West Pharmaceutical Services (WST)
Market Price (6/30/2026): $354.5 | Market Cap: $25.5 BilInvestor Relations Sector: Health Care | Industry: Health Care Supplies
West Pharmaceutical Services (WST)
Market Price (6/30/2026): $354.5Market Cap: $25.5 BilSector: Health CareIndustry: Health Care Supplies
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 21% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14% Stock buyback supportStock Buyback 3Y Total is 1.4 Bil Low stock price volatilityVol 12M is 41% Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Precision Medicine. Themes include mRNA Technology, Biopharmaceutical R&D, Show more. | Trading close to highsDist 52W High is 0.0% Weak multi-year price returns2Y Excs Rtn is -29%, 3Y Excs Rtn is -73% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 38x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 36x, P/EPrice/Earnings or Price/(Net Income) is 47x Key risksWST key risks include [1] legal exposure from securities fraud class-action lawsuits alleging material misrepresentations and [2] the financial and execution risk of managing a key contract manufacturing transition set to conclude in mid-2026. |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 21% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14% |
| Stock buyback supportStock Buyback 3Y Total is 1.4 Bil |
| Low stock price volatilityVol 12M is 41% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Precision Medicine. Themes include mRNA Technology, Biopharmaceutical R&D, Show more. |
| Trading close to highsDist 52W High is 0.0% |
| Weak multi-year price returns2Y Excs Rtn is -29%, 3Y Excs Rtn is -73% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 38x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 36x, P/EPrice/Earnings or Price/(Net Income) is 47x |
| Key risksWST key risks include [1] legal exposure from securities fraud class-action lawsuits alleging material misrepresentations and [2] the financial and execution risk of managing a key contract manufacturing transition set to conclude in mid-2026. |
Qualitative Assessment
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Updated on 6/26/2026
West Pharmaceutical Services (WST) stock has gained about 40% since 2/28/2026 because of the following key factors:
1. West Pharmaceutical Services reported robust fiscal Q1 2026 financial results on April 23, 2026, significantly surpassing analyst expectations.
The company's adjusted diluted earnings per share (EPS) reached $2.13, a 26.79% beat over the forecast of $1.68. Net sales increased 21.0% year-over-year to $844.9 million, exceeding the anticipated $780.65 million by 8.2%. This strong performance led management to increase its full-year 2026 adjusted-diluted EPS guidance range to $8.40-$8.75 from the previous $7.85-$8.20, and raise organic revenue growth expectations to 7%-9% from 5%-7%.
2. The company experienced strong demand for its High-Value Products (HVP), particularly those supporting biologics and GLP-1 therapies.
HVP Delivery Devices net sales rose by 29.0% (27.5% on an organic basis) in fiscal Q1 2026, driven by increased sales of self-injection device platforms and Daikyo Crystal Zenith®. Biologics constituted 42% of total revenue in fiscal Q1 2026, while GLP-1 therapies alone accounted for 18% of net sales, contributing significantly to revenue growth. West also announced the expansion of its Dublin facility on March 31, 2026, to support high-volume injectable therapies, including those for diabetes and obesity.
Show more
West Pharmaceutical Services (WST) stock has gained about 40% since 2/28/2026 because of the following key factors:
1. West Pharmaceutical Services reported robust fiscal Q1 2026 financial results on April 23, 2026, significantly surpassing analyst expectations.
The company's adjusted diluted earnings per share (EPS) reached $2.13, a 26.79% beat over the forecast of $1.68. Net sales increased 21.0% year-over-year to $844.9 million, exceeding the anticipated $780.65 million by 8.2%. This strong performance led management to increase its full-year 2026 adjusted-diluted EPS guidance range to $8.40-$8.75 from the previous $7.85-$8.20, and raise organic revenue growth expectations to 7%-9% from 5%-7%.
2. The company experienced strong demand for its High-Value Products (HVP), particularly those supporting biologics and GLP-1 therapies.
HVP Delivery Devices net sales rose by 29.0% (27.5% on an organic basis) in fiscal Q1 2026, driven by increased sales of self-injection device platforms and Daikyo Crystal Zenith®. Biologics constituted 42% of total revenue in fiscal Q1 2026, while GLP-1 therapies alone accounted for 18% of net sales, contributing significantly to revenue growth. West also announced the expansion of its Dublin facility on March 31, 2026, to support high-volume injectable therapies, including those for diabetes and obesity.
Show more
Updated on 6/26/2026
West Pharmaceutical Services (WST) stock has gained about 40% since 2/28/2026 because of the following key factors:
1. West Pharmaceutical Services reported robust fiscal Q1 2026 financial results on April 23, 2026, significantly surpassing analyst expectations.
The company's adjusted diluted earnings per share (EPS) reached $2.13, a 26.79% beat over the forecast of $1.68. Net sales increased 21.0% year-over-year to $844.9 million, exceeding the anticipated $780.65 million by 8.2%. This strong performance led management to increase its full-year 2026 adjusted-diluted EPS guidance range to $8.40-$8.75 from the previous $7.85-$8.20, and raise organic revenue growth expectations to 7%-9% from 5%-7%.
2. The company experienced strong demand for its High-Value Products (HVP), particularly those supporting biologics and GLP-1 therapies.
HVP Delivery Devices net sales rose by 29.0% (27.5% on an organic basis) in fiscal Q1 2026, driven by increased sales of self-injection device platforms and Daikyo Crystal Zenith®. Biologics constituted 42% of total revenue in fiscal Q1 2026, while GLP-1 therapies alone accounted for 18% of net sales, contributing significantly to revenue growth. West also announced the expansion of its Dublin facility on March 31, 2026, to support high-volume injectable therapies, including those for diabetes and obesity.
3. Analyst sentiment remained highly positive, with several firms upgrading their ratings and increasing price targets for WST stock.
West Pharmaceutical Services holds a consensus "Buy" recommendation from 14 covering firms, with an average 1-year price target around $340.09. Notably, Barclays raised its rating to "overweight" with a $400 target on June 9, 2026, and Wolfe Research initiated coverage with an "outperform" rating and a $375 target price on June 1, 2026. Zacks Research also upgraded WST from a "hold" to a "strong-buy" rating on May 13, 2026.
4. The company's strategic capital allocation included a significant share repurchase program.
West Pharmaceutical Services authorized a new $1 billion share repurchase program. During fiscal Q1 2026, the company repurchased approximately 1.2 million shares for $297.6 million, demonstrating confidence in its financial outlook and returning value to shareholders.
Show less
West Pharmaceutical Services (WST) stock has gained about 40% since 2/28/2026 because of the following key factors:
1. West Pharmaceutical Services reported robust fiscal Q1 2026 financial results on April 23, 2026, significantly surpassing analyst expectations.
The company's adjusted diluted earnings per share (EPS) reached $2.13, a 26.79% beat over the forecast of $1.68. Net sales increased 21.0% year-over-year to $844.9 million, exceeding the anticipated $780.65 million by 8.2%. This strong performance led management to increase its full-year 2026 adjusted-diluted EPS guidance range to $8.40-$8.75 from the previous $7.85-$8.20, and raise organic revenue growth expectations to 7%-9% from 5%-7%.
2. The company experienced strong demand for its High-Value Products (HVP), particularly those supporting biologics and GLP-1 therapies.
HVP Delivery Devices net sales rose by 29.0% (27.5% on an organic basis) in fiscal Q1 2026, driven by increased sales of self-injection device platforms and Daikyo Crystal Zenith®. Biologics constituted 42% of total revenue in fiscal Q1 2026, while GLP-1 therapies alone accounted for 18% of net sales, contributing significantly to revenue growth. West also announced the expansion of its Dublin facility on March 31, 2026, to support high-volume injectable therapies, including those for diabetes and obesity.
3. Analyst sentiment remained highly positive, with several firms upgrading their ratings and increasing price targets for WST stock.
West Pharmaceutical Services holds a consensus "Buy" recommendation from 14 covering firms, with an average 1-year price target around $340.09. Notably, Barclays raised its rating to "overweight" with a $400 target on June 9, 2026, and Wolfe Research initiated coverage with an "outperform" rating and a $375 target price on June 1, 2026. Zacks Research also upgraded WST from a "hold" to a "strong-buy" rating on May 13, 2026.
4. The company's strategic capital allocation included a significant share repurchase program.
West Pharmaceutical Services authorized a new $1 billion share repurchase program. During fiscal Q1 2026, the company repurchased approximately 1.2 million shares for $297.6 million, demonstrating confidence in its financial outlook and returning value to shareholders.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 39.6% change in WST stock from 2/28/2026 to 6/29/2026 was primarily driven by a 26.4% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 6292026 | Change |
|---|---|---|---|
| Stock Price ($) | 254.15 | 354.68 | 39.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,074 | 3,221 | 4.8% |
| Net Income Margin (%) | 16.1% | 16.8% | 4.9% |
| P/E Multiple | 37.2 | 47.1 | 26.4% |
| Shares Outstanding (Mil) | 72 | 72 | 0.4% |
| Cumulative Contribution | 39.6% |
Market Drivers
2/28/2026 to 6/29/2026| Return | Correlation | |
|---|---|---|
| WST | 39.6% | |
| Market (SPY) | 8.3% | 18.8% |
| Sector (XLV) | 0.7% | 28.2% |
Fundamental Drivers
The 28.1% change in WST stock from 11/30/2025 to 6/29/2026 was primarily driven by a 15.8% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 6292026 | Change |
|---|---|---|---|
| Stock Price ($) | 276.79 | 354.68 | 28.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,018 | 3,221 | 6.7% |
| Net Income Margin (%) | 16.3% | 16.8% | 3.4% |
| P/E Multiple | 40.6 | 47.1 | 15.8% |
| Shares Outstanding (Mil) | 72 | 72 | 0.3% |
| Cumulative Contribution | 28.1% |
Market Drivers
11/30/2025 to 6/29/2026| Return | Correlation | |
|---|---|---|
| WST | 28.1% | |
| Market (SPY) | 9.0% | 27.1% |
| Sector (XLV) | 2.8% | 40.0% |
Fundamental Drivers
The 68.8% change in WST stock from 5/31/2025 to 6/29/2026 was primarily driven by a 44.3% change in the company's P/E Multiple.| (LTM values as of) | 5312025 | 6292026 | Change |
|---|---|---|---|
| Stock Price ($) | 210.16 | 354.68 | 68.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,896 | 3,221 | 11.2% |
| Net Income Margin (%) | 16.1% | 16.8% | 4.4% |
| P/E Multiple | 32.6 | 47.1 | 44.3% |
| Shares Outstanding (Mil) | 72 | 72 | 0.7% |
| Cumulative Contribution | 68.8% |
Market Drivers
5/31/2025 to 6/29/2026| Return | Correlation | |
|---|---|---|
| WST | 68.8% | |
| Market (SPY) | 27.2% | 22.4% |
| Sector (XLV) | 23.3% | 34.0% |
Fundamental Drivers
The 6.8% change in WST stock from 5/31/2023 to 6/29/2026 was primarily driven by a 11.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312023 | 6292026 | Change |
|---|---|---|---|
| Stock Price ($) | 332.03 | 354.68 | 6.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,884 | 3,221 | 11.7% |
| Net Income Margin (%) | 19.1% | 16.8% | -12.0% |
| P/E Multiple | 44.8 | 47.1 | 5.0% |
| Shares Outstanding (Mil) | 74 | 72 | 3.5% |
| Cumulative Contribution | 6.8% |
Market Drivers
5/31/2023 to 6/29/2026| Return | Correlation | |
|---|---|---|
| WST | 6.8% | |
| Market (SPY) | 84.3% | 24.0% |
| Sector (XLV) | 32.2% | 30.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| WST Return | 66% | -50% | 50% | -7% | -16% | 28% | 26% |
| Peers Return | -3% | -13% | -5% | -5% | -21% | 7% | -35% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 7% | 96% |
Monthly Win Rates [3] | |||||||
| WST Win Rate | 83% | 33% | 67% | 50% | 50% | 67% | |
| Peers Win Rate | 47% | 43% | 52% | 53% | 50% | 63% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| WST Max Drawdown | -16% | -55% | -23% | -33% | -45% | -18% | |
| Peers Max Drawdown | -20% | -31% | -25% | -21% | -36% | -24% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BDX, ATR, BAX, TFX, AMCR. See WST Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/29/2026 (YTD)
How Low Can It Go
| Event | WST | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -13.8% | -7.8% |
| % Gain to Breakeven | 15.9% | 8.5% |
| Time to Breakeven | 91 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -15.6% | -9.5% |
| % Gain to Breakeven | 18.5% | 10.5% |
| Time to Breakeven | 93 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -26.2% | -33.7% |
| % Gain to Breakeven | 35.5% | 50.9% |
| Time to Breakeven | 31 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -24.9% | -19.2% |
| % Gain to Breakeven | 33.1% | 23.8% |
| Time to Breakeven | 123 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -10.7% | -12.2% |
| % Gain to Breakeven | 11.9% | 13.9% |
| Time to Breakeven | 23 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -23.1% | -17.9% |
| % Gain to Breakeven | 30.0% | 21.8% |
| Time to Breakeven | 231 days | 123 days |
In The Past
West Pharmaceutical Services's stock fell -6.0% during the 2025 US Tariff Shock. Such a loss loss requires a 6.4% gain to breakeven.
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Asset Allocation
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| Event | WST | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -26.2% | -33.7% |
| % Gain to Breakeven | 35.5% | 50.9% |
| Time to Breakeven | 31 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -24.9% | -19.2% |
| % Gain to Breakeven | 33.1% | 23.8% |
| Time to Breakeven | 123 days | 105 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -23.1% | -17.9% |
| % Gain to Breakeven | 30.0% | 21.8% |
| Time to Breakeven | 231 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -29.0% | -53.4% |
| % Gain to Breakeven | 40.9% | 114.4% |
| Time to Breakeven | 148 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -26.1% | -8.6% |
| % Gain to Breakeven | 35.3% | 9.5% |
| Time to Breakeven | 323 days | 47 days |
In The Past
West Pharmaceutical Services's stock fell -6.0% during the 2025 US Tariff Shock. Such a loss loss requires a 6.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About West Pharmaceutical Services (WST)
West Pharmaceutical Services (WST) is a global leader specializing in the design and manufacture of critical containment and delivery systems for injectable drugs and various healthcare products. Essentially, WST provides the essential components that hold and help administer many modern medicines, playing a vital, often behind-the-scenes, role in the pharmaceutical and healthcare industries globally.
The company's core business revolves around its Proprietary Products segment, which supplies high-quality components for injectable medications. This includes crucial items such as stoppers and seals for vials, components for syringes and cartridges, and advanced drug containment solutions like its Crystal Zenith polymer vials. WST also offers sophisticated administration systems and self-injection devices, along with comprehensive support services like sterilization, quality inspection, and regulatory guidance. Its primary customers in this segment are biologic, generic, and pharmaceutical drug companies, who rely on WST to ensure the integrity, safety, and effective delivery of their injectable drug products.
Additionally, West Pharmaceutical Services operates a Contract-Manufactured Products segment. Here, the company leverages its expertise to design, manufacture, and assemble various devices used across a broad spectrum of healthcare applications, including surgical, diagnostic, ophthalmic, and other drug delivery systems, as well as certain consumer products. This segment serves pharmaceutical, diagnostic, and medical device companies, expanding WST's reach within the healthcare supply chain across multiple continents, including the Americas, Europe, the Middle East, Africa, and the Asia Pacific.
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Here are 1-3 brief analogies to describe West Pharmaceutical Services (WST):
- Intel for the pharmaceutical industry's drug delivery systems.
- Corning for specialized pharmaceutical packaging and delivery components.
- A specialized Foxconn for medical devices and drug delivery systems.
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- Stoppers and Seals: Components designed for injectable packaging systems.
- Syringe and Cartridge Components: Custom and standard components for injectable drug applications.
- Administration Systems: Technologies that enhance the safe delivery of drugs through advanced reconstitution, mixing, and transfer.
- Packaging Component Enhancement Services: Includes films, coatings, washing, vision inspection, and sterilization processes to improve packaging quality.
- Crystal Zenith Drug Containment Solutions: Vials, syringes, and cartridges made from cyclic olefin polymer for drug containment.
- Self-Injection Devices: Devices facilitating the self-administration of injectable drugs.
- Integrated Solutions & Support: A suite of services including analytical lab support, packaging development, regulatory expertise, and technical support.
- Contract Manufacturing of Devices: Design, manufacture, and automated assembly of devices for surgical, diagnostic, ophthalmic, injectable, drug delivery, and consumer applications.
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Major Customers of West Pharmaceutical Services (WST)
West Pharmaceutical Services (WST) primarily sells its products and services to other companies. Based on the company description, its major customer categories are:
- Pharmaceutical and Biopharmaceutical Companies: This category encompasses companies involved in developing and manufacturing biologic, generic, and traditional pharmaceutical drugs. Examples of public companies in this sector include:
- Pfizer Inc. (PFE)
- Johnson & Johnson (JNJ)
- Merck & Co., Inc. (MRK)
- Eli Lilly and Company (LLY)
- Amgen Inc. (AMGN)
- Diagnostic Companies: These are companies that design, manufacture, and sell products used for diagnosing medical conditions. Examples of public companies in this sector include:
- Abbott Laboratories (ABT)
- Danaher Corporation (DHR)
- Thermo Fisher Scientific Inc. (TMO)
- Medical Device Companies: This category includes companies that produce a range of devices used in surgical, diagnostic, ophthalmic, injectable, and other medical applications, as well as consumer products. Examples of public companies in this sector include:
- Medtronic plc (MDT)
- Stryker Corporation (SYK)
- Boston Scientific Corporation (BSX)
- Becton, Dickinson and Company (BDX)
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Eric M. Green, President and Chief Executive Officer, Chair of Board
Eric M. Green has served as President and CEO of West Pharmaceutical Services, Inc. since April 2015 and as chair of the board since May 2022. Prior to joining West, he was Executive Vice President and President for the Research Markets business unit at Sigma-Aldrich Corporation, where he developed broad international expertise through various leadership roles during his 20-year tenure.
Bernard J. Birkett, Senior Vice President, Chief Financial Officer and Treasurer
Bernard J. Birkett joined West Pharmaceutical Services as Senior Vice President, Chief Financial Officer and Treasurer in June 2018. Before joining West, he spent more than 20 years at Merit Medical Systems, Inc., a manufacturer of disposable medical devices, where he held various senior global leadership roles, including Chief Financial Officer and Treasurer. He is a Qualified Accountant with a business degree from the National University of Ireland Galway and a master's degree in banking and finance from Smurfit Business School Dublin.
Silji Abraham, Senior Vice President and Chief Technology Officer
Silji Abraham serves as the Senior Vice President and Chief Technology Officer (CTO) of West Pharmaceutical Services.
Annette F. Favorite, Senior Vice President and Chief Human Resources Officer
Annette F. Favorite serves as Senior Vice President, Chief Human Resources Officer for West Pharmaceutical Services Inc.
Cindy Reiss-Clark, Senior Vice President and Chief Commercial Officer
Cindy Reiss-Clark is the Senior Vice President and Chief Commercial Officer at West Pharmaceutical Services.
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Here are the key risks to West Pharmaceutical Services (WST):
- Operational Constraints and Execution Risks: West Pharmaceutical Services faces near-term operational challenges, particularly at a European High-Value Product (HVP) facility, due to hiring and training delays that limit capacity. This could disrupt supply, affect customer relationships, and postpone revenues from high-margin projects. The successful execution of management's plans for network optimization and technology transfers over the next 12-18 months is crucial. Additionally, new contract manufacturing capacity, such as the Dublin facility, requires long validation cycles before reaching full utilization, potentially slowing near-term growth and creating earnings volatility. The company also faces execution risks related to shifting demand patterns and contract manufacturing transitions.
- Industry Destocking and Demand Normalization: The pharmaceutical packaging industry is currently undergoing inventory corrections following a surge in demand during the pandemic. West Pharmaceutical Services continues to experience destocking pressures, especially in generics and, to a lesser extent, in biologics. This destocking affects order volumes, obscures underlying demand trends, and could weigh on short-term revenue growth. There have also been allegations in class-action lawsuits regarding significant and ongoing destocking within the company's high-margin HVP portfolio.
- Margin Pressures: West Pharmaceutical Services has seen its adjusted operating margin decrease, raising questions about its expense base and profitability. Specific products, such as the SmartDose device, have been cited as becoming margin dilutive due to operational inefficiencies and lower pricing. The company's Return on Capital Employed (ROCE) has also declined. Furthermore, tariff impacts and general pricing pressure are ongoing concerns that could squeeze margins.
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The addressable markets for West Pharmaceutical Services' main products and services are substantial across various global and regional segments. The company's offerings primarily fall under injectable drug containment and delivery systems, including components, administration systems, and contract manufacturing services.
Here are the estimated market sizes for their key product and service areas:
* Self-Injection Devices: The global self-injection device market was valued at approximately $22.94 billion in 2024 and is projected to reach $49.98 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 10.23% from 2025 to 2032. North America held the largest share of this market, accounting for 46% in 2024.
* Prefilled Syringes: The global prefilled syringes market size was $9.59 billion in 2025 and is anticipated to grow to $26.41 billion by 2034, with a CAGR of 12.1% during the forecast period. In 2025, Europe led the market with a 40.6% share. The U.S. market for prefilled syringes is expected to reach $3.86 billion in 2026.
* Pharmaceutical Rubber Stoppers and Seals: The global pharmaceutical rubber stoppers and seals market is projected to expand from $3.4 billion in 2024 to $5.7 billion by 2034, demonstrating a CAGR of approximately 5.3%. The Asia Pacific region currently dominates this market. More specifically, the sterile rubber stopper market is projected to grow from $2.675 billion in 2024 to $4.1996 billion by 2032, with a CAGR of 5.80%. North America leads the sterile rubber stopper market with a 38% share.
* Pharmaceutical Cartridges: The global pharmaceutical cartridges market was valued at $1.41 billion in 2023 and is estimated to reach $2.43 billion by 2030, growing at a CAGR of 8.07% from 2024 to 2030. North America held the largest market share of 29.81% in 2023.
* Vials (Glass and Polymer): The global vials market size was $12.2 billion in 2023 and is projected to reach $26.5 billion by 2032, at a CAGR of 9.1% from 2024 to 2032. The glass segment accounted for the highest revenue of $7.9 billion in 2023. North America captured 37.64% of the pharmaceutical glass vials and ampoules market revenue in 2025. While Crystal Zenith is a proprietary polymer, the broader pharmaceutical glass vials and ampoules market (which includes alternatives like polymer vials) was $15.72 billion in 2025, forecast to reach $23.19 billion by 2031 with a CAGR of 6.54% from 2026 to 2031.
* Medical Device Contract Manufacturing: The global medical device contract manufacturing market was estimated at $76.8 billion in 2024 and is expected to reach $151.98 billion by 2030, growing at a CAGR of 12.36% from 2025 to 2030. Asia Pacific held the largest revenue share of 41.37% in 2024.
* Drug Delivery Systems (Overall): The global drug delivery devices market size is estimated at $303.28 billion in 2025 and is projected to reach approximately $533.31 billion by 2035, with a CAGR of 5.81% from 2026 to 2035. North America held the largest share of 32.4% in the global drug delivery devices market in 2025.
* Injectable Drug Delivery Market (Overall): The global injectable drug delivery market size was calculated at $764.26 billion in 2025 and is predicted to increase to approximately $1,719.57 billion by 2035, expanding at a CAGR of 8.45% from 2026 to 2035. North America dominated the global injectable drug delivery market with a 41% share in 2025.
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West Pharmaceutical Services (WST) is expected to experience future revenue growth over the next 2-3 years, driven by several key factors:
- Growth in High-Value Product (HVP) Components: The Proprietary Products segment, particularly its High-Value Product (HVP) Components business, remains the primary engine for revenue and profitability growth. This includes products like Westar® and Envision®.
- Increasing Demand for GLP-1 Therapies: The expanding market for GLP-1 (glucagon-like peptide-1) therapies, used in the treatment of obesity and diabetes, is a significant driver. Components for these therapies contributed to over 50% growth in 2025 for GLP-1 related HVP components, and are expected to contribute approximately one point of total company growth in 2026.
- Expanding Biologics and Biosimilars Market: The continued rise of biologics and biosimilars fuels demand for West Pharmaceutical Services' containment and delivery systems. The biologics market group accounted for 42% of total company revenue in Q4 2025, growing 11.5% during the quarter.
- Global Regulatory Upgrades (e.g., Annex 1): Regulatory changes, such as the implementation of Annex 1 in Europe, are prompting customers to upgrade to higher-quality HVP components, driving conversions and demand.
- Conversion of Standard Products to HVP Components: West Pharmaceutical Services aims to strategically convert customers from standard products to higher-value product (HVP) components over time, which not only provides incremental value to customers but also generates additional revenue and margin expansion for the company.
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## Capital Allocation Decisions for West Pharmaceutical Services (WST)
West Pharmaceutical Services (WST) has actively managed its capital through share repurchases and significant capital expenditures over the last 3-5 years.
Share Repurchases
- West Pharmaceutical Services repurchased $560.9 million in shares during 2024 and $438.3 million in 2023.
- In the first six months of 2025, the company repurchased 552,593 shares for $134.0 million.
- The Board of Directors authorized a new share repurchase program on February 17, 2026, for up to $1 billion of the company's common stock, with no expiration date. This program replaced a previous one that was fully utilized before its December 31, 2025 expiration.
Share Issuance
- West Pharmaceutical Services' number of shares outstanding remained relatively stable over the past few years, with 74.5 million in 2021, 74.4 million in 2022, 74.1 million in 2023, 72.7 million in 2024, and 72.2 million in 2025 and March 2026.
Outbound Investments
- WST's strong financial position enables it to pursue strategic acquisitions and partnerships that can enhance its product offerings and market reach.
- By acquiring or partnering with companies that possess complementary technologies or market access, WST can accelerate its growth and strengthen its competitive position.
Capital Expenditures
- Capital expenditures were $377.0 million in 2024.
- Annual capital expenditures were $362 million in 2023 and $285.9 million in 2025.
- Full-year 2025 capital spending was expected to be $275 million, supporting capacity expansions at existing High-Value Product (HVP) sites and investments in Contract Manufacturing facilities.
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 126.39 |
| Mkt Cap | 15.6 |
| Rev LTM | 7,596 |
| Op Inc LTM | 597 |
| FCF LTM | 586 |
| FCF 3Y Avg | 515 |
| CFO LTM | 983 |
| CFO 3Y Avg | 910 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 10.1% |
| Rev Chg 3Y Avg | 4.5% |
| Rev Chg Q | 15.9% |
| QoQ Delta Rev Chg LTM | 3.7% |
| Op Inc Chg LTM | 7.6% |
| Op Inc Chg 3Y Avg | 8.6% |
| Op Mgn LTM | 10.9% |
| Op Mgn 3Y Avg | 13.3% |
| QoQ Delta Op Mgn LTM | -0.0% |
| CFO/Rev LTM | 16.4% |
| CFO/Rev 3Y Avg | 17.2% |
| FCF/Rev LTM | 10.3% |
| FCF/Rev 3Y Avg | 10.6% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Proprietary Products | 2,492 | 2,334 | 2,397 | 2,407 | 2,317 |
| Contract-Manufactured Products | 582 | 559 | 552 | 480 | 515 |
| Intersegment sales elimination | 0 | 0 | -0 | -0 | |
| Total | 3,074 | 2,893 | 2,950 | 2,887 | 2,832 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Proprietary Products | 657 | 578 | 710 | 784 | 796 |
| Contract-Manufactured Products | 63 | 72 | 72 | 60 | 67 |
| Loss on disposal of plant | 0 | 0 | -12 | 0 | |
| Amortization of acquisition-related intangible assets | -0 | -1 | -1 | -1 | |
| Other | -1 | ||||
| Cost-method investment activity | -4 | ||||
| SmartDose® | -8 | ||||
| Restructuring and other charges | -23 | -2 | 2 | -24 | |
| Stock Based Compensation | -24 | -19 | -23 | -24 | |
| Corporate general costs | -74 | -59 | -68 | -59 | |
| Cost investment activity | 0 | -4 | -4 | ||
| Asset impairment | 0 | ||||
| Intersegment sales elimination | -111 | ||||
| Total | 585 | 570 | 676 | 734 | 752 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Proprietary Products | 2,987 | 2,621 | 2,629 | 2,578 | 2,153 |
| Contract-Manufactured Products | 718 | 612 | 528 | 480 | 444 |
| Corporate and Unallocated | 565 | 410 | 673 | 558 | 718 |
| Total | 4,270 | 3,643 | 3,830 | 3,617 | 3,314 |
Price Behavior
Price Behavior
| Market Price | $354.68 | |
| Market Cap ($ Bil) | 25.5 | |
| First Trading Date | 01/05/1988 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $314.51 | $274.09 |
| DMA Trend | up | up |
| Distance from DMA | 12.8% | 29.4% |
| 3M | 1YR | |
| Volatility | 36.3% | 41.4% |
| Downside Capture | -110.63 | 71.52 |
| Upside Capture | 70.91 | 112.54 |
| Correlation (SPY) | 12.1% | 21.4% |
WST Betas & Captures as of 5/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.25 | 0.18 | 0.55 | 0.89 | 0.83 | 0.70 |
| Up Beta | 0.07 | 0.81 | 0.93 | 1.43 | 0.76 | 0.70 |
| Down Beta | -1.39 | -0.48 | 0.77 | 0.43 | 0.24 | 0.56 |
| Up Capture | 106% | 81% | 76% | 91% | 127% | 34% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 12 | 25 | 38 | 67 | 122 | 361 |
| Down Capture | 10% | -214% | -17% | 78% | 97% | 95% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 8 | 16 | 25 | 57 | 126 | 388 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WST | |
|---|---|---|---|---|
| WST | 62.8% | 41.2% | 1.27 | - |
| Sector ETF (XLV) | 21.4% | 15.4% | 1.06 | 32.9% |
| Equity (SPY) | 22.2% | 12.5% | 1.32 | 21.3% |
| Gold (GLD) | 20.2% | 27.8% | 0.65 | 3.1% |
| Commodities (DBC) | 21.3% | 18.6% | 0.90 | -4.0% |
| Real Estate (VNQ) | 15.6% | 13.6% | 0.82 | 23.4% |
| Bitcoin (BTCUSD) | -44.0% | 42.6% | -1.25 | 15.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WST | |
|---|---|---|---|---|
| WST | 0.1% | 40.6% | 0.13 | - |
| Sector ETF (XLV) | 6.8% | 14.8% | 0.28 | 40.8% |
| Equity (SPY) | 13.5% | 17.1% | 0.61 | 37.2% |
| Gold (GLD) | 17.2% | 18.3% | 0.76 | 5.3% |
| Commodities (DBC) | 7.1% | 19.5% | 0.26 | 3.1% |
| Real Estate (VNQ) | 2.9% | 18.8% | 0.05 | 32.4% |
| Bitcoin (BTCUSD) | 13.6% | 53.8% | 0.44 | 17.6% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WST | |
|---|---|---|---|---|
| WST | 17.4% | 34.6% | 0.56 | - |
| Sector ETF (XLV) | 10.5% | 16.6% | 0.52 | 45.7% |
| Equity (SPY) | 15.4% | 18.0% | 0.73 | 42.6% |
| Gold (GLD) | 11.5% | 16.1% | 0.58 | 5.1% |
| Commodities (DBC) | 5.7% | 18.0% | 0.24 | 8.4% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 32.3% |
| Bitcoin (BTCUSD) | 55.0% | 66.4% | 0.95 | 12.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/23/2026 | 12.9% | 7.7% | 15.3% |
| 2/12/2026 | -1.0% | -0.9% | -4.3% |
| 10/23/2025 | 10.9% | 2.8% | -6.9% |
| 7/24/2025 | 22.8% | 9.7% | 6.8% |
| 4/24/2025 | -3.5% | -3.1% | -4.3% |
| 2/13/2025 | -38.2% | -36.8% | -28.6% |
| 10/24/2024 | 15.4% | 9.3% | 12.1% |
| 7/25/2024 | -14.4% | -5.4% | -7.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 11 | 10 |
| # Negative | 13 | 13 | 14 |
| Median Positive | 6.1% | 7.2% | 8.6% |
| Median Negative | -4.5% | -5.1% | -6.0% |
| Max Positive | 22.8% | 11.8% | 18.1% |
| Max Negative | -38.2% | -36.8% | -28.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/23/2026 | 12.9% | 7.7% | 15.3% |
| 2/12/2026 | -1.0% | -0.9% | -4.3% |
| 10/23/2025 | 10.9% | 2.8% | -6.9% |
| 7/24/2025 | 22.8% | 9.7% | 6.8% |
| 4/24/2025 | -3.5% | -3.1% | -4.3% |
| 2/13/2025 | -38.2% | -36.8% | -28.6% |
| 10/24/2024 | 15.4% | 9.3% | 12.1% |
| 7/25/2024 | -14.4% | -5.4% | -7.1% |
| 4/25/2024 | -4.5% | -5.8% | -14.8% |
| 2/15/2024 | -14.1% | -11.8% | -5.0% |
| 10/26/2023 | -8.6% | -10.1% | -1.3% |
| 7/27/2023 | -6.5% | -2.3% | 3.2% |
| 4/27/2023 | -0.6% | 3.1% | -4.8% |
| 2/16/2023 | 14.5% | 11.8% | 18.1% |
| 10/27/2022 | -13.0% | -13.7% | -10.8% |
| 7/28/2022 | 6.1% | 7.2% | -1.8% |
| 4/28/2022 | -2.1% | -4.2% | -8.1% |
| 2/17/2022 | 2.1% | -0.2% | 9.3% |
| 10/28/2021 | -0.0% | 4.0% | 4.2% |
| 7/29/2021 | 5.4% | 11.5% | 16.3% |
| 4/29/2021 | 0.7% | 2.0% | 7.0% |
| 2/18/2021 | 0.9% | -5.1% | -8.5% |
| 10/22/2020 | -1.8% | -1.5% | -1.1% |
| 7/23/2020 | 2.6% | 5.6% | 7.9% |
| SUMMARY STATS | |||
| # Positive | 11 | 11 | 10 |
| # Negative | 13 | 13 | 14 |
| Median Positive | 6.1% | 7.2% | 8.6% |
| Median Negative | -4.5% | -5.1% | -6.0% |
| Max Positive | 22.8% | 11.8% | 18.1% |
| Max Negative | -38.2% | -36.8% | -28.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/23/2026 | 10-Q |
| 12/31/2025 | 02/17/2026 | 10-K |
| 09/30/2025 | 10/23/2025 | 10-Q |
| 06/30/2025 | 07/24/2025 | 10-Q |
| 03/31/2025 | 04/24/2025 | 10-Q |
| 12/31/2024 | 02/18/2025 | 10-K |
| 09/30/2024 | 10/24/2024 | 10-Q |
| 06/30/2024 | 07/25/2024 | 10-Q |
| 03/31/2024 | 04/25/2024 | 10-Q |
| 12/31/2023 | 02/20/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/23/2026 | 10-Q |
| 12/31/2025 | 02/17/2026 | 10-K |
| 09/30/2025 | 10/23/2025 | 10-Q |
| 06/30/2025 | 07/24/2025 | 10-Q |
| 03/31/2025 | 04/24/2025 | 10-Q |
| 12/31/2024 | 02/18/2025 | 10-K |
| 09/30/2024 | 10/24/2024 | 10-Q |
| 06/30/2024 | 07/25/2024 | 10-Q |
| 03/31/2024 | 04/25/2024 | 10-Q |
| 12/31/2023 | 02/20/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| 03/31/2022 | 04/28/2022 | 10-Q |
| 12/31/2021 | 02/22/2022 | 10-K |
| 09/30/2021 | 10/28/2021 | 10-Q |
| 06/30/2021 | 07/30/2021 | 10-Q |
| 03/31/2021 | 04/30/2021 | 10-Q |
| 12/31/2020 | 02/23/2021 | 10-K |
| 09/30/2020 | 10/23/2020 | 10-Q |
| 06/30/2020 | 07/24/2020 | 10-Q |
| 03/31/2020 | 04/24/2020 | 10-Q |
| 12/31/2019 | 02/24/2020 | 10-K |
| 09/30/2019 | 10/29/2019 | 10-Q |
| 06/30/2019 | 07/29/2019 | 10-Q |
Recent Forward Guidance
Updated 4/24/2026Latest: Q1 2026 Earnings Reported 4/23/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | 830.00 Mil | 840.00 Mil | 850.00 Mil | ||||
| Q2 2026 EPS | 2.05 | 2.08 | 2.12 | ||||
| 2026 Revenue | 3.29 Bil | 3.32 Bil | 3.35 Bil | 2.4% | Raised | Guidance: 3.25 Bil for 2026 | |
| 2026 EPS | 8.4 | 8.57 | 8.75 | 6.9% | Raised | Guidance: 8.03 for 2026 | |
| 2026 Capital Expenditures | 250.00 Mil | 262.50 Mil | 275.00 Mil | 0 | Affirmed | Guidance: 262.50 Mil for 2026 | |
Prior: Q4 2025 Earnings Reported 2/12/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | 770.00 Mil | 780.00 Mil | 790.00 Mil | -1.9% | Lower New | Guidance: 795.00 Mil for Q4 2025 | |
| Q1 2026 EPS | 1.65 | 1.68 | 1.7 | -8.7% | Lower New | Guidance: 1.83 for Q4 2025 | |
| 2026 Revenue | 3.21 Bil | 3.25 Bil | 3.27 Bil | 5.9% | Higher New | Guidance: 3.06 Bil for 2025 | |
| 2026 EPS | 7.85 | 8.03 | 8.2 | 13.3% | Higher New | Guidance: 7.08 for 2025 | |
| 2026 Capital Expenditures | 250.00 Mil | 262.50 Mil | 275.00 Mil | -4.5% | Lower New | Guidance: 275.00 Mil for 2025 | |
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