West Pharmaceutical Services, Inc.
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+ FollowMarket Cap$29.01B
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Earnings Call Q3 2026
October 29, 2026 - AI Summary
Strong Q3 results; raised full-year guidance (good/surprising)
- Q3 revenue: $874M, +12% organic (reported +8.7%), beating expectations.
- Adjusted EPS: $2.66, +36% YoY, and about $0.47 above the prior guidance midpoint.
- Led by Proprietary Products: +16.6% organic.
- Company attributed performance to mix shift toward HVP Components, pricing contribution (~4 pts), and operational leverage/margin expansion.
Segment momentum: HVP Components powering growth; GLP-1 plus “non-GLP-1” both strong
- HVP Components: $467M revenues, +20% organic, now ~53% of total company revenues.
- Growth broad-based: GLP-1 strength and high-teens growth outside GLP-1; management sees runway from both existing/new injectable drugs and upgrades.
- HVP Delivery Devices: +26% organic after excluding currency and SmartDose 3.5 impacts; management highlighted Crystal Zenith and Administration Systems.
- West Vantage: -6.6% organic (slightly better than expected) due to planned roll-off of legacy programs and shift toward higher value-added drug handling.
Regulatory tailwind: upgrades expected to be multi-year opportunity (opportunity)
- Europe-focused Annex 1 regulations driving HVP upgrades; management sees increasing upgrade activity outside Europe as containment expectations rise.
- West added 200+ upgrade projects in 2026, and expects upgrades to be a multi-year tailwind.
- U.S. draft guidance seen as directionally consistent with Europe—management expects a global contamination-control push to support upgrades.
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$95.55
77.1% downside
Current Fair Value
77.1% downsideOvervalued by 77.1% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $29.01 Billion |
|---|---|
| Enterprise Value | $28.91 Billion |
| Annual dividend | $0.92 |
| Dividend yield | 0.22% |
| Earnings per Share | $6.83 |
| Beta | 1.14 |
| Outstanding Shares | 70,400,000 |
Return
| Return on Equity | 21.52% |
|---|---|
| Return on Assets | 15.73% |
| Return on Invested Capital | 22.75% |
Valuation & Multiples
| P/E Ratio | 46.42 |
|---|---|
| PEG | 87.83 |
| Price to Sales | 8.68 |
| Price to Book Ratio | 9.92 |
| Enterprise Value to Revenue | 8.51 |
| Enterprise Value to EBIT | 37.19 |
| Enterprise Value to Net Income | 45 |
| Total Debt to Enterprise | 0.01 |
| Debt to Equity | 0.12 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 29, 2026
EPS
$2.66
Est. $2.20Revenue
$874.50 M
Est. $827.12 MNext Earnings Call
Expected Date
February 11, 2027
EPS Estimate
$2.27
Consensus analyst estimateRevenue Estimate
$825.22 M
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 60.87% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | 52,300▼ 56.56% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 17.90%▼ 80.80% |
|---|---|
| Total Invested | $4.21B▼ 83.44% |
| Investors Holding | 432▼ 424.00% |
About West Pharmaceutical Services, Inc.
CEO: Eric Green
