$WST · WEST PHARMACEUTICAL SERVICES INC
West Pharmaceutical Services reported Q3 2026 results with net sales of $874.5M (+8.7% YoY), GAAP diluted EPS of $3.02 (+57.3%), and adjusted-diluted EPS of $2.66 (+35.7%). The company raised full-year 2026 guidance for both net sales ($3.41B–$3.42B) and adjusted-diluted EPS ($9.38–$9.48), driven by HVP Components organic growth of 20.3%.
- Q3 net sales $874.5M, +8.7% YoY; organic growth 11.9%
- GAAP diluted EPS $3.02 vs $1.92 prior year, +57.3%
- HVP Components net sales $466.7M, +19.7% YoY, now 53% of total company sales
- Full-year 2026 net sales guidance raised to $3.41B–$3.42B from $3.345B–$3.380B
- Full-year adjusted-diluted EPS guidance raised to $9.38–$9.48 from $8.85–$9.05
Extended-hours trading at $425.00, +5.29% vs regular close of $403.64, reflecting strong beat-and-raise reception. $28.41B market cap.
Beat-and-raise quarter with 57% EPS growth, aggressive $685M YTD buyback, and HVP Components now majority of sales — a structural margin story accelerating.
HVP Components now 53% of total sales, reinforcing West's shift toward higher-margin proprietary injectable solutions. The 39.7% gross margin (up from 36.6%) reflects successful mix shift away from commoditized standard products.
SmartDose® 3.5mL divestiture creates a revenue headwind: $11.8M in Q3 2026 vs $29.8M prior year, with no additional sales expected for the remainder of 2026. West Vantage segment declined 7.3% YoY.