West Pharmaceutical Services (WST) 8-K Results of Operations and Financial Condition

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Speakers:

Donald E. Morel, Jr.

Chairman and Chief Executive Officer

William J. Federici

Vice President and Chief Financial Officer

All trademarks and registered trademarks are the property of West Pharmaceutical Services, Inc., unless noted otherwise.

West Pharmaceutical Services, Inc.

First-Quarter 2012 Analyst Conference Call

9 a.m. Eastern Time, April 26, 2012

A webcast of today’s call can be accessed in the
“Investors” section of the Company’s web site

www.westpharma.com

To participate please dial:

U.S. toll-free (800) 901-5217 (U.S.) or

International (617) 786-2964

The passcode is 24965800.

A replay will be available on the web site two hours
after the live call and through May 3, 2012.To access
the replay by telephone pleasedial:

U.S. toll-free (888) 286-8010 or

International (617) 801-6888

The passcode is 40854349 .

These presentation materials are intended to accompany today’s press release announcing the Company’s results
for the quarter and management’s discussion of those results during today’s conference call.

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Cautionary Statement Under the Private Securities Litigation Reform Act of 1995

This presentation and any accompanying management commentary contain “forward-looking statements” as
that term is defined in the Private Securities Litigation Reform Act of 1995.Such statements include, but are not
limited to statements about expected financial results for 2012 and future years.

Each of these estimates is based on preliminary information, and actual results could differ from these
preliminary estimates.We caution investors that the risk factors listed under “Cautionary Statement” in today’s
press release, as well as those set forth under the caption "Risk Factors" in our most recent Annual Report on
Form 10-K as filed with the Securities and Exchange Commission and as revised or supplemented by our
quarterly reports on Form 10-Q, could cause our actual results to differ materially from those estimated or
predicted in the forward-looking statements. You should evaluate any statement in light of these important
factors. Except as required by law or regulation, we undertake no obligation to publicly update any forward-
looking statements, whether as a result of new information, future events, or otherwise.

Non-GAAP Financial Measures

Certain financial measures included in today’s press release and accompanying tables, in these presentation
materials, and which may be referred to in management’s discussion of the Company’s results and outlook, are
Non-GAAP (Generally Accepted Accounting Principles) financial measures. Please refer to the “Notes to Non-
GAAP Financial Measures” at the end of these materials for more information.Non-GAAP financial measures
should not be considered in isolation or as an alternative to such measures determined in accordance with
GAAP.

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First Quarter 2012 Operations

•Sales Grew 7.1% (9.1% at constant currency)

–Pharmaceutical Packaging Systems up 9.2% (11.6% at constant currency)

•High-value products grew 14.4% at constant currency

•In part due to new customers’ product launches, increasing inventory requirements

–Pharmaceutical Delivery Systems up 0.3% (1.3% at constant currency)

•Proprietary products higher as a group, CZ lower

•Contract Manufacturing lower, primarily consumer goods

•Gross Profit Margin is 31.9%, 2.1 percentage points higher

–PPS high-value product growth, pricing and volume

–PDS growth in proprietary and contract healthcare

•R&D spending increases: Maintained focus on quality initiative, Daikyo
Crystal Zenith (“CZ”) and SmartDose™

•SG&A spending lower relative to sales

•Operating leverage yields sharpely higher Adjusted Diluted EPS

Note: Crystal Zenith® is a registered trademark of Daikyo Seiko, Ltd.

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Expansion and Product Development Update

•Asian Expansions

–China

–India

•NovaPure™ launched at April 2012 trade event

•Daikyo Crystal Zenith® products update

•Large-volume parenteral delivery:SmartDose™ and CZ

•New applications for safety and administration products

–Customer new product launch

INVESTOR DAY: New York, NY May 23, 2012

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Summary Results
$ millions, except per-share data

(1)These are Non-GAAP measurements. See “Non-GAAP Financial Measures” and “Notes to Non-GAAP Financial
Measures” (Slides 13-15), “Cautionary Statement” (Slide 2) and seethe “Restructuring and Other Items” section
and “Supplemental Information and Notes to Non-GAAP Financial Measures” in today’s press release for an
explanation and reconciliation of these items.

	Three Months Ended March 31,
	2012	2011
Net Sales	$ 316.3	$ 295.4
Gross Profit	101.1	88.0
Reported Operating Profit	41.7	28.8
Adjusted Operating Profit (1)	42.3	30.7
Reported Diluted EPS	$ 0.81	$ 0.56
Adjusted Diluted EPS(1)	$ 0.83	$ 0.60

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Cash Flow Metrics
($ millions)

	Quarter Ended March 31,
	2012	2011
Depreciation and amortization	$18.6	$19.5
Operating cash flow	$13.8	$9.5
Capital expenditures	$32.4	$19.4

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Summary Balance Sheet Information
($ millions)

	As of
	March 31, 2012	December 31, 2011
Cash and cash equivalents	$100.2	$91.8
Debt	$381.4	$349.4
Equity	$694.7	$654.9
Net debt to total invested capital†	28.8%	28.2%
Working capital	$200.4	$228.8

† Net Debt and Total Invested Capital are Non-GAAP measures.Net Debt is determined by reducing total
debt by the amount of cash and cash equivalents.Total Invested Capital is the sum of Net Debt and Equity.

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2012 Full-year Financial Guidance

($ millions, except EPS)	Estimated 2012 Revenue(1)	Estimated Gross Profit %(1)
Pharmaceutical Packaging Systems Segment	$905 - $925	33.6%
Pharmaceutical Delivery Systems Segment	$345 - $355	19.9%
Consolidated	$1,250 - $1,280	29.8%
	2012 Adjusted Diluted EPS(1)(2) Estimate
	$2.50 - $2.67

(1) Guidance includes various currency exchange rate assumptions, most significantly the Euro at $1.33 for the
remainder of 2012.Actual results will vary as a result of variability of exchange rates, among other items.

(2) See “Non-GAAP Financial Measures” and “Notes to Non-GAAP Financial Measures”(Slides 13 - 15),“Cautionary
Statement” (Slide 2) and today’s press release for an explanation and reconciliation of these items.

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Selected Factors That Impact Margin % in 2012(3)

Improving sales mix:Profit expectations include the favorable impact of sales of
more profitable products, including high-value pharmaceutical packaging components
and proprietary pharmaceutical delivery devices and systems, growing faster than
lower-margin items, which include standard pharmaceutical packaging, disposable
medical device components and contract-manufactured items.

Increased sales prices: Our selling prices are increasing more rapidly than they
have in recent years, primarily as a result of rising costs in recent quarters. Increases
impact list pricesand formulated contract-price escalators, and profit expectations for
2012 are dependent upon realizing the expected increases.

Rising raw-material costs: If costs continue to rise, margins will narrow as a result
of a typical delay between market-driven input cost increases and our ability to pass
on costs through higher prices to customers.

Lean savings and production efficiencies: Profit expectations are dependent on
anticipated improvements in manufacturing efficiency as a result of:

–“Lean Manufacturing” programs, which focus on process efficiency

–Increased manufacturing efficiency as a result economies of scale associated
with sales growth

(3) See “Cautionary Statement” on slide 2.This is notan exclusive list of risks associated with forward
looking statements included here ormade in the presentation.

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Non-GAAP Financial Measures(1)
Three Months Ended March 31, 2012 and 2011

(in millions, except per share data)

(1)See “Notes to Non-GAAP Financial Measures” (Slides 14-15), “Cautionary Statement” (Slide 2) and seethe “Restructuring and Other Items”
section and “Supplemental Information and Notes to Non-GAAP Financial Measures” in today’s press release for an explanation and
reconciliation of these items.

	As Reported March 31, 2012	Restructuring and related charges	Acquisition- related contingencies	Discrete tax items	Non-GAAP March 31, 2012
Operating profit	$41.7	$0.4	$0.2	$-	$42.3
Interest expense, net	3.9	-	-	-	3.9
Income before income taxes	37.8	0.4	0.2	-	38.4
Income tax expense	9.8	0.1	0.1	(0.3)	9.7
Equity in net income of affiliated companies	1.2	-	-	-	1.2
Net income	$29.2	$0.3	$0.1	$0.3	$29.9
Net income per diluted share	$0.81	$0.01	$-	$0.01	$0.83

	As Reported March 31, 2011	Restructuring and related charges	Discrete tax items	Non-GAAP March 31, 2011
Operating profit	$28.8	$1.9	$-	$30.7
Interest expense, net	4.5	-	-	4.5
Income before income taxes	24.3	1.9	-	26.2
Income tax expense	6.1	0.6	(0.2)	6.5
Equity in net income of affiliated companies	1.4	-	-	1.4
Net income	$19.6	$1.3	$0.2	$21.1
Net income per diluted share	$0.56	$0.04	$-	$0.60

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NOTES TO NON-GAAP FINANCIAL MEASURESFor additional details, please see today’s press release and Safe Harbor Statement.

These slides use non-GAAP financial measures. West believes that these non-GAAP measures of financial results provide
useful information to management and investors regarding certain business trends relating to West’s financial condition, results
of operations and the Company’s overall performance.Our executive management team uses adjusted operating profit and
adjusted diluted EPS to evaluate the performance of the Company in terms of profitability and to compare operating results to
prior periods. Adjusted operating profit is also used to evaluate changes in the operating results of each segment and to allocate
resources to our segments.The Company believes that the use of these non-GAAP financial measures provides an additional
tool for investors to use in evaluating ongoing operating results and trends in comparing its financial measures with other
companies.

Our executive management does not consider such non-GAAP measures in isolation or as an alternative to such measures
determined in accordance with GAAP.The principal limitation of such non-GAAP financial measures is that they exclude
significant expenses and income that are required by GAAP to be recorded.In addition, they are subject to inherent limitations
as they reflect the exercise of judgment by management about which items are excluded from the non-GAAP financial
measures.In order to compensate for these limitations, our executive management presents its non-GAAP financial measures
in connection with its GAAP results.We urge investors and potential investors to review the reconciliation of our non-GAAP
financial measures to the comparable GAAP financial measures, and not rely on any single financial measure to evaluate the
Company’s business.

In calculating adjusted operating profit and adjusted diluted EPS, we exclude the impact of items that are not considered
representative of ongoing operations. Such items include restructuring and related costs, certain asset impairments, other
specifically identified gains or losses, and discrete income tax items. Reconciliations of these adjusted non-GAAP measures to
the comparable GAAP financial measures are included in the preceding (current and prior-year periods) and succeeding (2012
Guidance)slides.

The following is a description of the items excluded from adjusted operating profit and adjusted diluted EPS:

(continued on following slide)

Restructuring and related charges:During the three months ended March 31, 2012, we incurred restructuring and related
charges of $0.4 million associated with the restructuring plan announced in December 2010. Charges associated with the plan
for the three months ended March 31, 2012 were primarily facility closure costs associated with the 2011 closure of a plant in
the United States and a reduction of operations at a manufacturing facility in England

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NOTES TO NON-GAAP FINANCIAL MEASURESFor additional details, please see today’s press release and Safe Harbor Statement.