West Raises 2026 Sales and EPS Outlook After HVP Quarter

The Tip Desk · October 30, 2026 · 3 min read

Third-quarter net sales were $874.5 million, 8.7% higher, as the company lifted full-year adjusted-diluted EPS guidance to $9.38–$9.48.

West Pharmaceutical Services (WST), a provider of injectable containment and delivery products, reported third-quarter 2026 net sales of $874.5 million, up 8.7% from a year earlier and 11.9% on an organic basis. Diluted earnings were $3.02 a share, up 57.3%, and adjusted-diluted EPS was $2.66, up 35.7%.

The company raised full-year 2026 net sales guidance to $3.41 billion to $3.42 billion from $3.345 billion to $3.380 billion, and lifted organic net sales growth guidance to 11.3% to 11.6% from 10% to 11%. Full-year adjusted-diluted EPS guidance increased to $9.38 to $9.48 from $8.85 to $9.05. President and Chief Executive Officer Michel Lagarde said net sales and adjusted EPS exceeded the company’s expectations and that High-Value Product Components again led results.

Proprietary Products, the larger of the two reportable segments, generated $728.8 million in net sales, up 12.6% reported and 16.6% organic. Segment gross margin was 44.4% and operating margin 31.6%. HVP Components net sales were $466.7 million, up 19.7% reported and 20.3% organic, and accounted for 53% of company net sales. Standard Products net sales were $163.0 million, up 2.9% reported and 3.1% organic.

HVP Delivery Devices net sales were $99.1 million, unchanged on a reported basis and up 26.4% organically after excluding foreign currency and the SmartDose 3.5mL divestiture. SmartDose 3.5mL contributed $11.8 million in the quarter. The company completed the sale of that on-body delivery system and associated facilities to AbbVie, recording a $55.7 million net gain and a $22.4 million one-time tax cost. No additional SmartDose 3.5mL product sales are expected for the remainder of 2026.

Within Proprietary Products, Biologics net sales were $379.3 million, up 15.3% reported and 23.2% organic. Pharma net sales were $221.3 million, up 21.3% reported and 21.4% organic. Generics net sales were $128.2 million, down 5.7% reported and 4.5% organic. By geography, Americas net sales were $401.3 million, EMEA $376.1 million, and Asia Pacific $97.1 million, up 42.4% reported and 41.9% organic.

West Vantage net sales were $145.7 million, down 7.3% reported and 6.6% organic, and accounted for 17% of company net sales. The company attributed the organic decline to the planned loss of a CGM customer. West Vantage gross margin was 16.5% and operating margin 10.6%.

Consolidated gross profit margin expanded to 39.7% from 36.6% a year earlier. Reported operating profit margin was 30.6% and adjusted operating profit margin 25.3%. The $55.7 million SmartDose gain sat in other expense (income), net, which was a $51.2 million credit in the quarter versus $6.9 million of expense a year earlier.

The company repurchased $231 million of stock in the quarter, bringing year-to-date buybacks to $685 million. Year-to-date operating cash flow was $403 million and capital expenditures $125 million. The board declared a fourth-quarter dividend of $0.26 a share, up from $0.22. Full-year capital spending guidance was cut to $215 million to $220 million from $250 million to $275 million.