West Reports Third-Quarter 2026 Results
Raising Full-Year Net Sales and Adjusted-Diluted EPS guidance Exton, PA, October 29, 2026 – West Pharmaceutical Services, Inc. (NYSE: WST), a leading provider of innovative, high-quality injectable solutions and services, today announced its financial results for the third quarter of 2026.
• The Company repurchased $231 million of stock in the quarter, bringing the year-to-date total to $685 million.
• Year-to-date operating cash flow was $403 million. Capital expenditures were $125 million.
• The Company also announced on October 19, 2026, that its Board of Directors declared a fourth-quarter dividend of $0.26 per share, an increase of 18% over the $0.22 per share paid in the prior quarter.
• Full-year 2026 net sales guidance increased to a range of $3.41 billion to $3.42 billion, up from the previous range of $3.345 billion to $3.380 billion.
• Full-year 2026 adjusted-diluted EPS guidance increased to a range of $9.38 to $9.48, up from the previous range of $8.85 to $9.05.
Michel Lagarde, President and Chief Executive Officer, commented: “I am pleased to report strong third-quarter 2026 results, with net sales and adjusted EPS exceeding our expectations. Our results were again led by our High-Value Product (HVP) Components business. The robust sales performance drove strong operating income margin expansion and EPS growth. As a result of our team's strong execution in the third quarter, we are increasing our full-year 2026 guidance.”
Mr. Lagarde concluded: “I want to thank our global teams for their relentless focus on execution to deliver products and services for our customers and the patients they serve. West is a critical primary containment and drug delivery partner for pharmaceutical companies, biotechs and CDMOs around the world. We are grateful for the trust our customers put in us, and we remain committed to driving continuous improvement to even better serve their current and future needs.”
Net sales of $728.8 million grew by 12.6% and increased 16.6% on an organic basis.
• High-Value Product ("HVP") Components net sales of $466.7 million increased 19.7% and rose 20.3% on an organic basis. HVP Components accounted for 53% of total company net sales in the quarter.
• HVP Delivery Devices net sales of $99.1 million were flat, and were up 26.4% on an organic basis excluding foreign currency translation effects and the impact of the divestiture of SmartDose® 3.5mL. HVP Delivery Devices accounted for 11% of total company net sales in the quarter.
◦ SmartDose® 3.5mL net sales represented $11.8 million in the quarter and $29.8 million in the prior-year quarter and are excluded from both periods to calculate organic growth.
• Standard Products net sales of $163.0 million increased by 2.9% and rose 3.1% on an organic basis. Standard Products accounted for 19% of total company net sales this quarter.
Net sales of $145.7 million decreased by 7.3% and declined 6.6% on an organic basis. West Vantage accounted for 17% of total company net sales in the quarter.
• The Company is increasing its full-year 2026 net sales guidance range to $3.41 billion to $3.42 billion, up from the previous range of $3.345 billion to $3.380 billion.
◦ Organic net sales growth guidance increased to a range of 11.3% to 11.6%, up from the prior range of 10% to 11%.
◦ SmartDose® 3.5mL generated $55.3 million in net sales in the second half of 2025 and generated $11.8 million in net sales in the third quarter of 2026. No additional SmartDose® 3.5mL product sales are expected for the remainder of the year. These net sales are excluded in both periods to calculate full-year 2026 organic growth.
• The Company is increasing its full-year 2026 adjusted-diluted EPS guidance range to $9.38 to $9.48, up from the previous range of $8.85 to $9.05.
• Full-year 2026 capital spending guidance is updated to a range of $215 million to $220 million, down from the prior range of $250 million to $275 million.
Management will host a conference call at 8 a.m. EDT today. The live webcast can be accessed in the "Investors" section of the Company's website at https://edge.media-server.com/mmc/p/4fqogbip/.
To participate in the Q&A portion of the conference call, please register in advance at https://register-conf.media- server.com/register/BIe80a6bc721ad4d1592ecd1cf04ca6e93.
Registered telephone participants will receive the dial-in number along with a unique PIN number that will enable them to ask questions on the call.
An accompanying slide presentation will be posted in the "Investors" section of the Company's website.
A replay of the webcast will be available on the Company's website for approximately 90 days after the event.
Media Contact: Michele Polinsky Vice President, Global Communications (610) 594-3054 Michele.Polinsky@westpharma.com
West Pharmaceutical Services, Inc. is a leading provider of innovative, high- quality injectable solutions and services. As a trusted partner to established and emerging drug developers, West helps ensure the safe, effective containment and delivery of life-saving and life-enhancing medicines for patients. With over 10,000 team members across 50 sites including 26 manufacturing facilities worldwide, West helps support our customers by delivering over 41 billion components and devices each year. Headquartered in Exton, Pennsylvania, West in its fiscal year 2025 generated $3.07 billion in net sales. West is traded on the New York Stock Exchange (NYSE: WST) and is included in the Standard & Poor's 500 index. For more information, visit www.westpharma.com.
All trademarks and registered trademarks used in this release are the property of West Pharmaceutical Services, Inc. or its subsidiaries, in the United States and other jurisdictions, unless otherwise noted.
Daikyo®, Daikyo Crystal Zenith® and Daikyo CZ® are registered trademarks of Daikyo Seiko, Ltd. Daikyo Crystal Zenith technologies are licensed from Daikyo Seiko, Ltd.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the Company's expectations regarding future events, financial guidance and financial or operational performance. Forward-looking statements may be identified by words such as "believe," "expect," "intend," "estimate," "plan," "anticipate," "project," "forecast," "guidance," "target," "may," "will," "continue" and similar expressions.
These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. For additional information regarding these risks as well as other risks, uncertainties and factors that could affect our forward-looking statements, please refer to Part I Item 1A, entitled "Risk Factors," of the Company's most recent Annual Report on Form 10-K and any amendments thereto, as well as the Company's most recently filed Quarterly Reports on Form 10-Q and other filings the Company makes with the Securities and Exchange Commission.
The Company reports its financial results in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). However, management also uses certain non-U.S. GAAP financial measures in evaluating our results of operations. Management believes that this information provides users with a valuable insight into our overall performance and financial position. As a result, this release contains certain non-GAAP financial measures, including organic net sales, adjusted-diluted EPS and adjusted operating profit. Organic net sales exclude the impact from acquisitions and/or divestitures and translate the current-period reported sales of subsidiaries whose functional currency is other than the U.S. Dollar at the applicable foreign currency exchange rates in effect during the comparable prior-year period. We may also refer to financial results, such as adjusted-diluted EPS and adjusted operating profit, that exclude the effects of unallocated items. The unallocated items are not representative of ongoing operations, and generally include restructuring and related charges, certain asset impairments, and other specifically identified income or expense items. These non-U.S. GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company’s results prepared in accordance with U.S. GAAP. A reconciliation of these non-U.S. GAAP measures to the comparable U.S. GAAP financial measures is included in the accompanying tables.
Reconciliation of Reported and Adjusted Operating Profit, Net Income and Diluted EPS
(1) During the three and nine months ended September 30, 2026, the Company recorded pre-tax charges of $6.3 million and $9.3 million, respectively, related to our two existing restructuring programs: (i) $5.8 million and $7.7 million, respectively, within other expense (income), related to severance and retention benefit charges and the acceleration of depreciation and lease costs in connection with the Company's January 2025 restructuring plan and (ii) $0.5 million and $1.6 million, respectively, within selling, general and administrative expenses, for professional services relating to our 2024 plan to optimize the legal structure of the Company and its subsidiaries. In addition, we recorded a one-time tax cost of $12.0 million associated with an internal legal entity restructuring which occurred in the first quarter of 2026. During the three and nine months ended September 30, 2025, the Company recorded pre-tax charges of $2.5 million and $21.9 million, respectively, related to our two existing restructuring programs: (i) $0.9 million and $17.5 million, respectively, within other expense (income), related to severance, acceleration of depreciation and lease costs in connection with the Company's January 2025 restructuring plan and (ii) $1.6 million and $4.4 million, respectively, within selling, general and administrative expenses, for professional services relating to our 2024 plan to optimize the legal structure of the Company and its subsidiaries. In addition, we recorded income tax charges of $2.0 million in the first quarter of 2025, related primarily to withholding tax and capital gains incurred in executing our plan to optimize our legal structure.
(2) During the three and nine months ended September 30, 2026, the Company recorded pre-tax benefit of $54.0 million and $45.7 million, respectively, related to M&A activities, primarily related to the Company's agreement to sell its SmartDose® 3.5mL On-Body Delivery System and associated facilities to AbbVie. The net benefit is composed of a net gain on the sale of its SmartDose® 3.5mL On-Body Delivery System assets of $55.7 million for the three and nine months ended September 30, 2026 within other expense (income). The Company recorded a one-time tax cost of $22.4 million associated with the gain on the sale of SmartDose® 3.5mL On-Body Delivery System. The Company recorded a net benefit of $1.9 million and net charges of $0.3 million, respectively, within other expense (income), related to employee benefits in connection with the sale agreement. The Company recorded the remaining $3.6 million and $9.7 million, respectively, within selling, general and administrative expenses, relating to professional services in connection with other M&A activities.
(3) During the nine months ended September 30, 2026, the Company recorded cost- method investment impairment charges of $3.5 million within other expense (income).
(4) During the three and nine months ended September 30, 2026, the Company recorded $0.5 million and $1.4 million, respectively, of amortization expense in association with an acquisition of increased ownership interest in Daikyo. During the three and nine months ended September 30, 2025, the Company recorded $0.0 million and $0.2 million, respectively, of amortization expense within selling, general and administrative expenses associated with an intangible asset acquired during the second quarter of 2020. During the three and nine months ended September 30, 2025, the Company recorded $0.4 million and $1.3 million, respectively, of amortization expense in association with an acquisition of increased ownership interest in Daikyo.
(5) Other includes nonrecurring professional fees associated with various items including certain legal matters and our cybersecurity incident from May 2026. These charges are recorded within selling, general and administrative expenses.
Reconciliation of Reported Net Sales to Organic Net Sales by Segment (6) The following table presents net sales, consolidated and by reportable segment, for the three months ended September 30, 2026 and 2025:
The following table presents net sales, consolidated and by reportable segment, for the nine months ended September 30, 2026 and 2025:
Reconciliation of Proprietary Products Segment Organic Net Sales by Product Category (6) The following table presents net sales within the Proprietary Products reportable segment by product category, for the three months ended September 30, 2026 and 2025:
The following table presents net sales within the Proprietary Products reportable segment by product category, for the nine months ended September 30, 2026 and 2025:
Reconciliation of Proprietary Products Segment Organic Net Sales by Market Group (6) The following table presents net sales within the Proprietary Products reportable segment by market group, for the three months ended September 30, 2026 and 2025:
The following table presents net sales within the Proprietary Products reportable segment by market group, for the nine months ended September 30, 2026 and 2025:
Reconciliation of Reported Net Sales to Organic Net Sales by Geography (6) The following table presents net sales, consolidated and by geographic region, for the three months ended September 30, 2026 and 2025:
The following table presents net sales, consolidated and by reportable segment, for the nine months ended September 30, 2026 and 2025:
(6) Organic net sales exclude the impact from acquisitions and/or divestitures and translate the current-period reported sales of subsidiaries whose functional currency is other than the U.S. Dollar at the applicable foreign currency exchange rates in effect during the comparable prior-year period.
Reconciliation of Reported-Diluted EPS Guidance to Adjusted-Diluted EPS Guidance
2025 Actual 2026 Guidance % Change Reported-diluted EPS $6.79 $9.31 to $9.41 37.1% to 38.6% (U.S. GAAP) Restructuring and other 0.31 0.26 charges M&A activities, including SmartDose® 0.09 -0.36 3.5mL sale Cost-method investment 0.06 0.05 activity Amortization of acquisition-related 0.03 0.02 intangible assets Other 0.01 0.10 Adjusted-diluted EPS $7.29 $9.38 to $9.48 28.7% to 30.0% (Non-U.S. GAAP)
(in millions, except per September 30, December 31, share data) 2026 2025 ────────────────────────────────────────────────────────────────────────────── ASSETS Current assets: Cash and cash $ 464.1 $ 791.3 equivalents Accounts 748.2 574.4 receivable, net Inventories 464.7 443.9 Other current 139.5 168.6 assets Total current 1,816.5 1,978.2 assets Property, plant 3,266.1 3,223.4 and equipment Less: accumulated depreciation and 1,594.1 1,497.0 amortization Property, plant 1,672.0 1,726.4 and equipment, net Operating lease right-of-use 98.4 117.0 assets Investments in affiliated 215.8 212.3 companies Goodwill 108.7 109.9 Intangible assets, 6.2 7.7 net Deferred income 60.2 38.4 taxes Other noncurrent 82.9 80.1 assets Total Assets $ 4,060.7 $ 4,270.0 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 249.4 $ 253.7 Accrued salaries, 124.3 135.9 wages and benefits Income taxes 56.2 28.1 payable Operating lease 19.5 22.7 liabilities Accrued commissions, 38.6 39.2 rebates and royalties Other current 156.3 175.3 liabilities Total current 644.3 654.9 liabilities Long-term debt 202.9 202.8 Deferred income 23.0 23.0 taxes Pension and other postretirement 28.6 29.0 benefits Operating lease 82.6 95.6 liabilities Deferred compensation 14.0 13.5 benefits Other long-term 97.1 75.2 liabilities Total Liabilities 1,092.5 1,094.0 Equity: Preferred stock, 3.0 million shares authorized; 0 — — shares issued and outstanding Common stock, par value $0.25 per share; 200.0 million shares authorized; shares issued: September 30, 2026 - 75.3 million, 18.8 18.8 December 31, 2025 - 75.3 million; shares outstanding: September 30, 2026 - 69.8 million, December 31, 2025 - 72.0 million Capital in excess — — of par value Retained earnings 4,816.8 4,374.9 Accumulated other -137.0 -105.5 comprehensive loss Treasury stock, at cost (September 30, 2026 - 5.5 million -1,730.4 -1,112.2 shares, December 31, 2025 - 3.3 million shares) Total Equity 2,968.2 3,176.0 Total Liabilities $ 4,060.7 $ 4,270.0 and Equity
Nine Months Ended Cash flows from operating September 30, activities: 2026 2025 ────────────────────────────────────────────────────────────────────────────── Net income $ 506.8 $ 361.6 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 136.0 122.2 Amortization 1.3 2.2 Stock-based compensation 21.8 17.1 Gain on sale of SmartDose® 3.5mL On-Body -55.7 — Delivery System Non-cash restructuring charges 3.8 2.5 Asset impairments 4.6 4.4 Other non-cash items, net -7.0 -4.4 Changes in assets and -208.2 -1.9 liabilities Net cash provided by operating 403.4 503.7 activities Cash flows from investing activities: Capital expenditures -125.0 -209.8 Proceeds from sale of assets 126.9 — Disbursement associated with the sale of -8.9 — assets Net cash used in investing -7.0 -209.8 activities Cash flows from financing activities: Borrowings under revolving credit 50.0 — agreements Repayments under revolving credit -50.0 — agreements Principal repayments on finance -1.2 -0.8 leases Excise tax payments -0.8 -4.2 Dividend payments -47.0 -45.4 Proceeds from stock-based compensation 17.0 8.2 awards Employee stock purchase plan 5.8 5.4 contributions Shares purchased under share repurchase -685.3 -134.0 programs Shares repurchased for employee tax -3.8 -2.6 withholdings Net cash used in financing -715.3 -173.4 activities Effect of exchange rates on -8.3 23.4 cash Net (decrease) increase in cash and cash -327.2 143.9 equivalents Cash, including cash equivalents at 791.3 484.6 beginning of period Cash, including cash equivalents at end $ 464.1 $ 628.5 of period Supplemental cash flow information: Accrued capital expenditures $ 28.3 $ 38.1
Full text with the tables
Exhibit 99.1
West Reports Third-Quarter 2026 Results
Raising Full-Year Net Sales and Adjusted-Diluted EPS guidance
Exton, PA, October 29, 2026 – West Pharmaceutical Services, Inc. (NYSE: WST), a
leading provider of innovative, high-quality injectable solutions and services,
today announced its financial results for the third quarter of 2026.
Third-Quarter 2026
Summary (comparisons to prior-year period)
•
Net sales of $874.5 million increased 8.7%; organic growth was 11.9%.
• Diluted earnings per share ("EPS") of $3.02 increased 57.3%.
• Adjusted-diluted EPS of $2.66 increased 35.7%.
• The Company repurchased $231 million of stock in the quarter, bringing the
year-to-date total to $685 million.
• Year-to-date operating cash flow was $403 million. Capital expenditures were
$125 million.
• The Company also announced on October 19, 2026, that its Board of Directors
declared a fourth-quarter dividend of $0.26 per share, an increase of 18% over
the $0.22 per share paid in the prior quarter.
Outlook for Full-Year 2026
• Full-year 2026 net sales guidance increased to a range of $3.41 billion to
$3.42 billion, up from the previous range of $3.345 billion to $3.380 billion.
• Full-year 2026 adjusted-diluted EPS guidance increased to a range of $9.38 to
$9.48, up from the previous range of $8.85 to $9.05.
Michel Lagarde, President and Chief Executive Officer, commented: “I am pleased
to report strong third-quarter 2026 results, with net sales and adjusted EPS
exceeding our expectations. Our results were again led by our High-Value Product
(HVP) Components business. The robust sales performance drove strong operating
income margin expansion and EPS growth. As a result of our team's strong
execution in the third quarter, we are increasing our full-year 2026 guidance.”
Mr. Lagarde concluded: “I want to thank our global teams for their relentless
focus on execution to deliver products and services for our customers and the
patients they serve. West is a critical primary containment and drug delivery
partner for pharmaceutical companies, biotechs and CDMOs around the world. We
are grateful for the trust our customers put in us, and we remain committed to
driving continuous improvement to even better serve their current and future
needs.”
Proprietary Products Segment
Net sales of $728.8 million grew by 12.6% and increased 16.6% on an organic
basis.
• High-Value Product ("HVP") Components net sales of $466.7 million increased
19.7% and rose 20.3% on an organic basis. HVP Components accounted for 53% of
total company net sales in the quarter.
• HVP Delivery Devices net sales of $99.1 million were flat, and were up 26.4%
on an organic basis excluding foreign currency translation effects and the
impact of the divestiture of SmartDose® 3.5mL. HVP Delivery Devices accounted
for 11% of total company net sales in the quarter.
◦ SmartDose® 3.5mL net sales represented $11.8 million in the quarter and $29.8
million in the prior-year quarter and are excluded from both periods to
calculate organic growth.
• Standard Products net sales of $163.0 million increased by 2.9% and rose 3.1%
on an organic basis. Standard Products accounted for 19% of total company net
sales this quarter.
West Vantage Segment
Net sales of $145.7 million decreased by 7.3% and declined 6.6% on an organic
basis. West Vantage accounted for 17% of total company net sales in the quarter.
Full-Year 2026 Financial Guidance
• The Company is increasing its full-year 2026 net sales guidance range to $3.41
billion to $3.42 billion, up from the previous range of $3.345 billion to $3.380
billion.
◦ Organic net sales growth guidance increased to a range of 11.3% to 11.6%, up
from the prior range of 10% to 11%.
◦ SmartDose® 3.5mL generated $55.3 million in net sales in the second half of
2025 and generated $11.8 million in net sales in the third quarter of 2026. No
additional SmartDose® 3.5mL product sales are expected for the remainder of the
year. These net sales are excluded in both periods to calculate full-year 2026
organic growth.
• The Company is increasing its full-year 2026 adjusted-diluted EPS guidance
range to $9.38 to $9.48, up from the previous range of $8.85 to $9.05.
• Full-year 2026 capital spending guidance is updated to a range of $215 million
to $220 million, down from the prior range of $250 million to $275 million.
Third-Quarter 2026 Conference Call
Management will host a conference call at 8 a.m. EDT today. The live webcast can
be accessed in the "Investors" section of the Company's website at
https://edge.media-server.com/mmc/p/4fqogbip/.
To participate in the Q&A portion of the conference call, please register in
advance at https://register-conf.media-
server.com/register/BIe80a6bc721ad4d1592ecd1cf04ca6e93.
Registered telephone participants will receive the dial-in number along with a
unique PIN number that will enable them to ask questions on the call.
An accompanying slide presentation will be posted in the "Investors" section of
the Company's website.
A replay of the webcast will be available on the Company's website for
approximately 90 days after the event.
Media Contact:
Michele Polinsky
Vice President, Global Communications
(610) 594-3054
Michele.Polinsky@westpharma.com
About West
West Pharmaceutical Services, Inc. is a leading provider of innovative, high-
quality injectable solutions and services. As a trusted partner to established
and emerging drug developers, West helps ensure the safe, effective containment
and delivery of life-saving and life-enhancing medicines for patients. With over
10,000 team members across 50 sites including 26 manufacturing facilities
worldwide, West helps support our customers by delivering over 41 billion
components and devices each year. Headquartered in Exton, Pennsylvania, West in
its fiscal year 2025 generated $3.07 billion in net sales. West is traded on the
New York Stock Exchange (NYSE: WST) and is included in the Standard & Poor's 500
index. For more information, visit www.westpharma.com.
All trademarks and registered trademarks used in this release are the property
of West Pharmaceutical Services, Inc. or its subsidiaries, in the United States
and other jurisdictions, unless otherwise noted.
Daikyo®, Daikyo Crystal Zenith® and Daikyo CZ® are registered trademarks of
Daikyo Seiko, Ltd. Daikyo Crystal Zenith technologies are licensed from Daikyo
Seiko, Ltd.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, including, but not limited to,
statements regarding the Company's expectations regarding future events,
financial guidance and financial or operational performance. Forward-looking
statements may be identified by words such as "believe," "expect," "intend,"
"estimate," "plan," "anticipate," "project," "forecast," "guidance," "target,"
"may," "will," "continue" and similar expressions.
These statements are based on current expectations and assumptions and are
subject to risks and uncertainties that could cause actual results to differ
materially from those expressed or implied by such forward-looking statements.
For additional information regarding these risks as well as other risks,
uncertainties and factors that could affect our forward-looking statements,
please refer to Part I Item 1A, entitled "Risk Factors," of the Company's most
recent Annual Report on Form 10-K and any amendments thereto, as well as the
Company's most recently filed Quarterly Reports on Form 10-Q and other filings
the Company makes with the Securities and Exchange Commission.
Forward-looking statements speak only as of the date of this press release.
Except as required by law or regulation, West Pharmaceutical Services, Inc.
undertakes no obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
Non-U.S. GAAP Financial Measures
The Company reports its financial results in accordance with U.S. generally
accepted accounting principles (“U.S. GAAP”). However, management also uses
certain non-U.S. GAAP financial measures in evaluating our results of
operations. Management believes that this information provides users with a
valuable insight into our overall performance and financial position. As a
result, this release contains certain non-GAAP financial measures, including
organic net sales, adjusted-diluted EPS and adjusted operating profit. Organic
net sales exclude the impact from acquisitions and/or divestitures and translate
the current-period reported sales of subsidiaries whose functional currency is
other than the U.S. Dollar at the applicable foreign currency exchange rates in
effect during the comparable prior-year period. We may also refer to financial
results, such as adjusted-diluted EPS and adjusted operating profit, that
exclude the effects of unallocated items. The unallocated items are not
representative of ongoing operations, and generally include restructuring and
related charges, certain asset impairments, and other specifically identified
income or expense items. These non-U.S. GAAP financial measures should be viewed
in addition to, and not as an alternative for, the Company’s results prepared in
accordance with U.S. GAAP. A reconciliation of these non-U.S. GAAP measures to
the comparable U.S. GAAP financial measures is included in the accompanying
tables.
WEST PHARMACEUTICAL SERVICES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
( in millions, except per share data)
Th… Ni…
Mo… Mo…
En… En…
Se… Se…
20… 30, 20… 20… 30, 20…
──────────────────────────────────────────────────────────────────────────────
N… $ 87… 10… $ 80… 10… $ 2,… 1… $ 2… 10…
s…
C…
of
g… 52… 60 51… 63 1,… 62 1… 65
a…
s…
s…
G… 34… 40 29… 37 97… 38 8… 35
p…
R…
a… 18… 2 17… 2 53… 2 5… 2
d…
S…
g…
a… 11… 13 10… 13 33… 13 2… 13
a…
e…
O…
e… -5… -6 6.9 1 -3… -1 3… 1
(…
n…
O… 26… 31 16… 21 62… 24 4… 19
p…
I…
(… -0… — -4… — -4… — -… —
e…
n…
O…
n… 0.2 — 0.2 — 0.6 — 0… —
e…
(…
I…
b…
i…
t…
a…
e… 26… 31 17… 21 62… 24 4… 19
in
n…
i…
of
a…
c…
I…
t… 58… 7 34… 4 13… 5 8… 4
e…
E…
in
n…
i… -4… — -2… — -1… -1 -… -1
of
a…
c…
N… $ 21… 24% $ 14… 17% $ 50… 2… $ 3… 16%
i…
N…
i…
p…
s…
B… $ 3.… $ 1.… $ 7.… $ 5…
D… $ 3.… $ 1.… $ 7.… $ 4…
A…
c… 70… 72… 71… 7…
s…
o…
A…
s… 70… 72… 71… 7…
a…
d…
WEST PHARMACEUTICAL SERVICES
REPORTING SEGMENT INFORMATION
(UNAUDITED)
(in millions)
Three Nine
Mont… Mont…
Ended Ended
Net Sept… Sept…
Sal… 2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Pro… $ 728.8 $ 647.5 $ 2,14… $ 1,83…
Pro…
West 145.7 157.1 446.0 438.8
Van…
Con… $ 874.5 $ 804.6 $ 2,59… $ 2,26…
Tot…
Gro…
Pro…
Pro… $ 323.4 $ 264.0 $ 904.5 $ 722.5
Pro…
West 24.0 30.3 68.5 77.6
Van…
Gro… $ 347.4 $ 294.3 $ 973.0 $ 800.1
Pro…
Gro…
Pro… 39.7 % 36.6 % 37.5 % 35.3 %
Mar…
Ope…
Pro…
(Lo…
Pro… $ 230.6 $ 175.2 $ 631.7 $ 467.5
Pro…
West 15.5 22.3 44.0 53.6
Van…
Sto…
com… -4.3 -8.4 -21.8 -17.1
exp…
Gen…
cor… 25.6 -21.5 -30.3 -75.7
cos…
Rep…
Ope… $ 267.4 $ 167.6 $ 623.6 $ 428.3
Pro…
Rep…
Ope… 30.6 % 20.8 % 24.1 % 18.9 %
Pro…
Mar…
Una… -45.9 2.5 -23.7 22.1
ite…
Adj…
Ope… $ 221.5 $ 170.1 $ 599.9 $ 450.4
Pro…
Adj…
Ope… 25.3 % 21.1 % 23.1 % 19.8 %
Pro…
Mar…
WEST PHARMACEUTICAL SERVICES
RECONCILIATION OF NON-U.S. GAAP MEASURES (UNAUDITED)
Please refer to “Non-U.S. GAAP Financial Measures” for more information
(in millions, except per share data)
Reconciliation of Reported and Adjusted Operating Profit, Net Income and Diluted
EPS
Three
Mont…
ended
Sept… Income
30, Opera… tax Net Dilut…
2026 profit expense income EPS
──────────────────────────────────────────────────────────────────────────────
Repo…
(U.S. $267.4 $58.0 $214.0 $3.02
GAAP)
Unal…
Item…
Rest…
and 6.3 1.4 4.9 0.06
other
char…
M&A
acti…
incl… -54.0 -22.0 -31.9 -0.45
Smar…
3.5mL
sale…
Amor…
of
acqu… — — 0.5 0.01
inta…
asse…
Othe… 1.8 0.4 1.3 0.02
Adju…
(Non… $221.5 $37.8 $188.8 $2.66
GAAP)
Nine
Mont…
ended
Sept… Income
30, Opera… tax Net Dilut…
2026 profit expen… income EPS
──────────────────────────────────────────────────────────────────────────────
Repo…
(U.S. $623.6 $134.9 $506.8 $7.09
GAAP)
Unal…
Item…
Rest…
and 9.3 -9.9 19.1 0.26
other
char…
M&A
acti…
incl… -45.7 -20.2 -25.5 -0.36
Smar…
3.5mL
sale…
Cost…
inve… 3.5 — 3.5 0.05
acti…
Amor…
of
acqu… — — 1.4 0.02
inta…
asse…
Othe… 9.2 2.1 7.2 0.10
Adju…
(Non… $599.9 $106.9 $512.5 $7.16
GAAP)
Three
Mont…
ended
Sept… Income
30, Opera… tax Net Dilut…
2025 profit expense income EPS
──────────────────────────────────────────────────────────────────────────────
Repo…
(U.S. $167.6 $34.0 $140.0 $1.92
GAAP)
Unal…
item…
Rest…
and 2.5 0.6 2.0 0.03
other
char…
Amor…
of
acqu… — — 0.4 0.01
inta…
asse…
Adju…
(Non… $170.1 $34.6 $142.4 $1.96
GAAP)
Nine
Mont…
ended
Sept… Income
30, Opera… tax Net Dilut…
2025 profit expense income EPS
──────────────────────────────────────────────────────────────────────────────
Repo…
(U.S. $428.3 $88.3 $361.6 $4.97
GAAP)
Unal…
item…
Rest…
and 21.9 3.0 19.0 0.26
other
char…
Amor…
of
acqu… 0.2 — 1.5 0.02
inta…
asse…
Adju…
(Non… $450.4 $91.3 $382.1 $5.25
GAAP)
(1) During the three and nine months ended September 30, 2026, the Company
recorded pre-tax charges of $6.3 million and $9.3 million, respectively, related
to our two existing restructuring programs: (i) $5.8 million and $7.7 million,
respectively, within other expense (income), related to severance and retention
benefit charges and the acceleration of depreciation and lease costs in
connection with the Company's January 2025 restructuring plan and (ii) $0.5
million and $1.6 million, respectively, within selling, general and
administrative expenses, for professional services relating to our 2024 plan to
optimize the legal structure of the Company and its subsidiaries. In addition,
we recorded a one-time tax cost of $12.0 million associated with an internal
legal entity restructuring which occurred in the first quarter of 2026. During
the three and nine months ended September 30, 2025, the Company recorded pre-tax
charges of $2.5 million and $21.9 million, respectively, related to our two
existing restructuring programs: (i) $0.9 million and $17.5 million,
respectively, within other expense (income), related to severance, acceleration
of depreciation and lease costs in connection with the Company's January 2025
restructuring plan and (ii) $1.6 million and $4.4 million, respectively, within
selling, general and administrative expenses, for professional services relating
to our 2024 plan to optimize the legal structure of the Company and its
subsidiaries. In addition, we recorded income tax charges of $2.0 million in the
first quarter of 2025, related primarily to withholding tax and capital gains
incurred in executing our plan to optimize our legal structure.
(2) During the three and nine months ended September 30, 2026, the Company
recorded pre-tax benefit of $54.0 million and $45.7 million, respectively,
related to M&A activities, primarily related to the Company's agreement to sell
its SmartDose® 3.5mL On-Body Delivery System and associated facilities to
AbbVie. The net benefit is composed of a net gain on the sale of its SmartDose®
3.5mL On-Body Delivery System assets of $55.7 million for the three and nine
months ended September 30, 2026 within other expense (income). The Company
recorded a one-time tax cost of $22.4 million associated with the gain on the
sale of SmartDose® 3.5mL On-Body Delivery System. The Company recorded a net
benefit of $1.9 million and net charges of $0.3 million, respectively, within
other expense (income), related to employee benefits in connection with the sale
agreement. The Company recorded the remaining $3.6 million and $9.7 million,
respectively, within selling, general and administrative expenses, relating to
professional services in connection with other M&A activities.
(3) During the nine months ended September 30, 2026, the Company recorded cost-
method investment impairment charges of $3.5 million within other expense
(income).
(4) During the three and nine months ended September 30, 2026, the Company
recorded $0.5 million and $1.4 million, respectively, of amortization expense in
association with an acquisition of increased ownership interest in Daikyo.
During the three and nine months ended September 30, 2025, the Company recorded
$0.0 million and $0.2 million, respectively, of amortization expense within
selling, general and administrative expenses associated with an intangible asset
acquired during the second quarter of 2020. During the three and nine months
ended September 30, 2025, the Company recorded $0.4 million and $1.3 million,
respectively, of amortization expense in association with an acquisition of
increased ownership interest in Daikyo.
(5) Other includes nonrecurring professional fees associated with various items
including certain legal matters and our cybersecurity incident from May 2026.
These charges are recorded within selling, general and administrative expenses.
WEST PHARMACEUTICAL SERVICES
RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES (UNAUDITED)
Please refer to “Non-U.S. GAAP Financial Measures” for more information
(in millions, except per share data)
Reconciliation of Reported Net Sales to Organic Net Sales by Segment (6)
The following table presents net sales, consolidated and by reportable segment,
for the three months ended September 30, 2026 and 2025:
Cons…
Net Perc…
Sales 2026 2025 Chan… Chan…
──────────────────────────────────────────────────────────────────────────────
Rep…
net $ 874.5 $ 804.6 $ 69.9 8.7 %
sal…
Les…
For… -4.0 — -4.0
exc…
Sma…
3.5… -11.8 -29.8 18.0
tra…
Org…
net $ 866.7 $ 774.8 $ 91.9 11.9 %
sal…
Pro…
Pro… 2026 2025 Change Perce…
Net Change
Sal…
Rep…
net $ 728.8 $ 647.5 $ 81.3 12.6 %
sal…
Les…
For… -3.0 — -3.0
exc…
Sma…
3.5… -11.8 -29.8 18.0
tra…
Org…
net $ 720.0 $ 617.7 $ 102.3 16.6 %
sal…
West
Van… 2026 2025 Change Perce…
Net Change
Sal…
Rep…
net $ 145.7 $ 157.1 $ -11.4 -7.3 %
sal…
Les…
For… -1.0 — -1.0
exc…
Org…
net $ 146.7 $ 157.1 $ -10.4 -6.6 %
sal…
The following table presents net sales, consolidated and by reportable segment,
for the nine months ended September 30, 2026 and 2025:
Cons…
Net Perc…
Sales 2026 2025 Chan… Chan…
──────────────────────────────────────────────────────────────────────────────
Rep…
net $ 2,59… $ 2,26… $ 322.6 14.2 %
sal…
Les…
For… 44.5 — 44.5
exc…
Sma…
3.5… -11.8 -29.8 18.0
tra…
Org…
net $ 2,53… $ 2,23… $ 296.1 13.2 %
sal…
Pro…
Pro… 2026 2025 Change Perce…
Net Change
Sal…
Rep…
net $ 2,14… $ 1,83… $ 315.4 17.2 %
sal…
Les…
For… 36.5 — 36.5
exc…
Sma…
3.5… -11.8 -29.8 18.0
tra…
Org…
net $ 2,09… $ 1,80… $ 296.9 16.5 %
sal…
West
Van… 2026 2025 Change Perce…
Net Change
Sal…
Rep…
net $ 446.0 $ 438.8 $ 7.2 1.6 %
sal…
Les…
For… 8.0 — 8.0
exc…
Org…
net $ 438.0 $ 438.8 $ -0.8 -0.2 %
sal…
Reconciliation of Proprietary Products Segment Organic Net Sales by Product
Category (6)
The following table presents net sales within the Proprietary Products
reportable segment by product category, for the three months ended September 30,
2026 and 2025:
HVP Perc…
Comp… 2026 2025 Chan… Chan…
──────────────────────────────────────────────────────────────────────────────
Rep…
net $ 466.7 $ 390.0 $ 76.7 19.7 %
sal…
Les…
For… -2.4 — -2.4
exc…
Org…
net $ 469.1 $ 390.0 $ 79.1 20.3 %
sal…
HVP Perce…
Del… 2026 2025 Change Change
Dev…
Rep…
net $ 99.1 $ 99.1 $ — — %
sal…
Les…
For… -0.3 — -0.3
exc…
Sma…
3.5… -11.8 -29.8 18.0
tra…
Org…
net $ 87.6 $ 69.3 $ 18.3 26.4 %
sal…
Sta… 2026 2025 Change Perce…
Pro… Change
Rep…
net $ 163.0 $ 158.4 $ 4.6 2.9 %
sal…
Les…
For… -0.3 — -0.3
exc…
Org…
net 163.3 $ 158.4 $ 4.9 3.1 %
sal…
The following table presents net sales within the Proprietary Products
reportable segment by product category, for the nine months ended September 30,
2026 and 2025:
HVP Perc…
Comp… 2026 2025 Chan… Chan…
──────────────────────────────────────────────────────────────────────────────
Rep…
net $ 1,30… $ 1,06… $ 238.9 22.5 %
sal…
Les…
For… 22.9 — 22.9
exc…
Org…
net $ 1,27… $ 1,06… $ 216.0 20.4 %
sal…
HVP Perce…
Del… 2026 2025 Change Change
Dev…
Rep…
net $ 353.9 $ 296.0 $ 57.9 19.6 %
sal…
Les…
For… 1.6 — 1.6
exc…
Sma…
3.5… -11.8 -29.8 18.0
tra…
Org…
net $ 340.5 $ 266.2 $ 74.3 27.9 %
sal…
Sta… 2026 2025 Change Perce…
Pro… Change
Rep…
net $ 491.7 $ 473.1 $ 18.6 3.9 %
sal…
Les…
For… 12.0 — 12.0
exc…
Org…
net $ 479.7 $ 473.1 $ 6.6 1.4 %
sal…
Reconciliation of Proprietary Products Segment Organic Net Sales by Market Group
(6)
The following table presents net sales within the Proprietary Products
reportable segment by market group, for the three months ended September 30,
2026 and 2025:
Per…
Biol… 2026 2025 Chan… Cha…
──────────────────────────────────────────────────────────────────────────────
Rep…
net $ 379.3 $ 329.1 $ 50.2 15.3 %
sal…
Les…
For… -1.2 — -1.2
exc…
Sma…
3.5… -11.8 -29.8 18.0
tra…
Org…
net $ 368.7 ` $ 299.3 $ 69.4 23.2 %
sal…
Gen… 2026 2025 Chan… Perc…
Chan…
Rep…
net $ 128.2 $ 135.9 $ -7.7 -5.7 %
sal…
Les…
For… -1.6 — -1.6
exc…
Org…
net $ 129.8 $ 135.9 $ -6.1 -4.5 %
sal…
Pha… 2026 2025 Chan… Perc…
Chan…
Rep…
net $ 221.3 $ 182.5 $ 38.8 21.3 %
sal…
Les…
For… -0.2 — -0.2
exc…
Org…
net $ 221.5 $ 182.5 $ 39.0 21.4 %
sal…
The following table presents net sales within the Proprietary Products
reportable segment by market group, for the nine months ended September 30, 2026
and 2025:
Perc…
Biol… 2026 2025 Chan… Chan…
──────────────────────────────────────────────────────────────────────────────
Rep…
net $ 1,10… $ 886.1 $ 222.5 25.1 %
sal…
Les…
For… 17.4 — 17.4
exc…
Sma…
3.5… -11.8 -29.8 18.0
tra…
Org…
net $ 1,07… $ 856.3 $ 223.1 26.1 %
sal…
Gen… 2026 2025 Change Perce…
Change
Rep…
net $ 400.2 $ 382.6 $ 17.6 4.6 %
sal…
Les…
For… 3.7 — 3.7
exc…
Org…
net $ 396.5 $ 382.6 $ 13.9 3.6 %
sal…
Pha… 2026 2025 Change Perce…
Change
Rep…
net $ 636.9 $ 561.6 $ 75.3 13.4 %
sal…
Les…
For… 15.4 — 15.4
exc…
Org…
net $ 621.5 $ 561.6 $ 59.9 10.7 %
sal…
Reconciliation of Reported Net Sales to Organic Net Sales by Geography (6)
The following table presents net sales, consolidated and by geographic region,
for the three months ended September 30, 2026 and 2025:
Per…
Amer… 2026 2025 Chan… Cha…
──────────────────────────────────────────────────────────────────────────────
Rep…
net $ 401.3 $ 375.3 $ 26.0 6.9 %
sal…
Les…
For… 1.3 — 1.3
exc…
Sma…
3.5… -11.8 -29.8 18.0
tra…
Org…
net $ 388.2 ` $ 345.5 $ 42.7 12.4 %
sal…
Eur…
Mid… Perc…
Eas… 2026 2025 Chan… Chan…
Afr…
("E…
Rep…
net $ 376.1 $ 361.1 $ 15.0 4.2 %
sal…
Les…
For… -5.6 — -5.6
exc…
Org…
net $ 381.7 $ 361.1 $ 20.6 5.7 %
sal…
Asia 2026 2025 Chan… Perc…
Pac… Chan…
Rep…
net $ 97.1 $ 68.2 $ 28.9 42.4 %
sal…
Les…
For… 0.3 — 0.3
exc…
Org…
net $ 96.8 $ 68.2 $ 28.6 41.9 %
sal…
The following table presents net sales, consolidated and by reportable segment,
for the nine months ended September 30, 2026 and 2025:
Perc…
Amer… 2026 2025 Chan… Chan…
──────────────────────────────────────────────────────────────────────────────
Rep…
net $ 1,16… $ 1,06… $ 103.4 9.7 %
sal…
Les…
For… 5.1 — 5.1
exc…
Sma…
3.5… -11.8 -29.8 18.0
tra…
Org…
net $ 1,15… ` $ 1,03… $ 116.3 11.2 %
sal…
Eur…
Mid… Per…
Eas… 2026 2025 Chan… Cha…
Afr…
("E…
Rep…
net $ 1,17… $ 1,01… $ 157.6 15.5 %
sal…
Les…
For… 39.7 — 39.7
exc…
Org…
net $ 1,13… $ 1,01… $ 117.9 11.6 %
sal…
Asia 2026 2025 Chan… Per…
Pac… Cha…
Rep…
net $ 249.1 $ 187.5 $ 61.6 32.9 %
sal…
Les…
For… -0.3 — -0.3
exc…
Org…
net $ 249.4 $ 187.5 $ 61.9 33.0 %
sal…
(6) Organic net sales exclude the impact from acquisitions and/or divestitures
and translate the current-period reported sales of subsidiaries whose functional
currency is other than the U.S. Dollar at the applicable foreign currency
exchange rates in effect during the comparable prior-year period.
WEST PHARMACEUTICAL SERVICES
RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES (UNAUDITED)
Please refer to “Non-U.S. GAAP Financial Measures” for more information
(in millions, except per share data)
Reconciliation of Reported-Diluted EPS Guidance to Adjusted-Diluted EPS Guidance
2025 Actual 2026 Guidance % Change
Reported-diluted EPS $6.79 $9.31 to $9.41 37.1% to 38.6%
(U.S. GAAP)
Restructuring and other 0.31 0.26
charges
M&A activities, including
SmartDose® 0.09 -0.36
3.5mL sale
Cost-method investment 0.06 0.05
activity
Amortization of
acquisition-related 0.03 0.02
intangible assets
Other 0.01 0.10
Adjusted-diluted EPS $7.29 $9.38 to $9.48 28.7% to 30.0%
(Non-U.S. GAAP)
WEST PHARMACEUTICAL SERVICES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in millions,
except per September 30, December 31,
share data) 2026 2025
──────────────────────────────────────────────────────────────────────────────
ASSETS
Current assets:
Cash and cash $ 464.1 $ 791.3
equivalents
Accounts 748.2 574.4
receivable, net
Inventories 464.7 443.9
Other current 139.5 168.6
assets
Total current 1,816.5 1,978.2
assets
Property, plant 3,266.1 3,223.4
and equipment
Less: accumulated
depreciation and 1,594.1 1,497.0
amortization
Property, plant 1,672.0 1,726.4
and equipment, net
Operating lease
right-of-use 98.4 117.0
assets
Investments in
affiliated 215.8 212.3
companies
Goodwill 108.7 109.9
Intangible assets, 6.2 7.7
net
Deferred income 60.2 38.4
taxes
Other noncurrent 82.9 80.1
assets
Total Assets $ 4,060.7 $ 4,270.0
LIABILITIES AND
EQUITY
Current
liabilities:
Accounts payable $ 249.4 $ 253.7
Accrued salaries, 124.3 135.9
wages and benefits
Income taxes 56.2 28.1
payable
Operating lease 19.5 22.7
liabilities
Accrued
commissions, 38.6 39.2
rebates and
royalties
Other current 156.3 175.3
liabilities
Total current 644.3 654.9
liabilities
Long-term debt 202.9 202.8
Deferred income 23.0 23.0
taxes
Pension and other
postretirement 28.6 29.0
benefits
Operating lease 82.6 95.6
liabilities
Deferred
compensation 14.0 13.5
benefits
Other long-term 97.1 75.2
liabilities
Total Liabilities 1,092.5 1,094.0
Equity:
Preferred stock,
3.0 million shares
authorized; 0 — —
shares issued and
outstanding
Common stock, par
value $0.25 per
share;
200.0 million
shares authorized;
shares
issued:
September 30, 2026
- 75.3 million, 18.8 18.8
December 31, 2025
- 75.3 million;
shares
outstanding:
September 30, 2026
- 69.8 million,
December 31, 2025
- 72.0 million
Capital in excess — —
of par value
Retained earnings 4,816.8 4,374.9
Accumulated other -137.0 -105.5
comprehensive loss
Treasury stock, at
cost (September
30,
2026 - 5.5 million -1,730.4 -1,112.2
shares, December
31,
2025 - 3.3 million
shares)
Total Equity 2,968.2 3,176.0
Total Liabilities $ 4,060.7 $ 4,270.0
and Equity
WEST PHARMACEUTICAL SERVICES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in millions)
Nine Months Ended
Cash flows from operating September 30,
activities: 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net income $ 506.8 $ 361.6
Adjustments to reconcile net
income to
net cash provided by operating
activities:
Depreciation 136.0 122.2
Amortization 1.3 2.2
Stock-based compensation 21.8 17.1
Gain on sale of SmartDose®
3.5mL On-Body -55.7 —
Delivery System
Non-cash restructuring charges 3.8 2.5
Asset impairments 4.6 4.4
Other non-cash items, net -7.0 -4.4
Changes in assets and -208.2 -1.9
liabilities
Net cash provided by operating 403.4 503.7
activities
Cash flows from investing
activities:
Capital expenditures -125.0 -209.8
Proceeds from sale of assets 126.9 —
Disbursement associated with
the sale of -8.9 —
assets
Net cash used in investing -7.0 -209.8
activities
Cash flows from financing
activities:
Borrowings under revolving
credit 50.0 —
agreements
Repayments under revolving
credit -50.0 —
agreements
Principal repayments on finance -1.2 -0.8
leases
Excise tax payments -0.8 -4.2
Dividend payments -47.0 -45.4
Proceeds from stock-based
compensation 17.0 8.2
awards
Employee stock purchase plan 5.8 5.4
contributions
Shares purchased under share
repurchase -685.3 -134.0
programs
Shares repurchased for employee
tax -3.8 -2.6
withholdings
Net cash used in financing -715.3 -173.4
activities
Effect of exchange rates on -8.3 23.4
cash
Net (decrease) increase in cash
and cash -327.2 143.9
equivalents
Cash, including cash
equivalents at 791.3 484.6
beginning of period
Cash, including cash
equivalents at end $ 464.1 $ 628.5
of period
Supplemental cash flow
information:
Accrued capital expenditures $ 28.3 $ 38.1