West Pharmaceutical (WST) Annette Favorite Exercises Options, Sells Shares

What Happened

• Annette F. Favorite, Senior VP & Chief HR Officer of West Pharmaceutical Services (WST), exercised stock options and immediately sold the resulting shares over three days. She acquired 7,524 shares by exercising options (exercise price $89.64) and sold the same total of 7,524 shares in open-market trades for aggregate gross proceeds of about $2,671,260. Total cash paid to exercise the options was about $674,451.
• The transactions on file:
  • 2026-09-11: Exercised 2,500 shares @ $89.64 (cost $224,100) and sold 2,500 shares @ $345.00 for $862,500.
  • 2026-09-14: Exercised 2,500 shares @ $89.64 (cost $224,100) and sold 2,500 shares @ $355.00 for $887,500.
  • 2026-09-15: Exercised 2,524 shares @ $89.64 (cost $226,251) and sold 2,524 shares @ $365.00 for $921,260.
• These were option exercises (derivative transactions) followed by open-market sales — commonly a cashless exercise pattern where exercised shares are sold right away.

Key Details

• Transaction dates and prices:
  • 9/11/2026: exercise price $89.64; sale price $345.00.
  • 9/14/2026: exercise price $89.64; sale price $355.00.
  • 9/15/2026: exercise price $89.64; sale price $365.00.
• Total exercised: 7,524 shares; total sold: 7,524 shares.
• Gross sale proceeds: ~$2,671,260. Total exercised cost: ~$674,451.
• Shares owned after the transactions: not specified in the provided filing excerpt.
• Footnote: The award was granted Feb 20, 2018 and vested in four equal annual installments beginning Feb 20, 2019 (footnote F1).
• Filing date: Form filed Sept 15, 2026, reporting transactions dated Sept 11–15, 2026 (no late-filing flag provided in the excerpt).

Context

• Because the exercised shares were sold immediately, this appears to be a cashless exercise: the insider converted options into shares and sold them rather than holding the stock. That is a common practice to cover exercise costs and tax obligations and does not, by itself, indicate a view on the company’s future performance.
• These transactions involve an executive officer, not a 10% owner or institutional holder; treat them as routine insider liquidity activity unless accompanied by other signals.