West Pharmaceutical Services (WST) Q3 2026 earnings summary

Executive summary

• Q3 net sales rose 8.7% YoY to $874.5M, with organic growth of 11.9%; adjusted diluted EPS increased 35.7% to $2.66.

• Proprietary Products and HVP Components led growth, supporting operating-margin expansion and higher FY 2026 sales and adjusted-EPS guidance.

Financial highlights

• Gross profit rose 18.0% YoY to $347.4M; gross margin increased 310 bps to 39.7%, and adjusted operating margin rose 420 bps to 25.3%.

• Reported operating profit was $267.4M and net income was $214.0M; adjusted operating profit was $221.5M. Reported diluted EPS was $3.02 and adjusted diluted EPS was $2.66.

• Q3 volume and mix contributed $58.3M of consolidated sales growth, while pricing contributed $33.6M.

• 9M operating cash flow was $403.4M, CapEx was $125.0M and free cash flow was $278.4M, versus $503.7M, $209.8M and $293.9M, respectively, in 9M 2025.

Outlook and guidance

• FY 2026 net sales guidance increased to $3.41B–$3.42B, with organic growth of 11.3%–11.6%; FX adds 1.2 percentage points and the SmartDose divestiture reduces reported growth by 1.6 points.

• FY 2026 adjusted diluted EPS guidance rose to $9.38–$9.48, up 28.7%–30.0% YoY; estimated FX impact on adjusted EPS is +$0.10.

• Q4 revenue guidance is $820M–$830M, with 6%–7% organic growth; adjusted EPS guidance is $2.22–$2.32.

• FY 2026 CapEx guidance is $215M–$220M, reduced from $250M–$275M.