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West Pharmaceutical Services (WST) investor relations material
West Pharmaceutical Services Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Net sales for Q3 2025 reached $804.6M, up 7.7% year-over-year and 5.0% organically, driven by biologics and high-value products.
Adjusted diluted EPS was $1.96, up 5.9% year-over-year; net income for Q3 was $140.0M.
Gross margin improved to 36.6%, up 120 bps year-over-year.
Free cash flow for the first nine months of 2025 was $293.9M, up 53.7% year-over-year.
Strengthened executive team with new CFO and CTO appointments to drive growth and innovation.
Financial highlights
Proprietary Products segment Q3 sales grew 7.7% to $647.5M; Contract Manufacturing grew 8.0% to $157.1M.
Adjusted operating margin was 21.1%; operating profit for Q3 was $167.6M (20.8% margin).
Operating cash flow for the first nine months was $503.7M, up 8.7% year-over-year; capital expenditures were $209.8M.
Share repurchases totaled $134.0M for 552,593 shares in the first nine months.
Dividend payments totaled $45.4M for the nine months ended September 30, 2025.
Outlook and guidance
Full-year 2025 revenue guidance raised to $3.060–$3.070B (3.75%–4.0% organic growth); adjusted EPS guidance increased to $7.06–$7.11.
Q4 2025 revenue expected at $790–$800M; adjusted EPS $1.81–$1.86.
Capital expenditure guidance for 2025 is $275M; estimated tax rate is 20.5%–21%.
2026 outlook includes a $40M headwind from CGM contract exit, partially offset by $20M in new Dublin drug handling revenue.
No material impact anticipated from recent tariffs or geopolitical events in Israel for 2025.
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