West Pharmaceutical Services, Inc. (NYSE: WST) is well poised for growth, backed by the robust Proprietary Products segment and sustained strength in research and development (R&D). However, foreign exchange volatility is a concern. Shares of this Zacks Rank #3 (Hold) company have lost 6.6% year to date against the industry's 2% growth. The S&P 500 Index has increased 15.2% in the same time frame. West Pharmaceutical, with a market capitalization of $23.46 billion, is a leading global manufacturer, engaged in the design and production of technologically advanced, high-quality, integrated containment and delivery systems for injectable drugs and healthcare products. Its earnings are anticipated to improve 7.3% over the next five years. The company delivered a trailing four-quarter average earnings surprise of 12.02%. Image Source: Zacks Investment Research Let's delve deeper. Key Catalysts Although sales of the Proprietary Products business declined in the first quarter of 2024, the segment continues to exhibit strength and is an important contributor to WST's top line. Proprietary Products' customers primarily comprise several major biologic, generic and pharmaceutical drug companies globally that incorporate its components and other offerings in their injectable products. Sales were negatively impacted during the first quarter by lower high-value product (HVP) sales and weak Generic product sales. However, the unfavorable factors are unlikely to continue in upcoming quarters as the company maintains its market share. Moreover, HVP sales are also expected to improve going forward ...