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West Pharmaceutical Services 8-K Report, Financial Results (Feb 12, 2026)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed February 12, 2026
Period End
February 12, 2026
Security
WST
In the 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 · May ’21May ’21
  4. Leadership change8-K · Apr ’25Apr ’25

01—Abstract

Summary

Summary of the 8-K filed February 12, 2026. Cited figures are marked; the original filing is the authoritative source.

West Pharmaceutical Services, Inc. reported fourth-quarter 2025 net sales of $805.0 milliona, up 7.5% (organic growth of 3.3%), with diluted EPS of $1.82 and adjusted-diluted EPS of $2.04, up 12.1%.

For full-year 2025, net sales were $3.074 billionb, up 6.3% (organic growth of 4.3%), with diluted EPS of $6.79 and adjusted-diluted EPS of $7.29, up 8.0%. Management attributed the quarter's results to the High-Value Product (HVP) Components business, where net sales of $389.8 million rose 20.3% (15.1% organic). The company noted that prior-year results included a $25 million non-recurring incentive fee in HVP Delivery Devices that weighed on reported growth comparisons.

Cash generation improved in 2025. Operating cash flow was $754.8 millionc, up 15.5%, and capital expenditures were $285.9 million, leaving free cash flow of $468.9 million, up 69.6%. During 2025 the company repurchased 552,593 shares for $134.0 million.

For 2026, West guided to full-year net sales of $3.215 billion to $3.275 billiond, with organic growth of approximately 5% to 7%, and adjusted-diluted EPS of $7.85 to $8.20, an increase of 7.7% to 12.5%. Guidance assumes a mid-year 2026 close of the sale of the SmartDose 3.5mL business to AbbVie and excludes that product's $55 million in second-half 2025 revenue from organic growth calculations. First-quarter 2026 guidance calls for net sales of $770 million to $790 million and adjusted-diluted EPS of $1.65 to $1.70.

02—Key points

Key Highlights

  1. Q4 2025 net sales of $805.0 million rose 7.5%, with organic growth of 3.3%; reported diluted EPS was $1.82 and adjusted-diluted EPS was $2.04, up 12.1%.
  2. FY 2025 net sales reached $3.074 billion, up 6.3% (organic growth of 4.3%); reported diluted EPS was $6.79 and adjusted-diluted EPS was $7.29, up 8.0%.
  3. HVP Components net sales increased 20.3% in Q4 2025 (15.1% organic) and represented 48% of total company net sales in the quarter.
  4. Free cash flow for FY 2025 was $468.9 million, up 69.6%, on operating cash flow of $754.8 million and capital expenditures of $285.9 million.
  5. FY 2026 guidance: net sales of $3.215 billion to $3.275 billion, organic growth of approximately 5% to 7%, and adjusted-diluted EPS of $7.85 to $8.20 (up 7.7% to 12.5%).
  6. 2026 guidance assumes a mid-year close of the SmartDose 3.5mL sale to AbbVie; that product generated $55 million in second-half 2025 revenue.
  7. Full-year 2026 capital expenditures are expected to be $250 million to $275 million, and the company repurchased 552,593 shares for $134.0 million during 2025.

03—Questions

Frequently Asked Questions

  1. What drove West's fourth-quarter 2025 revenue growth?

    Net sales rose 7.5% to $805.0 million, with organic growth of 3.3%. The Proprietary Products segment grew 7.8% (3.6% organic), led by HVP Components, which rose 20.3% (15.1% organic) on strength in Westar and Envision products. HVP Delivery Devices declined 16.9% because the prior-year period included a $25 million non-recurring incentive fee. Contract-Manufactured Products grew 6.2% to $143.2 million (1.9% organic).

  2. How much did adjusted earnings differ from reported earnings in 2025?

    Full-year reported diluted EPS was $6.79, while adjusted-diluted EPS was $7.29. The adjustments include restructuring and other charges of $0.31 per share, the SmartDose 3.5mL sale charges of $0.09 per share, and cost-method investment activity of $0.06 per share. Fourth-quarter reported diluted EPS was $1.82 versus adjusted $2.04.

  3. What does the 2026 guidance assume about the SmartDose 3.5mL business?

    The 2026 net sales guidance assumes a mid-year 2026 close for the sale of SmartDose 3.5mL to AbbVie. SmartDose 3.5mL generated $55 million in revenue in the second half of 2025, and those revenues are excluded when calculating full-year 2026 organic growth guidance. The filing states a divestiture impact of approximately 2 percentage points on 2026 reported growth.

  4. What are West's first-quarter 2026 expectations?

    First-quarter 2026 net sales are expected to be $770 million to $790 million, representing reported growth of 10.3% to 13.2% and organic growth of 4.6% to 7.4%. Adjusted-diluted EPS is expected to be $1.65 to $1.70, up 13.0% to 16.4%.

  5. How strong was the company's cash flow in 2025?

    Operating cash flow was $754.8 million, up 15.5%, and capital expenditures were $285.9 million, down from $377.0 million in 2024. Free cash flow was $468.9 million, up 69.6%. Cash and cash equivalents rose to $791.3 million at year-end 2025 from $484.6 million a year earlier.

04—Continue

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