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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%.
WST YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
WST Revenue by Segment
With YoY comparisons, source: SEC Filings
WST Revenue by Geography
With YoY comparisons, source: SEC Filings
“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
WST Earnings Trends
WST vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
WST EPS Trend
Earnings per share: estimate vs actual
WST Revenue Trend
Quarterly revenue: estimate vs actual
WST Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $1.68 | $2.13 | +27.07% | $844.9M | +8.41% |
| Q4 25 BEAT FY | $1.83 | $2.04 | +11.54% | $805.0M | +1.28% |
| FY Full Year | — | $7.29 | — | $3.07B | — |
| Q3 25 BEAT | $1.69 | $1.96 | +16.31% | $804.6M | +2.15% |
| Q2 25 BEAT | $1.51 | $1.84 | +21.98% | $766.5M | +5.55% |