Company file · WST

West Pharmaceutical Services

West Pharmaceutical Services' revenue rose 6.3% in FY2025, to $3.1B, and net income rose 0.2% to $494M

Revenue rose 6.3% to $3.1B in FY2025, from $2.9B in FY2024. Net income rose 0.2% to $494M. Proprietary Products was the largest segment, at 81% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 17, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Oct 29, 2026) · Data pulled Nov 11, 2026

Key facts

West Pharmaceutical Services (NYSE: WST) closed fiscal 2025 on Dec 31, 2025 with revenue of $3.1B, up 6.3% from a year before; net income came to $494M, up 0.2%. Its newest quarterly report covers the three months to Sep 30, 2026: revenue of $874M, up 8.7% on the same stretch of the prior year, and net income of $214M. Broken down by segment, Proprietary Products led with 81% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 17, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 29, 2026).

Revenue$3.1BFY2025 · +6.3% vs FY2024

Net income$494MFY2025 · +0.2% vs FY2024

Operating cash flow$755MFY2025 · +15.5% vs FY2024

Cash & equivalents$464Mat Sep 30, 2026 · −41.3% vs FY2025 end

Total debt$203Mat Sep 30, 2026 · +0.0% vs FY2025 end

Diluted shares73MFY2025 avg · −1.4% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 17, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed Apr 23, 2026 · 10-Q filed Jul 23, 2026 · 10-Q filed Oct 29, 2026

How it makes money

By segment, FY2025

LineAmountSharevs FY2024
Proprietary Products$2.5B81%+6.8%
Contract Manufactured Products$582M19%+4.2%

Source: 10-K FY2025, XBRL breakdown

By segment in FY2025: Proprietary Products (81%) and Contract Manufactured Products (19%), as shares of total revenue. Total revenue was $3.1B.

By segment: three-year mixShare of the total each fiscal year

FY2023

81%19%

FY2024

81%19%

FY2025

81%19%

Proprietary ProductsContract Manufactured Products

Source: 10-K FY2025

By region, FY2025

United States$1.3B43%+8.0%

Other Europe Countries$451M15%+17.0%

Germany$380M12%+2.1%

Other Countries$353M11%+4.2%

Ireland$333M11%+3.1%

France$227M7%−6.4%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue

$874M Q3 2026

$805M Q3 2025

8.7% increase

Net income

$214M Q3 2026

$140M Q3 2025

52.9% increase

Source: West Pharmaceutical Services 10-Q for the quarter ended Sep 30, 2026, filed Oct 29, 2026

By segment

Proprietary Products

$729M Q3 2026

$648M Q3 2025

12.6% increase

Source: West Pharmaceutical Services 10-Q for the quarter ended Sep 30, 2026, filed Oct 29, 2026

Cash & equivalents $464M at Sep 30, 2026, vs $791M at FY2025 end.
Total debt $203M at Sep 30, 2026, vs $203M at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $403M vs $504M a year earlier.

The bull case and the bear case

The bull case

Revenue rose 6.3% in FY2025 to $3.1B, from $2.9B a year earlier. 10-K, FY2025
Net income rose 0.2% in FY2025 to $494M, from $493M. 10-K, FY2025
Operating cash flow rose 15.5% in FY2025 to $755M. 10-K, FY2025
Diluted shares fell 1.4% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025

The bear case

France revenue fell 6.4% in FY2025 to $227M. 10-K, FY2025
The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include regulation; pricing and reimbursement; competition. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

West Pharmaceutical Services is in the health care supplies industry, part of the health care sector. The SEC files it under Surgical & Medical Instruments & Apparatus.

West Pharmaceutical Services reports 2 segments: Proprietary Products and Contract Manufactured Products.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the health care supplies industry. They are not a summary of West Pharmaceutical Services’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

RegulationApprovals, safety rules and government oversight shape what it can sell and how.
Pricing and reimbursementPayers, insurers and governments influence what it can charge.
CompetitionNew treatments, generics and rival products can take share.
LitigationProduct liability and other legal claims can lead to costs.
SupplyManufacturing and supplier problems can interrupt products.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$2.9B	$2.9B	$3.1B
Net income	$593M	$493M	$494M
Operating cash flow	$776M	$653M	$755M
Cash & equivalents (year end)	$854M	$485M	$791M
Total debt (year end)	$207M	$203M	$203M
Diluted shares	75M	74M	73M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: The current part of long-term debt plus long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

Recent filings

Form	Filed	Period
10-Q	Oct 29, 2026	Sep 30, 2026
10-Q	Jul 23, 2026	Jun 30, 2026
10-Q	Apr 23, 2026	Mar 31, 2026
DEF 14A	Mar 12, 2026	May 4, 2026
10-K	Feb 17, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about West Pharmaceutical Services

How does West Pharmaceutical Services make money?

Fiscal 2025 revenue: $3.1B. By segment in FY2025: Proprietary Products (81%) and Contract Manufactured Products (19%), as shares of total revenue. Total revenue was $3.1B. Source: 10-K for fiscal 2025, filed Feb 17, 2026.

What was West Pharmaceutical Services's revenue in fiscal 2025?

$3.1B, up 6.3% from fiscal 2024 ($2.9B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $2.9B. Source: 10-K for fiscal 2025, filed Feb 17, 2026.

Is West Pharmaceutical Services profitable?

Net income was $494M in fiscal 2025 (up 0.2%; fiscal 2024 was $493M). That counts as a GAAP profit. The latest quarter, ended Sep 30, 2026: net income was $214M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 17, 2026.

What did West Pharmaceutical Services report in its latest quarterly filing?

For the three months to Sep 30, 2026: revenue $874M (up 8.7% from $805M) and net income $214M (up 52.9% from $140M). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 29, 2026.

How much cash and debt does West Pharmaceutical Services have?

As of Sep 30, 2026: $464M of cash and cash equivalents, $203M of total debt. Total debt here is the current part of long-term debt plus long-term debt, at carrying value. Source: 10-Q filed Oct 29, 2026.

What are the main risks West Pharmaceutical Services faces?

West Pharmaceutical Services's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 17, 2026. Risks that are common among companies in the health care supplies industry include Regulation; pricing and reimbursement; competition; litigation; supply. The first: Approvals, safety rules and government oversight shape what it can sell and how. Source: 10-K, Item 1A Risk Factors.

Where do these West Pharmaceutical Services numbers come from?

The 10-K filed Feb 17, 2026 (fiscal 2025) and the 10-Q filed Oct 29, 2026 (quarter ended Sep 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.

Tracked funds that report owning West Pharmaceutical Services

Gates Foundation Trust: 444,500 shares, reported value $159.6M at Jun 30, 2026 (same number of shares as in the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Citadel Advisors: 352,769 shares, reported value $126.6M at Jun 30, 2026 (+9.0% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
Point72 Asset Management: 283,396 shares, reported value $101.7M at Jun 30, 2026 (+77.8% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Renaissance Technologies: 30,900 shares, reported value $11.1M at Jun 30, 2026 (−85.3% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 13, 2026.
Millennium Management: 21,290 shares, reported value $7.6M at Jun 30, 2026 (+54.6% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Two Sigma Investments: 18,227 shares, reported value $6.5M at Jun 30, 2026 (−91.9% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Bridgewater Associates: 10,429 shares, reported value $3.7M at Jun 30, 2026 (−55.0% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.

From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

Disclosures

Editor holdings in WST: The editor holds no position in West Pharmaceutical Services (WST). As of Nov 11, 2026.
Trading rule: The editor does not buy or sell WST from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Nov 9, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold WST, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
West Pharmaceutical ServicesWST	FY2025	$3.1B	+6.3%	$494M
Cooper CompaniesCOO	FY2025	$4.1B	+5.1%	$375M
Align TechnologyALGN	FY2025	$4.0B	+0.9%	$410M
Eli LillyLLY	FY2025	$65.2B	+44.7%	$20.6B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.