WST · West Pharmaceutical Services, Inc.

West Pharmaceutical Services delivered a strong first-quarter 2026 performance, with net sales rising 21.0% year-over-year to $844.9 million and organic growth accelerating to 15.3%, well above prior guidance ranges. The growth was broad-based: Proprietary Products surged 23.3% (17.5% organic), led by High-Value Product Components (+29.6% reported, +22.6% organic) and Delivery Devices (+29.0% reported, +27.5% organic), both benefiting from robust biologics and GLP-1 market demand — with GLP-1 revenues alone representing 10% of total company sales. West Vantage grew 11.6% (6.2% organic), aided by new commercial operations at the Dublin facility. Gross margin expanded 190 bps to 35.1%, and adjusted operating profit margin rose 350 bps to 21.4%, reflecting favorable product mix and operational execution. Management attributed the outperformance to sustained market demand and successful production ramp-ups, particularly in Europe. As a result, the Company raised full-year 2026 guidance: net sales now projected between $3.295 billion and $3.350 billion (up 7.2–9.0% reported, 7–9% organic), and adjusted-diluted EPS guidance increased to $8.40–$8.75 (15.2–20.0% growth over 2025’s $7.29). The guidance incorporates the anticipated mid-year close of the SmartDose® 3.5mL divestiture to AbbVie — which generated $55 million in H2 2025 — and assumes ~2 percentage points of foreign exchange benefit. Capital return activity accelerated, with $297.6 million deployed to repurchase 1.2 million shares in Q1, signaling confidence in cash flow generation and long-term value creation.