, 2026, as compared to the same period in 2025. During the six months ended June 30, 2026, the Company recorded expense within SG&A on the following unallocated items: (i) expense of$7.5 million related to nonrecurring professional fees associated with various items including certain legal matters and our cybersecurity incident from May 2026 and (ii) expense of $6.1 million relating to professional services in connection with the Company's agreement to sell its SmartDose® 3.5mL On-Body Delivery System and other M&A activities, which were not recorded during the same period 2025. Additionally, the Company recorded additional charges related to stock-based compensation in thesix months ended June 30, 2026, as compared to the same period in 2025, of approximately $9 million related to improved financial performance metrics and increased mark to market charges. See the Financial Performance Summary section above for further details.

Current wording

Corporate and unallocated SG&A costs increased by $19.7 million, or 25.6%, for the nine months ended September 30, 2026, as compared to the same period in 2025. During the nine months ended September 30, 2026, the Company recorded expense within SG&A on the following unallocated items: (i) expense of $9.2 million related to nonrecurring professional fees associated with various items including certain legal matters and our cybersecurity incident from May 2026 and (ii) expense of $9.7 million relating to professional services in connection with the Company's agreement to sell its SmartDose® 3.5mL On-Body Delivery System and other M&A activities, which were not recorded during the same period in 2025. Additionally, the Company recorded additional charges related to stock-based compensation in the nine months ended September 30, 2026, as compared to the same period in 2025, of approximately $5 million related to improved financial performance metrics and increased mark-to-market charges. These increases were partially offset by decreased general corporate costs. See the Financial Performance Summary section above for further details.

Previous wording

Consolidated - Consolidated other expense (income) changed by $7.6 million for thethree months ended June 30, 2026, as compared to the same period in 2025, due to the factors described below.

Current wording

Consolidated - Consolidated other expense (income) changed by $58.1 million for thethree months ended September 30, 2026, as compared to the same period in 2025, due to the factors described below.

Previous wording

Consolidated other expense (income) changed by $9.0 million for the six months ended June 30, 2026, as compared to the same period in 2025, due to the factors described below.

Current wording

Consolidated other expense (income) changed by $67.1 million for the nine months ended September 30, 2026, as compared to the same period in 2025, due to the factors described below.

Previous wording

Proprietary Products - Proprietary Products other expense (income) changed by $0.9 million for the three months ended June 30, 2026, as compared to the same period in 2025, due primarily to increased contingent consideration expense and increased losses on oil hedges recorded in the three months ended June 30, 2026, as compared to the same period in 2025.

Current wording

Proprietary Products - Proprietary Products other expense (income) changed by $6.1 million for the three months ended September 30, 2026, as compared to the same period in 2025, due primarily to decreased contingent consideration expense and increased gains on oil hedges recorded in the three months ended September 30, 2026, as compared to the same period in 2025.

Previous wording

Proprietary Products other expense (income) changed by $1.0 million for the six months ended June 30, 2026, as compared to the same period in 2025, due primarily to increased contingent consideration expense in the six months ended June 30, 2026, as compared to the same period in 2025, partially offset by gains on oil hedges being recorded in the six months ended June 30, 2026, as compared losses on oil hedges being recorded in the same period in 2025.

Current wording

Proprietary Products other expense (income) changed by $5.1 million for the nine months ended September 30, 2026, as compared to the same period in 2025, due primarily to increased gains on oil hedges and decreased contingent consideration expense in the nine months ended September 30, 2026, as compared to the same period in 2025.

Previous wording

West Vantage -West Vantage other expense (income) changed by $0.8 million for the three months ended June 30, 2026, as compared to the same period in 2025, due primarily to foreign exchange gains being recorded in the three months ended June 30, 2026, as compared to foreign exchange losses being recorded in the same period in 2025.

Current wording

West Vantage -West Vantage other expense (income) changed by $0.1 million for the three months ended September 30, 2026, as compared to the same period in 2025, due primarily to foreign exchange gains being recorded in the three months ended September 30, 2026, as compared to foreign exchange losses being recorded in the same period in 2025.

Previous wording

West Vantage other expense (income) changed by $1.5 million for the six months ended June 30, 2026, as compared to the same period in 2025, due primarily to foreign exchange gains being recorded in the six months ended June 30, 2026, as compared to foreign exchange losses being recorded in the same period in 2025.

Current wording

West Vantage other expense (income) changed by $1.6 million for the nine months ended September 30, 2026, as compared to the same period in 2025, due primarily to foreign exchange gains being recorded in the nine months ended September 30, 2026, as compared to foreign exchange losses being recorded in the same period in 2025.

Previous wording

Corporate and unallocated items -Corporate and unallocated items changed by $7.5 million for the three months ended June 30, 2026, as compared to the same period in 2025, due primarily to the Company recording restructuring and other charges of $2.3 million within the three months ended June 30, 2026, as compared to $0.2 million being recorded during the same period in 2025. The Company's 2026 restructuring and other charges within other expense (income) were (i) $1.0 million related to acceleration of depreciation and lease costs in connection with the Company's January 2025 restructuring plan and (ii) $1.3 million related to employee benefit costs in connection with the Company's agreement to sell its SmartDose® 3.5mL On-Body Delivery System and associated facilities to AbbVie. The Company's 2025 restructuring and other charges within other expense (income) were $0.2 million related to severance, acceleration of depreciation and lease costs in connection with the Company's January 2025 restructuring plan. Additionally, the Company recorded cost-method investment impairment charges of $3.5 million during the three months ended June 30, 2026 that did not occur in the same period in 2025.

Current wording

Corporate and unallocated items -Corporate and unallocated items changed by $51.9 million for the three months ended September 30, 2026, as compared to the same period in 2025, due primarily to the Company recording a net gain on the sale of its SmartDose® 3.5mL On-Body Delivery System assets of $55.7 million. The gain on sale was partially offset by restructuring and other charges of $3.9 million within the three months ended September 30, 2026, as compared to $0.9 million being recorded during the same period in 2025. The Company's 2026 restructuring and other charges within other expense (income) were (i) $5.8 million related to the acceleration of depreciation and lease costs in connection with the Company's January 2025 restructuring plan and (ii) a net benefit of $1.9 million related to employee benefit costs in connection with the Company's agreement to sell its SmartDose® 3.5mL On-Body Delivery System and associated facilities to AbbVie. The Company's 2025 restructuring and other charges within other expense (income) were $0.9 million related to severance, acceleration of depreciation and lease costs in connection with the Company's January 2025 restructuring plan.

Previous wording

Corporate and unallocated items changed by $8.5 million for the six months ended June 30, 2026, as compared to the same period in 2025, due primarily to the decrease of recorded restructuring and other charges within other expense. The Company's 2025 restructuring and other charges within other expense (income) were $16.6 million related to severance, acceleration of depreciation and lease costs in connection with the Company's January 2025 restructuring plan. The Company's 2026 restructuring and other charges within other expense (income) were (i) $1.9 million related to severance, acceleration of depreciation and lease costs in connection with the Company's January 2025 restructuring plan and (ii) $2.2 million related to employee benefit costs in connection with the Company's agreement to sell its SmartDose® 3.5mL On-Body Delivery System and associated facilities to AbbVie. The decrease in restructuring and other charges was partially offset by the Company recording cost-method investment impairment charges of $3.5 million during the six months ended June 30, 2026 that did not occur in the same period in 2025.

Current wording

Corporate and unallocated items changed by $60.4 million for the nine months ended September 30, 2026, as compared to the same period in 2025, due primarily to the Company recording a net gain on the sale of its SmartDose® 3.5mL On-Body Delivery System assets of $55.7 million. Additionally, the Company recorded restructuring and other charges during 2025 within other expense (income) of $17.5 million related to severance and retention benefits and acceleration of depreciation and lease costs in connection with the Company's January 2025 restructuring plan. The Company's 2026 restructuring and other charges within other expense (income) were (i) $7.7 million related to severance, acceleration of depreciation and lease costs in connection with the Company's January 2025 restructuring plan and (ii) $0.3 million related to employee benefit costs in connection with the Company's agreement to sell its SmartDose® 3.5mL On-Body Delivery System and associated facilities to AbbVie. The decrease in restructuring and other charges was partially offset by the Company recording cost-method investment impairment charges of $3.5 million during the nine months ended September 30, 2026 that did not occur in the same period in 2025.

Previous wording

Proprietary Products -Proprietary Products operating profit increased by $50.2 million, or 31.0%, for the three months ended June 30, 2026, as compared to the same period in 2025, including a favorable foreign currency translation impact of$2.0 million, due to the factors described above, most notably favorable sales mix of HVP components, including GLP-1 products.

Current wording

Proprietary Products -Proprietary Products operating profit increased by $55.4 million, or 31.6%, for the three months ended September 30, 2026, as compared to the same period in 2025, including an unfavorable foreign currency translation impact of$2.2 million, due to the factors described above, most notably favorable sales mix of HVP components, including GLP-1 products.

Previous wording

Proprietary Products operating profit increased by $108.8 million, or 37.2%, for the six months ended June 30, 2026, as compared to the same period in 2025, including a favorable foreign currency translation impact of $14.4 million, due to the factors described above, most notably favorable sales mix of HVP components, including GLP-1 products.

Current wording

Proprietary Products operating profit increased by $164.2 million, or 35.1%, for the nine months ended September 30, 2026, as compared to the same period in 2025, including a favorable foreign currency translation impact of $12.2 million, due to the factors described above, most notably favorable sales mix of HVP components, including GLP-1 products.

Previous wording

West Vantage -West Vantage operating profit decreased by$4.9 million, or 27.5%, for thethree months ended June 30, 2026, as compared to the same period in 2025, including a favorable foreign currency translation impact of$0.1 million, due to the factors described above, most notably inefficiencies associated with production downtime related to the Company’s May 2026 cyber incident, as well as inflationary pressures on our plant spend.

Current wording

West Vantage -West Vantage operating profit decreased by$6.8 million, or 30.5%, for thethree months ended September 30, 2026, as compared to the same period in 2025, including an unfavorable foreign currency translation impact of $0.1 million, due to the factors described above, most notably inefficiencies associated with production, as well as inflationary pressures on our plant spend.