WST US S&P 500Russell 1000 Earnings call

West Pharmaceutical Services (WST) · Q2 2026 results and valuation

Share price: $412.86 · 2026-11-11

Results Q2 2026 vs Q1 2026 · previous quarter · published 23 Jul 2026 and 23 Apr 2026

Net income up 11.0% on the previous quarter, guidance raised. Management sounded upbeat, in its script and in answers to analysts.

Only a basic analysis is available for this company at the moment.

1 · Numbers

+11.0%

Net income vs Q1 2026

Guidance raised

Net income 154.0M vs 138.8M

Revenue +3.2%

Against the same quarter last year (Q2 2025) it is +16.8%, so it is not just seasonal.

2 · How management spoke

Upbeat

More upbeat than 82% of company calls

Answers to analysts: very upbeat, in line with the script.

Last call it was different: the answers were less upbeat than the script.

3 · What stood out

West Pharmaceutical Services expects full-year organic revenue growth of 10% to 11% and adjusted EPS of $8.85 to $9.05.

Valuation

Is West Pharmaceutical Services undervalued?

Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.

At 2.1% growth a year (3-year revenue growth), the model's fair value is $91.96 a share — the stock trades 349% above it. Today's price assumes 23.1% growth a year.

Current price

$412.86

close of 2026-11-11

Market implies growth of i

+23.1% for 10 yrs

Fair value / share

$91.96

Buy below

$68.97

Price vs fair value

Overvalued >200%

Price vs buy-below price

Overvalued >200%

Management expects

Revenue +10.5% · from the Q2 2026 report: “Full-year organic revenue growth is now expected at 10% to 11%, with adjusted EPS of $8.85 to $9.05.”

A guidance figure for revenue, usually one year ahead, not a 10-year free-cash-flow rate.

FCF growth / yr i Discount rate i Terminal growth i Margin of safety i

Official channels

The company's own website and social media accounts.

Website

Read between the lines

Key theme

Hvp delivery devices performed slightly better than expected during the second quarter of 2026.

Source quote
“and then as we were asking about Delivery... It's actually performed slightly better than that.”
Key theme

WST remains focused on its three key growth drivers of Biologics to capitalize on long-term macro trends as Michel Lagarde takes over leadership on August 31.

Source quote
“We're well positioned to capitalize on long-term macro trends, and we remain focused on our 3 key growth drivers of Biologics... We have a durable business with a strong competitive moat, which delivers unique value to our customers. As I pass the torch of leadership and welcome Michel Lagarde on August 31.”
Guidance ↑

Higher guidance reflects stronger expected growth in non-GLP-1 HVP Components and increased HVP Delivery Devices.

Source quote
“Our increased guidance is driven by higher growth expectations for the non-GLP-1 portion of our HVP Components as well as increase in HVP Delivery Devices.”
Guidance

Full-year organic revenue growth is now expected at 10% to 11%, with adjusted EPS of $8.85 to $9.05.

Source quote
“We now anticipate organic revenue growth to be 10% to 11% for the full year and adjusted EPS to be in the range of $8.85 to $9.05.”

Tone

How upbeat the language was, compared with other companiesi. Dot: Q2 2026. Ring: Q1 2026.

Prepared remarks Upbeat (was very upbeat)

Answers to analysts Very upbeat (was upbeat)

Script and answers carried a similar tone, so the script's message held up under questioning.

Sentences that drove the tone

“Capital expenditures were $43 million, down $75 million in the prior year as we continue to improve capital spending efficiency, focusing on growth and increased financial returns.”

“In summary, we had a strong second quarter that exceeded our expectations and are pleased that our solid business momentum continues.”

“we had a strong second quarter as revenues of $872 million increased 13.8% on a reported basis and grew 12.7% organically, exceeding our expectations overall.”

Full figures

USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)

Metric	Q2 2026period end 2026-06-30	Q1 2026period end 2026-03-31	Change	Q2 2025	YoY
Revenue	872.3M	844.9M	+3.2%	766.5M	+13.8%
Gross profit	329.2M	296.4M	+11.1%	273.9M	+20.2%
Operating income	179.1M	177.1M	+1.1%	153.7M	+16.5%
Net income	154.0M	138.8M	+11.0%	131.8M	+16.8%
EPS	2.15	1.92	+12.0%	1.82	+18.1%
P/E today 48.2	46.0	33.5	+12.5	32.8	+13.2

Topics

Most discussed now

As West Pharmaceutical Services was asking about Delivery...
West Pharmaceutical Services feels very good about the underlying momentum, particularly in the HVP Components business that really drives…
The third one is really around operational excellence, but that really...
As you said, when West Pharmaceutical Services has HVP Components really driving the outperformance, the incremental margins there are just…

Faded since Q1 2026

Fading HVP components GLP-1 revenues grew significantly and contributed 10% of total company sales consistent with the previous quarter.
Fading West Pharmaceutical Services remains focused on its critical growth drivers of biologics, GLP-1s, Annex 1 and other HVP conversion and…
Fading West Pharmaceutical Services is going to be installing new equipment from its customers to support them on their own new commercial…
Fading West Pharmaceutical Services is able to convert from a project status to commercialize product going into the market.

Latest announcements

Official filings, newest first.

2026-07-23 Results of operations; Regulation FD disclosure · SEC 8-K
2026-07-14 Material agreement · SEC 8-K
2026-06-01 Director or officer change; Regulation FD disclosure · SEC 8-K
2026-05-11 1.05; Regulation FD disclosure · SEC 8-K
2026-05-05 Shareholder vote results · SEC 8-K
2026-04-23 Results of operations; Regulation FD disclosure · SEC 8-K
2026-03-09 Director or officer change; Regulation FD disclosure · SEC 8-K
2026-02-12 Results of operations; Regulation FD disclosure · SEC 8-K