WEST PHARMACEUTICAL SERVICES INC WST
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 6.83 | 6.75 | 7.98 | 7.87 | 8.89 | 4.68 | 3.27 | 2.80 | 2.04 | 1.96 |
| EPS, diluted | 6.79 | 6.69 | 7.88 | 7.73 | 8.67 | 4.57 | 3.21 | 2.74 | 1.99 | 1.91 |
| Shares, diluted (wtd. avg.) | $72.7M | $73.7M | $75.3M | $75.8M | $76.3M | $75.8M | $75.4M | $75.4M | $75.8M | $75.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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