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West Pharmaceutical Services 8-K Report, Financial Results (Apr 23, 2026)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed April 23, 2026
Period End
April 23, 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 · Aug ’21Aug ’21
  4. Leadership change8-K · May ’25May ’25

01—Abstract

Summary

Summary of the 8-K filed April 23, 2026. Cited figures are marked; the original filing is the authoritative source.

West Pharmaceutical Services, Inc. reported first-quarter 2026 net sales of $844.9 milliona, up 21.0% from the prior-year period, with organic growth of 15.3%.

Diluted EPS was $1.92b, up 56.1%, and adjusted-diluted EPS was $2.13, up 46.9%. Net income was $138.8 million, compared with $89.8 million a year earlier. The Proprietary Products segment drove the quarter, with net sales of $694.3 million, up 23.3%, led by High-Value Product (HVP) Components at $409.3 million, up 29.6%.

West Vantage net sales were $150.6 millionc, up 11.6%. The company raised its full-year 2026 guidance. Net sales guidance rose to $3.295 billion to $3.350 billion from $3.215 billion to $3.275 billion, and adjusted-diluted EPS guidance rose to $8.40 to $8.75 from $7.85 to $8.20.

The net sales guidance continues to assume a mid-year close for the sale of SmartDose 3.5mL to AbbVie. Second-quarter 2026 net sales are guided to $830 million to $850 milliond, with adjusted-diluted EPS of $2.05 to $2.12. Capital expenditure guidance is unchanged at $250 million to $275 million.

Cash flow was weaker in the quarter. Operating cash flow was $89.9 million, capital expenditures were $42.7 million, and free cash flow was $47.2 million. Cash and cash equivalents fell to $521.4 million from $791.3 million at December 31, 2025, as the company repurchased 1.2 million shares for $297.6 million at an average price of $243.57 per share.

02—Key points

Key Highlights

  1. Q1 2026 net sales of $844.9 million rose 21.0% reported and 15.3% organic; gross margin was 35.1%.
  2. Diluted EPS of $1.92 rose 56.1%; adjusted-diluted EPS of $2.13 rose 46.9%, and adjusted operating profit margin was 21.4%.
  3. Full-year 2026 net sales guidance raised to $3.295B–$3.350B and adjusted-diluted EPS guidance raised to $8.40–$8.75.
  4. Q2 2026 guidance: net sales of $830M–$850M and adjusted-diluted EPS of $2.05–$2.12.
  5. HVP Components net sales of $409.3 million rose 29.6%, representing 48% of total company net sales; GLP-1 revenues were 10% of Q1 total company revenues.
  6. Free cash flow was $47.2 million, with operating cash flow of $89.9 million against capital expenditures of $42.7 million.
  7. The company repurchased 1.2 million shares for $297.6 million in Q1, and cash and cash equivalents declined to $521.4 million from $791.3 million at year-end 2025.

03—Questions

Frequently Asked Questions

  1. What drove the strong first-quarter 2026 revenue growth?

    Proprietary Products net sales rose 23.3% to $694.3 million, with organic growth of 17.5%. HVP Components grew 29.6% to $409.3 million, driven by Westar and NovaPure products, and HVP Delivery Devices grew 29.0% to $123.6 million, driven by self-injection device platforms and Daikyo Crystal Zenith. West Vantage net sales rose 11.6% to $150.6 million, driven by self-injection devices for obesity and diabetes.

  2. How much did full-year 2026 guidance change?

    Net sales guidance was raised to $3.295 billion–$3.350 billion from $3.215 billion–$3.275 billion, implying reported net sales growth of 7.2% to 9.0% and organic growth of 7% to 9%. Adjusted-diluted EPS guidance was raised to $8.40–$8.75 from $7.85–$8.20. Capital expenditure guidance of $250 million–$275 million is unchanged.

  3. What is the status of the SmartDose 3.5mL sale to AbbVie?

    The company's net sales guidance continues to assume a mid-year close for the sale of SmartDose 3.5mL to AbbVie. The SmartDose 3.5mL business generated $55 million in revenues in the second half of 2025, and those revenues are excluded from the organic revenue growth guidance. The sale agreement resulted in $1.9 million of charges recorded in Q1 2026.

  4. Why did cash and cash equivalents decline in the quarter?

    Cash and cash equivalents fell to $521.4 million from $791.3 million at December 31, 2025. The decline reflects $308.7 million of net cash used in financing activities, including $297.6 million of share repurchases and $15.8 million of dividend payments, along with $42.7 million of capital expenditures and an $8.4 million effect of exchange rates. Operating cash flow of $89.9 million partly offset these outflows.

  5. Were there any one-time items affecting Q1 2026 earnings?

    Reported diluted EPS of $1.92 included unallocated items. Restructuring and other charges totaled $1.4 million pre-tax, and the company recorded a one-time tax cost of $12.0 million from an internal legal entity restructuring in the first quarter. The company also recorded $1.9 million of charges related to the SmartDose 3.5mL sale. These items are excluded from adjusted-diluted EPS of $2.13.

04—Continue

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