West Pharmaceutical Q4 EPS $2.04 Up 12.1%, Revenue $805M
West Pharmaceutical Services reported adjusted Q4 EPS of $2.04, up 12.1% year-over-year and beating consensus by 11.5%, while GAAP EPS rose to $1.82, up 2.2%. Fourth-quarter revenue was $805 million, up 7.5% (3.3% organic), and full-year guidance targets $3.21–3.27 billion in sales and $7.85–8.20 EPS.
1. Q4 Financial Results
West Pharmaceutical Services delivered adjusted fourth-quarter EPS of $2.04, a 12.1% increase year-over-year that topped consensus by 11.5%. GAAP EPS improved 2.2% to $1.82, reflecting the exclusion of acquisition-related amortization and other adjustments.
2. Revenue and Segment Details
Total Q4 revenue reached $805 million, up 7.5% year-over-year with organic net sales growing 3.3%. Proprietary Products generated $661.8 million (up 7.8% reported, 3.6% organic) led by a 20.3% rise in HVP components, while HVP delivery devices fell 16.9% due to a prior $25 million non-recurring fee; Contract-Manufactured Products sales rose 6.2% to $143.2 million (1.9% organic).
3. Margin and Financial Position
Gross profit climbed 11.1% to $303.9 million, expanding gross margin by 130 basis points to 37.8%. SG&A expenses increased 25.4% to $107 million and R&D rose 17.8% to $21.8 million, resulting in adjusted operating profit of $172 million (up 5.7%) and a 21.4% operating margin. Cash and equivalents stood at $791.3 million versus $202.8 million in debt, with operating cash flow at $754.8 million.
4. 2026 Guidance and Outlook
First-quarter sales are guided at $770–790 million (4.6–7.4% organic growth) with EPS of $1.65–1.70. Full-year 2026 revenue is projected at $3.21–3.27 billion, assuming a mid-2026 SmartDose sale, plus a 2% FX tailwind; organic net sales are expected to increase 5–7%, with adjusted EPS of $7.85–8.20.