Analyst Consensus ?
ConsensusBuy14 ratings
Bullish1071.4%
Neutral321.4%
Bearish17.2%
West Pharmaceutical Services, Inc. · WST · FY2026 Q2 · Calendar Q3 2026
West Pharmaceutical Q2 2026: EPS and Revenue Beat, Guidance Raised Again
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…
Reported Before market openNYSEHealthcare
$23.75B market cap
100quality score
Company context
Snapshot as of publicationWest Pharmaceutical Services, Inc. (WST) specializes in the development, manufacturing, and global distribution of essential containment and delivery solutions for injectable pharmaceuticals and other healthcare products. The company's operations span across the Americas, Europe, the Middle East, Africa, and the Asia Pacific region, structured into two primary business units: Proprietary Products and Contract-Manufactured Products. The Proprietary Products segment offers a comprehensive array of components for injectable packaging, including stoppers and seals, alongside syringe and cartridge parts, which can be customized for specific injectable drug delivery requirements. It also provides advanced drug administration systems designed to enhance safe and effective delivery through sophisticated reconstitution, mixing, and transfer technologies.…
Earnings scorecard
Reported versus consensus
Reported EPS
$2.37
Consensus $2
EPS surprise
+13.9%
Reported versus consensus
Reported revenue
$872.3M
Consensus $840.0M
Revenue surprise
+3.8%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$339.59Current
$250Low
$354.08Average
$447High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 30, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Evercore ISI Group | Outperform | Outperform | Maintain | Jul 27, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jul 9, 2026 |
| Keybanc | Overweight | Overweight | Maintain | Jul 2, 2026 |
| Barclays | Overweight | Equal Weight | Upgrade | Jun 9, 2026 |
| Stephens & Co. | Overweight | Overweight | Maintain | Jun 2, 2026 |
| UBS | Buy | Buy | Maintain | Oct 24, 2025 |
| B of A Securities | Buy | Buy | Maintain | Dec 13, 2024 |
| Jefferies | Buy | Hold | Upgrade | Feb 7, 2024 |
| Deutsche Bank | Hold | Hold | Maintain | Dec 14, 2022 |
| Bank of America | Underperform | Neutral | Downgrade | Dec 12, 2019 |
| William Blair | Outperform | Outperform | Maintain | Apr 23, 2019 |
| Goldman Sachs | Neutral | Neutral | Maintain | Jan 24, 2018 |
| Wells Fargo | Outperform | Outperform | Maintain | Oct 27, 2017 |
| Janney Capital | Buy | Buy | Maintain | Jan 8, 2016 |
Named analyst price targets
Upside is calculated against the persisted current price $339.59. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Evercore ISI | Analyst unavailable | $425 | $333.12 | +25.2% | Jul 27, 2026 |
| BNP Paribas | Analyst unavailable | $447 | $353.71 | +31.6% | Jul 13, 2026 |
| Morgan Stanley | Analyst unavailable | $365 | $353.68 | +7.5% | Jul 9, 2026 |
| Evercore ISI | Daniel Markowitz | $410 | $359.27 | +20.7% | Jul 6, 2026 |
| KeyBanc | Analyst unavailable | $390 | $365 | +14.8% | Jul 2, 2026 |
| Barclays | Luke Sergott | $400 | $319.75 | +17.8% | Jun 9, 2026 |
| Morgan Stanley | Analyst unavailable | $315 | $306.39 | -7.2% | Apr 27, 2026 |
| Barclays | Analyst unavailable | $310 | $306.16 | -8.7% | Apr 27, 2026 |
| UBS | Dan Leonard | $340 | $246.6 | +0.1% | Feb 13, 2026 |
| Deutsche Bank | Analyst unavailable | $315 | $247.49 | -7.2% | Feb 13, 2026 |
| Barclays | Luke Sergott | $265 | $243.61 | -22.0% | Feb 13, 2026 |
| Jefferies | David Windley | $295 | $249.97 | -13.1% | Feb 10, 2026 |
| Evercore ISI | Daniel Markowitz | $320 | $237.88 | -5.8% | Feb 3, 2026 |
| Morgan Stanley | Analyst unavailable | $285 | $274.14 | -16.1% | Dec 1, 2025 |
| Barclays | Analyst unavailable | $325 | $293.62 | -4.3% | Oct 27, 2025 |
| UBS | Dan Leonard | $355 | $307.25 | +4.5% | Oct 24, 2025 |
| Deutsche Bank | Justin Bowers | $345 | $304.74 | +1.6% | Oct 24, 2025 |
| Evercore ISI | Daniel Markowitz | $390 | $309.28 | +14.8% | Oct 23, 2025 |
| Evercore ISI | Analyst unavailable | $350 | $268.07 | +3.1% | Oct 7, 2025 |
| Barclays | Analyst unavailable | $275 | $271.42 | -19.0% | Oct 2, 2025 |
| Redburn Partners | Jamie Clark | $311 | $257.53 | -8.4% | Sep 15, 2025 |
| Barclays | Luke Sergott | $245 | $222.68 | -27.9% | Jun 24, 2025 |
| Jefferies | David Windley | $393 | $287.85 | +15.7% | Nov 19, 2024 |
| Jefferies | David Windley | $536 | $413 | +57.8% | Feb 7, 2024 |
| Deutsche Bank | Analyst unavailable | $250 | $251.9 | -26.4% | Dec 14, 2022 |
| UBS | Analyst unavailable | $250 | $222.84 | -26.4% | Nov 30, 2022 |
Track every rating change on WST the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
-0.8%
Event window
SPY move
-1.2%
Same window
Abnormal move
+0.4%
Stock minus SPY
Volume
2.3×
Versus trailing sessions
Subsequent drift
-4.5%
Up to 20 sessions
WSTSPY benchmark
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Try FN2 freeTranscript intelligence
What changed
Q2 2026 results exceeded expectations with EPS of $2.37 (vs $2.08 consensus, +13.9% surprise) and revenue of $872.3 million (vs $840.0 million consensus, +3.9% surprise). Management raised full-year guidance from 7-9% to 10-11% organic revenue growth and from $8.40-$8.75 to $8.85-$9.05 adjusted EPS -- the second consecutive guidance raise. HVP components grew to approximately 49% of total revenue. The SmartDose 3.5mL divestiture closed July 1, removing a dilutive product. Annex 1 upgrade projects reached approximately 800, up 50% year-over-year. Non-GLP-1 HVP components outperformed on >90% win rates for new biologic molecules. A cyber incident caused a mid-single-digit revenue drag at West Vantage, expected to be offset in the second half.
Guidance delta
Full-year guidance was raised for the second consecutive quarter. Organic revenue growth guidance increased from 7-9% to 10-11%. Adjusted EPS guidance increased from $8.40-$8.75 to $8.85-$9.05. Capex outlook is stable. Management tone remained confident with a bullish score of 88, up from 85 in the prior quarter.
Key takeaways
- Q2 EPS of $2.37 beat the $2.08 consensus by 14%; revenue of $872M beat by 3.9%.
- Full-year guidance raised to 10-11% organic revenue growth and EPS $8.85-$9.05 -- the second consecutive raise.
- HVP components now ~49% of revenue, driven by biologics, GLP-1, and Annex 1 upgrades.
- Approximately 800 Annex 1 upgrade projects in hand, up 50% YoY, supporting multiyear growth visibility.
- SmartDose 3.5mL divestiture completed July 1, removing a dilutive product from the portfolio.
- Cyber incident caused a mid-single-digit drag to West Vantage; management expects H2 offset.
Management priorities
- Scale Annex 1 upgrade projects globally, including expansion beyond Europe.
- Launch new GLP-1 products and support generic GLP-1 rollouts across multiple regions.
- Increase capacity utilization at Dublin and expand Grand Rapids facilities.
- Continue share repurchase program and maintain dividend policy.
- Transition leadership to incoming CEO Michel Lagarde on August 31.
Related earnings events
HealthcareHCA · FY2026 Q2 · Calendar Q3 2026HCA Q2 2026: Payer-Mix Shift Hits EBITDA, Florida Medicaid Boosts, $7B Capex UnveiledDGX · FY2026 Q2 · Calendar Q3 2026Quest Diagnostics Beats on Volume and AI Automation, Raises Full-Year GuidanceEW · FY2026 Q2 · Calendar Q3 2026Edwards Lifesciences Beats on Q2, Raises Full-Year Sales Guidance
Sources
- Earnings call transcript and parsed analysis · 2026-07-23T17:03:32.086509+00:00
- FN2 earnings calendar · 2026-07-30T01:23:13.872335+00:00
- Polygon adjusted daily market bars · 2026-07-30T22:11:24.246417+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-30T22:11:24.244142+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.