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West Pharmaceutical ServicesWST

Legal name
West Pharmaceutical Services, Inc.
Sector
Healthcare
Industry
Surgical & Medical Instruments & Apparatus
Exchange
NYSE

Stock Price $WST

Latest filings

You are here#43 of 52 in Healthcare by market cap

Filing record · 2016–202610-K1110-Q338-K118

WST filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 118 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Jan ’17Jan ’17
  2. Material agreement8-K · Apr ’19Apr ’19
  3. Leadership change8-K · Aug ’21Aug ’21
  4. Leadership change8-K · Sep ’25Sep ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  18. $3.07B
YoY changeLargest recent move+31.9%in FY21Latest +6.3%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All WST Financial Metrics61 metrics

Income Statement14

Balance Sheet27

Cash Flow15

Per Share5

02—Overview

West Pharmaceutical Services Financial Overview 2021–2025

Updated Nov 4, 2026

West Pharmaceutical Services closed FY2025 at $275.14a a share, or 40.5x earnings, on diluted EPS of $6.79. That EPS sits well below the $8.67 earned in FY2021. The thesis: the market was paying a $19.8 billion market cap for a recovery, not for earnings already delivered, and the evidence of that recovery is in revenue and gross margin rather than profit.

The long arc shows why. Net sales grew from $2,831.6 million in FY2021 to $3.07 billionb in FY2025, but EPS moved the other way. The pandemic-era peak, which included roughly $459 million of COVID-related Proprietary sales in FY2021, gave way to destocking and weaker plant absorption. Gross margin bottomed at 34.5% in FY2024, down from 38.3% a year earlier.

FY2025 was the turn. Sales rose 6.3%, Proprietary Products grew 6.8% to $2.49 billionc, and gross margin recovered to 35.9%. Adjusted operating profit climbed 8.7% to $622.4 million. The drag was SG&A, up 16.3% to $393.6 million on incentive compensation. Cash was healthy: $754.8 million of operating cash flow, $791.3 million of cash against $202.8 million of debt, and buybacks cut to $134.0 million from $560.9 million in FY2024. Growth then accelerated: Q2 2026 sales rose 13.8% to $872.3 million.

Recent Developments (Q2 and Q3 2026)

West Pharmaceutical Services raised guidance twice, and Q3 2026 brought the sale of its SmartDose 3.5mL device business to AbbVie, which closed July 1. Net sales were $874.5 milliond, up 8.7% (11.9% organic). Diluted EPS rose 57.3% to $3.02, aided by a $55.7 million gain. Adjusted EPS was $2.66, up 35.7%. Full-year adjusted EPS guidance now stands at $9.38–$9.48, up from $8.85–$9.05 in July. A May 2026 cyberattack cost West Vantage about $7 million of revenue. Michel Lagarde becomes CEO on August 31, 2026.

Bull: HVP Components grew 19.7% on Biologics and GLP-1 demand, and guidance keeps rising. Bear: the stock traded at 61.4x trailing earnings as of October 28, 2026, not today, and West Vantage sales fell 7.3%. Operating cash flow of $403.4 millione for nine months trailed the prior year's $503.7 million.

What to watch: Lagarde's first moves as CEO; HVP Delivery Devices after the SmartDose exit

03—Filings

Recent SEC Filings

  1. 8-KWest Pharmaceutical Services 8-K Report, Financial Results (Oct 29, 2026)West Pharmaceutical Services, Inc. reported third-quarter 2026 net sales of $874.5 million, up 8.7% from the prior-year period, with organic growth of 11.9%. Diluted EPS was $3.02, up 57.3%, and adjusted-diluted EPS was $2.66, up 35.7%. Reported operating profit rose to $267.4 million from $167.6 million, and net income rose to $214.0 million from $140.0 million. Growth was led by the Proprietary Products segment, with net sales of $728.8 million (up 12.6%), and within it High-Value Product (HVP) Components, with net sales of $466.7 million (up 19.7%) and 53% of total company net sales. West Vantage net sales declined 7.3% to $145.7 million, or 6.6% on an organic basis. Management raised full-year 2026 guidance. Net sales are now expected at $3.41 billion to $3.42 billion, up from $3.345 billion to $3.380 billion, with organic net sales growth of 11.3% to 11.6%, up from 10% to 11%. Adjusted-diluted EPS guidance rose to $9.38 to $9.48 from $8.85 to $9.05. Capital expenditure guidance was lowered to $215 million to $220 million from $250 million to $275 million. The company also reported $685 million of share repurchases year to date, and it declared a fourth-quarter dividend of $0.26 per share, up 18% from $0.22. The quarter included the completed sale of the SmartDose 3.5mL On-Body Delivery System to AbbVie, which produced a net gain of $55.7 million recorded in other expense (income) and a one-time tax cost of $22.4M associated with that gain. Quarter-to-date SmartDose 3.5mL sales were $11.8 million, and no further sales of the product are expected for the rest of 2026. Year-to-date operating cash flow was $403.4 million and cash and cash equivalents were $464.1 million at September 30, 2026, compared with $791.3 million at December 31, 2025.
  2. 8-KWest Pharmaceutical Services 8-K Report, Material Agreement (Oct 26, 2026)West Pharmaceutical Services, Inc. (WST) entered into a new Credit Agreement on October 26, 2026 with Bank of America, N.A., as administrative agent, swing line lender and an issuing lender, and the other lenders party thereto. The new facility includes a revolving credit facility of up to $750 million outstanding at any one time and a $200 million term loan advanced on the Effective Date, with a five-year term from that date. Borrowings are unsecured, and as of the Effective Date there are no subsidiary guarantors. Concurrently, the Company used a portion of the proceeds from the New Credit Agreement to prepay the $130.0 million principal outstanding under its Existing Credit Agreement, dated March 28, 2019, and terminated that agreement and related loan documents. The Company reported no early termination penalties. The New Credit Agreement includes a Net Leverage Ratio covenant, capped at 3.50 to 1.0 (or 4.00 to 1.0 during material acquisition periods, subject to limitations). Pricing is tied to this ratio, with term SOFR-based revolving margins ranging from 1.000% to 1.500% and term loan margins from 1.125% to 1.750%. The Company intends to use proceeds for working capital, capital expenditures, general corporate purposes including acquisitions and share repurchases, and debt repayment.
  3. 8-KWest Pharmaceutical Services 8-K Report, Financial Results (Jul 23, 2026)West Pharmaceutical Services, Inc. (NYSE: WST) reported second-quarter 2026 results on July 23, 2026, with net sales of $872.3 million, up 13.8% reported and 12.7% organic. Diluted EPS was $2.15, up 18.1%, and adjusted-diluted EPS was $2.37, up 28.8%. Growth was led by the Proprietary Products segment, which posted net sales of $722.6 million (up 16.6%), with HVP Components sales of $424.1 million (up 19.4%) and HVP Delivery Devices sales of $131.2 million (up 29.6%). West Vantage net sales were $149.7 million, up 2.0%. Operating profit was $179.1 million, and adjusted operating profit margin was 22.6%. The company raised its full-year 2026 guidance. Net sales are now expected at $3.345 billion to $3.380 billion, up from $3.295 billion to $3.350 billion, and adjusted-diluted EPS is now expected at $8.85 to $9.05, up from $8.40 to $8.75. Third-quarter 2026 net sales guidance is $820 million to $835 million, and adjusted-diluted EPS guidance is $2.14 to $2.24. The guidance excludes SmartDose 3.5mL sales, which are being sold to AbbVie. The release also notes a cybersecurity incident from May 2026 that the company said pressured West Vantage gross margins. Cash flow was weaker than in the prior year. Operating cash flow for the first six months was $213.9 million, compared with $306.5 million, and free cash flow was $128.0 million. The company repurchased 1.8 million shares for $454.3 million in the first half of 2026, and cash and cash equivalents fell to $435.8 million from $791.3 million at December 31, 2025.
  4. 8-KWest Pharmaceutical Services 8-K Report, Material Agreement (Jul 14, 2026)West Pharmaceutical Services, Inc. (the "Company") disclosed in this Current Report, dated and effective July 14, 2026, that it has entered into an Amended and Restated Technology Exchange and Crosslicense Agreement with Daikyo Seiko, Ltd. ("Daikyo"), along with two Distributorship Agreements. The Company notes it maintains a 49% ownership interest in Daikyo. The filing states that the terms of the new agreements are substantially similar to the 2017 agreements between the parties, as amended by a 2018 letter agreement and a 2019 amendment agreement. Under the Crosslicense Agreement, the parties agree to share know-how and cooperate in joint development of closures, vials, cartridges, syringes, medical device components and similar products used with pharmaceutical products. Each party may license the other's know-how, patents and trademarks. Daikyo's license from the Company is non-exclusive, while the Company's license from Daikyo is exclusive outside Japan, subject to limited exceptions. The license is royalty-free except for a fixed royalty rate applicable to certain patents and non-patented technical information. One Distributorship Agreement makes the Company the exclusive distributor of Daikyo products outside Japan, and the other makes Daikyo a non-exclusive distributor of Company products in Japan. Each agreement has a 10-year term and may be terminated early in certain circumstances, including mutual written consent or a change in control of either party. If the Crosslicense Agreement terminates, the parties agreed to negotiate, within a specified period, the terms for continued use of know-how and trademarks and for making, using or selling products under licensed patents. Redacted copies of the agreements are to be filed as exhibits to the Company's Form 10-Q for the quarter ending September 30, 2026.
  5. 8-KWest Pharmaceutical Services 8-K Report, Executive Changes (Jun 1, 2026)West Pharmaceutical Services, Inc. (NYSE: WST) announced in this Form 8-K that Michel Lagarde has been appointed President and Chief Executive Officer, effective August 31, 2026 (the Start Date), succeeding Eric M. Green, who previously informed the Board on March 6, 2026 of his intent to retire once a successor was hired. Upon the Start Date, Mr. Green will resign from the Board, Mr. Lagarde will join the Board, and Lead Independent Director Robert F. Friel will become Board Chair. Mr. Lagarde, 52, most recently served as Executive Vice President and Chief Operating Officer at Thermo Fisher Scientific, Inc., and also sits on the Board of Vertex Pharmaceuticals. The Employment Agreement, signed May 31, 2026, sets a base salary of $1,175,000, a target annual incentive of 125% of salary ($1,468,750, prorated for 2026), and a 2026 LTI award with a total grant value of $8,611,111, prorated from a $10,000,000 target. Mr. Lagarde will also receive one-time inducement equity awards with a maximum aggregate grant value of $10,000,000, comprising a sign-on grant of $6,875,000 and matching grants tied to personal stock purchases capped at $2,500,000. Severance includes 12 months of salary continuation and COBRA benefits for a termination without Cause or for Good Reason, and for a termination within two years after a change in control, a lump sum of two times salary plus prior three-year average bonus, along with 36 months of certain benefits and full vesting of LTI awards. The filing also furnishes a June 1, 2026 press release (Exhibit 99.1) announcing the appointment, in which the company describes Mr. Lagarde as well suited to lead West and notes West's fiscal 2025 net sales of $3.07 billion.
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04—See also

Related Companies

Annual revenue over each company’s last eight fiscal years, each strip on its own scale from zero.