WST
FY2026 Q2 · Calendar Q3 2026
West Pharmaceutical Services, Inc.
West Pharmaceutical Services delivered a second consecutive quarter of beats-and-raises in Q2 2026, with revenue of $872 million (up 13% YoY) and adjusted EPS of $2.37 (up 29% YoY), both above consensus. The company raised full-year guidance for the second time, now projecting 10-11% organic revenue growth and adjusted EPS of $8.85-$9.05. Growth continues to be driven by high-value proprietary (HVP) components -- particularly biologics, GLP-1 elastomers, and Annex 1 upgrade projects -- which now represent approximately 49% of total revenue and carry higher margins. The completed SmartDose divestiture removes a dilutive product line, while the renewed Daikyo partnership and approximately 800 Annex 1 upgrade projects (up 50% YoY) support a multiyear growth thesis. A cyber incident temporarily dragged the West Vantage segment, but management expects H2 recovery. CEO succession is…
EPS surprise+13.9%
Market move-0.8%
