West Pharmaceutical(WST)2024-02-20 21:44Customer Concentration - The company's ten largest customers accounted for 41.4% of consolidated net sales in 2023, with one customer contributing 10.9% or 322.1 million[34] Intellectual Property - In 2023, more than 190 patents were issued globally, indicating a strong focus on intellectual property development[27] - The company was issued more than 190 patents globally in 2023, indicating a strong focus on intellectual property development[27] Workforce and Employment - The company employed approximately 10,600 people as of December 31, 2023, with a hiring of 2,100 new team members during the year and an attrition rate of approximately 21%[43] - The company employed approximately 10,600 people as of December 31, 2023, with a hiring of 2,100 new team members and an attrition rate of approximately 21%[43] Health and Safety - The Recordable Injury Rate in 2023 was 0.74 per 100 employees, reflecting the company's commitment to health and safety[49] - The Recordable Injury Rate for the company in 2023 was 0.74 per 100 employees, reflecting its commitment to health and safety[49] Capital Expenditures - The company has not required material capital expenditures for compliance with government regulations in 2023 and does not expect significant expenditures in 2024[29] - The company has not incurred material capital expenditures for compliance with government regulations in 2023 and does not expect significant expenditures in 2024[29] Strategic Initiatives - The company continues to pursue strategic initiatives in drug containment components and novel drug delivery devices, focusing on innovation and market expansion[42] - The company continues to pursue strategic initiatives in drug containment components and integrated drug delivery systems, focusing on innovation and market expansion[42] Supply Chain Management - The company maintains a supply chain management strategy that relies on single-source suppliers for many critical raw materials, which increases supply chain risk[25] - The company maintains a supply chain management strategy that relies on single-source suppliers for many critical raw materials, which poses risks of supply interruption[25] Gender Demographics - The company has a global gender demographic of 64% men and 36% women among its employees as of December 31, 2023[43] - The company has a global gender demographic of 64% men and 36% women among its employees as of December 31, 2023[43] Environmental Commitment - The company is committed to environmental, social, and governance (ESG) initiatives, focusing on sustainability and community health[52] - The company has committed to a climate and greenhouse gas reduction strategy, focusing on renewable energy and sustainability in its operations[52] Market Presence - The company’s proprietary products are primarily sold to major biologic, generic, and pharmaceutical drug companies, indicating a strong market presence[33]