v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
Our business operations are organized into two reportable segments, Proprietary Products and West Vantage. Effective in the first quarter of 2026, the Company renamed its "Contract-Manufactured Products" reportable segment to "West Vantage™" to better align with its current strategic focus and offerings. This change in name does not affect the composition of the reportable segment, nor does it impact previously reported segment financial information. Our Proprietary Products reportable segment offers proprietary packaging, containment solutions and drug delivery products, along with analytical lab services and other integrated services and solutions, primarily to biologic, generic and pharmaceutical drug customers. Our West Vantage reportable segment serves as a fully integrated business, focused on the design, manufacture, and automated assembly of complex devices, primarily for pharmaceutical, diagnostic, and medical device customers.
The Chief Operating Decision Maker ("CODM") is the Chief Executive Officer. The CODM evaluates the performance of our segments based upon, among other things, segment net sales and segment operating profit. Segment operating profit excludes general corporate costs, which include executive and director compensation, stock-based compensation, certain pension and other retirement benefit costs, and other corporate facilities and administrative expenses not allocated to the segments. Also excluded are items that the CODM considers not representative of ongoing operations. Such items are referred to as other unallocated items and generally include restructuring and related charges, certain asset impairments and other specifically identified income or expense items. The segment operating profit metric is what the CODM uses in evaluating our results of operations and the financial measure that provides a valuable insight into our overall performance and financial position. The CODM considers budget-to-actual variances and variances against prior years within segment operating profit when making decisions about allocating resources to the segments.
The following table presents information about our reportable segments, reconciled to consolidated totals:
Three Months Ended
June 30,		Six Months Ended
June 30,
($ in millions)2026202520262025
Net sales:    
Proprietary Products$722.6 $619.8 $1,416.9 $1,182.8 
West Vantage149.7 146.7 300.3 281.7 
Consolidated net sales$872.3 $766.5 $1,717.2 $1,464.5 
The following tables provide summarized financial information for our two reportable segments and corporate and unallocated:
($ in millions)June 30,
2026		December 31,
2025
Assets
Proprietary Products$2,909.2 $2,987.0 
West Vantage717.7 718.1 
Corporate and Unallocated (1)
449.5 564.9 
Total consolidated$4,076.4 $4,270.0 
(1) Corporate and unallocated assets primarily include investments in affiliated companies, cash and cash equivalents, property, plant and equipment used in our corporate operations and deferred income taxes.
($ in millions)Three Months Ended
June 30,		Six Months Ended
June 30,
Depreciation and Amortization2026202520262025
Proprietary Products$36.3 $33.7 $72.7 $66.4 
West Vantage9.2 6.8 17.2 13.2 
Corporate and Unallocated0.7 0.9 1.5 1.8 
Total consolidated$46.2 $41.4 $91.4 $81.4 
($ in millions)Three Months Ended
June 30,		Six Months Ended
June 30,
Capital Expenditures2026202520262025
Proprietary Products$35.4 $48.5 $71.9 $100.4 
West Vantage5.1 25.5 10.7 43.6 
Corporate and Unallocated2.7 1.2 3.3 2.5 
Total consolidated$43.2 $75.2 $85.9 $146.5 
The following table provides summarized financial information for our segments:
Three months ended June 30, 2026Three months ended June 30, 2025
($ in millions)Proprietary ProductsWest VantageTotalProprietary ProductsWest VantageTotal
Net sales$722.6 $149.7 $872.3 $619.8 $146.7 $766.5 
Cost of goods and services sold414.6 128.5 371.5 121.1 
Research and development19.7 — 19.1 — 
Selling, general and administrative expenses69.5 8.3 61.5 7.0 
Other segment expense (income)(1)
6.9 — 6.0 0.8 
Segment operating profit$211.9 $12.9 $224.8 $161.7 $17.8 $179.5 
Reconciliation of profit or loss:
Stock-based compensation(10.9)(7.4)
Corporate general costs(2)
(16.5)(16.8)
Unallocated items:
Restructuring and other charges(3)
(1.5)(1.6)
M&A activities, including SmartDose® 3.5mL sale(4)
(6.4)— 
Cost-method investment activity(5)
(3.5)— 
Other(7)
(6.9)— 
Total consolidated operating profit179.1 153.7 
Interest (income) expense and other nonoperating expense (income), net(1.0)(3.3)
Income before income taxes and equity in net income of affiliated companies$180.1 $157.0 
Six Months June 30, 2026Six months ended June 30, 2025
($ in millions)Proprietary ProductsWest VantageTotalProprietary ProductsWest VantageTotal
Net sales$1,416.9 $300.3 $1,717.2 $1,182.8 $281.7 $1,464.5 
Cost of goods and services sold835.8 255.8 724.3 234.4 
Research and development35.5 — 35.4 — 
Selling, general and administrative expenses134.5 16.1 121.8 14.6 
Other segment expense (income)(1)
10.0 (0.1)9.0 1.4 
Segment operating profit$401.1 $28.5 $429.6 $292.3 $31.3 $323.6 
Reconciliation of profit or loss:
Stock-based compensation(17.5)(8.7)
Corporate general costs(2)
(33.7)(34.6)
Unallocated items:
Restructuring and related charges(3)
(2.9)(19.4)
M&A activities, including SmartDose® 3.5mL sale(4)
(8.3)— 
Cost-method investment activity(5)
(3.5)— 
Amortization of acquisition-related intangible assets(6)
— (0.2)
Other(7)
(7.5)— 
Total consolidated operating profit356.2 260.7 
Interest (income) expense and other nonoperating expense (income), net(4.0)(6.8)
Income before income taxes and equity in net income of affiliated companies$360.2 $267.5 
(1) Other segment expense (income) primarily includes foreign exchange transaction gains and losses, adjustments to contingent consideration and (gain) loss on oil hedges attributable to the segments during the three and six months ended June 30, 2026 and 2025.
(2) Corporate general costs include executive and director compensation, certain pension and other retirement benefit costs, and other corporate facilities and administrative expenses not allocated to the segments.
(3) 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. During the three 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.
(4) 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.
(5) During the three and six months ended June 30, 2026, the Company recorded cost-method investment impairment charges of $3.5 million within other expense (income).
(6) During the three and six months ended June 30, 2025, we recorded $0.0 million and $0.2 million, respectively, of amortization expense within selling, general and administrative expenses associated with an intangible asset acquired during the second quarter of 2020.
(7) Other includes nonrecurring professional fees associated with various items including certain legal matters and our cybersecurity incident from May 2026. These charges are recorded within selling, general and administrative expenses.