West Pharmaceutical Sees $805 M Q4 Sales (+7.5%) and Raises 2026 Guidance
West reported Q4 net sales of $805.0 million, up 7.5% year-over-year, with adjusted EPS rising 12.1% to $2.04. The company projects 2026 net sales of $3.215–3.275 billion (5%–7% organic growth) and adjusted EPS of $7.85–$8.20, implying up to 12.5% earnings growth.
1. Q4 2025 Financial Results
West reported fourth-quarter net sales of $805.0 million, a 7.5% increase over Q4 2024, with organic growth of 3.3%. Diluted EPS rose 2.2% to $1.82 and adjusted diluted EPS jumped 12.1% to $2.04. Proprietary Products sales were $661.8 million (+7.8% reported, +3.6% organic), led by 20.3% growth in High-Value Product Components, while Contract-Manufactured Products sales reached $143.2 million (+6.2% reported, +1.9% organic).
2. Full-Year 2025 Cash Flow and Buybacks
Full-year net sales reached $3.074 billion, up 6.3% with 4.3% organic growth; diluted EPS was $6.79 (+1.5%) and adjusted diluted EPS was $7.29 (+8.0%). Operating cash flow increased 15.5% to $754.8 million, capital expenditures totaled $285.9 million, and free cash flow surged 69.6% to $468.9 million. The company repurchased 552,593 shares for $134.0 million at an average price of $242.55.
3. Fiscal 2026 Guidance
West forecasts full-year 2026 net sales of $3.215–3.275 billion (4.6%–6.5% reported growth, 5%–7% organic growth) including a 2 ppt currency tailwind, and adjusted diluted EPS of $7.85–$8.20 (7.7%–12.5% growth). Capital expenditures are projected at $250–$275 million. First-quarter 2026 net sales are expected at $770–$790 million (10.3%–13.2% reported, 4.6%–7.4% organic) with adjusted diluted EPS of $1.65–$1.70 (13.0%–16.4% growth).