Analyst Consensus ?
ConsensusBuy16 ratings
Bullish1381.3%
Neutral212.5%
Bearish16.2%
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
Earnings scorecard
Reported versus consensus
Reported EPS
$2.37
Consensus $2.08
EPS surprise
+13.9%
Reported versus consensus
Reported revenue
$872.3M
Consensus $840.0M
Revenue surprise
+3.8%
Reported versus consensus
Market 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
Ask FN2 about WST FY2026 Q2
Transcript, numbers and history already loaded
Why did WST fall 0.8% after beating EPS estimates in FY2026 Q2?What changed in WST's guidance and outlook in FY2026 Q2?Give me the bull and bear case for WST after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript 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.
Follow WST with an agent that reads every filing, transcript, and price print. Free to start.
Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$403.64Current
$295Low
$372Average
$447High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 29, 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 |
|---|---|---|---|---|
| TD Cowen | Buy | Buy | Maintain | Oct 13, 2026 |
| Barclays | Overweight | Overweight | Maintain | Oct 7, 2026 |
| Morgan Stanley | Overweight | Equal Weight | Upgrade | Sep 22, 2026 |
| UBS | Buy | Buy | Maintain | Sep 9, 2026 |
| Citigroup | Buy | Buy | Maintain | Aug 3, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Jul 27, 2026 |
| Keybanc | Overweight | Overweight | Maintain | Jul 2, 2026 |
| Stephens & Co. | Overweight | Overweight | Maintain | Jun 2, 2026 |
| 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 $403.64. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Barclays | Luke Sergott | $440 | $372.64 | +9.0% | Oct 7, 2026 |
| Morgan Stanley | Kallum Titchmarsh | $400 | $361.73 | -0.9% | Sep 22, 2026 |
| UBS | Analyst unavailable | $415 | $338.06 | +2.8% | Sep 9, 2026 |
| Evercore ISI | Analyst unavailable | $425 | $333.12 | +5.3% | Jul 27, 2026 |
| BNP Paribas | Analyst unavailable | $447 | $353.71 | +10.7% | Jul 13, 2026 |
| Morgan Stanley | Analyst unavailable | $365 | $353.68 | -9.6% | Jul 9, 2026 |
| Evercore ISI | Daniel Markowitz | $410 | $359.27 | +1.6% | Jul 6, 2026 |
| KeyBanc | Analyst unavailable | $390 | $365 | -3.4% | Jul 2, 2026 |
| Barclays | Luke Sergott | $400 | $319.75 | -0.9% | Jun 9, 2026 |
| Morgan Stanley | Analyst unavailable | $315 | $306.39 | -22.0% | Apr 27, 2026 |
| Barclays | Analyst unavailable | $310 | $306.16 | -23.2% | Apr 27, 2026 |
| UBS | Dan Leonard | $340 | $246.6 | -15.8% | Feb 13, 2026 |
| Deutsche Bank | Analyst unavailable | $315 | $247.49 | -22.0% | Feb 13, 2026 |
| Barclays | Luke Sergott | $265 | $243.61 | -34.3% | Feb 13, 2026 |
| Jefferies | David Windley | $295 | $249.97 | -26.9% | Feb 10, 2026 |
| Evercore ISI | Daniel Markowitz | $320 | $237.88 | -20.7% | Feb 3, 2026 |
| Morgan Stanley | Analyst unavailable | $285 | $274.14 | -29.4% | Dec 1, 2025 |
| Barclays | Analyst unavailable | $325 | $293.62 | -19.5% | Oct 27, 2025 |
| UBS | Dan Leonard | $355 | $307.25 | -12.1% | Oct 24, 2025 |
| Deutsche Bank | Justin Bowers | $345 | $304.74 | -14.5% | Oct 24, 2025 |
| Evercore ISI | Daniel Markowitz | $390 | $309.28 | -3.4% | Oct 23, 2025 |
| Evercore ISI | Analyst unavailable | $350 | $268.07 | -13.3% | Oct 7, 2025 |
| Barclays | Analyst unavailable | $275 | $271.42 | -31.9% | Oct 2, 2025 |
| Redburn Partners | Jamie Clark | $311 | $257.53 | -23.0% | Sep 15, 2025 |
| Barclays | Luke Sergott | $245 | $222.68 | -39.3% | Jun 24, 2025 |
| Jefferies | David Windley | $393 | $287.85 | -2.6% | Nov 19, 2024 |
| Jefferies | David Windley | $536 | $413 | +32.8% | Feb 7, 2024 |
| Deutsche Bank | Analyst unavailable | $250 | $251.9 | -38.1% | Dec 14, 2022 |
| UBS | Analyst unavailable | $250 | $222.84 | -38.1% | Nov 30, 2022 |
Track every rating change on WST the moment it posts. Free to start.
Start freeCompany 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.…
Historical context
All WST earningsHealthcare peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| ENSG The Ensign Group, Inc. | FY2026 Q3 · Calendar Q4 2026 | — | +8.6% | Ensign raises earnings outlook as acquisitions and occupancy support growth |
| GEHC GE HealthCare Technologies Inc. | FY2026 Q3 · Calendar Q4 2026 | — | +6.6% | GE HealthCare raises 2026 outlook as margins expand |
| LH Labcorp Holdings Inc. | FY2026 Q3 · Calendar Q4 2026 | — | +8.8% | Labcorp raises 2026 outlook as Q3 growth broadens |
| BIIB Biogen Inc. | FY2026 Q3 · Calendar Q4 2026 | — | -3.4% | Biogen Q3: Growth portfolio expands as guidance rises |
| UHS Universal Health Services, Inc. | FY2026 Q3 · Calendar Q4 2026 | +0.6% | -2.9% | UHS reaffirms guidance as new-hospital ramps weigh on Q3 |
| GSK GSK plc | FY2026 Q3 · Calendar Q4 2026 | — | -4.3% | GSK reaffirms 2026 guidance as specialty medicines drive Q3 growth |
Latest beats and misses
Who reports nextBeat on EPS
- EVRFY2026 Q3 · October 28, 2026+69.8% EPS+12.5% move
- EXEFY2026 Q3 · October 27, 2026+13.2% EPS-3.2% move
- CRFY2026 Q3 · October 27, 2026+12.6% EPS+2.9% move
- PPGFY2026 Q3 · October 27, 2026+6.1% EPS+4.4% move
- UMBFFY2026 Q3 · October 27, 2026+10.6% EPS-1.1% move
- UHSFY2026 Q3 · October 27, 2026+0.6% EPS-2.9% move
Get the WST recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
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 · As of 2026-07-30. For educational purposes only; not investment advice.