0000105770-26-000097
SEC filingWest二季度业绩超预期，上调全年指引，HVP组件与Biologics驱动强劲增长。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Net Sales | $872.3M | $766.5M | +13.8% |
| Gross Margin | 38.0% | 36.0% | +2.0pp |
| Operating Profit | $179.1M | $153.7M | +16.5% |
| Operating Profit Margin | 20.5% | 20.1% | +0.4pp |
| Net Income | $154.0M | $131.8M | +16.8% |
| Diluted EPS (GAAP) | $2.15 | $1.82 | +18.1% |
| Adjusted Diluted EPS (Non-GAAP) | $2.37 | $1.84 | +28.8% |
| Adjusted Operating Profit (Non-GAAP) | $197.4M | $155.3M | +27.1% |
| Adjusted Operating Profit Margin (Non-GAAP) | 22.6% | 20.3% | +2.3pp |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY2026 | Net Sales | $3.345B - $3.380B | 报告+8.8%-10.0%，有机+10.0%-11.0% |
| FY2026 | Adjusted Diluted EPS | $8.85 - $9.05 | Non-GAAP |
| Q3 2026 | Net Sales | $820M - $835M | 报告+1.9%-3.8%，有机+7.0%-8.9% |
| Q3 2026 | Adjusted Diluted EPS | $2.14 - $2.24 | Non-GAAP |
简评
West二季度业绩表现强劲，净销售额$872.3M同比增长13.8%，有机增长12.7%，主要由Proprietary Products分部驱动，其中HVP Components净销售$424.1M同比增长19.4%，HVP Delivery Devices净销售$131.2M同比增长29.6%。管理层指出增长受益于Biologics持续强劲、Annex 1带动的HVP升级组合优化以及GLP-1弹性体业务的增长。毛利率从36.0%扩张至38.0%，调整后营业利润率从20.3%提升至22.6%，显示强劲的销售增长带来了显著的经营杠杆效应。
公司上调全年指引，净销售指引从$3.295B-$3.350B上调至$3.345B-$3.380B，调整后EPS指引从$8.40-$8.75大幅上调至$8.85-$9.05，反映管理层对下半年信心增强。资本回报方面，上半年回购1.8百万股耗资$454.3M，并宣布Q3股息$0.22/股。需关注West Vantage分部增长相对平淡（+2.0%），以及SmartDose® 3.5mL出售给AbbVie对后续有机增长基数的负面影响。