WST · West Pharmaceutical Services

491 filings

WST SEC Filings

West Pharmaceutical Services - 491 total filings

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

Showing 1–50 of 491 filings

West 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.

Oct 29, 2026 10-Q

West Pharmaceutical Services Quarterly Report for Q3 Ended Sep 30, 2026

West Pharmaceutical Services, Inc. reported third-quarter 2026 net sales of $874.5 million, up from $804.6 million a year earlier, and net income of $214.0 million, compared with $140.0 million. Diluted EPS was $3.02, versus $1.92 in the prior-year quarter. Operating profit rose to $267.4 million, helped by a $55.7 million pre-tax gain on the sale of the SmartDose® 3.5mL On-Body Delivery System to AbbVie, which closed July 1, 2026 for $126.9 million in cash. The filing states that a one-time tax cost of $22.4 million was associated with that sale. For the nine months, net sales were $2,591.7 million and net income was $506.8 million. Growth was led by HVP components within Proprietary Products, which the filing attributes to demand for Biologics and GLP-1 products. Cash and cash equivalents fell to $464.1 million from $791.3 million at December 31, 2025, mainly because of $685.3 million of share repurchases in the nine months. Operating cash flow was $403.4 million, down from $503.7 million, which the filing attributes primarily to higher receivables and inventory. The company repurchased 663,511 shares in the third quarter for $231.0 million and had $314.7 million remaining under its $1.0 billion program authorized in February 2026. The filing also discloses a May 2026 cybersecurity attack that temporarily disrupted global operations and a securities class action that remains at an early stage. On October 26, 2026, the company entered a new $750 million revolving credit facility and a $200 million Term Loan A maturing in 2031, which refinanced the existing term loan. The company also plans to repay its $73.0 million Series C notes on or about November 2, 2026.

Oct 29, 2026 8-K

West 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.

Oct 26, 2026 10-Q

West Pharmaceutical Services Quarterly Report for Q2 Ended Jun 30, 2026

West Pharmaceutical Services, Inc. reported second-quarter 2026 net sales of $872.3 million, up 13.8% as reported and 12.7% excluding foreign currency translation, compared with $766.5 million in the second quarter of 2025. Growth was led by Proprietary Products, where net sales rose 16.6% as reported, driven by HVP components, which the filing ties to strong demand for Biologics and GLP-1 products, and by HVP delivery devices, which benefited from demand for SmartDose 3.5mL self-injection devices ahead of the July 2026 sale. Net income was $154.0 million, or $2.15 per diluted share, versus $131.8 million, or $1.82 per diluted share, a year earlier. Management's non-GAAP adjusted diluted EPS for the quarter was $2.37, compared with $1.84 in the prior-year quarter. For the six months ended June 30, 2026, net sales were $1,717.2 million, up 17.3% as reported, and net income was $292.8 million, or $4.07 per diluted share. Operating cash flow declined to $213.9 million from $306.5 million, mainly due to working capital changes and higher incentive payments. Cash and cash equivalents fell to $435.8 million from $791.3 million at December 31, 2025, as the company repurchased $454.3 million of its common stock during the six months under a $1.0 billion program authorized in February 2026. The filing also discloses a material cybersecurity attack in May 2026 that temporarily disrupted global operations, with West Vantage revenue affected by approximately $7 million from production downtime. Separately, the company agreed to sell its SmartDose 3.5mL On-Body Delivery System business to AbbVie for $112.5 million, closed on July 1, 2026 for cash proceeds of approximately $136 million, and expects a third-quarter pre-tax gain of $55 million to $60 million. A securities class action filed in May 2025 remains in early stages, and the company says it cannot reasonably estimate losses.

Jul 23, 2026 8-K

West 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.

Jul 23, 2026 8-K

West 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.

Jul 14, 2026 8-K

West 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.

Jun 1, 2026 8-K

West Pharmaceutical Services 8-K/A Report, Cybersecurity Incident (May 20, 2026)

West Pharmaceutical Services, Inc. (WST) filed Amendment No. 1 to its Current Report on Form 8-K, amending the Original Report filed May 11, 2026, to update disclosure under Item 1.05 (Material Cybersecurity Incidents). The Company states that on May 7, 2026 it determined it had experienced a material cybersecurity attack in which certain data was exfiltrated by an unauthorized party and certain systems were encrypted. The intrusion was first detected on May 4, 2026, after which the Company took systems offline globally for containment, notified law enforcement, and engaged external cyber-forensic experts. The Company reports that remediation has progressed: core enterprise systems have been restored, critical manufacturing, receiving and shipping processes have restarted at all sites, and the Company is now fully operational across its manufacturing, supply chain and commercial sites globally. No unauthorized activity or access has been observed since May 5, 2026. The investigation into the nature and scope of the incident, including the extent of affected data, is continuing. Most importantly for investors, the Company believes the incident has not had, and is not reasonably likely to have, a material impact on its 2026 second-quarter and full-year financial guidance, based on information currently available.

May 20, 2026 8-K

West Pharmaceutical Services 8-K Report, Cybersecurity Incident (May 11, 2026)

West Pharmaceutical Services, Inc. (WST) filed a Current Report on Form 8-K under Item 1.05 (Material Cybersecurity Incidents) disclosing that on May 7, 2026, it determined it had experienced a material cybersecurity attack in which certain data was exfiltrated by an unauthorized party and certain systems were encrypted. The company first detected an intrusion on May 4, 2026, and responded by taking systems offline globally for containment, notifying law enforcement, and engaging external cyber-forensic experts. The investigation into the nature and scope of the incident, including the extent of affected data, remains ongoing, and the company has taken steps intended to mitigate the risk of dissemination of the exfiltrated data. The incident and the company's response have temporarily disrupted business operations globally. The company has restored its core enterprise systems, and critical shipping, receiving, and manufacturing processes have restarted at some sites, with restoration of the remaining sites in process. A timeline for complete restoration has not been finalized. The company states that the incident's material impact on its financial condition and results of operations, if any, has not been determined as of filing. A website statement furnished as Exhibit 99.1 (dated May 11, 2026) adds that West engaged Palo Alto Networks' Unit 42 to support investigation, containment, and recovery, and that the company is leveraging business continuity plans and working with customers to mitigate risk and minimize delays. The company says it will continue to provide updates as more information becomes available.

May 11, 2026 8-K

West Pharmaceutical Services 8-K Report, Shareholder Vote Results (May 5, 2026)

West Pharmaceutical Services, Inc. held its 2026 Annual Meeting of Shareholders virtually on May 4, 2026, with 66,193,322 shares, representing 91.83% of the 72,081,610 shares outstanding as of the February 27, 2026 record date, represented at the meeting. Shareholders elected all eleven director nominees, each to serve until the 2027 Annual Meeting, and approved the non-binding advisory vote on named executive officer compensation. Shareholders also ratified PricewaterhouseCoopers LLP as the independent registered public accounting firm for fiscal year 2026. The shareholder proposal regarding an Independent Board Chair Policy was not approved, with 29,592,488 votes for, 34,245,125 against, and 112,824 abstaining, plus 2,242,885 broker non-votes. The filing contains no financial results, guidance, or transactions; its substance is limited to the governance outcomes of the annual meeting. Director support varied. Eric M. Green and Deborah L. V. Keller received the most against votes among nominees, at 4,573,928 and 5,599,392 respectively, while Stephen H. Lockhart received the fewest against votes, at 470,840. The filing also lists Exhibit 104, the Inline XBRL cover page for the Form 8-K dated May 4, 2026.

May 5, 2026 10-Q

West Pharmaceutical Services Quarterly Report for Q1 Ended Mar 31, 2026

West Pharmaceutical Services, Inc. reported first-quarter 2026 net sales of $844.9 million, up from $698.0 million in the first quarter of 2025, with net income of $138.8 million (diluted EPS of $1.92) compared with $89.8 million (diluted EPS of $1.23). Operating profit rose to $177.1 million from $107.0 million. Proprietary Products net sales were $694.3 million versus $563.0 million, and West Vantage net sales were $150.6 million versus $135.0 million. The filing states that consolidated net sales growth was 21.0% as reported and 15.3% excluding foreign currency translation, and that adjusted consolidated operating profit was $181.0 million, or 21.4% of net sales. Results included a one-time tax cost of $12.0 million from an internal legal entity restructuring, which raised the effective tax rate to 24.8% from 21.8%. Cash flow and capital allocation were dominated by buybacks. Net cash provided by operating activities was $89.9 million, down from $129.4 million, reflecting working capital changes and higher incentive payments. Shares repurchased totaled $297.6 million, or 1,222,019 shares at an average price of $243.57. Cash and cash equivalents fell to $521.4 million from $791.3 million at December 31, 2025, while total debt was steady at $202.8 million. Shares outstanding declined to 70.9 million at March 31, 2026 from 72.0 million at year-end, and the Board authorized a new $1.0 billion repurchase program in February 2026, with $702.35 million remaining at March 31, 2026. The filing also discloses a pending agreement, announced in December 2025, to sell SmartDose 3.5mL On-Body Delivery System manufacturing and supply rights to AbbVie for approximately $112.5 million, expected to close in mid-2026. A securities class action filed in May 2025 remains at the motion-to-dismiss stage, and the company states it cannot yet estimate any potential losses.

Apr 23, 2026 8-K

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

West Pharmaceutical Services, Inc. reported first-quarter 2026 net sales of $844.9 million, up 21.0% from the prior-year period, with organic growth of 15.3%. Diluted EPS was $1.92, 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 million, 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 million, 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.

Apr 23, 2026 8-K

West Pharmaceutical Services 8-K Report, Executive Changes (Mar 9, 2026)

West Pharmaceutical Services, Inc. (NYSE: WST) announced on March 9, 2026 that Eric M. Green, its President, Chief Executive Officer and Chair of the Board, informed the Board on March 6, 2026 of his intent to retire from those positions once a successor has been hired. The Board is engaging a leading executive recruiting firm and expects the transition to occur in the second half of 2026. In parallel with the announcement, the Company reaffirmed the 2026 financial guidance it provided in its February 12, 2026 earnings release. Green, who has served as President and CEO since April 2015 and became Chair in May 2022, said he has confidence in the current leadership team. Robert F. Friel, Lead Independent Director, cited exceptional revenue and enterprise value growth during Green's tenure, including more than doubling the Company's sales and total shareholder return of approximately 350%. The filing is primarily a leadership transition notice with a reaffirmation of guidance. It does not name a successor or disclose new financial results. For investors, the key items are the CEO succession timeline and the continued guidance, with the Company's fiscal year 2025 net sales of $3.07 billion provided for context.

Mar 9, 2026 10-K

West Pharmaceutical Services Annual Report, Year Ended Dec 31, 2025

West Pharmaceutical Services, Inc. (NYSE: WST) reported 2025 net sales of $3.07 billion, up 6.3% from $2.89 billion in 2024, including a favorable foreign currency translation impact of $56.4 million; excluding currency effects, net sales rose 4.3%. Proprietary Products sales grew 6.8% to $2.49 billion, driven by Westar®, NovaChoice® and Envision® products, partially offset by approximately $47 million in customer incentives received in 2024 that were not repeated in 2025. Contract-Manufactured Products sales rose 4.2% to $582.0 million. GAAP operating profit increased 2.6% to $584.9 million, and net income was $493.7 million, or $6.79 per diluted share, versus $6.69 in 2024. Adjusted operating profit, a non-GAAP measure that excludes unallocated items such as restructuring charges, was $622.4 million (20.2% margin), up 8.7%. Gross margin improved to 35.9% from 34.5%, while SG&A rose 16.3% to $393.6 million, largely on higher incentive compensation. Cash flow and balance sheet strengthened. Operating cash flow was $754.8 million, and cash and cash equivalents ended the year at $791.3 million versus $484.6 million. Total debt was $202.8 million, and the $500.0 million revolving credit facility had no outstanding borrowings at year end. Share repurchases totaled $134.0 million in 2025, down from $560.9 million in 2024. On February 17, 2026, the Board authorized a new $1.0 billion share repurchase program. Capital expenditures were $285.9 million. The company agreed in December 2025 to sell its SmartDose® 3.5mL On-Body Delivery System manufacturing and supply rights to AbbVie for approximately $112.5 million, expected to close in mid-2026. A securities class action filed in May 2025 remains at an early stage, and the company is unable to estimate potential losses.

Feb 17, 2026 8-K

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

West Pharmaceutical Services, Inc. reported fourth-quarter 2025 net sales of $805.0 million, 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 billion, 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 million, 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 billion, 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.

Feb 12, 2026 8-K

West Pharmaceutical Services 8-K Report, Financial Results (Oct 23, 2025)

West Pharmaceutical Services, Inc. reported third-quarter 2025 net sales of $804.6 million, up 7.7% from the prior year, with organic growth of 5.0%. Net income was $140.0 million, and diluted EPS was $1.92 versus $1.85 a year earlier. Adjusted diluted EPS was $1.96, compared with $1.85 in the same period last year. Growth was led by HVP Components, which reached $390.0 million in net sales, up 16.3% (13.3% organic), and represented 48% of total company net sales. HVP Delivery Devices declined 15.7%, reflecting a one-time incentive fee of approximately $19 million earned in the third quarter of 2024. Proprietary Products net sales were $647.5 million, up 7.7%, and Contract-Manufactured Products net sales were $157.1 million, up 8.0%. The company raised its full-year 2025 guidance. Net sales are now expected to be $3.060 billion to $3.070 billion, up from $3.040 billion to $3.060 billion, with organic net sales growth now expected at 3.75% to 4.0%, up from 3.0% to 3.75%. Adjusted diluted EPS guidance rose to $7.06 to $7.11, from $6.65 to $6.85. Capital spending guidance is unchanged at $275 million. For the fourth quarter of 2025, West introduced net sales guidance of $790 million to $800 million and adjusted diluted EPS guidance of $1.81 to $1.86. For the first nine months of 2025, operating cash flow was $503.7 million, up 8.7%, and free cash flow, defined as operating cash flow minus capital expenditures, was $293.9 million, up 53.7%. Capital expenditures were $209.8 million, down 22.9%. During the nine months, the company repurchased 552,593 shares for $134.0 million. Cash and cash equivalents were $628.5 million at September 30, 2025. The press release also highlights the recent appointment of Robert McMahon as Chief Financial Officer.

Oct 23, 2025 10-Q

West Pharmaceutical Services Quarterly Report for Q3 Ended Sep 30, 2025

West Pharmaceutical Services, Inc. reported third-quarter 2025 net sales of $804.6 million, up from $746.9 million a year earlier, with the filing stating an organic increase of 5.0%. Net income was $140.0 million, or $1.92 per diluted share, compared with $136.0 million, or $1.85 per diluted share, in the prior-year quarter. Operating profit rose to $167.6 million from $161.3 million. For the nine months, net sales were $2,269.1 million and net income was $361.6 million, or $4.97 per diluted share, compared with $362.6 million, or $4.91 per diluted share, a year earlier. Results for the nine months were affected by $21.9 million of restructuring and related charges tied to the 2025 restructuring plan and the optimization of the legal structure of the Company and its subsidiaries. Cash flow from operations for the nine months was $503.7 million, up from $463.3 million. Capital expenditures fell to $209.8 million from $272.1 million, and share repurchases totaled $134.0 million, compared with $506.5 million in the prior-year period. Cash and cash equivalents were $628.5 million at September 30, 2025, and total debt was $202.7 million. The company had no outstanding borrowings under its $500.0 million multi-currency revolving credit facility, and it stated that it was in compliance with all debt covenants. The filing also discloses a securities class action filed May 5, 2025 in the U.S. District Court for the Eastern District of Pennsylvania, alleging violations of the Securities Exchange Act related to public statements and insider transactions. The company states it is unable to predict the outcome or estimate a range of potential loss.

Oct 23, 2025 8-K

West Pharmaceutical Services 8-K Report, Executive Changes (Sep 11, 2025)

West Pharmaceutical Services, Inc. filed a Current Report on Form 8-K dated September 11, 2025, disclosing a leadership change under Item 5.02. The Company announced that Kimberly Banks MacKay, Senior Vice President, General Counsel, and Corporate Secretary, will be leaving the Company. The Company and Ms. MacKay have agreed to discuss a transition period that will end no later than December 31, 2025, to ensure continuity and an orderly handover of her responsibilities. Ms. MacKay will continue in her current duties until her departure. The filing contains no financial results, guidance, or other operating metrics. The only other item is Item 9.01, which lists the Inline XBRL cover page (Exhibit 104) for the report. For investors, the filing is a governance update rather than a financial event. The key items to monitor are the identity of a successor for the General Counsel and Corporate Secretary roles and the completion of the transition by the December 31, 2025 outside date.

Sep 11, 2025 8-K

West Pharmaceutical Services 8-K Report, Financial Results (Jul 24, 2025)

West Pharmaceutical Services, Inc. (NYSE: WST) reported second-quarter 2025 results on July 24, 2025, per Exhibit 99.1, a press release that also announced a fourth-quarter 2025 dividend of $0.22 per share, payable November 19, 2025 to holders of record as of November 12, 2025. Net sales were $766.5 million, up 9.2%, with organic net sales growth of 6.8%. Diluted EPS was $1.82 versus $1.51 a year earlier, and adjusted-diluted EPS was $1.84 versus $1.52. High-Value Product (HVP) Components grew 11.3% and were 47% of total company net sales, while the Contract-Manufactured Products segment rose 3.0% to $146.7 million. The company raised its full-year 2025 guidance. Net sales guidance moved to $3.040 billion to $3.060 billion from $2.945 billion to $2.975 billion, with organic growth now expected at approximately 3% to 3.75% versus the prior 2% to 3%. Adjusted-diluted EPS guidance rose to $6.65 to $6.85 from $6.15 to $6.35. Management attributed the increase to strong second-quarter performance and favorable foreign exchange, which the filing says is a $59 million net sales tailwind and a $0.27 adjusted EPS tailwind. Guidance also incorporates an estimated $15 to $20 million net impact from recently implemented tariffs. Full-year capital spending guidance is unchanged at $275 million. For the first six months of 2025, operating cash flow was $306.5 million, up 8.2%, and capital expenditures were $146.5 million, down 23.2%, producing free cash flow of $160.0 million versus $92.4 million a year earlier. The company repurchased 552,593 shares for $134.0 million during the period. Cash and cash equivalents were $509.7 million and debt was $202.6 million as of June 30, 2025.

Jul 24, 2025 10-Q

West Pharmaceutical Services Quarterly Report for Q2 Ended Jun 30, 2025

West Pharmaceutical Services, Inc. reported net sales of $766.5 million for the three months ended June 30, 2025, up from $702.1 million a year earlier, and $1,464.5 million for the six months, up from $1,397.5 million. Net income was $131.8 million for the quarter versus $111.3 million, and diluted EPS was $1.82 versus $1.51. For the six months, net income was $221.6 million, compared with $226.6 million, and diluted EPS was $3.05 versus $3.06. Consolidated operating profit rose to $153.7 million for the quarter from $126.2 million. Restructuring charges under the 2025 plan totaled $16.6 million in other expense for the six months, and the filing estimates total plan charges of $30 million to $32 million with annualized savings of $35 million to $40 million. Cash provided by operating activities was $306.5 million for the six months, up from $283.2 million, while capital expenditures fell to $146.5 million from $190.8 million. Share repurchases totaled $134.0 million for the six months, compared with $454.1 million a year earlier, and the 550,000-share program was completed in April 2025. Cash and cash equivalents were $509.7 million at June 30, 2025, and total debt was $202.6 million, with $497.7 million available under the $500.0 million revolving credit facility. The company disclosed a securities class action filed May 5, 2025 in the U.S. District Court for the Eastern District of Pennsylvania on behalf of investors who acquired common stock between February 16, 2023 and February 12, 2025. The company stated it is unable to predict the outcome or estimate potential loss. Management also noted that new U.S. tariffs are not expected to have a material impact on 2025 results.

Jul 24, 2025 8-K

West Pharmaceutical Services 8-K Report, Executive Changes (Jul 21, 2025)

West Pharmaceutical Services, Inc. (NYSE: WST) announced on July 21, 2025 the appointment of Robert McMahon as Senior Vice President & Chief Financial Officer, effective August 4, 2025 (the Commencement Date). McMahon will oversee finance, audit, treasury, tax, investor relations and procurement. He previously served as CFO of Agilent Technologies Inc., CFO of Hologic, Inc. from 2014 to 2018, and spent 20 years with Johnson & Johnson in executive financial roles. He succeeds Bernard Birkett, who is retiring and will serve as Senior Advisor to the CEO through December 31, 2025. Under his Offer Letter dated July 11, 2025, McMahon receives an initial annual base salary of $800,000 and a target annual incentive bonus of 80% of base salary, prorated for 2025. On August 11, 2025, he will receive a long-term incentive award with a grant date fair value of $3,000,000 (50% PSUs, 25% stock options, 25% RSUs), plus a one-time cash sign-on bonus of $3,115,000 and a sign-on Replacement Equity Grant with a grant date fair value of $4,200,000. The sign-on payments are intended to partially offset incentives forfeited at his prior employer, and the cash bonus carries a two-year repayment obligation. For investors, the filing documents a planned CFO transition with a built-in overlap period for Birkett, and the compensation package is substantial relative to the stated base salary, largely reflecting sign-on replacement awards. The filing does not describe any change to West's financial results or guidance.

Jul 21, 2025 8-K

West Pharmaceutical Services 8-K/A Report, Executive Changes (May 12, 2025)

West Pharmaceutical Services, Inc. (WST) filed this Form 8-K/A on May 12, 2025 to supplement its original Form 8-K filed May 8, 2025. The filing states that shareholders approved an amendment and restatement of the 2016 Omnibus Incentive Compensation Plan (the "Plan"). The filing indicates that the material provisions of the amended Plan are described extensively in the company's definitive proxy statement filed on March 21, 2025. The purpose of this amendment is to attach the amended and restated Plan itself as Exhibit 10.15, which qualifies the proxy description in its entirety. The filing also includes Exhibit 104, the Inline XBRL cover page from the company's Current Report on Form 8-K dated May 6, 2025. For investors, this filing is administrative in nature. It contains no new financial results or operating figures. Its significance lies in documenting the governing terms of the equity and incentive compensation plan that shareholders approved.

May 12, 2025 8-K

West Pharmaceutical Services 8-K Report, Shareholder Vote Results (May 8, 2025)

West Pharmaceutical Services, Inc. (WST) filed this Current Report on Form 8-K to disclose the results of its 2025 Annual Meeting of Shareholders, which was held virtually on May 6, 2025. Shareholders representing 65,014,244 common shares, or 89.93% of the 72,292,731 shares outstanding as of the February 28, 2025 record date, were present or represented by proxy. Shareholders voted on five proposals described in the proxy statement dated March 21, 2025. All twelve director nominees were elected to serve until the 2026 Annual Meeting. Shareholders also approved, on an advisory basis, the compensation of the named executive officers; approved an amendment and restatement of the Articles of Incorporation to add a shareholder right to call a special meeting; approved an amendment and restatement of the 2016 Omnibus Incentive Compensation Plan; and ratified PricewaterhouseCoopers LLP as the independent registered public accounting firm for fiscal 2025. Each of these proposals received more For votes than Against votes. The filing also includes, as Exhibit 5.7, the Amended and Restated Articles of Incorporation dated May 6, 2025, which reflect the shareholder special meeting right approved at the meeting.

May 8, 2025 8-K

West Pharmaceutical Services 8-K Report, Financial Results (Apr 24, 2025)

West Pharmaceutical Services, Inc. (NYSE: WST) reported first-quarter 2025 net sales of $698.0 million, up 0.4%, with organic net sales growth of 2.1%. Reported-diluted EPS was $1.23, compared to $1.55 in the same period last year, and adjusted-diluted EPS was $1.45, compared to $1.56. Net income was $89.8 million versus $115.3 million a year earlier. Operating profit declined to $107.0 million from $122.8 million, with the filing attributing the reported figures partly to restructuring and other charges of $17.8 million tied to its 2025 restructuring plan. The company raised its full-year 2025 guidance. Net sales guidance was increased to $2.945 billion to $2.975 billion from $2.875 billion to $2.905 billion, driven by favorable foreign currency movements, and adjusted-diluted EPS guidance was raised to $6.15 to $6.35 from $6.00 to $6.20. The adjusted EPS guidance incorporates an estimated $20 to $25 million in net tariff costs for the remainder of 2025. Full-year capital spending guidance is unchanged at $275 million. Cash flow improved, with operating cash flow of $129.4 million and free cash flow of $58.1 million, compared with $27.6 million a year earlier. During the quarter the company repurchased 550,281 shares for $133.5 million, and it declared a third-quarter 2025 dividend of $0.21 per share, payable August 6, 2025.

Apr 24, 2025 8-K

West Pharmaceutical Services 8-K Report, Executive Changes (Apr 24, 2025)

West Pharmaceutical Services, Inc. (NYSE: WST) disclosed on April 24, 2025 that Senior Vice President and Chief Financial Officer Bernard Birkett intends to retire later in 2025. The Company has begun a search for a successor and plans for Mr. Birkett to remain CFO until a successor is in place, then serve in an advisory role until December 31, 2025. The filing describes the transition as a comprehensive plan intended to ensure an effective handover. The Company also appointed Shane Campbell as Senior Vice President, Chief Proprietary Segment Officer, effective May 5, 2025. He will oversee the Proprietary Products segment and join the senior leadership team. Mr. Campbell, 45, previously served as Chief Commercial Officer of the Construction Materials business at Carlisle Companies Inc. and spent 20 years at DuPont in senior global leadership roles. Under his employment agreement, Mr. Campbell will receive a $600,000 annual base salary and a 2025 annual incentive target of 75% of base salary, prorated for his 2025 service. He will receive an LTI award with a grant date fair value of $1,000,000, split 50% PSUs, 25% stock options and 25% RSUs, plus a one-time sign-on RSU award with a grant date fair value of $400,000 vesting 25% per year through May 2029. He will also receive a $100,000 sign-on cash bonus subject to a two-year repayment obligation under certain conditions. The filing also references a separate press release announcing first-quarter 2025 financial results, issued the same day.

Apr 24, 2025 10-Q

West Pharmaceutical Services Quarterly Report for Q1 Ended Mar 31, 2025

West Pharmaceutical Services, Inc. reported first-quarter 2025 net sales of $698.0 million, up from $695.4 million in the prior-year quarter, a 0.4% increase as reported and 2.1% excluding foreign currency translation. Proprietary Products net sales rose 0.6% as reported (2.4% organic), led by self-injection device platforms, partly offset by lower FluroTec products sales. Contract-Manufactured Products net sales fell 0.7% as reported, though they rose 0.8% organically on self-injection devices for obesity and diabetes. Gross margin was 33.2% versus 33.1% a year earlier. Profitability declined. GAAP operating profit fell 12.9% to $107.0 million, and net income dropped to $89.8 million from $115.3 million. Diluted EPS was $1.23 versus $1.55. The decline was driven mainly by $16.4 million of restructuring and related charges in other expense (income), tied to a 2025 restructuring plan approved in January 2025 with expected total charges of roughly $30 million to $32 million and annualized savings of $35 million to $40 million. Excluding unallocated items, adjusted operating profit was $125.0 million (17.9% margin) and adjusted diluted EPS was $1.45 versus $1.56. The effective tax rate rose to 21.8% from 12.9%, mainly due to a smaller stock-compensation tax benefit. Cash generation and capital return were the key liquidity themes. Operating cash flow was $129.4 million, capital expenditures were $71.3 million, and the company repurchased 550,281 shares for $133.5 million. Cash and cash equivalents declined to $404.2 million from $484.6 million at year-end, while debt held steady at $202.6 million and $497.7 million remained available under the revolving credit facility. Management stated that tariffs are not expected to be material to 2025 results, and the company was in compliance with all debt covenants.

Apr 24, 2025 8-K

West Pharmaceutical Services 8-K Report, Executive Changes (Apr 14, 2025)

West Pharmaceutical Services, Inc. (WST) filed this Current Report on Form 8-K on April 14, 2025 to disclose a departure of a named executive officer. The filing states that Cindy Reiss-Clark, former Senior Vice President and Chief Commercial Officer, departed the Company effective March 7, 2025, and that she was a named executive officer at the time of her departure. Her severance is governed by the Company's standard severance policy and is conditioned on her execution of a release and compliance with certain covenants. Under a Separation Agreement and Release dated as of April 9, 2025 (filed as Exhibit 10.1), Ms. Reiss-Clark will receive one year of salary continuation at her then-current salary of $489,500, continuation of welfare benefits at the active employee rate, a 2025 payment of $57,526 representing her pro-rated Annual Incentive Plan target, and outplacement services of up to $15,000. In exchange, she released claims against the Company to the extent permitted by law, agreed not to pursue litigation, reaffirmed her noncompetition and nonsolicitation obligations, agreed to cooperate with the Company as needed, and accepted a mutual nondisparagement provision. For investors, the filing is a routine executive transition disclosure with no reported financial results or guidance. The amounts disclosed are modest relative to the Company's scale, and the filing states that the summary is qualified in its entirety by the full agreement.

Apr 14, 2025 8-K

West Pharmaceutical Services 8-K Report, Executive Changes (Mar 11, 2025)

West Pharmaceutical Services, Inc. filed a Current Report on Form 8-K reporting the departure of Cindy Reiss-Clark, Senior Vice President and Chief Commercial Officer. The Company announced on March 7, 2025 that her departure was effective the same day. The filing states that her leadership responsibilities will be managed on an interim basis by Aileen Kinsella, the Company's Head of Proprietary Product Sales. The filing contains no financial results, guidance, or quantitative disclosures. Its only substantive disclosure is this senior commercial leadership change, under Item 5.02. The Company thanked Ms. Reiss-Clark for her contributions and service. The Item 9.01 exhibit list references only the Inline XBRL cover page for the March 7, 2025 Current Report, so no additional financial exhibits are included in this filing.

Mar 11, 2025 10-K

West Pharmaceutical Services Annual Report, Year Ended Dec 31, 2024

West Pharmaceutical Services, Inc. reported consolidated net sales of $2,893.2 million in 2024, down from $2,949.8 million in 2023, with the decline driven mainly by the Proprietary Products segment, where net sales fell $62.8 million, or 2.6%, to $2,334.5 million. Consolidated operating profit decreased 15.7% to $569.9 million, and gross profit fell 11.6% to $998.5 million as gross margin compressed to 34.5% from 38.3%. Management attributed the Proprietary Products decline to lower plant absorption from reduced customer demand, a shift in product mix, and roughly $47 million in customer incentives earned on 2024 volumes, partially offset by higher sales prices. Net income was $492.7 million, or $6.69 diluted EPS, versus $593.4 million and $7.88 in 2023. Cash flow from operations declined to $653.4 million from $776.5 million, while capital expenditures rose to $377.0 million from $362.0 million to add manufacturing capacity. Cash and cash equivalents fell to $484.6 million from $853.9 million, reflecting $560.9 million of share repurchases and $59.1 million of dividend payments. Total debt was essentially flat at $202.6 million, and the company had $497.6 million of available capacity under its multi-currency revolving credit facility at year end. The company reported that it was in compliance with all debt covenants and that it believes its liquidity is adequate for foreseeable needs. The filing shows sales outside the U.S. at 57.5% of 2024 net sales, and one customer accounted for 12.3% or $356.4 million of consolidated net sales. Management reported effective internal control over financial reporting as of December 31, 2024, and PricewaterhouseCoopers LLP issued an unqualified opinion on both the financial statements and internal controls.

Feb 18, 2025 8-K

West Pharmaceutical Services 8-K Report, Financial Results (Feb 13, 2025)

West Pharmaceutical Services, Inc. (NYSE: WST) furnished an 8-K on February 13, 2025 reporting fourth-quarter and full-year 2024 results and introducing 2025 guidance. Fourth-quarter 2024 net sales were $748.8 million, up 2.3%, with organic net sales growth of 3.3%, a return to positive organic growth as destocking moderated. Reported-diluted EPS was $1.78, down 2.7%, and adjusted-diluted EPS was $1.82, down 0.5%. Proprietary Products net sales rose to $613.9 million in the quarter with organic growth of 4.5%, while Contract-Manufactured Products net sales declined 2.5% to $134.9 million. For full-year 2024, net sales were $2.893 billion, down 1.9% (organic down 1.5%). Reported-diluted EPS was $6.69, down 15.1%, and adjusted-diluted EPS was $6.75, down 16.5%. Operating cash flow was $653.4 million, down 15.9%, and free cash flow was $276.4 million, down 33.3%. The company repurchased 1,583,032 shares for $560.9 million during 2024. For 2025, management guided to net sales of $2.875 billion to $2.905 billion, organic growth of approximately 2% to 3%, and adjusted-diluted EPS of $6.00 to $6.20, which excludes potential stock-based compensation tax benefits. Capital spending is expected to be $275 million. The guidance includes a $75 million foreign currency headwind to net sales and an approximately $0.23 EPS headwind from currency.

Feb 13, 2025 8-K

West Pharmaceutical Services 8-K Report, Corporate Update (Dec 13, 2024)

West Pharmaceutical Services, Inc. (WST) disclosed under Item 8.01 (Other Events) in this Current Report filed December 13, 2024 that its Board of Directors approved, on December 9, 2024, a new share repurchase program authorizing the repurchase of up to 550,000 shares of its common stock. Repurchases may be made from time to time on the open market or in privately negotiated transactions as permitted under Exchange Act Rule 10b-18, with the timing and number of shares depending on a variety of factors, including market conditions. The new program is expected to be completed by December 31, 2025. The filing states that the company's previously authorized share repurchase program is expected to expire by December 31, 2024, so the new authorization is set to take effect as the prior one winds down. The filing contains no financial statements or results. Its only exhibit is the Inline XBRL cover page (Exhibit 104) for the Form 8-K dated December 9, 2024.

Dec 13, 2024 8-K

West Pharmaceutical Services 8-K Report, Executive Changes (Dec 11, 2024)

West Pharmaceutical Services, Inc. (NYSE: WST) filed this Form 8-K on December 11, 2024 to report that its Board of Directors elected Janet Haugen as a new director, effective December 9, 2024. With her addition, the Board increased in size to 12 directors. Ms. Haugen, 66, is the former Chief Financial Officer of Unisys Corporation, a role she held for more than 16 years, and she previously was a partner at Ernst & Young. She is expected to join the Audit Committee of the Board as of her appointment date. Ms. Haugen will receive the customary compensation for non-employee directors, currently a $100,000 annual retainer and an annual restricted stock unit grant of $220,000, prorated for her period of service. She will also be eligible to participate in the Company's Director Deferred Compensation Plan and will enter into the Company's standard form of indemnification agreement. The filing states there were no arrangements or understandings tied to her election and no related-party transactions with the Company since the start of its last fiscal year. The press release announcing the appointment is furnished as Exhibit 99.1 under Item 7.01 (Regulation FD) and is not deemed filed for Section 18 purposes. The filing contains no financial results or guidance; its investor relevance is limited to board composition and governance.

Dec 11, 2024 10-Q

West Pharmaceutical Services Quarterly Report for Q3 Ended Sep 30, 2024

West Pharmaceutical Services, Inc. reported third-quarter 2024 net sales of $746.9 million, essentially flat versus $747.4 million in the prior-year quarter, with the filing stating a 0.1% decrease as reported and a 0.5% decrease organically. Gross profit fell to $264.7 million from $288.3 million, and gross profit margin declined to 35.4% from 38.6%. Operating profit was $161.3 million versus $177.3 million, and net income was $136.0 million, or $1.85 per diluted share, compared with $161.3 million, or $2.14 per diluted share, a year earlier. The filing attributes the Proprietary Products margin decline mainly to a mix shift from HVP Components to HVP Delivery Devices and lower plant absorption from reduced customer demand, partly offset by sales price increases and approximately $19 million of customer incentives tied to volumes. For the nine months ended September 30, 2024, net sales were $2,144.4 million, down 3.3% as reported, and net income was $362.6 million, or $4.91 per diluted share, versus $456.4 million, or $6.05 per diluted share, in 2023. Net cash provided by operating activities was $463.3 million, against $537.4 million a year earlier. Capital expenditures were $272.1 million, and the company repurchased shares for $506.5 million under its program. Cash and cash equivalents fell to $490.9 million from $853.9 million at December 31, 2023, while total debt was $202.6 million, reflecting a July 2024 refinancing that included a new $130.0 million term loan due July 2, 2027. Management states that its disclosure controls were effective as of September 30, 2024, that it was in compliance with all debt covenants, and that cash on hand, operating cash flow and the $500.0 million revolving credit facility, with $497.6 million of borrowing capacity available, are expected to be adequate for foreseeable liquidity needs. The filing reports no material changes to risk factors from the 2023 Annual Report.

Oct 24, 2024 8-K

West Pharmaceutical Services 8-K Report, Financial Results (Oct 24, 2024)

West Pharmaceutical Services, Inc. (NYSE: WST) reported third-quarter 2024 net sales of $746.9 million, a decline of 0.1%, with organic net sales declining 0.5%. Reported diluted EPS was $1.85, compared with $2.14 in the same period last year, and adjusted diluted EPS was $1.85 versus $2.16 a year earlier. Net income for the quarter was $136.0 million, compared with $161.3 million in the prior-year period. The Proprietary Products segment net sales declined 0.2% to $601.4 million, while the Contract-Manufactured Products segment grew 0.4% to $145.5 million. The company raised its full-year 2024 net sales guidance to $2.875 billion to $2.905 billion, up from $2.870 billion to $2.900 billion, citing favorable currency movements. It also raised full-year 2024 adjusted diluted EPS guidance to $6.55 to $6.75, from $6.35 to $6.65. The updated EPS range includes $0.26 from first nine-month 2024 tax benefits tied to stock-based compensation. Full-year 2024 organic net sales are expected to decline approximately 1.5% to 2%, and capital spending guidance is unchanged at $375 million. Cash flow weakened over the first nine months of 2024. Operating cash flow was $463.3 million, a decrease of 13.8%, and free cash flow fell 32.7% to $191.2 million as capital expenditures rose 7.4% to $272.1 million. The Board approved a fourth-quarter 2024 dividend of $0.21 per share, a 5.0% increase over the $0.20 paid in each of the prior four quarters, marking the thirty-second consecutive annual dividend increase.

Oct 24, 2024 8-K

West Pharmaceutical Services 8-K Report, Executive Changes (Oct 7, 2024)

West Pharmaceutical Services, Inc. (WST) filed a Current Report on Form 8-K dated October 1, 2024 under Item 5.02, disclosing that Silji Abraham, Senior Vice President & Chief Technology Officer, notified the Company on October 1, 2024 that he intends to resign effective December 31, 2024, to pursue other interests. The filing states that the departure is not the result of any disagreement with the Company on matters related to operations, policies or practices. The Company stated it will work with Mr. Abraham and his leadership team to ensure a smooth transition of his duties before his departure. The filing also states that Mr. Abraham will receive no additional compensation as a result of his departure. The filing contains no financial results, guidance, or financial statements. Its only Item 9.01 content is an Inline XBRL cover page (Exhibit 104), so the disclosure is limited to a senior executive leadership change with a defined effective date.

Oct 7, 2024 8-K

West Pharmaceutical Services 8-K Report, Financial Results (Jul 25, 2024)

West Pharmaceutical Services, Inc. (NYSE: WST) reported second-quarter 2024 net sales of $702.1 million, a decline of 6.9%, with organic net sales down 5.9%. Reported-diluted EPS was $1.51 versus $2.06 a year earlier, and adjusted-diluted EPS was $1.52 versus $2.11. Management attributed the weakness to an elevated level of customer destocking, noting that second-quarter revenues increased sequentially. The Proprietary Products segment's net sales declined 9.4% to $559.7 million, while the Contract-Manufactured Products segment grew 4.9% to $142.4 million. The company materially lowered its full-year 2024 outlook. Net sales guidance was cut to $2.870 billion to $2.900 billion from $3.000 billion to $3.025 billion, with organic net sales now expected to decline approximately 1% to 2%. Adjusted-diluted EPS guidance was reduced to $6.35 to $6.65 from $7.63 to $7.88, although the range includes $0.22 of first-half tax benefits from stock-based compensation. Full-year capital spending was raised to $375 million from $350 million. Cash generation weakened in the first half of 2024: operating cash flow was $283.2 million, down 7.8%, and free cash flow fell to $92.4 million, down 38.3%. Management said it remains confident in a return to organic growth in the fourth quarter and into 2025, based on its confirmed order book, though the company repurchased $454.1 million of shares in the first half.

Jul 25, 2024 10-Q

West Pharmaceutical Services Quarterly Report for Q2 Ended Jun 30, 2024

West Pharmaceutical Services, Inc. reported second-quarter 2024 net sales of $702.1 million, down from $753.8 million in the prior-year quarter, with net income of $111.3 million versus $155.1 million and diluted EPS of $1.51 versus $2.06. For the six months ended June 30, 2024, net sales were $1,397.5 million (compared with $1,470.4 million) and net income was $226.6 million (compared with $295.1 million). Consolidated operating profit fell to $126.2 million for the quarter from $182.5 million, and gross profit declined to $230.0 million from $291.4 million, with the filing citing lower plant absorption from reduced customer demand and an unfavorable product mix in Proprietary Products. The decline was attributed in part to customers' inventory management, which reduced sales of certain high-value product offerings, including Westar, Daikyo Crystal Zenith and FluroTec products. Cash and cash equivalents fell to $446.2 million at June 30, 2024 from $853.9 million at December 31, 2023, reflecting $454.1 million of share repurchases and $190.8 million of capital expenditures in the six months, partly offset by $283.2 million of operating cash flow. Working capital decreased to $849.3 million from $1,264.6 million. The company stated it was in compliance with all debt covenants and that its $500.0 million Credit Facility had $497.6 million of available borrowing capacity. After the quarter end, on July 2, 2024, West entered into a Third Amendment to its Credit Facility that established a $130.0 million New Term Loan maturing July 2, 2027. Proceeds, together with cash on hand, were used to repay the $79.9 million term loan and $53.0 million of Series B Senior Notes due July 5, 2024.

Jul 25, 2024 8-K

West Pharmaceutical Services 8-K Report, Material Agreement (Jul 8, 2024)

West Pharmaceutical Services, Inc. entered into a Third Amendment and Incremental Facility Amendment to its Credit Agreement dated as of March 28, 2019, on July 2, 2024. The amendment, with Bank of America, N.A. as administrative agent, established a new $130.0 million incremental term loan (the "New Term Loan"). The New Term Loan was fully drawn at closing and matures on July 2, 2027, with the entire principal due at maturity and no scheduled amortization before then. The company used the New Term Loan proceeds, together with cash on hand, to repay an outstanding term loan under the existing credit agreement of approximately $80 million and approximately $53 million of its 3.82% Series B Senior Notes due July 5, 2024. The filing describes the refinancing as a way to retire that existing term debt and the maturing notes, but it does not state the resulting total debt balance or other effects on the company's leverage. The New Term Loan bears interest at term SOFR or a base rate, at the company's option, plus a margin tied to its net leverage ratio. The SOFR margin ranges from 1.250% to 1.625%, the base rate margin from 0.250% to 0.625%, and term SOFR loans carry a 10 basis point credit spread adjustment. At closing, the company elected 3-month term SOFR plus a 1.250% margin. The loan includes customary mandatory and optional prepayment provisions, representations, affirmative and negative covenants, and events of default that would allow the agent to accelerate the full amount outstanding.

Jul 8, 2024 8-K

West Pharmaceutical Services 8-K Report, Executive Changes (Apr 26, 2024)

West Pharmaceutical Services, Inc. ("West") filed an 8-K on April 26, 2024 reporting two items: a management role change and the results of its 2024 Annual Meeting of Shareholders. Effective May 1, 2024, Bernard Birkett's title becomes solely Chief Financial Officer ("CFO"). Since May 2022 he had served as both Principal Financial and Principal Operating Officer. He will keep financial oversight of both Business Segments and operational oversight of the strategic sourcing function, and will be involved in key operational issues with the executive team. The company will no longer have a single principal operating officer, and operational leadership and decision-making will move to each Business Segment to improve efficiency. At the Annual Meeting, held virtually on April 23, 2024, shareholders representing 67,175,691 shares, or 91.76% of the 73,205,367 common shares outstanding at the February 28, 2024 record date, were present or represented by proxy. All 11 directors were elected to serve until the 2025 Annual Meeting, though several received substantial against votes, including Deborah L. V. Keller (8,407,056 against) and Thomas W. Hofmann (4,674,914 against). Shareholders also approved the advisory named executive officer compensation, approved amendments to eliminate the supermajority transaction and amendment requirements, and ratified PricewaterhouseCoopers LLP as the independent registered public accounting firm for 2024. Shareholder Proposal 6 was not presented after the SEC issued a No-Action Letter in West's favor, because it duplicated management Proposals 3 and 4.

Apr 26, 2024 8-K

West Pharmaceutical Services 8-K Report, Financial Results (Apr 25, 2024)

West Pharmaceutical Services, Inc. (NYSE: WST) reported first-quarter 2024 net sales of $695.4 million, down 3.0%, with organic net sales also declining 3.0%. Reported-diluted EPS was $1.55, down 16.2%, and adjusted-diluted EPS was $1.56, down 21.2%. Net income was $115.3 million versus $140.0 million a year earlier. The Proprietary Products segment net sales declined 4.0% to $559.5 million, while the Contract-Manufactured Products segment rose 1.8% to $135.9 million. Cash flow weakened in the quarter. Operating cash flow was $118.2 million, a decrease of 14.4%, and capital expenditures were $90.6 million, leaving free cash flow of $27.6 million, down 50.7%. Cash and cash equivalents fell to $601.8 million at March 31, 2024 from $853.9 million at December 31, 2023. During the quarter the company repurchased 729,679 shares for $267.0 million at an average price of $365.87. Full-year 2024 guidance for net sales of $3.000 billion to $3.025 billion was reaffirmed, with organic growth expected at approximately 2% to 3%. Adjusted-diluted EPS guidance was raised to $7.63 to $7.88 from $7.50 to $7.75, including a $0.15 benefit from first-quarter stock-based compensation tax benefits. Management attributed near-term headwinds to customers managing the timing of inventory decisions and expects stronger organic sales growth in the second half of the year. The Board also approved a third-quarter 2024 dividend of $0.20 per share, payable August 7, 2024.

Apr 25, 2024 10-Q

West Pharmaceutical Services Quarterly Report for Q1 Ended Mar 31, 2024

West Pharmaceutical Services, Inc. reported first-quarter 2024 net sales of $695.4 million, down from $716.6 million in the same period of 2023, with the company citing lower sales of certain high-value product offerings in its Proprietary Products segment, partially offset by growth in Contract-Manufactured Products. Net income fell to $115.3 million from $140.0 million, and diluted earnings per share were $1.55 compared with $1.85. Consolidated gross profit declined to $230.2 million, and gross profit margin fell to 33.1% from 37.9%, driven by lower sales volume and an unfavorable product mix in Proprietary Products. Operating profit decreased to $122.8 million from $155.3 million, and the prior-year quarter included a $9.4 million loss on the disposal of a plant that did not recur. Cash and cash equivalents declined to $601.8 million from $853.9 million at year-end 2023, primarily because of $267.0 million of share repurchases and $90.6 million of capital expenditures, which the company attributed to additional manufacturing capacity to meet customer demand. Net cash provided by operating activities was $118.2 million, compared with $138.1 million a year earlier. Total debt was $206.2 million, the company had no outstanding borrowings under its $500.0 million revolving credit facility, and it stated it was in compliance with all debt covenants. Management stated that cash on hand, operating cash flow and credit facility availability will be adequate for foreseeable liquidity needs. The company repurchased 729,679 shares for $267.0 million during the quarter, leaving $294.7 million available under its $1.0 billion repurchase program. Working capital decreased to $1,044.5 million from $1,264.6 million.

Apr 25, 2024 10-K

West Pharmaceutical Services Annual Report, Year Ended Dec 31, 2023

West Pharmaceutical Services, Inc. reported net sales of $2,949.8 million for 2023, up 2.2% from $2,886.9 million in 2022, including a favorable foreign currency translation impact of $27.9 million. Excluding currency effects and the impact of a plant disposal ($11.5 million), net sales rose 1.6%. Growth came from Contract-Manufactured Products, where sales rose 15.0% to $552.5 million, while Proprietary Products sales were flat at $2,397.3 million (down 0.4%), with a decline of approximately $320 million in COVID-related sales offset by growth in high-value components and devices. Consolidated operating profit fell 7.9% to $676.0 million, and net income decreased to $593.4 million from $585.9 million in 2022 only because of a $52.2 million pension settlement charge in 2022 that was not repeated; diluted EPS was $7.88 versus $7.73. The company's adjusted operating profit, a non-U.S. GAAP measure, declined 9.4% to $690.6 million, with the adjusted operating profit margin at 23.4% compared with 26.4% in 2022. Cash flow and balance sheet data show net cash from operating activities of $776.5 million, capital expenditures of $362.0 million, and $438.3 million of share repurchases under a $1.0 billion program approved in February 2023. Cash and cash equivalents were $853.9 million at December 31, 2023, and total debt was $206.8 million, of which $134.0 million was classified as current, mainly because the $81.0 million Term Loan and $53.0 million Series B notes mature in 2024. The company had no outstanding borrowings under its $500.0 million Credit Facility, with $497.6 million of borrowing capacity available. Sales outside the U.S. accounted for 58.0% of net sales, and the company reported that its ten largest customers represented 41.4% of consolidated net sales, with one customer accounting for 10.9% or $322.1 million. Management identified inflation, supply chain constraints, foreign currency volatility, the decline in COVID-related demand, and dependence on injectable drug delivery as key risks. The company stated that it did not have any material legal proceedings, that internal control over financial reporting was effective as of December 31, 2023, and that PricewaterhouseCoopers LLP audited the financial statements and internal controls.

Feb 20, 2024 8-K

West Pharmaceutical Services 8-K Report, Financial Results (Feb 15, 2024)

West Pharmaceutical Services, Inc. (NYSE: WST) reported fourth-quarter 2023 net sales of $732.0 million, up 3.3%, with organic net sales growth of 1.4%. Full-year 2023 net sales were $2.950 billion, up 2.2%, with organic net sales growth of 1.6%. Reported-diluted EPS was $1.83 for the quarter (up 34.6%) and $7.88 for the year (up 1.9%). Adjusted-diluted EPS was $1.83 for the quarter (up 3.4%) and $8.08 for the full year (down 5.8%), per the non-U.S. GAAP measures in the release. Management introduced full-year 2024 guidance of net sales of $3.000 billion to $3.025 billion, with organic net sales growth of approximately 2% to 3%, and adjusted-diluted EPS of $7.50 to $7.75. CEO Eric M. Green said 2024 organic sales growth is expected to moderate, with headwinds most pronounced in the first quarter and a stronger second half expected, supported by the February order book for the second half of the year. Full-year 2024 capital spending is expected to be $350 million, including capacity expansions at existing high-value product and contract manufacturing facilities. Full-year 2023 operating cash flow was $776.5 million and capital expenditures were $362.0 million, leaving free cash flow of $414.5 million. The company repurchased 1,265,661 shares for $438.3 million during 2023. The Proprietary Products segment had full-year net sales of $2.397 billion, and the Contract-Manufactured Products segment had $552.5 million, up 15.0%.

Feb 15, 2024 8-K

West Pharmaceutical Services 8-K Report, Material Agreement (Nov 30, 2023)

West Pharmaceutical Services, Inc. (WST) filed a Current Report on Form 8-K reporting that on November 27, 2023 it executed Amendment No. 1 to its Global Master Supply Agreement with ExxonMobil Product Solutions Company ("EMPSC"). The amendment is effective for the period January 1, 2024 through December 31, 2028. Under the amendment, EMPSC and certain of its subsidiaries agreed to supply certain identified Exxon butyl polymers to the Company and certain of its subsidiaries and affiliates. The filing states these products are used as a principal raw material in a broad range of the Company's polymer-based pharmaceutical packaging products. The filing describes the agreement's terms only in summary form and refers readers to the full amendment, filed as Exhibit 10.40. Portions of that exhibit were omitted for confidential treatment, as indicated by asterisks. The filing also includes the Inline XBRL cover page for the 8-K.

Nov 30, 2023 10-Q

West Pharmaceutical Services Quarterly Report for Q3 Ended Sep 30, 2023

West Pharmaceutical Services, Inc. reported net sales of $747.4 million for the three months ended September 30, 2023, up from $686.9 million a year earlier, and net sales of $2,217.8 million for the nine months, compared with $2,178.2 million in the prior-year period. Net income was $161.3 million for the quarter, versus $120.6 million in the prior-year quarter, and diluted EPS was $2.14 versus $1.59. The prior-year quarter included a $49.6 million pension settlement charge, which the filing identifies as the main driver of the year-over-year change in other nonoperating expense. For the nine months, net income was $456.4 million compared with $482.9 million, with operating profit down to $515.1 million from $604.3 million. The filing attributes the nine-month operating profit decline mainly to lower COVID-related sales within Proprietary Products, partly offset by growth in Contract-Manufactured Products. Balance sheet and cash flow data show cash and cash equivalents of $898.6 million at September 30, 2023, and total debt of $207.3 million. Net cash provided by operating activities was $537.4 million for the nine months, versus $493.2 million a year earlier, while capital expenditures rose to $253.3 million from $189.7 million to add manufacturing capacity. The company repurchased $261.3 million of common stock under its $1.0 billion program approved in February 2023, leaving $738.7 million of authorization available at quarter-end. The filing states that the Russia-Ukraine conflict has not had a material impact on the company to date, and it reports no material changes to its market risk exposure. The filing also discloses that the Board approved amended and restated bylaws effective October 23, 2023, which update shareholder nomination and proposal procedures and conform to Pennsylvania law and the SEC's Universal Proxy Card rules. Management reported that disclosure controls and procedures were effective as of September 30, 2023.

Oct 26, 2023 8-K

West Pharmaceutical Services 8-K Report, Financial Results (Oct 26, 2023)

West Pharmaceutical Services, Inc. (NYSE: WST) reported third-quarter 2023 net sales of $747.4 million, growing 8.8%, with organic net sales growth of 5.7%. Reported-diluted EPS was $2.14, up 34.6%, and adjusted-diluted EPS was $2.16, up 6.4%. The Proprietary Products segment grew net sales 6.3% to $602.5 million, with organic growth of 3.2%, while the Contract-Manufactured Products segment grew 20.8% to $144.9 million, with organic growth of 17.4%. The company lowered its full-year 2023 guidance. Net sales are now expected at $2.950 billion to $2.960 billion, down from $2.970 billion to $2.995 billion, and organic net sales growth is now expected at 2% to 3%, down from 3% to 4%. Adjusted-diluted EPS guidance was raised to $7.95 to $8.00 from $7.65 to $7.80, though the filing attributes part of this to $0.41 of first nine-months tax benefits from stock-based compensation. Management cited a slowdown in restocking trends by large Pharma and Generic customers as the reason for the revised sales outlook, and anticipates double-digit base, non-COVID-19-related organic sales growth in the fourth quarter. The Board approved a fourth-quarter 2023 dividend of $0.20 per share, a 5.3% increase over the $0.19 paid in each of the prior four quarters, marking the thirty-first consecutive annual dividend increase. Nine-month operating cash flow was $537.4 million, while free cash flow declined to $284.1 million from $303.5 million as capital expenditures rose to $253.3 million. The company repurchased 753,399 shares for $261.3 million in the first nine months of 2023.

Oct 26, 2023 8-K

West Pharmaceutical Services 8-K/A Report, Shareholder Vote Results (Sep 21, 2023)

West Pharmaceutical Services, Inc. (WST) filed this Current Report on Form 8-K/A to amend its Original Form 8-K filed with the SEC on April 25, 2023. The sole purpose of the amendment is to disclose the Company's decision on how frequently it will hold future shareholder advisory votes on executive compensation, commonly known as Say-on-Pay votes. The amendment does not otherwise modify the Original Form 8-K. Under Item 5.07, the Board of Directors determined, based on the results of the shareholder vote at the 2023 Annual Meeting of Shareholders held on April 25, 2023, and shareholders' non-binding recommendation to hold future Say-on-Pay votes annually, that future Say-on-Pay advisory votes will be conducted annually. The Board stated that this will continue until the next required advisory vote, which under current SEC rules is expected to be the 2029 Annual Meeting of Shareholders. For investors, the filing is procedural and contains no financial results, financial statement figures, or new business developments. Its significance lies in governance: shareholders will have an annual opportunity to vote on named executive officer compensation, consistent with their recommendation at the 2023 meeting. The only exhibit is the Inline XBRL cover page for the amended report (Exhibit 104).

Sep 21, 2023 8-K

West Pharmaceutical Services 8-K Report, Financial Results (Jul 27, 2023)

West Pharmaceutical Services, Inc. (NYSE: WST) reported second-quarter 2023 net sales of $753.8 million, down 2.3%, with organic net sales declining 2.5%. Reported-diluted EPS was $2.06 versus $2.48 a year earlier, and adjusted-diluted EPS was $2.11 versus $2.47. The Proprietary Products segment's net sales fell 5.5% to $618.0 million, driven by an expected reduction in COVID-19 related sales, while the Contract-Manufactured Products segment grew 15.3% to $135.8 million. Management said base Proprietary Products business organically grew double digits excluding COVID-19 impacts. The company raised its full-year 2023 guidance: net sales to $2.970 billion to $2.995 billion (from $2.965 billion to $2.990 billion) and adjusted-diluted EPS to $7.65 to $7.80 (from $7.50 to $7.65). The EPS raise reflects $0.26 of first-half tax benefits from stock-based compensation, and the company did not forecast such benefits for the second half. Full-year capital spending guidance is unchanged at $350 million, including capacity expansions at existing high-value product facilities. Cash flow was weaker in the first half: operating cash flow was $307.3 million, a decrease of 5.2%, and free cash flow was $149.8 million, a decrease of 22.1%. Capital expenditures rose 19.4% to $157.5 million. The company repurchased 676,070 shares for $233.5 million at an average price of $345.33 during the first half.

Jul 27, 2023 10-Q

West Pharmaceutical Services Quarterly Report for Q2 Ended Jun 30, 2023

West Pharmaceutical Services, Inc. reported net sales of $753.8 million for the three months ended June 30, 2023, down from $771.3 million in the prior-year quarter, and $1,470.4 million for the six months, versus $1,491.3 million a year earlier. Operating profit fell to $182.5 million for the quarter from $228.4 million, and net income was $155.1 million, compared with $188.5 million. Diluted EPS was $2.06 for the quarter versus $2.48 a year earlier. Management attributed the decline primarily to lower COVID-related sales in the Proprietary Products segment, partially offset by growth in Contract-Manufactured Products, which rose 15.3% for the quarter as reported. The balance sheet remained solid, with cash and cash equivalents of $796.3 million at June 30, 2023, total debt of $207.8 million, and equity of $2,746.7 million. Cash from operating activities was $307.3 million for the six months, while capital expenditures were $157.5 million, reflecting investment in additional manufacturing capacity to meet customer demand. The company repurchased $233.5 million of shares during the six months under a $1.0 billion program approved in February 2023, and paid $28.2 million in dividends. The filing also notes a $11.6 million loss on the disposal of a manufacturing plant in the Proprietary Products segment, which closed in the second quarter, and ongoing restructuring under a 2022 plan with expected charges of approximately $25 million to $27 million and annualized savings of $22 million to $24 million. Management stated the company was in compliance with all debt covenants and that cash on hand, operating cash flow and its $500.0 million Credit Facility should be adequate for foreseeable liquidity needs.

Jul 27, 2023 8-K

West Pharmaceutical Services 8-K Report, Shareholder Vote Results (Apr 28, 2023)

West Pharmaceutical Services, Inc. (WST) filed this Form 8-K to report the results of its 2023 Annual Meeting of Shareholders, held virtually on April 25, 2023. As of the March 3, 2023 record date there were 74,269,938 shares of common stock outstanding, and shareholders representing 67,444,781, or 90.81%, of those shares were present virtually or represented by proxy. Shareholders voted on five proposals described in the proxy statement dated March 15, 2023. Shareholders elected all eleven board nominees to serve until the 2024 Annual Meeting. Shareholders also approved, on an advisory basis, named executive officer compensation, with 62,330,606 votes for and 2,954,865 against. They ratified PricewaterhouseCoopers LLP as the independent registered public accounting firm for fiscal 2023, with 62,221,862 votes for and 5,198,468 against. On the frequency of future say-on-pay votes, 64,486,696 votes favored one year. Shareholders rejected a shareholder proposal regarding fair elections, with 7,047,212 votes for and 58,183,766 against. The filing's exhibit is the Inline XBRL cover page for the Company's Form 8-K dated April 25, 2023.

Apr 28, 2023