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West Pharmaceutical Services

WST Q1 2026 Earnings

Reported Apr 23, 2026 at 7:11 AM ET · SEC Source

Q1 26 EPS

$2.13

BEAT +27.07%

Est. $1.68

Q1 26 Revenue

$844.9M

BEAT +8.41%

Est. $779.4M

vs S&P Since Q1 26

+6.3%

BEATING MARKET

WST +9.9% vs S&P +3.5%

Market Reaction

Did WST Beat Earnings? Q1 2026 Results

West Pharmaceutical Services kicked off fiscal 2026 with a strong first quarter, posting adjusted diluted EPS of $2.13 and revenue of $844.90 million, up 10.3% year over year, as surging demand for its High Value Product components and delivery devic… Read more West Pharmaceutical Services kicked off fiscal 2026 with a strong first quarter, posting adjusted diluted EPS of $2.13 and revenue of $844.90 million, up 10.3% year over year, as surging demand for its High Value Product components and delivery devices powered broad-based growth. The Proprietary Products segment was the clear engine, climbing 23.3% to $694.30 million, with GLP-1-related elastomer revenues alone accounting for 10% of total company sales and West Vantage GLP-1 revenues contributing another 8%, cementing the company's deepening role in the fast-growing obesity and diabetes drug category. Gross margin expanded 190 basis points to 35.1% and adjusted operating margin widened 350 basis points to 21.4%, helped by a favorable mix shift toward higher-margin products and sharply lower restructuring charges. Barclays responded by lifting its price target to $310, citing the robust demand recovery. Encouraged by the momentum, management raised full-year 2026 adjusted EPS guidance to $8.40 to $8.75 and lifted the revenue outlook to $3.29 billion to $3.35 billion, reflecting 7% to 9% organic growth.

Key Takeaways

  • • Double-digit organic growth in both GLP-1 and non-GLP-1 HVP Components revenues
  • • Strong production ramp-up execution, especially in Europe
  • • Favorable mix shift toward higher-margin High Value Products
  • • Increased sales of self-injection device platforms for obesity and diabetes (West Vantage)
  • • Strong Crystal Zenith growth driven by biologics market
  • • Approximately 5.7 percentage points of favorable currency translation impact

WST Forward Guidance & Outlook

West raised full-year 2026 net sales guidance to $3.295B–$3.350B (from $3.215B–$3.275B), representing 7.2%–9.0% reported growth and 7%–9% organic growth, with an estimated 2 percentage point FX benefit. Full-year adjusted-diluted EPS guidance was increased to $8.40–$8.75 (from $7.85–$8.20), representing 15.2%–20.0% growth over 2025 actual of $7.29. Capital expenditure guidance remains $250M–$275M. For Q2 2026, net sales are expected at $830M–$850M (8.3%–10.9% reported growth, 7.0%–9.6% organic), with adjusted-diluted EPS of $2.05–$2.12. Guidance assumes a mid-year closing of the SmartDose 3.5mL sale to AbbVie. The estimated full-year tax rate is approximately 19%.

24/7 Wall St

WST YoY Financials

Q1 2026 vs Q1 2025, source: SEC Filings

24/7 Wall St

WST Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q1 26
24/7 Wall St

WST Revenue by Geography

With YoY comparisons, source: SEC Filings

Q3 25 Q1 26

“I am pleased to report a very strong start to the year with revenues and adjusted EPS exceeding expectations. Our revenues grew 15% organically, driven by our High Value Products Components business with double-digit growth in both GLP-1 and non-GLP-1 revenues. The better-than-expected performance can be attributed to continued market demand and the team's outstanding efforts in ramping up production, especially in Europe. As a result of these excellent first quarter results and expected continued momentum in our business, we are increasing our full-year 2026 guidance.”

— Eric M. Green, Q1 2026 Earnings Press Release

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