West Pharmaceutical Services, Inc. (NYSE: WST), a leading provider of innovative, high-quality injectable solutions and services, today reported its financial results for the fourth quarter and full year 2025.

Fourth-Quarter and Full-Year 2025 Summary (comparisons to prior-year period)

Fourth-quarter net sales of $805.0 million increased 7.5%; organic growth was 3.3%.

Fourth-quarter diluted earnings per share (EPS) of $1.82 increased 2.2%.

Fourth-quarter Adjusted-diluted EPS of $2.04 increased 12.1%.

Full-year net sales of $3.074 billion increased 6.3%; organic growth was 4.3%.

Full-year Diluted EPS of $6.79 increased 1.5%.

Full-year Adjusted-diluted EPS of $7.29 increased 8.0%.

Operating cash flow was $754.8 million, an increase of 15.5%. Capital expenditures were $285.9 million. Free cash flow (defined as operating cash flow less capital expenditures) was $468.9 million, an increase of 69.6%.

During 2025, the Company repurchased 552,593 shares for $134.0 million at an average share price of $242.55 under its share repurchase programs.

"Our strong finish to 2025 was a result of the team's relentless execution of our growth strategy," said Eric M. Green, West's President, Chief Executive Officer and Chair of the Board. "Our performance in the quarter was led by our High-Value Product Components business in our Proprietary Products Segment, enabling us to deliver double-digit adjusted earnings per share growth. We expect positive momentum to continue in 2026, which will be a key year of execution and operational excellence to drive sustainable growth and create value for our patients, customers and shareholders."

Proprietary Products Segment

Fourth-quarter net sales of $661.8 million grew by 7.8% and increased 3.6% on an organic basis.

High-Value Product ("HVP") Components net sales of $389.8 million increased 20.3% and grew 15.1% on an organic basis driven by strength in Westar® and Envision® products. HVP Components accounted for 48% of total company net sales in the quarter.

HVP Delivery Devices net sales of $110.4 million decreased by 16.9%, and were down 18.1% on an organic basis, driven by the previously disclosed non-recurring incentive fee of $25 million earned in the fourth quarter of 2024. HVP Delivery Devices accounted for 14% of total company net sales in the quarter.

Standard Products net sales of $161.6 million increased by 3.0%, but declined 1.7% on an organic basis. Standard Products accounted for 20% of total company net sales this quarter.

Contract-Manufactured Products Segment

Fourth-quarter 2025 net sales increased by 6.2% to $143.2 million, while organic net sales grew 1.9%. Segment performance was driven by growth in self-injection devices for obesity and diabetes, partially offset by a continued decrease in sales of healthcare diagnostic devices.  Contract Manufacturing accounted for 18% of total company net sales in the quarter.

Introducing Full-Year and First-Quarter 2026 Financial Guidance

Full-year 2026 net sales are expected to be in a range of $3.215 billion to $3.275 billion, which assumes a mid-year 2026 close for the sale of SmartDose 3.5ml to AbbVie.

Reported growth is expected to be between 4.6% and 6.5% while organic net sales growth is expected to be approximately 5% to 7%.

Net sales guidance includes an estimated full-year 2026 benefit of 2 percentage points based on current foreign currency exchange rates.

SmartDose® 3.5mL generated $55 million in revenues in the second half of 2025. These revenues are excluded to calculate our full-year 2026 organic revenue growth guidance.

Full-year 2026 adjusted-diluted EPS is expected to be in a range of $7.85 to $8.20, representing growth of 7.7% to 12.5%.

Full-year 2026 capital expenditures are expected to be in the range of $250 million to $275 million.

First-quarter 2026 net sales are expected to be in the range of $770 million to $790 million, representing reported growth of 10.3% to 13.2% and organic growth of 4.6% to 7.4%.

First-quarter adjusted-diluted EPS is expected to be in the range of $1.65 to $1.70, up 13.0% to 16.4%.

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