{"slug":"west-pharmaceutical-services","name":"웨스트 파마슈티컬 서비스","name_en":"West Pharmaceutical Services","ticker":"WST","updated_at":"2026-09-24T09:58:55.2377+00:00","canonical":"https://valuechain.wiki/west-pharmaceutical-services","citable":"밸류체인 그래프 기준 웨스트 파마슈티컬 서비스의 직접 연결 기업은 2곳(관계 기준 공급 1·매출 1)이고, 사슬을 2차까지 넓히면 13곳에 닿는다. 링크의 근거 출처는 5건이며 그중 1차공시가 3건이다 (valuechain.wiki, 2026-09-24 기준).","citable_en":"Per the valuechain.wiki graph, West Pharmaceutical Services is directly linked to 2 companies (1 supply, 1 revenue relationships) and reaches 13 companies within two hops; the links are backed by 5 dated sources, 3 of them primary filings (as of 2026-09-24).","kicker":"주사제 포장·전달 부품","kicker_en":"Injectable drug packaging and delivery","lead":"주사제용 마개·플런저·용기와 약물 전달 장치를 제약사에 판매하고, 고객 설계 의료기기도 위탁생산한다. 엘라스토머 원료와 다이쿄의 포장 부품을 조달하며, 다이쿄 지분 49%를 보유한다.","lead_en":"West sells stoppers, plungers, containment components and drug-delivery devices for injectable medicines, and contract-manufactures customer-designed medical devices. It purchases elastomer inputs and packaging components from Daikyo and holds a 49% interest in Daikyo.","categories":[{"key":"medical-devices-supplies","ko":"의료기기·의료용품","en":"Medical Devices & Supplies","theme":"life-sciences","theme_ko":"바이오·헬스","theme_en":"Biopharma & Life Sciences","theme_kind":"sector","primary":true}],"segments":{"parts":[{"name":"고유 제품","note":"FY2025 매출 24억9,210만 달러. 주사제 포장·용기·전달 시스템과 분석 서비스를 포함한다."},{"name":"위탁생산 제품","note":"FY2025 매출 5억8,200만 달러. 고객 설계의 복합 의료기기 제조·조립을 포함한다."}],"total":"FY2025 총매출 30억7,410만 달러 (SEC 10-K)","track":"C"},"segments_en":{"parts":[{"name":"Proprietary Products","note":"FY2025 revenue of $2.4921 billion, including injectable packaging, containment and delivery systems and analytical services."},{"name":"Contract-Manufactured Products","note":"FY2025 revenue of $582.0 million, including the manufacture and assembly of complex customer-designed medical devices."}],"total":"FY2025 total revenue of $3.0741 billion (SEC 10-K)"},"returns_yearly":{"2021":65.9,"2022":-49.7,"2023":50,"2024":-6.8,"2025":-15.7,"2026":23.8},"return_asof":"2026-09-04","value_chain":{"leading":[{"slug":"cvs-health","name":"CVS 헬스","name_en":"CVS Health","tier":3,"returns_yearly":{"2021":54.9,"2022":-7.6,"2023":-12.5,"2024":-40.8,"2025":84.3,"2026":24.7}},{"slug":"walmart","name":"Walmart Inc","name_en":"Walmart Inc","tier":3,"returns_yearly":{"2021":2,"2022":-0.5,"2023":12.9,"2024":74,"2025":24.5,"2026":0.6}},{"slug":"cardinal-health","name":"카디널 헬스","name_en":"Cardinal Health, Inc.","tier":2,"returns_yearly":{"2021":-0.4,"2022":54.1,"2023":34.1,"2024":19,"2025":76.3,"2026":21.1}},{"slug":"mckesson","name":"맥케슨","name_en":"McKesson Corporation","tier":2,"returns_yearly":{"2021":44.2,"2022":51.8,"2023":24.1,"2024":23.7,"2025":44.5,"2026":14.8}},{"slug":"cencora","name":"센코라","name_en":"Cencora, Inc.","tier":2,"returns_yearly":{"2021":44.1,"2022":26.3,"2023":25.3,"2024":10.4,"2025":51.5,"2026":-1.4}},{"slug":"lilly-eli","name":"일라이 릴리","name_en":"Lilly (Eli)","tier":1,"returns_yearly":{"2021":66.1,"2022":34.3,"2023":60.9,"2024":33.3,"2025":40.2,"2026":10.3}}],"benefiting":[{"slug":"exxonmobil","name":"엑슨모빌","name_en":"ExxonMobil","tier":1,"returns_yearly":{"2021":57.6,"2022":87.4,"2023":-6.3,"2024":11.3,"2025":16,"2026":35.2}},{"slug":"targa-resources","name":"타가 리소시스","name_en":"Targa Resources Corp.","tier":2,"returns_yearly":{"2021":100.1,"2022":43.7,"2023":21,"2024":110.1,"2025":5.7,"2026":59.5}},{"slug":"schlumberger","name":"슐럼버거","name_en":"Schlumberger","tier":2,"returns_yearly":{"2021":39.6,"2022":81.2,"2023":-0.8,"2024":-24.5,"2025":3.3,"2026":52.3}},{"slug":"texas-pacific-land","name":"텍사스 퍼시픽 랜드","name_en":"Texas Pacific Land Corporation","tier":2,"returns_yearly":{"2021":73.3,"2022":91.3,"2023":-32.4,"2024":115.3,"2025":-21.6,"2026":26.2}},{"slug":"baker-hughes","name":"베이커 휴즈","name_en":"Baker Hughes Company","tier":2,"returns_yearly":{"2021":19,"2022":26,"2023":18.6,"2024":23.1,"2025":13.4,"2026":25.9}},{"slug":"air-liquide","name":"Air Liquide","name_en":"Air Liquide","tier":2,"returns_yearly":{"2021":14.3,"2022":8.1,"2023":21.1,"2024":8.7,"2025":-4.6,"2026":20.7}},{"slug":"kinder-morgan","name":"킨더 모건","name_en":"Kinder Morgan, Inc.","tier":2,"returns_yearly":{"2021":23.8,"2022":21.2,"2023":4.1,"2024":64.4,"2025":4.8,"2026":17.5}},{"slug":"honeywell-technologies","name":"하니웰 테크놀로지스","name_en":"Honeywell Technologies","tier":2,"returns_yearly":{"2021":-0.3,"2022":4.9,"2023":0,"2024":10,"2025":-6.4,"2026":3.8}},{"slug":"yokogawa-electric","name":"요코가와전기","name_en":"Yokogawa Electric","tier":2,"returns_yearly":{"2021":-15.9,"2022":23.6,"2023":30.6,"2024":18.8,"2025":52.3,"2026":-8.2}},{"slug":"ge-vernova","name":"GE Vernova","name_en":"GE Vernova","tier":3,"returns_yearly":{"2025":99,"2026":54}},{"slug":"nvidia","name":"NVIDIA","name_en":"NVIDIA","tier":3,"returns_yearly":{"2021":125.5,"2022":-50.3,"2023":239,"2024":171.2,"2025":38.9,"2026":23.2}},{"slug":"carrier-global","name":"캐리어 글로벌","name_en":"Carrier Global Corporation","tier":3,"returns_yearly":{"2021":45.3,"2022":-22.7,"2023":41.5,"2024":20.3,"2025":-21.8,"2026":14.3}},{"slug":"amazon","name":"아마존","name_en":"Amazon","tier":3,"returns_yearly":{"2021":2.4,"2022":-49.6,"2023":80.9,"2024":44.4,"2025":5.2,"2026":12}},{"slug":"ge-aerospace","name":"GE 에어로스페이스","name_en":"GE Aerospace","tier":3,"returns_yearly":{"2021":9.7,"2022":-10.9,"2023":95.7,"2024":64.8,"2025":85.7,"2026":9.7}},{"slug":"alphabet","name":"알파벳 (구글)","name_en":"Alphabet (Google)","tier":3,"returns_yearly":{"2021":65.3,"2022":-39.1,"2023":58.3,"2024":36,"2025":66,"2026":8.3}},{"slug":"nxp","name":"NXP반도체","name_en":"NXP Semiconductors","tier":3,"returns_yearly":{"2021":44.8,"2022":-29.2,"2023":48.4,"2024":-8,"2025":6.4,"2026":5.9}},{"slug":"blackrock","name":"BlackRock","name_en":"BlackRock","tier":3,"returns_yearly":{"2021":29.4,"2022":-20.4,"2023":17.9,"2024":29.3,"2025":6.6,"2026":2.8}},{"slug":"honeywell-aerospace","name":"하니웰 에어로스페이스","name_en":"Honeywell Aerospace Inc.","tier":3,"returns_yearly":null}],"analysis":"주사제 포장·전달 부품 기업. 2026년 +23.8%다. 수요단(평균 +7.5%)·본주(+23.8%)·공급단(평균 +35.2%)이 비슷한 보폭이다. 전파가 한 바퀴 돈 동조 국면이라, 다음 구간은 사슬 방향보다 개별 실적이 가른다. 연결 노드 중 가장 앞선 곳은 엑슨모빌(+35.2%), 가장 처진 곳은 일라이 릴리(+7.5%)다. 격차가 사슬 논리로 설명되면 후자가 다음 전파 후보이고, 설명되지 않으면 그 연결 자체를 다시 봐야 한다.","analysis_en":"West Pharmaceutical Services operates across Injectable drug packaging and delivery. It is +23.8% in 2026. Demand side (avg +7.5%), the stock (+23.8%) and supply side (avg +35.2%) are moving in step. Propagation has completed a lap, so the next leg depends on individual results more than chain direction. Among connected nodes the furthest ahead is ExxonMobil (+35.2%) and the furthest behind is Lilly (Eli) (+7.5%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It purchases elastomer inputs and packaging components from Daikyo and holds a 49% interest in Daikyo.","analysis_asof":"2026-09-04"},"edges":[{"direction":"investment","counterparty":"Daikyo Seiko","counterparty_slug":null,"confidence":"high","metric":{"type":"share","unit":"percent","as_of":"2026-07-14","basis":"다이쿄 지분 보유율","value":49,"period":"as of 2026-07-14","basis_en":"Ownership interest in Daikyo","qualifier":null},"note":"웨스트는 다이쿄 지분 49%를 보유한다. 양사는 포장·약물 전달 부품의 기술을 교환하고 공동 개발한다.","note_en":"West owns 49% of Daikyo. The companies exchange technology and jointly develop pharmaceutical packaging and delivery components.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-07-14","url":"https://www.sec.gov/Archives/edgar/data/105770/000010577026000093/wst-20260714.htm","title":"West Pharmaceutical Services, Inc. Form 8-K (July 14, 2026)","title_en":"West Pharmaceutical Services, Inc. Form 8-K (July 14, 2026)","excerpt":"웨스트는 다이쿄 지분 49%를 유지하고 있다.","excerpt_en":"The Company maintains a 49% ownership interest in Daikyo."}]},{"direction":"cost","counterparty":"엑슨모빌","counterparty_slug":"exxonmobil","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2023-11-30","basis":"글로벌 마스터 공급계약에 따른 엑슨모빌 제품 구매액","value":null,"period":"2024-2028","basis_en":"Purchases from ExxonMobil under the global master supply agreement","qualifier":"confirmed_no_disclosed_value"},"note":"엑슨모빌 프로덕트 솔루션스는 웨스트와 계열사에 제품을 판매·납품하는 글로벌 원료 공급사다. 계약은 2028년 말까지 이어지지만 품목·물량·가격은 공시에서 가려졌다.","note_en":"ExxonMobil Product Solutions supplies products to West and its affiliates under a global master supply agreement running through 2028. Product, volume and price details are redacted.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2023-11-30","url":"https://www.sec.gov/Archives/edgar/data/105770/000010577023000075/exhibit1040exxonamendmen.htm","title":"Amendment No. 1 to Global Master Supply Agreement","title_en":"Amendment No. 1 to Global Master Supply Agreement","excerpt":"계약은 엑슨모빌을 판매자, 웨스트를 구매자로 두고 제품의 판매와 인도 조건을 정한다.","excerpt_en":"sets forth the terms and conditions for the sale and delivery of Product(s)"}]},{"direction":"cost","counterparty":"Daikyo Seiko","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-17","basis":"다이쿄 제품 구매액","value":null,"period":"FY2025","basis_en":"Purchases of Daikyo products","qualifier":"confirmed_no_disclosed_value"},"note":"웨스트는 다이쿄 제품을 매입해 일본 밖에서 독점 유통한다. 2025년 계열사 구매·지급액의 대부분이 다이쿄 유통계약에서 발생했지만 다이쿄만의 금액은 공개되지 않았다.","note_en":"West purchases Daikyo products for exclusive distribution outside Japan. Most 2025 purchases from and payments to affiliates related to this arrangement, but the Daikyo-only amount was not disclosed.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-07-14","url":"https://www.sec.gov/Archives/edgar/data/105770/000010577026000093/wst-20260714.htm","title":"West Pharmaceutical Services, Inc. Form 8-K (July 14, 2026)","title_en":"West Pharmaceutical Services, Inc. Form 8-K (July 14, 2026)","excerpt":"웨스트는 일본 밖에서 다이쿄 제품의 독점 유통사로 지정됐다.","excerpt_en":"exclusive distributor of Daikyo products in all countries other than Japan"},{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-17","url":"https://www.sec.gov/Archives/edgar/data/105770/000010577026000010/wst-20251231.htm","title":"WEST PHARMACEUTICAL SERVICES INC 10-K (2026-02-17)","title_en":"WEST PHARMACEUTICAL SERVICES INC 10-K (2026-02-17)","excerpt":"계열사 구매 거래의 대부분은 다이쿄 제품을 매입해 재판매하는 유통계약과 관련된다.","excerpt_en":"The majority of the purchase transactions listed above relate to a distributorship agreement with Daikyo."}]},{"direction":"revenue","counterparty":"일라이 릴리","counterparty_slug":"lilly-eli","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2025-09-05","basis":"일라이 릴리향 포장재 매출","value":null,"period":"FY2025","basis_en":"Packaging-material revenue from Eli Lilly","qualifier":"confirmed_no_disclosed_value"},"note":"웨스트는 일라이 릴리의 비만치료제용 포장재를 공급한다. 상대별 매출액은 공개되지 않았다.","note_en":"West supplies packaging materials for Eli Lilly's weight-loss drugs. Revenue attributable to this customer has not been disclosed.","sources":[{"stance":"mentions","publisher":"매일경제","publisher_en":"Maeil Business Newspaper","kind":"news","lang":"ko","published_at":"2025-11-25","url":"https://www.mk.co.kr/news/stock/11476244","title":"[MK시그널] 제약포장재 업체 웨스트 파마슈티컬 서비스, 매수신호 발생","title_en":"[MK Signal] Buy signal appears for pharmaceutical packaging company West Pharmaceutical Services","excerpt":"고마진 제품들은 고객의 약물 개발 파이프라인에 깊이 통합되어 있습니다.","excerpt_en":"Its high-margin products are deeply integrated into customers' drug-development pipelines."},{"stance":"confirms","publisher":"DBS 그룹 리서치","publisher_en":"DBS Group Research","kind":"research","lang":"en","published_at":"2025-09-05","url":"https://www.dbs.com/content/article/pdf/US_clover/West_Pharmaceutical_Services.pdf","title":"West Pharmaceutical Services Inc: Guidance raised on strong biologics tailwinds","title_en":"West Pharmaceutical Services Inc: Guidance raised on strong biologics tailwinds","excerpt":"DBS는 웨스트가 노보 노디스크와 일라이 릴리에 비만치료제 포장재를 공급한다고 적었다.","excerpt_en":"Novo Nordisk and Eli Lilly."}]},{"direction":"revenue","counterparty":"Novo Nordisk","counterparty_slug":null,"confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2025-09-05","basis":"노보 노디스크향 포장재 매출","value":null,"period":"FY2025","basis_en":"Packaging-material revenue from Novo Nordisk","qualifier":"confirmed_no_disclosed_value"},"note":"웨스트는 노보 노디스크의 비만치료제용 포장재를 공급한다. 상대별 매출액은 공개되지 않았다.","note_en":"West supplies packaging materials for Novo Nordisk's weight-loss drugs. Revenue attributable to this customer has not been disclosed.","sources":[{"stance":"confirms","publisher":"DBS 그룹 리서치","publisher_en":"DBS Group Research","kind":"research","lang":"en","published_at":"2025-09-05","url":"https://www.dbs.com/content/article/pdf/US_clover/West_Pharmaceutical_Services.pdf","title":"West Pharmaceutical Services Inc: Guidance raised on strong biologics tailwinds","title_en":"West Pharmaceutical Services Inc: Guidance raised on strong biologics tailwinds","excerpt":"DBS는 웨스트가 노보 노디스크를 포함한 비만치료제 선도업체에 포장재를 공급한다고 확인했다.","excerpt_en":"provides packaging materials to weight loss drug leaders Novo Nordisk"}]}]}