WEST PHARMACEUTICAL SERVICES INC WST

Healthcare SIC 3841 - Surgical & Medical Instruments & Apparatus NAICS Manufacturing › Miscellaneous Manufacturing › Medical Equipment and Supplies Manufacturing › Surgical and Medical Instrument Manufacturing derived NYSE

We are a leading global manufacturer in the design and production of technologically advanced, high-quality, integrated containment and delivery systems for injectable drugs and healthcare products. Our products include a variety of primary proprietary packaging, containment solutions, reconstitution and transfer systems, and drug delivery systems, as well as contract manufacturing, analytical lab services and integrated solutions. Our customers include leading biologic, generic, pharmaceutical, diagnostic, and medical device companies in the world. Our top priority is delivering quality products that meet the exact product specifications and quality standards customers require and expect. This focus on quality includes a commitment to excellence in manufacturing, scientific and technical expertise and management, which enables us to partner with our customers in order to deliver safe, effective drug products to patients quickly and efficiently.

Last close 392.15 2026-10-23
Market cap $27.60B 2026-06-30 share count
52-week range 223.83 - 397.15

Valuation FY2025 figures against the last close

P/S9.0x
P/E57.8x
P/FCF58.9x
EV/EBITDA35.7x
Dividend yield0.2%
Diluted EPS6.79

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • Other European countries
  • Germany
  • Other
  • Ireland
  • France
Revenue by geography, 6 categories over 3 years. The same figures are in the table below. FY2025 United States, FY2025: 1.3B (43.3%) 43% United States Other European countries, FY2025: 451M (14.7%) 15% Germany, FY2025: 380.3M (12.4%) 12% Germany Other, FY2025: 353.3M (11.5%) 11% Other Ireland, FY2025: 333.3M (10.8%) 11% Ireland France, FY2025: 226.6M (7.4%) 7% France FY2024 United States, FY2024: 1.2B (42.5%) 43% Other European countries, FY2024: 385.5M (13.3%) 13% Germany, FY2024: 372.5M (12.9%) 13% Other, FY2024: 339M (11.7%) 12% Ireland, FY2024: 323.2M (11.2%) 11% France, FY2024: 242.2M (8.4%) 8% FY2023 United States, FY2023: 1.2B (42.0%) 42% Other European countries, FY2023: 388.1M (13.2%) 13% Germany, FY2023: 406.1M (13.8%) 14% Other, FY2023: 348.5M (11.8%) 12% Ireland, FY2023: 285.7M (9.7%) 10% France, FY2023: 282.9M (9.6%) 10%
Region FY2025FY2024FY2023
United States $1.33B $1.23B $1.24B
Other European countries $451.0M $385.5M $388.1M
Germany $380.3M $372.5M $406.1M
Other $353.3M $339.0M $348.5M
Ireland $333.3M $323.2M $285.7M
France $226.6M $242.2M $282.9M

As the company reported it, from the “Segment Information - Sales and Long-lived Assets by Geographic Location (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Revenue by segment

  • Proprietary Products
  • Contract-Manufactured Products
Revenue by segment, 2 categories over 3 years. The same figures are in the table below. FY2025 Proprietary Products, FY2025: 2.5B (81.1%) 81% Proprietary Products Contract-Manufactured Products, FY2025: 582M (18.9%) 19% FY2024 Proprietary Products, FY2024: 2.3B (80.7%) 81% Contract-Manufactured Products, FY2024: 558.7M (19.3%) 19% FY2023 Proprietary Products, FY2023: 2.4B (81.3%) 81% Contract-Manufactured Products, FY2023: 552.5M (18.7%) 19%
Segment FY2025FY2024FY2023
Proprietary Products $2.49B $2.33B $2.40B
Contract-Manufactured Products $582.0M $558.7M $552.5M

As the company reported it, from the “Segment Information - Sales by Product Group (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $3.07B$2.89B$2.95B$2.89B$2.83B$2.15B$1.84B$1.72B$1.60B$1.51B
Cost of revenue $1.97B$1.89B$1.82B$1.75B$1.66B$1.38B$1.23B$1.17B$1.09B$1.01B
Gross profit $1.10B$998.5M$1.13B$1.14B$1.18B$767.8M$605.7M$545.4M$512.9M$501.4M
R&D $74.3M$69.1M$68.4M$58.5M$52.8M$46.9M$38.9M$40.3M$39.1M$36.8M
SG&A $393.6M$338.5M$353.4M$316.9M$362.8M$302.0M$272.7M$262.9M$246.0M$239.6M
Operating income $584.9M$569.9M$676.0M$734.0M$752.3M$406.9M$296.6M$240.3M$225.8M$195.2M
Interest expense $500.0K$3.0M$9.0M$7.9M$8.2M$8.2M$8.5M$8.4M$7.8M$8.1M
Pre-tax income $600.9M$585.5M$698.0M$679.9M$748.9M$401.3M$291.8M$240.7M$222.4M$189.8M
Income tax $121.6M$107.5M$122.3M$114.7M$107.2M$72.5M$59.0M$41.4M$80.9M$54.4M
Net income $493.7M$492.7M$593.4M$585.9M$661.8M$346.2M$241.7M$206.9M$150.7M$143.6M
EPS, basic 6.836.757.987.878.894.683.272.802.041.96
EPS, diluted 6.796.697.887.738.674.573.212.741.991.91
Shares, diluted (wtd. avg.) 72.7M73.7M75.3M75.8M76.3M75.8M75.4M75.4M75.8M75.0M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $791.3M$484.6M$853.9M$894.3M$762.6M$615.5M$439.1M$337.4M$235.9M$203.0M
Receivables $574.4M$552.5M$512.0M$507.4M$489.0M$385.3M$319.3M$288.2M$253.2M$200.5M
Inventory $443.9M$377.0M$434.7M$414.8M$378.4M$321.3M$235.7M$214.5M$215.2M$199.3M
Total current assets $1.98B$1.54B$1.94B$1.92B$1.74B$1.37B$1.06B$894.4M$743.5M$641.9M
Property, plant and equipment $1.73B$1.58B$1.41B$1.16B$1.06B$943.2M$839.3M$822.0M$855.0M$778.3M
Goodwill $109.9M$106.0M$108.5M$107.3M$109.9M$111.1M$107.8M$105.8M$107.7M$103.0M
Other intangibles $7.7M$10.8M$15.1M$18.4M$23.0M$30.5M$29.8M$20.3M$21.7M$23.3M
Total assets $4.27B$3.64B$3.83B$3.62B$3.31B$2.79B$2.34B$1.98B$1.86B$1.72B
Accounts payable $253.7M$239.3M$242.4M$215.4M$232.2M$213.1M$156.8M$130.4M$138.1M$122.0M
Short-term debt $0$0$134.0M$2.2M$44.2M$2.3M$2.3M$100.0K$0$2.4M
Total current liabilities $654.9M$550.4M$671.8M$519.0M$594.1M$503.4M$341.6M$283.7M$279.5M$241.0M
Long-term debt $202.8M$202.6M$72.8M$206.7M$208.8M$252.9M$255.0M$196.0M$197.0M$226.2M
Total liabilities $1.09B$961.1M$948.5M$931.9M$978.4M$939.3M$768.2M$582.6M$582.9M$599.2M
Retained earnings $4.37B$3.96B$3.52B$2.99B$2.46B$1.85B$1.55B$1.35B$1.18B$1.07B
Total equity $3.18B$2.68B$2.88B$2.68B$2.34B$1.85B$1.57B$1.40B$1.28B$1.12B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $754.8M$653.4M$776.5M$724.0M$584.0M$472.5M$367.2M$288.6M$263.3M$219.4M
Depreciation and amortisation $171.4M$155.4M$137.3M$120.6M$122.3M$109.1M$103.4M$104.4M$96.7M$90.7M
Stock-based compensation $23.8M$18.7M$23.3M$23.7M$37.5M$34.0M$24.4M$15.1M$16.1M$19.5M
Capital expenditure $285.9M$377.0M$362.0M$284.6M$253.4M$174.4M$126.4M$104.7M$130.8M$170.2M
Investing cash flow -$285.9M-$378.7M-$368.7M-$288.2M-$253.1M-$179.5M-$228.0M-$100.8M-$133.6M-$175.8M
Financing cash flow -$185.1M-$622.6M-$459.6M-$293.6M-$168.1M-$137.1M-$36.8M-$80.7M-$109.0M-$113.9M
Dividends paid $61.2M$59.1M$57.0M$54.1M$51.1M$48.1M$45.1M$42.1M$39.1M$35.8M
Buybacks $134.0M$560.9M$438.3M$202.8M$137.1M$115.5M$83.1M$70.8M$74.4M$52.2M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000105770-26-000010.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 1B 2B 3B 4B Revenue, FY2016: 1.5B Gross profit, FY2016: 501.4M Net income, FY2016: 143.6M Revenue, FY2017: 1.6B Gross profit, FY2017: 512.9M Net income, FY2017: 150.7M Revenue, FY2018: 1.7B Gross profit, FY2018: 545.4M Net income, FY2018: 206.9M Revenue, FY2019: 1.8B Gross profit, FY2019: 605.7M Net income, FY2019: 241.7M Revenue, FY2020: 2.1B Gross profit, FY2020: 767.8M Net income, FY2020: 346.2M Revenue, FY2021: 2.8B Gross profit, FY2021: 1.2B Net income, FY2021: 661.8M Revenue, FY2022: 2.9B Gross profit, FY2022: 1.1B Net income, FY2022: 585.9M Revenue, FY2023: 2.9B Gross profit, FY2023: 1.1B Net income, FY2023: 593.4M Revenue, FY2024: 2.9B Gross profit, FY2024: 998.5M Net income, FY2024: 492.7M Revenue, FY2025: 3.1B Gross profit, FY2025: 1.1B Net income, FY2025: 493.7M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $1.51B $1.60B $1.72B $1.84B $2.15B $2.83B $2.89B $2.95B $2.89B $3.07B
Gross profit $501.4M $512.9M $545.4M $605.7M $767.8M $1.18B $1.14B $1.13B $998.5M $1.10B
Net income $143.6M $150.7M $206.9M $241.7M $346.2M $661.8M $585.9M $593.4M $492.7M $493.7M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Regulation FD disclosure Item 7.01
  • Cybersecurity incident A cybersecurity incident the company has determined to be material. Required since December 2023. Item 1.05
  • Cybersecurity incident Item 1.05
  • Regulation FD disclosure Item 7.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Officer or director change Item 5.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

Others in SIC 3841

TickerCompanyMarket capP/ERevenue growth
SYK STRYKER CORP $117.81B 36.6x 11.2%
MMM 3M CO $89.46B 28.9x 1.5%
BSX BOSTON SCIENTIFIC CORP $66.22B 23.6x 19.9%
BDX BECTON DICKINSON & CO $54.18B 34.2x 8.2%
RMD RESMED INC $36.48B 24.2x 9.9%
DXCM DEXCOM INC $29.41B 37.3x 15.6%
MDLN Medline Inc. $29.20B — 11.5%
SOLV Solventum Corp $14.54B 9.6x 0.9%