West Pharmaceutical Services, Inc. designs, manufactures, and sells containment and delivery systems for injectable drugs and healthcare products in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It operates in two segments, Proprietary Products and Contract-Manufactured Products. The Proprietary Products segment offers stoppers and seals for injectable packaging systems; syringe and cartridge components, including custom solutions for the needs of injectable drug applications, as well as administration systems that enhance the safe delivery of drugs through advanced reconstitution, mixing, and transfer technologies; and films, coatings, washing, and vision inspection and sterilization processes and services to enhance the quality of packaging products. This segment also provides drug containment solutions in the form of vials, syringes, and cartridges; and self-injection devices; and a range of integrated solutions, including analytical lab services, pre-approval primary packaging support and engineering development, regulatory expertise, and after-sales technical support. This segment serves biologic, generic, and pharmaceutical drug companies. The Contract-Manufactured Products segment is involved in the design, manufacture, and automated assembly of devices used in surgical, diagnostic, ophthalmic, injectable, and other drug delivery systems, as well as consumer products. This segment primarily serves pharmaceutical, diagnostic, and medical device companies. It sells and distributes its products through its sales force and distribution network, contract sales agents, and regional distributors. West Pharmaceutical Services, Inc. was founded in 1923 and is headquartered in Exton, Pennsylvania.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $3.1B | $773M | $494M | $469M | 15.5% | 6.3% | 0.2% |
| 2024 | $2.9B | $744M | $493M | $276M | 18.4% | -1.9% | -17.0% |
| 2023 | $2.9B | $844M | $593M | $415M | 20.6% | 2.2% | 1.3% |
| 2022 | $2.9B | $808M | $586M | $439M | 21.8% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 2,886.90 | 2,949.80 | 2,893.20 | 3,074.10 |
| Cost Of Revenue | - | 1,750.70 | 1,820.60 | 1,894.70 | 1,970.10 |
| Gross Profit | - | 1,136.20 | 1,129.20 | 998.50 | 1,104 |
| Operating Expense | - | 375.40 | 421.80 | 407.60 | 467.90 |
| Operating Income | - | 760.80 | 707.40 | 590.90 | 636.10 |
| EBITDA | - | 808.40 | 844.30 | 743.90 | 772.80 |
| EBIT | - | 687.80 | 707 | 588.50 | 601.40 |
| Pretax Income | - | 679.90 | 698 | 585.50 | 600.90 |
| Tax Provision | - | 114.70 | 122.30 | 107.50 | 121.60 |
| Net Income | - | 585.90 | 593.40 | 492.70 | 493.70 |
| Net Income Common Stockholders | - | 585.90 | 593.40 | 492.70 | 493.70 |
| Total Expenses | - | 2,126.10 | 2,242.40 | 2,302.30 | 2,438 |
| Interest Expense | - | 7.90 | 9 | 3 | 0.50 |
| Interest Income | - | 5.10 | 28 | 19.60 | 17.50 |
| Research And Development | - | 58.50 | 68.40 | 69.10 | 74.30 |
| Selling General And Administration | - | 316.90 | 353.40 | 338.50 | 393.60 |
| Normalized EBITDA | - | 837.30 | 874.40 | 764 | 822.70 |
| Normalized Income | - | 609.92 | 618.23 | 509.10 | 533.52 |
| Market Cap | 21,629.47 | 21,629.47 | 21,629.47 | 21,629.47 | 21,629.47 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| West Pharmaceutical Services, Inc.this co. | WST | $22.1B | 43.81β premium | 6.81 | 15.5% | 27.38 |
| Humana Inc. | HUM | $25.9B | 21.75 | 1.46 | 6.7% | - |
| DexCom, Inc. | DXCM | $24.0B | 28.41 | 8.65 | 30.5% | 17.84 |
| Quest Diagnostics Incorporated | DGX | $21.9B | 21.90 | 3.03 | 13.8% | 12.88 |
| Labcorp Holdings Inc. | LH |
| 2021 |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| $21.9B |
| 24.80 |
| 2.52 |
| 10.2% |
| 13.78 |
| STERIS plc | STE | $21.8B | 35.42 | 3.30 | 9.3% | 17.52 |
| Incyte Corporation | INCY | $18.5B | 14.64 | 3.65 | 24.9% | 8.96 |
| Waters Corporation | WAT | $18.4B | 47.33 | 11.88 | 25.1% | 30.39 |
| Zimmer Biomet Holdings, Inc. | ZBH | $18.1B | 25.05 | 1.39 | 5.6% | 11.09 |
| Peer Median | - | 24.93 | 3.16 | 12.0% | 13.78 | |