Companies /Healthcare

West Pharmaceutical Services Inc

NYSE: WST Medical Instruments & Supplies
$348.30
▼ $1.62 (−0.46%) today
Markets open · 2:47pm ET

Q2 2026 Earnings

Reported Jul 23, 2026, 7:14am ET · SEC source
$2.37
Beat +13.86%
EPS · est. $2.08
$872.3M
Beat +3.85%
Revenue · est. $840.0M
−4.0%
Trailing market
WST vs S&P since report
5 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−12%−8%−4%0Jul 23Jul 24report 7:14am ETearnings−0.6%−10.8%
−12%−8%−4%0Jul 23Jul 24earnings−0.6%−10.8%
WST −10.8%S&P 500 −0.6%
−12%−8%−4%0Jul 23Jul 24report 7:14am ETearnings−2.1%−10.8%
−12%−8%−4%0Jul 23Jul 24earnings−2.1%−10.8%
WST −10.8%NASDAQ −2.1%
−15%−10%−5%0Jul 22Jul 30report 7:14am ETearnings−0.5%−10.6%
−15%−10%−5%0Jul 22Jul 30earnings−0.5%−10.6%
WST −10.6%S&P 500 −0.5%
−15%−10%−5%0Jul 22Jul 30report 7:14am ETearnings−2.5%−10.6%
−15%−10%−5%0Jul 22Jul 30earnings−2.5%−10.6%
WST −10.6%NASDAQ −2.5%
−0.82%
Day of report
−7.67%
Next session
−4.47%
One week
−0.61%
30 days

S&P 500 over the same 30 days: +3.43%.

Did WST Beat Earnings? Q2 2026 Results

West Pharmaceutical Services delivered a standout second quarter for fiscal 2026, posting adjusted diluted EPS of $2.37, beating the $2.08 consensus by 13.86% and marking the company's fourth consecutive quarter of exceeding EPS estimates. Revenue climbed 13.8% year-over-year to $872.30 million, ahead of the $839.98 million consensus by 3.85%, as the Proprietary Products segment drove the bulk of the outperformance with $722.60 million in net sales, up 16.6%. The primary engine was High Value Product Components, where demand for NovaPure and FluroTec products accelerated alongside a surge in GLP-1 elastomers, which now represent 10% of total company revenues, reflecting the broader industry boom in biologics and injectable drug delivery. Consolidated gross margin expanded 200 basis points to 37.7%, while adjusted operating margin widened to 22.6%. With momentum firmly in its favor, West raised full-year 2026 net sales guidance to a range of $3.35 billion to $3.38 billion and lifted adjusted diluted EPS guidance to $8.85 to $9.05, well above prior expectations.

Key Takeaways
  • Continued strength in Biologics market driving HVP Components growth
  • Favorable mix shift from HVP upgrades including Annex 1 regulatory compliance
  • Ongoing growth in GLP-1 elastomers, now 10% of total company revenues
  • Strong SmartDose performance ahead of AbbVie transaction closing
  • Crystal Zenith growth driven by Biologics market demand
  • Gross margin expansion of 200 bps to 37.7%
  • Adjusted operating profit margin expanded 230 bps to 22.6%

“I am pleased to report strong second-quarter results, with net sales and adjusted EPS exceeding our expectations. Net sales increased 12.7% organically, driven by our High Value Product Components business which benefited from continued strength in Biologics, a favorable mix shift from HVP upgrades including Annex 1, and ongoing growth in GLP-1 elastomers. The robust sales growth drove strong operating income margin expansion as compared to prior year. As a result of our team's strong execution in the second quarter and improved outlook, we are increasing our full-year 2026 guidance.”

West Pharmaceutical Services CEO, on the earnings call

Forward Guidance & Outlook

West raised its full-year 2026 net sales guidance to $3.345 billion to $3.380 billion (from $3.295 billion to $3.350 billion), representing 8.8% to 10.0% reported growth and 10.0% to 11.0% organic growth, including an estimated 1 percentage point FX benefit. Full-year adjusted-diluted EPS guidance was increased to $8.85 to $9.05 (from $8.40 to $8.75), representing 21.4% to 24.1% growth over 2025. For Q3 2026, net sales are expected between $820 million and $835 million (1.9% to 3.8% reported growth, 7.0% to 8.9% organic), with an estimated ~1 percentage point FX headwind and ~4 percentage points divestiture impact from SmartDose 3.5mL. Q3 adjusted-diluted EPS is expected between $2.14 and $2.24. Capital expenditure guidance remains $250 million to $275 million. The estimated full-year tax rate is approximately 19%.

WST YoY Financials

Q2 2026 vs Q2 2025 · SEC filings Q2 2025 Q2 2026
$0$300.0M$600.0M$900.0M$766.2M$872.3MRevenue$273.2M$329.2MGross Profit$158.2M$179.1MOperating Income$131.8M$154.0MNet Income
$0$300.0M$600.0M$900.0MRevenueGross ProfitOperating IncomeNet Income

WST Revenue by Segment

Proprietary Products$722.6M+16.6%
HVP Components$424.1M+19.4%
Biologics$374.8M+30.3%
Pharma$205.0M+3.3%
Standard Products$167.3M+2.4%
Contract-Manufactured Products
West Vantage$149.7M+2.0%
Generics$142.8M+6.9%

WST Revenue by Geography

EMEA$399.8M+14.3%
Americas$388.7M+11.2%
Asia Pacific$83.8M+24.9%

Figures from SEC filings and company reports. Not investment advice.