West Pharmaceutical Services, Inc.

WST · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$19,795	$23,723	$26,053	$17,424	$34,744	$20,988	$11,136	$7,262	$7,309	$6,284	$4,461	$3,775	$3,415	$1,862	$1,279	$1,372	$1,286	$1,224	$1,328	$1,650	$779	$751	$491	$353	$381	$354	$461	$586	$490	$464	$389	$442	$389	$352	$288	$195	$307	$244	$270	$226	$204
Enterprise value	$19,420	$23,543	$25,508	$16,847	$34,307	$20,698	$11,027	$7,121	$7,271	$6,310	$4,485	$3,855	$3,551	$2,099	$1,510	$1,620	$1,582	$1,519	$1,599	$1,844	$1,015	$843	$628	$494	$532	$512	$588	$697	$527	$535	$487	$474	$427	$401	$352	$283	$373	$294	$318	$263	$226
P/E (TTM) at period end	40.09×	48.15×	43.91×	29.74×	52.50×	60.62×	46.08×	35.10×	48.50×	43.76×	46.66×	29.70×	30.41×	22.51×	16.03×	19.71×	16.72×	14.23×	18.78×	24.59×	17.08×	38.72×	15.40×	19.16×	–	221.15×	11.92×	87.52×	11.04×	28.27×	13.57×	16.18×	16.57×	17.87×	–	45.33×	14.84×	14.02×	19.72×	13.32×	13.60×
P/S (TTM) at period end	6.44×	8.20×	8.83×	6.04×	12.27×	9.78×	6.05×	4.23×	4.57×	4.16×	3.19×	2.66×	2.50×	1.47×	1.07×	1.24×	1.22×	1.16×	1.30×	1.81×	1.11×	1.39×	1.00×	0.84×	0.96×	0.82×	0.98×	1.30×	1.08×	1.01×	0.94×	1.21×	1.12×	1.04×	0.87×	0.60×	1.00×	0.85×	1.07×	0.96×	1.07×
P/B at period end	6.23×	8.84×	9.04×	6.49×	14.88×	11.32×	7.08×	5.20×	5.71×	5.62×	4.36×	3.94×	3.77×	2.55×	1.95×	2.19×	2.22×	2.51×	2.74×	3.98×	2.34×	2.49×	1.91×	1.75×	2.16×	1.73×	1.99×	2.55×	1.77×	1.84×	1.53×	1.94×	2.07×	2.09×	1.89×	1.11×	1.71×	1.42×	1.73×	1.63×	1.71×
EV / EBITDA (TTM)	25.77×	32.62×	31.50×	19.80×	39.47×	40.46×	27.80×	20.82×	22.71×	22.27×	20.89×	14.45×	14.59×	10.10×	8.36×	10.15×	9.55×	8.43×	9.43×	11.64×	8.42×	8.68×	7.18×	8.28×	7.26×	7.04×	5.76×	7.18×	5.62×	6.37×	6.25×	6.76×	6.77×	6.34×	15.18×	6.44×	6.61×	–	–	–	–
EV / Sales (TTM)	6.32×	8.14×	8.65×	5.84×	12.12×	9.64×	5.99×	4.15×	4.55×	4.18×	3.20×	2.71×	2.59×	1.66×	1.27×	1.47×	1.50×	1.44×	1.57×	2.02×	1.45×	1.56×	1.28×	1.18×	1.34×	1.19×	1.25×	1.55×	1.17×	1.17×	1.18×	1.30×	1.23×	1.19×	1.07×	0.88×	1.21×	1.02×	1.26×	1.12×	1.19×
Returns
Return on equity	15.5%	18.4%	20.6%	21.8%	28.3%	18.7%	15.4%	14.8%	11.8%	12.9%	9.3%	13.3%	12.4%	11.3%	12.2%	11.1%	13.3%	17.7%	14.6%	16.2%	13.7%	6.4%	12.4%	9.1%	(2.9%)	0.8%	16.7%	2.9%	16.0%	6.5%	11.3%	12.0%	12.5%	11.7%	(5.6%)	2.4%	11.5%	10.2%	8.8%	12.2%	12.6%
Return on invested capital	16.7%	18.6%	23.9%	28.9%	34.0%	21.3%	16.2%	15.9%	11.6%	12.2%	9.5%	12.6%	11.2%	9.6%	9.0%	8.5%	9.3%	12.4%	11.7%	12.4%	12.8%	11.9%	8.9%	5.9%	8.7%	5.1%	12.6%	4.6%	15.1%	9.9%	9.3%	12.2%	11.1%	10.6%	(0.6%)	3.2%	9.0%	8.7%	8.7%	9.9%	9.8%
Dividend yield	0.3%	0.2%	0.2%	0.3%	0.1%	0.2%	0.4%	0.6%	0.5%	0.6%	0.7%	0.8%	0.8%	1.3%	1.8%	1.6%	1.6%	1.5%	1.3%	1.0%	1.8%	1.7%	2.4%	3.1%	2.8%	2.8%	2.2%	1.6%	1.9%	2.2%	2.1%	1.6%	1.8%	1.8%	2.2%	3.2%	1.6%	–	–	–	–
Financial health
Current ratio	3.02×	2.79×	2.88×	3.70×	2.93×	2.73×	3.10×	3.15×	2.66×	2.66×	2.14×	2.61×	2.75×	2.13×	1.94×	2.57×	2.32×	2.30×	2.25×	1.80×	1.90×	1.94×	1.82×	1.84×	2.10×	2.18×	1.78×	1.53×	2.94×	2.39×	2.40×	1.58×	1.99×	1.62×	1.37×	1.56×	2.07×	2.22×	2.01×	1.83×	3.47×
Debt / equity	0.06×	0.08×	0.07×	0.08×	0.11×	0.14×	0.16×	0.14×	0.15×	0.20×	0.29×	0.35×	0.41×	0.56×	0.53×	0.57×	0.66×	0.79×	0.81×	0.57×	0.84×	0.53×	0.68×	0.87×	1.09×	0.97×	0.74×	0.61×	0.32×	0.39×	0.45×	0.25×	0.17×	0.25×	0.38×	0.45×	0.32×	0.32×	0.39×	0.32×	0.25×
Effective tax rate	20.2%	18.4%	17.5%	16.9%	14.3%	18.1%	20.2%	17.2%	36.4%	28.7%	22.7%	27.9%	27.3%	30.1%	25.4%	18.3%	16.2%	21.6%	19.3%	28.5%	(0.6%)	26.9%	35.5%	23.8%	30.9%	48.4%	32.2%	76.0%	23.1%	39.7%	32.6%	32.9%	38.9%	42.1%	(123.7%)	59.8%	38.9%	36.7%	40.9%	43.7%	40.9%
Share count
Diluted shares outstanding	73	74	75	76	76	76	75	75	76	75	74	73	71	72	74	73	73	72	72	67	65	62	58	58	57	58	60	66	66	66	66	64	64	63	62	64	65	65	64	64	63

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$3,327	$3,074	$2,893	$2,950	$2,887	$2,832	$2,147	$1,840	$1,717	$1,599	$1,509	$1,400	$1,421	$1,368	$1,266	$1,192	$1,105	$1,056	$1,051	$1,020	$913	$700	$542	$491	$420	$397	$430	$469	$450	$452	$459	$413	$365	$349	$338	$330	$323	$309	$288	$253	$236	$190
Cost of revenue	($2,103)	($1,970)	($1,895)	($1,821)	($1,751)	($1,656)	($1,379)	($1,234)	($1,172)	($1,086)	($1,008)	($944)	($974)	($934)	($879)	($853)	($787)	($752)	($748)	($728)	($652)	($506)	($374)	($335)	($302)	($281)	($290)	($289)	($282)	($288)	($302)	($265)	($226)	($222)	($218)	($221)	($222)	($207)	($197)	($174)	($160)	($128)
Gross profit	$1,224	$1,104	$998	$1,129	$1,136	$1,176	$768	$606	$545	$513	$501	$456	$448	$435	$388	$339	$318	$304	$303	$292	$262	$194	$168	$156	$118	$116	$140	$180	$168	$164	$157	$148	$139	$127	$120	$108	$102	$102	$91	$79	$75	$62
Operating expenses
Research and development	($74)	($74)	($69)	($68)	($58)	($53)	($47)	($39)	($40)	($39)	($37)	($34)	($37)	($38)	($33)	($29)	($24)	($20)	($19)	($16)	($11)	($8)	($6)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($427)	($394)	($338)	($353)	($317)	($363)	($302)	($273)	($263)	($246)	($240)	($233)	($229)	($235)	($218)	($191)	($188)	($178)	($159)	($152)	($145)	($112)	($97)	($111)	($83)	($73)	($68)	($78)	($70)	($70)	($73)	($70)	($69)	($64)	($57)	($85)	($58)	($46)	($42)	($32)	($30)	($27)
Total operating expenses	($543)	($519)	($429)	($453)	($402)	($424)	($361)	($309)	($305)	($287)	($306)	($327)	($266)	($272)	($253)	($230)	($227)	($206)	($178)	($179)	($156)	($121)	($104)	($101)	($91)	($75)	($105)	($114)	($103)	($102)	($104)	($100)	($92)	($86)	($81)	($110)	($80)	($66)	($60)	($49)	($45)	($39)
Total costs and expenses	($2,646)	($2,489)	($2,323)	($2,274)	($2,153)	($2,079)	($1,740)	($1,543)	($1,477)	($1,373)	($1,314)	($1,271)	($1,239)	($1,206)	($1,131)	($1,083)	($1,014)	($958)	($927)	($907)	($808)	($626)	($478)	($436)	($393)	($356)	($394)	($403)	($385)	($391)	($406)	($365)	($318)	($308)	($298)	($331)	($302)	($273)	($258)	($223)	($205)	($167)
Operating income	$680	$585	$570	$676	$734	$752	$407	$297	$240	$226	$195	$129	$182	$162	$135	$110	$91	$98	$124	$113	$106	$73	$64	$54	$27	$41	$36	$66	$65	$62	$53	$48	$47	$41	$40	($1)	$21	$36	$30	$30	$31	$24
Earnings
EBITDA	$859	$754	$722	$810	$851	$869	$512	$397	$342	$320	$283	$215	$267	$243	$208	$181	$160	$166	$180	$170	$158	$121	$97	$88	$60	$73	$73	$102	$97	$94	$84	$78	$70	$63	$63	$23	$44	$56	–	–	–	–
Interest income	$19	$18	$20	$28	$5	$1	$1	$4	$2	$1	$1	$2	$4	$2	$2	$1	$1	$1	$1	$6	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($4)	($0)	($3)	($9)	($8)	($8)	($8)	($8)	($8)	($8)	($8)	($14)	($16)	($17)	($17)	($18)	($17)	($15)	($16)	($14)	($13)	($14)	($8)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$694	$601	$586	$698	$680	$749	$401	$292	$241	$222	$190	$116	$169	$147	$109	$93	$74	$83	$110	$89	$86	$64	$41	$47	$17	$28	$3	$57	$28	$58	$27	$43	$41	$37	$34	($4)	$11	$34	$28	$23	$30	$25
Income tax expense	($144)	($122)	($108)	($122)	($115)	($107)	($72)	($59)	($41)	($81)	($54)	($26)	($47)	($40)	($33)	($24)	($14)	($14)	($24)	($17)	($25)	$0	($11)	($17)	($4)	($9)	($2)	($18)	($21)	($13)	($11)	($14)	($13)	($14)	($14)	($5)	($6)	($13)	($10)	($10)	($13)	($10)
Net income	$565	$494	$493	$593	$586	$662	$346	$242	$207	$151	$144	$96	$127	$112	$81	$76	$65	$73	$86	$71	$67	$46	$19	$32	$18	($5)	$2	$39	$7	$44	$16	$29	$27	$24	$20	($8)	$4	$21	$17	$14	$17	$15
Per share
Diluted EPS (GAAP)	$7.81	$6.79	$6.69	$7.88	$7.73	$8.67	$4.57	$3.21	$2.74	$1.99	$1.91	$1.30	$1.75	$1.57	$1.15	$1.08	$0.945	$1.06	$1.25	$1.02	$1.00	$0.71	$0.56	$0.75	$0.33	($0.0906)	$0.025	$0.64	$0.10	$0.67	$0.25	$0.43	$0.43	$0.37	$0.31	($0.14)	$0.0675	$0.32	$0.27	$0.21	$0.27	$0.24
Basic EPS (GAAP)	$7.87	$6.83	$6.75	$7.98	$7.87	$8.89	$4.68	$3.27	$2.80	$2.04	$1.96	$1.33	$1.79	$1.61	$1.19	$1.12	$0.98	$1.10	$1.32	$1.08	$1.05	$0.75	$0.57	$0.75	$0.33	($0.0907)	$0.025	$0.65	$0.10	$0.67	$0.25	$0.43	$0.43	$0.37	$0.32	($0.14)	$0.0675	$0.32	$0.27	$0.21	$0.27	$0.24
Basic shares outstanding	72	72	73	74	74	74	74	74	74	74	73	72	71	70	68	67	67	66	65	65	64	62	60	58	58	57	58	60	66	66	66	66	64	64	63	62	64	65	65	64	64	63
Margins
Gross margin	36.8%	35.9%	34.5%	38.3%	39.4%	41.5%	35.8%	32.9%	31.8%	32.1%	33.2%	32.6%	31.5%	31.8%	30.6%	28.5%	28.8%	28.8%	28.8%	28.6%	28.7%	27.7%	30.9%	31.8%	28.0%	29.3%	32.6%	38.4%	37.2%	36.2%	34.2%	35.8%	38.1%	36.3%	35.6%	32.8%	31.5%	33.0%	31.5%	31.1%	32.0%	32.7%
Operating margin	20.5%	19.0%	19.7%	22.9%	25.4%	26.6%	19.0%	16.1%	14.0%	14.1%	12.9%	9.2%	12.8%	11.9%	10.7%	9.2%	8.2%	9.2%	11.8%	11.1%	11.6%	10.5%	11.8%	11.1%	6.4%	10.4%	8.3%	14.2%	14.4%	13.7%	11.6%	11.7%	12.9%	11.8%	11.7%	(0.4%)	6.6%	11.7%	10.5%	11.8%	13.1%	12.4%
Net margin	17.0%	16.1%	17.0%	20.1%	20.3%	23.4%	16.1%	13.1%	12.0%	9.4%	9.5%	6.8%	8.9%	8.2%	6.4%	6.3%	5.9%	6.9%	8.2%	6.9%	7.3%	6.5%	3.6%	6.5%	4.4%	(1.3%)	0.4%	8.2%	1.5%	9.8%	3.6%	7.0%	7.5%	6.7%	5.8%	(2.6%)	1.3%	6.7%	6.0%	5.4%	7.2%	7.9%

Analyst consensus

Buy17 analysts

Bearish · 1 · Hold · 2 · Bullish · 14

Earnings history

	EPS	Estimate
Q3 2024	$1.85	$1.50	Beat
Q4 2024	$1.82	$1.71	Beat
Q1 2025	$1.45	$1.22	Beat
Q2 2025	$1.84	$1.51	Beat
Q3 2025	$1.96	$1.68	Beat
Q4 2025	$2.04	$1.83	Beat
Q1 2026	$2.13	$1.68	Beat
Q2 2026	$2.37	$2.08	Beat

Peers

Company overview

IPO dateMar 17, 1980

CEOMichel Lagarde

Employees10,800

SectorHealthcare

IndustryMedical - Instruments & Supplies

CountryUS

ExchangeNew York Stock Exchange

Websitewww.westpharma.com

West Pharmaceutical Services, Inc. (WST) specializes in the development, manufacturing, and global distribution of essential containment and delivery solutions for injectable pharmaceuticals and other healthcare products. The company's operations span across the Americas, Europe, the Middle East, Africa, and the Asia Pacific region, structured into two primary business units: Proprietary Products and Contract-Manufactured Products. The Proprietary Products segment offers a comprehensive array of components for injectable packaging, including stoppers and seals, alongside syringe and cartridge parts, which can be customized for specific injectable drug delivery requirements. It also provides advanced drug administration systems designed to enhance safe and effective delivery through sophisticated reconstitution, mixing, and transfer technologies. This segment further supplies ancillary services such as specialized films, protective coatings, cleaning, precision vision inspection, and sterilization processes to elevate the quality of packaging components. Innovative drug containment options, like Crystal Zenith – a cyclic olefin polymer used in vials, syringes, and cartridges – and user-friendly self-injection devices are also key offerings. Additionally, it provides a suite of integrated support services covering analytical laboratory analysis, primary packaging assistance during the pre-approval stage, engineering development, regulatory guidance, and post-purchase technical support. Its clientele primarily includes manufacturers of biologic, generic, and other pharmaceutical products. In contrast, the Contract-Manufactured Products division focuses on the design, production, and automated assembly of various devices for surgical, diagnostic, ophthalmic, and general drug delivery applications, alongside consumer items. This segment caters to pharmaceutical, diagnostic, and medical device manufacturers. The company's offerings reach customers worldwide through a dedicated sales team, an extensive distribution network, and partnerships with contract sales agents and regional distributors. Established in 1923, West Pharmaceutical Services, Inc. is headquartered in Exton, Pennsylvania.

Athenic provides research and information tools for educational purposes only and is not a registered investment adviser or broker-dealer. Nothing on this page is investment advice or a recommendation to buy or sell any security. Market data may be delayed. Past performance is not indicative of future results. Investing involves risk, including the possible loss of principal.