The raised guidance and strong HVP Components growth (20.3% organic) signal sustained demand from biologics and GLP-1 customers. Monitor Q4 for continued margin expansion and any further updates on the West Vantage segment recovery from the cyber incident and customer loss.
Price Chart
Executive Summary
West Pharmaceutical reported Q3 2026 net sales of $874.5M (+8.7% reported, +11.9% organic) and adjusted-diluted EPS of $2.66 (+35.7% YoY), both exceeding consensus estimates of $826.5M and $2.20. The company raised its full-year 2026 net sales guidance to $3.41B-$3.42B and adjusted-diluted EPS guidance to $9.38-$9.48, driven by continued strength in High-Value Product Components (HVP Components up 20.3% organic) and margin expansion.
Key Financial Metrics
Key Facts
- Q3 2026 net sales of $874.5M, up 8.7% reported and 11.9% organic YoY
- Adjusted-diluted EPS of $2.66, up 35.7% YoY, vs consensus of $2.20
- GAAP diluted EPS of $3.02, up 57.3% YoY (includes $55.7M gain on SmartDose sale)
- Full-year 2026 net sales guidance raised to $3.41B-$3.42B from $3.345B-$3.380B
- Full-year 2026 adjusted-diluted EPS guidance raised to $9.38-$9.48 from $8.85-$9.05
- HVP Components net sales of $466.7M, up 19.7% reported and 20.3% organic
- Proprietary Products segment operating margin expanded 450 bps YoY to 31.6%
- Company repurchased $231M of stock in Q3, $685M year-to-date
- Dividend increased 18% to $0.26 per share from $0.22
- West Vantage segment sales declined 7.3% reported and 6.6% organic due to planned CGM customer loss
Financial Impact
Q3 revenue beat consensus by $48.0M (5.8%), adjusted EPS beat by $0.46 (20.9%). Full-year guidance raised by $75M at midpoint for revenue and $0.48 at midpoint for adjusted EPS.
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Proprietary Products | $728.8M | +12.6% |
| West Vantage | $145.7M | -7.3% |
Risk Factors
- West Vantage segment organic decline of 6.6% due to planned CGM customer loss
- Generics market group organic decline of 4.5% in Proprietary Products
- Year-to-date operating cash flow of $403.4M is down from $503.7M in the prior year period
- Cybersecurity incident in May 2026 may have lingering operational impacts
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000105770-26-000118 |
| Document: wst-20261029.htm | 0000105770-26-000118 |
| Document: a3q26earningsdeck-final.htm | 0000105770-26-000118 |
| Document: 0000105770-26-000118-index-headers.html | 0000105770-26-000118 |
| Document: 0000105770-26-000118-index.html | 0000105770-26-000118 |
| Document: 0000105770-26-000118.txt | 0000105770-26-000118 |
| 8-K Data (Synthetic) | 0000105770-26-000118 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | 8-K | No price | awaiting T+60 | awaiting T+60 | No price |
Oct 29, 2026 3d ago | Press Release | $416.67 | awaiting T+60 | awaiting T+60 | $412.62 (−0.97%) |
Oct 26, 2026 6d ago | 8-K | $398.29 | awaiting T+60 | awaiting T+60 | $412.62 (+3.60%) |
Oct 26, 2026 6d ago | Institutional Cluster | $394.73 | awaiting T+60 | awaiting T+60 | $412.62 (+4.53%) |
Jul 23, 2026 14w ago | 8-K | No price | awaiting T+60 | awaiting T+60 | No price |
Jul 23, 2026 14w ago | Press Release | $355.48 $383.02 | ▲ +7.75% | ▲ +3.19% | $412.62 (+16.07%) |
Jul 7, 2026 16w ago | Press Release | $356.08 $370.76 | ▲ +4.12% | ▲ +2.13% | $412.62 (+15.88%) |
May 11, 2026 24w ago | 8-K | $311.82 $348.06 | ▼ −11.62% | ▼ −7.51% | $412.62 (−32.32%) |
Apr 27, 2026 27w ago | Insider Cluster | $300.93 $358.41 | ▲ +19.10% | ▲ +14.59% | $412.62 (+37.11%) |
Apr 27, 2026 27w ago | Insider Cluster | $300.93 $358.41 | ▲ +19.10% | ▲ +14.59% | $412.62 (+37.11%) |
US Market Status
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