West Pharmaceutical Services

West Pharmaceutical Services, Inc. (West) makes containment and delivery products for injectable medicines. It is based in Exton, Pennsylvania. Its Proprietary Products segment makes high-value components such as elastomer stoppers and seals, high-value delivery devices such as the Daikyo Crystal Zenith systems, and standard products.

Its West Vantage segment designs, makes and assembles complex devices for pharmaceutical, diagnostic and medical device customers. West sells mostly to pharmaceutical and biotech companies and contract manufacturers. In 2025, net sales were $3.07 billion.

It has over 10,000 team members at 50 sites, including 26 factories, and holds 49% of Daikyo Seiko, its partner in Japan. Michel Lagarde became President and Chief Executive Officer on August 31, 2026. West files 10-K and 10-Q reports with the SEC, and its common stock trades on the New York Stock Exchange in US dollars.

The price of West depends on whether high-value components can keep growing at a double-digit rate while margins rise. In Q3 of 2026, net sales rose 8.7% to $874.5 million, organic growth was 11.9% and adjusted EPS rose 35.7% to $2.66. High-value components, which are 53% of sales, grew 19.7%, led by demand for biologic and GLP-1 medicines. The company raised its guidance for 2026 to adjusted EPS of $9.38 to $9.48.

The market has to weigh this against a cyber attack in May 2026 that stopped operations for some time, a change of chief executive and a weak West Vantage segment, where sales fell 7.3%. A gain of $55.7 million from the sale of the SmartDose 3.5mL system also helped reported results in Q3. For the price to hold or rise, three things must be true. Orders for high-value components must keep growing at a double-digit rate as customers launch more biologic and GLP-1 products.

The adjusted operating margin must keep rising from 23.1% in the first nine months of 2026. The new chief executive must keep the plan without more operating problems. The next tests are the Q4 report with the first view of 2027, expected in February 2027, and the Q1 report in April 2027.

1. Feb 11, 2027 · est.Pending

   Q4 2026 results and the first view of 2027High-value components keep growing at a double-digit rate and the adjusted operating margin rises, and this passes; slower growth or a lower margin fails.
2. Apr 2027 · est.Pending

   Q1 2027 resultsOrganic growth stays above 10% under the new chief executive with no new operating problem, and this passes; a clear slowdown fails.
3. Jul 2027 · est.Pending

   Q2 2027 results: first-half marginThe adjusted operating margin for the first half of 2027 is above the 23.1% of the first nine months of 2026, and this passes; a lower margin fails.

Every passed and failed checkpoint across all picks

• October 29, 2026West reported Q3 2026 results. Net sales rose 8.7% to $874.5 million, and adjusted EPS rose 35.7% to $2.66. The company raised its guidance for 2026 to net sales of $3.41 billion to $3.42 billion and adjusted EPS of $9.38 to $9.48. It declared a Q4 dividend of $0.26 per share, up 18%.
• October 29, 2026West bought back $231 million of stock in Q3 and $685 million in the first nine months. About $314.7 million remains under its authorization of $1.0 billion. Its cash fell to $464.1 million from $791.3 million at the end of 2025.
• October 26, 2026West signed a new senior unsecured credit agreement with Bank of America as agent. It has a revolving facility of $750 million and a term loan of $200 million, and it matures on October 26, 2031.

Last earnings

October 29, 2026 (8-K on sec.gov)

Next earnings

Expected about February 11, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 29, 2026 · wst-20260930
• 8-KEarnings release and Investor disclosureFiled October 29, 2026 · Press release and exhibits
• 8-KNew material agreement and End of a material agreementFiled October 26, 2026 · wst-20261026
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 23, 2026 · wst-20260630
• 8-KEarnings release and Investor disclosureFiled July 23, 2026 · Press release and exhibits
• 8-KNew material agreementFiled July 14, 2026 · wst-20260714
• 8-KChange of directors or officers and Investor disclosureFiled June 1, 2026 · wst-20260531
• 8-KInvestor disclosureFiled May 11, 2026 · wst-20260507
• 8-KShareholder vote resultsFiled May 5, 2026 · wst-20260504
• 10-QQuarterly report for the period ended Mar 31, 2026Filed April 23, 2026 · wst-20260331

Every filing on SEC EDGAR (CIK 105770)

• Growth depends on a few kinds of customer demand. Sales of high-value components rose because of biologic and GLP-1 medicines. A slowdown in launches or in orders would cut growth and the margin.
• The cyber attack of May 2026 can still cost money. The company said that it had one-time professional fees for it, and the investigation of the data that was taken was still open at the time of its first report.
• A new chief executive started on August 31, 2026. Changes of plan or of managers can disturb a business that is growing fast.
• The West Vantage segment is weak. Its sales fell 7.3% in Q3, and its operating profit was $15.5 million, down from $22.3 million.
• West is the licensee of the Daikyo Crystal Zenith technology and holds 49% of Daikyo. A change in the agreements with Daikyo would hurt its delivery devices.

At September 30, 2026, West had cash of $464.1 million, down from $791.3 million at December 31, 2025. Total debt was $202.9 million. Read more

Yield at the current rate

0.3% (current annual rate, at today’s price)

Dividend yield

0.2% (last 12 months, at today’s price of $412.86)

Paid per share

$0.92 in the last 12 months (4 payments)

Current annual rate

$1.04 ($0.26 × 4 a year)

Payout ratio

13% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

November 10, 2026, $0.26 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 5.5% a year. From 2015 to 2025, the dividend grew by about 6.6% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.