West Pharmaceutical Services, Inc. (WST) SEC Filings & Earnings Calls
EquiReason read 11 West Pharmaceutical Services, Inc. SEC filings in the last 12 months. Latest: 10-Q on 2026-07-23 — West Pharmaceutical reported strong Q2 2026 results: net sales +14% YoY, net income +17% YoY, with margin expansion and completed SmartDose sale..
Source: SEC EDGAR filings · figures as of 2026-06-30 · read by EquiReason
- Market cap
- 27.6B
- P/E TTM
- 50.2
- Dividend yield
- 0.2%
- 52-week
- —
- Next earnings
- 29 Oct, in 5 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
23 Jul 202610-QWest Pharmaceutical reported strong Q2 2026 results: net sales +14% YoY, net income +17% YoY, with margin expansion and completed SmartDose sale.earningsopen
Figures in the filing · each found in the filing text
| Net Sales · Q2-2026 | $872M | +14% y/y |
| Gross Profit · Q2-2026 | $329M | +20% y/y |
| Net Income · Q2-2026 | $154M | +17% y/y |
| Diluted EPS · Q2-2026 | $2.15 | +18% y/y |
| Operating Profit · Q2-2026 | $179M | +17% y/y |
| Capital Expenditures · H1-2026 | $86M | -41% y/y |
| Operating Cash Flow · H1-2026 | $214M | -30% y/y |
| Free Cash Flow · H1-2026 | $128M | -20% y/y |
| Share Repurchases · H1-2026 | $454M | +239% y/y |
| Dividends Paid · H1-2026 | $32M | +4% y/y |
Risks flagged
Restructuring Execution Risk
“Restructuring and related charges $2.3M in Q2 2026; January 2025 plan expected to cost $28-30M with annualized savings $35-40M.”
Cost-Method Investment Impairment
“During the three and six months ended June 30, 2026, we recorded impairment charges of $3.5 million within other expense (income) to one of our cost-method investments” · word for word
23 Jul 20268-K · 2.02, 7.01West Pharmaceutical raises full-year 2026 net sales guidance to $3.345B-$3.380B (from $3.295B-$3.350B) and adjusted EPS to $8.85-$9.05 (from $8.40-$8.75). Q2 net sales $872.3M (+13.8% reported, +12.7% organic). Strong HVP and biologics demaopen
Figures in the filing · each found in the filing text
| Net Sales · Q2-2026 | $872M | +14% y/y |
| Diluted EPS · Q2-2026 | $2.15 | +18% y/y |
| Adjusted-Diluted EPS · Q2-2026 | $2.37 | +29% y/y |
| Operating Cash Flow · Q2-2026 | $214M | |
| Capital Expenditures · Q2-2026 | $86M | |
| Free Cash Flow · Q2-2026 | $128M | |
| Proprietary Products Net Sales · Proprietary Products · Q2-2026 | $723M | +17% y/y |
| HVP Components Net Sales · Proprietary Products - HVP Components · Q2-2026 | $424M | +19% y/y |
| HVP Delivery Devices Net Sales · Proprietary Products - HVP Delivery Devices · Q2-2026 | $131M | +30% y/y |
| Standard Products Net Sales · Proprietary Products - Standard Products · Q2-2026 | $167M | +2% y/y |
Guidance
FY26 net sales raised to $3.345-3.380B from $3.295-3.350B; FY26 adjusted-diluted EPS raised to $8.85-9.05 from $8.40-8.75; Q3 net sales $820-835M; Q3 adjusted-diluted EPS $2.14-2.24; FY26 capex $250-275M (unchanged)
Full-year guidance raised on strong Q2 results driven by Biologics, HVP upgrades, and GLP-1 demand
Risks flagged
SmartDose 3.5mL net sales excluded from organic growth going forward
“SmartDose 3.5mL generated $55 million in net sales in the second half of 2025. These net sales are excluded going forward to calculate our organic net sales growth guidance.” · word for word
14 Jul 20268-K · 1.01West Pharmaceutical Services and Daikyo Seiko entered into amended and restated technology cross-license and distributorship agreements, renewing existing partnership for 10 years with substantially similar terms.open
Risks flagged
Agreements can be terminated under certain conditions, including change of control.
“Each Agreement may be terminated before its term expires under certain circumstances, including change in control.” · word for word
1 Jun 20268-K · 5.02, 7.01Reported the departure of a director or principal officer (CEO/CFO change); issued a Regulation FD disclosure (forward guidance or material update)open
Risks flagged
Potential disruption from CEO transition, but planned succession.
“Mr. Eric M. Green ... informed the Board on March 6, 2026 of his intent to retire”
11 May 20268-K · 7.01Issued a Regulation FD disclosure (forward guidance or material update); filed financial statements and exhibits with this reportopen
Risks flagged
Cyberattack causing temporary disruption to global business operations; potential financial and reputational impact
“The incident and the Company’s proactive response have temporarily disrupted the Company’s business operations globally.” · word for word
23 Apr 202610-QNet sales $845M (+21% y/y); Net income $139M (+55% y/y); Operating cash flow $90M (-31% y/y)open
Figures in the filing · each found in the filing text
| Net sales · Q1-2026 | $845M | +21% y/y |
| Net income · Q1-2026 | $139M | +55% y/y |
| Operating cash flow · Q1-2026 | $90M | -31% y/y |
| Gross profit · Q1-2026 | $296M | +28% y/y |
| Operating profit · Q1-2026 | $177M | +66% y/y |
| Diluted earnings per share · Q1-2026 | $1.92 | +56% y/y |
| Capital expenditures · Q1-2026 | $43M | -40% y/y |
| Share repurchases · Q1-2026 | $298M | +123% y/y |
Risks flagged
Securities class action lawsuit
“Securities class action filed alleging violations of securities laws; defendants filed motion to dismiss.”
Restructuring execution risk
“Two restructuring plans with total expected charges of $45M-$52M; annualized savings of $50M-$60M.”
Foreign exchange exposure
“Foreign currency translation loss of $19.5M in OCI; hedging programs in place.”
23 Apr 20268-K · 2.02, 7.01Net sales $845M (+21% y/y); Organic net sales growth 15.3; Diluted EPS $1.92 (+56% y/y); Guidance: FY2026 revenue raised to $3.295B-$3.350B; adjusted EPS raised to $8.40-$8.75earningsopen
Figures in the filing · each found in the filing text
| Net sales · Q1-2026 | $845M | +21% y/y |
| Organic net sales growth · Q1-2026 | 15.3% | |
| Diluted EPS · Q1-2026 | $1.92 | +56% y/y |
| Adjusted-diluted EPS · Q1-2026 | $2.13 | +47% y/y |
| Operating cash flow · Q1-2026 | $90M | |
| Capital expenditures · Q1-2026 | $43M | |
| Free cash flow · Q1-2026 | $47M | |
| Proprietary Products net sales · Proprietary Products · Q1-2026 | $694M | +23% y/y |
| HVP Components net sales · Proprietary Products · Q1-2026 | $409M | +30% y/y |
| HVP Delivery Devices net sales · Proprietary Products · Q1-2026 | $124M | +29% y/y |
Guidance
FY2026 revenue raised to $3.295B-$3.350B; adjusted EPS raised to $8.40-$8.75
FY2026 guidance raised across revenue and EPS, reflecting strong Q1 beat and continued momentum in HVP and GLP-1 demand.
Risks flagged
SmartDose 3.5mL sale to AbbVie expected mid-year, removing ~$55M in H2 2025 revenue from organic base.
“Guidance assumes mid-year close for sale of SmartDose 3.5mL to AbbVie”
12 Mar 2026DEF 14AAnnual proxy statement disclosing executive compensation, governance, and 2025 financial results; CEO announced retirement plan for H2 2026.open
Figures in the filing · each found in the filing text
| Organic Net Sales Growth · FY2025 | 4.3% | |
| Reported Diluted EPS · FY2025 | $6.79 | +2% y/y |
| Adjusted Diluted EPS · FY2025 | $7.29 | +8% y/y |
| Operating Profit Margin · FY2025 | 19.0% | |
| Adjusted Operating Profit Margin · FY2025 | 20.2% | |
| Operating Cash Flow · FY2025 | $755M | +16% y/y |
| Capital Expenditures · FY2025 | $286M | -24% y/y |
| Free Cash Flow · FY2025 | $469M | +70% y/y |
| HVP Components Organic Growth · Proprietary Products · FY2025 | 9.0% | |
| R&D Investment · FY2025 | $74M |
Risks flagged
CEO Succession Risk
“Mr. Green informed the Board on March 6, 2026 of his intent to retire as President, CEO and Chair of the Board once his successor has been hired in order to ensure a smooth transition.” · word for word
Execution Risk on Restructuring
“During 2025, the Company recorded pre-tax charges of $23.3 million related to two existing restructuring programs” · word for word
SmartDose Sale Execution Risk
“During 2025, the Company recorded charges of $8.4 million related to the Company's agreement to sell its SmartDose® 3.5mL On-Body Delivery System and associated facilities to AbbVie.” · word for word
9 Mar 20268-K · 5.02, 7.01Reported the departure of a director or principal officer (CEO/CFO change); issued a Regulation FD disclosure (forward guidance or material update)open
Guidance
Company reaffirms 2026 financial guidance provided in February 12, 2026 earnings release.
Risks flagged
Leadership transition risk during CEO search period.
“CEO departure may cause strategic uncertainty; but orderly transition planned.”
17 Feb 202610-KRisks named: Contract-Manufactured Products margin pressure from production costs, Customer incentives not repeated in 2025open
Risks flagged
Contract-Manufactured Products margin pressure from production costs
“Contract-Manufactured Products gross profit margin decreased by 1.0 margin points in 2025, due primarily to increased production costs.” · word for word
Customer incentives not repeated in 2025
“These increases were partially offset by approximately $47 million in customer incentives received in connection with volumes achieved during 2024 that were not repeated in 2025.” · word for word
12 Feb 20268-K · 2.02, 7.01Net Sales $805M (+8% y/y); Diluted EPS $1.82 (+2% y/y); Adjusted Diluted EPS $2.04 (+12% y/y); Guidance: FY2026 net sales growth 4.6%-6.5%, adjusted EPS growth 7.7%-12.5%earningsopen
Figures in the filing · each found in the filing text
| Net Sales · total · Q4-2025 | $805M | +8% y/y |
| Diluted EPS · total · Q4-2025 | $1.82 | +2% y/y |
| Adjusted Diluted EPS · total · Q4-2025 | $2.04 | +12% y/y |
| Operating Cash Flow · total · FY2025 | $755M | +16% y/y |
| Capital Expenditures · total · FY2025 | $286M | |
| Free Cash Flow · total · FY2025 | $469M | +70% y/y |
| HVP Components Net Sales · Proprietary Products · Q4-2025 | $390M | +20% y/y |
| HVP Delivery Devices Net Sales · Proprietary Products · Q4-2025 | $110M | -17% y/y |
| Standard Products Net Sales · Proprietary Products · Q4-2025 | $162M | +3% y/y |
| Contract-Manufactured Products Net Sales · Contract-Manufactured Products · Q4-2025 | $143M | +6% y/y |
Guidance
FY2026 net sales growth 4.6%-6.5%, adjusted EPS growth 7.7%-12.5%
Strong Q4 2025 results with double-digit HVP growth; FY2026 guidance raised with revenue growth 4.6%-6.5% and adjusted EPS growth 7.7%-12.5%.
Risks flagged
Decline in HVP Delivery Devices due to non-recurring incentive fee; potential volatility in device revenue.
“HVP Delivery Devices net sales decreased by 16.9%, driven by the previously disclosed non-recurring incentive fee of $25 million earned in the fourth quarter of 2024.”
SmartDose 3.5mL sale to AbbVie expected mid-2026; revenue from this product will be excluded from organic growth guidance.
“Full-year 2026 net sales guidance assumes a mid-year 2026 close for the sale of SmartDose 3.5ml to AbbVie.”
West Pharmaceutical Services, Inc. — questions
- What did West Pharmaceutical Services, Inc. file recently?
- 11 SEC filings in the last 12 months. Latest: 10-Q on 2026-07-23 — West Pharmaceutical reported strong Q2 2026 results: net sales +14% YoY, net income +17% YoY, with margin expansion and completed SmartDose sale.
Every figure on this page comes from West Pharmaceutical Services, Inc.'s own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.