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What Changed
Risk factors · Feb 18, 2025 → Feb 17, 2026
44 added · 53 removed between the two most recent 10-Ks. The risks a company starts — or stops — disclosing are often the story.
Newly disclosed
For example, the European Union and some states in the United States have introduced, and are considering more comprehensive updates to, regulations aimed at restricting the use of per and polyfluoroalkyl substances (“PFAS”) in packaging.
If we do not realize the expected benefits or synergies of such transactions, our consolidated financial position, results of operations, cash flows and stock price could be negatively impacted. 14 Meanwhile, we expect to continue to seek acquisition opportunities that complement and expand our existing operations.
We could also face increased costs related to defending and resolving legal claims and other litigation related to climate change and any alleged impact of our operations on climate change. 19 Many of our customers are subject to the same or related emerging legislation or regulations and, as a result, may request that changes be made to our products, procedures or facilities, as well as other aspects of our business, that increase costs and may require the investment of capital or reduction in profit margins if not offset by price increases, customer investment or other cost savings.
The following table presents the approximate percentage of our employees by region: North America 43% Europe 42% Asia Pacific 12% South America 3% Total 100% 7 As of December 31, 2025, the following table presents the approximate percentage of our employees by function: Proprietary Products 73% Contract-Manufactured Products 17% Corporate 10% Total 100% As of December 31, 2025, approximately 37% of our full-time employees were female.
During 2025, our focus was navigating a dynamic compliance environment, given the increased requirements and uncertainty surrounding regulations such as the EU Deforestation Regulation, and on advancing our long-term strategic priorities.
We devote significant resources and time to comply with the internal control over financial reporting requirements of the Sarbanes Oxley Act of 2002 and continue to enhance our controls.
There were no required material capital expenditures for environmental controls in our facilities in 2025 and there are currently no needed or planned material expenditures for 2026.
Training, Compliance and Talent Development We strongly encourage our team members to engage in continuous learning and provide development opportunities to strengthen individual skills and gain new experiences with the goal to build talent from within.
Further consolidation within the industries we serve could exert additional pressure on the prices of our products. 12 The medical technology industry is very competitive and customer requests and/or new products in the marketplace could cause a reduction in demand.
There is a risk that incident management systems in place may prove inadequate and that any disruption may materially adversely affect our ability to make and sell products and therefore, materially adversely affect our reputation, performance or financial condition.
A successful divestiture depends on various factors, including our ability to effectively transfer liabilities, contracts, facilities and employees to the purchaser, identify and separate the intellectual property to be divested from the intellectual property that we wish to keep and reduce fixed costs previously associated with the divested assets or business.
While we continually strive to meet the needs of all of our customers, any adverse change in our relationships with one or more of our key customers could have a material adverse effect on our business, financial condition and operating results. 15 We may be unable to increase capacity or efficiency at our own manufacturing facilities, which could adversely affect our business, financial condition, and results of operations.
No longer disclosed
For example, our Cybersecurity Incident Response Plan clearly defines roles and responsibilities for the investigation of and response to information security incidents to minimize disruption of critical computing services and operations and prevent the loss or theft of sensitive or mission-critical information.
Foreign, federal, state and local regulatory and legislative bodies, such as the SEC, have proposed various legislative and regulatory measures relating to increased transparency and standardization of reporting related to factors that may include climate change, regulating GHG emissions, energy policies, recycling of plastic materials, waste taxes, and other governmental charges and mandates.
We could also face increased costs related to defending and resolving legal claims and other litigation related to climate change and any alleged impact of our operations on climate change. 20 We, along with other companies in many business sectors have been implementing and expanding ESG and sustainability strategies, specifically ways to track and reduce GHG emissions.
The cybersecurity program is led by our Chief Information Officer and our VP of Cybersecurity and Infrastructure Support , who provide periodic updates to the Audit Committee of our Board of Directors, annual updates to the Board of Directors, and regular reports to the West Leadership Team about the program, including information about cyber risk management governance and the status of ongoing efforts to strengthen cybersecurity effectiveness.
We follow the National Institute of Standards and Technology (“NIST”) Cybersecurity Framework (“CSF”) with layered security controls to help identify, protect against, detect, respond to, and recover from cyber-attacks.
The following table presents the approximate percentage of our employees by region: North America 44% Europe 41% Asia Pacific 12% South America 3% Total 100% As of December 31, 2024, the following table presents the approximate percentage of our employees by business unit: Global Operations 84% Corporate 6% Sales and Marketing 4% Digital & Technology (D&T) 4% Research & Development 2% Total 100% As of December 31, 2024, we had the following global gender demographics: Men Women West Global Employees 63% 37% 8 Training, Compliance and Talent Development We strongly encourage our team members to engage in continuous learning and provide development opportunities to strengthen individual skills and gain new experiences with the goal to build talent from within.
During 2024, we continued to increase internal and external awareness of our ESG commitment by expanding our education and communication regarding our ESG program and initiatives and more closely integrating ESG considerations into our business processes.
Our plan covers various cyber incidents like ransomware attacks, cyber-intrusions, data loss, denial of service, insider threats, malware attacks, and others.
UNRESOLVED STAFF COMMENTS As of the filing of this Form 10-K, there were no unresolved comments from the Staff of the SEC. 22 ITEM 1C.
We expect to continue to seek acquisition opportunities that compliment and expand our existing operations.
Technological advances and scientific discoveries have accelerated the pace of change in primary packaging, drug delivery and administration technologies. 7 Commercial development of our new products and services for medical and pharmaceutical applications commonly requires several years.
There is a risk that incident management systems in place may prove inadequate and that any disruption may materially adversely affect our ability to make and sell products and therefore, materially adversely affect our reputation, performance or financial condition. 14 Our international sales and operations are subject to risks and uncertainties that vary by country and which could have a material adverse effect on our business and/or results of operations.