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WST

West Pharmaceutical Services, Inc.

WST

West Pharmaceutical Services, Inc. • NYSE
$277.25 ▲ 0.04% (+0.11)
Market Cap $19.95 B
52w High $348.90
52w Low $187.43
Dividend Yield 0.85%
P/E 41.14
Volume 239.94K
Outstanding Shares 71.94M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $804.3M ▲ $119.8M ▲ $140M ▲ 17.406% ▲ $1.94 ▲ $217.1M ▲
Q2-2025 $766.2M ▲ $115M ▲ $131.8M ▲ 17.202% ▲ $1.82 ▲ $198.5M ▲
Q1-2025 $698.2M ▼ $104.3M ▲ $89.8M ▼ 12.862% ▼ $1.24 ▼ $150.9M ▼
Q4-2024 $748.5M ▲ $103.8M ▲ $130.1M ▼ 17.381% ▼ $1.79 ▼ $205.6M ▲
Q3-2024 $746.9M $97.4M $136M 18.209% $1.87 $205.4M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $628.5M ▲ $4.106B ▲ $1.054B ▲ $3.051B ▲
Q2-2025 $509.7M ▲ $3.953B ▲ $1.024B ▲ $2.929B ▲
Q1-2025 $404.2M ▼ $3.618B ▼ $935.1M ▼ $2.683B ▲
Q4-2024 $484.6M ▼ $3.643B ▼ $961.1M ▲ $2.682B ▼
Q3-2024 $490.9M $3.675B $923M $2.752B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $140M ▲ $197.2M ▲ $-63.3M ▲ $-11.5M ▲ $118.8M ▲ $133.9M ▲
Q2-2025 $131.8M ▲ $177.1M ▲ $-75.2M ▼ $-14.9M ▲ $105.5M ▲ $101.9M ▲
Q1-2025 $89.8M ▼ $129.4M ▼ $-71.3M ▲ $-147M ▼ $-80.4M ▼ $58.1M ▼
Q4-2024 $130.1M ▼ $190.1M ▲ $-104.8M ▼ $-68.9M ▼ $-6.3M ▼ $85.2M ▼
Q3-2024 $136M $180.1M $-82.1M $-64.4M $44.7M $98.8M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Contract Manufactured Products
Contract Manufactured Products
 $130.00M ▲$140.00M ▲$150.00M ▲$160.00M ▲
Proprietary Products
Proprietary Products
 $610.00M ▲$560.00M ▼$620.00M ▲$650.00M ▲

Five-Year Company Overview

Income Statement

Income Statement West has a very profitable core business, but growth has cooled. Sales climbed strongly through the pandemic period and then leveled off, with the last few years showing more of a plateau than a clear upward trend. Profit margins remain attractive, yet they have slipped from their peak levels, suggesting some normalization after an unusually strong run. Earnings per share tell a similar story: still high by the company’s own history, but off the best years. Overall, this looks like a mature, high‑margin franchise moving from a surge phase back to steadier, more modest growth.

Balance Sheet

Balance Sheet The balance sheet is a clear strength. Total assets and shareholder equity have steadily increased, pointing to a company that has been building its capital base over time. Debt is modest and has stayed fairly stable, which limits financial risk and gives management flexibility. Cash levels are solid, even though they have come down from prior highs, likely reflecting investment in the business rather than stress. In simple terms, West appears conservatively financed with a strong cushion to absorb shocks or fund new initiatives.

Cash Flow

Cash Flow Cash generation is healthy and consistent. Operating cash flow has generally trended upward over the five‑year period, supporting the quality of reported earnings. Free cash flow has remained positive throughout, even as the company has stepped up spending on new facilities and equipment. Capital spending has clearly increased, which likely ties to capacity expansion and automation for higher‑value products. The overall picture is of a business that comfortably funds its investments from its own cash, without stretching the balance sheet.

Competitive Edge

Competitive Edge West operates in a niche of the healthcare ecosystem where reliability and regulatory compliance matter enormously, and that underpins a powerful moat. Once a drug is approved using West’s components, switching suppliers is costly, slow, and risky for customers, which makes relationships very sticky. The company holds a dominant share in injectable packaging components, benefits from global scale, and is deeply integrated with pharma and biotech partners from early development through commercial launch. Its portfolio of patented technologies, strong brand reputation, and long track record in patient safety create a high barrier for new entrants and make it hard for existing rivals to displace it. The main risks center on concentration in a few large customers and evolving regulatory or competitive dynamics, but the starting position is very strong.

Innovation and R&D

Innovation and R&D Innovation is a central part of West’s story. The company has developed differentiated materials and systems—such as advanced polymer containers, high‑quality stoppers and plungers, and specialized drug delivery devices—that solve complex problems for modern biologic and injectable medicines. Its wearable and prefillable systems directly address the shift toward self‑administration and at‑home care. West also runs labs and services that help clients with testing and regulatory challenges, embedding itself deeper into the development process. On top of internal R&D, it is using a venture arm and partnerships to tap into emerging areas like cell and gene therapy, digital health, and next‑generation delivery technologies. This combination of in‑house science and external collaboration positions it well, though success will depend on execution and the pace of adoption in these newer markets.

Summary

West Pharmaceutical Services comes across as a high‑quality, niche healthcare supplier with a durable business model. Financially, it combines strong profitability, a conservative balance sheet, and solid, self‑funded cash flows. Growth has slowed from earlier highs, but the company is using its financial strength to invest in capacity and innovation rather than stretching for short‑term gains. Strategically, it benefits from deep integration with pharma customers, high switching costs, and a reputation for quality in a tightly regulated space—factors that support resilience even in tougher cycles. Looking ahead, the key opportunity is to keep shifting the portfolio toward higher‑value solutions for biologics, GLP‑1s, and self‑administered therapies, while managing the risks of customer concentration, elevated capital spending, and potential margin pressure as markets normalize. Overall, the profile is that of a well‑entrenched, innovation‑driven company with meaningful long‑term opportunities and the financial footing to pursue them.

NEWS

October 27, 2025 · 6:00 AM UTC

West Synchrony™ Prefillable Syringe System Launches at CPHI: Redefining a system-level solution for drug delivery

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October 24, 2025 · 6:00 AM UTC

West to Participate in Upcoming Investor Conferences

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October 23, 2025 · 6:00 AM UTC

West Reports Third-Quarter 2025 Results

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October 9, 2025 · 6:00 AM UTC

West to Host Third-Quarter 2025 Conference Call

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October 8, 2025 · 3:27 PM UTC

WEST PHARMACEUTICALS ALERT: Bragar Eagel & Squire, P.C. Continues Investigation into West Pharmaceutical Services, Inc. on Behalf of Long-Term Stockholders and Encourages Investors to Contact the Firm

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