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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 |
| Operating 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 |
| Research And Development | - | 58.50 | 68.40 | 69.10 | 74.30 |
| Selling General And Administration | - | 316.90 | 353.40 | 338.50 | 393.60 |
| Total Expenses | - | 2,126.10 | 2,242.40 | 2,302.30 | 2,438 |
| Operating Income | - | 760.80 | 707.40 | 590.90 | 636.10 |
| Total Operating Income As Reported | - | 734 | 676 | 569.90 | 584.90 |
| EBITDA | - | 808.40 | 844.30 | 743.90 | 772.80 |
| Normalized EBITDA | - | 837.30 | 874.40 | 764 | 822.70 |
| EBIT | - | 687.80 | 707 | 588.50 | 601.40 |
| Interest Income | - | 5.10 | 28 | 19.60 | 17.50 |
| Interest Expense | - | 7.90 | 9 | 3 | 0.50 |
| Net Interest Income | - | -2.80 | 19 | 16.60 | 17 |
| Other Non Operating Income Expenses | - | -49.20 | 1.70 | -1.90 | -2.30 |
| Other Income Expense | - | -78.10 | -28.40 | -22 | -52.20 |
| Interest Income Non Operating | - | 5.10 | 28 | 19.60 | 17.50 |
| Interest Expense Non Operating | - | 7.90 | 9 | 3 | 0.50 |
| Net Non Operating Interest Income Expense | - | -2.80 | 19 | 16.60 | 17 |
| Pretax Income | - | 679.90 | 698 | 585.50 | 600.90 |
| Tax Provision | - | 114.70 | 122.30 | 107.50 | 121.60 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -4.88 | -5.27 | -3.70 | -10.08 |
| Net Income Continuous Operations | - | 585.90 | 593.40 | 492.70 | 493.70 |
| Net Income From Continuing And Discontinued Operation | - | 585.90 | 593.40 | 492.70 | 493.70 |
| Net Income From Continuing Operation Net Minority Interest | - | 585.90 | 593.40 | 492.70 | 493.70 |
| Net Income | - | 585.90 | 593.40 | 492.70 | 493.70 |
| Net Income Common Stockholders | - | 585.90 | 593.40 | 492.70 | 493.70 |
| Net Income Including Noncontrolling Interests | - | 585.90 | 593.40 | 492.70 | 493.70 |
| Normalized Income | - | 609.92 | 618.23 | 509.10 | 533.52 |
| Diluted NI Availto Com Stockholders | - | 585.90 | 593.40 | 492.70 | 493.70 |
| Basic Average Shares | - | 74.40 | 74.30 | 73 | 72.30 |
| Diluted Average Shares | - | 75.80 | 75.30 | 73.70 | 72.70 |
| Reconciled Depreciation | - | 120.60 | 137.30 | 155.40 | 171.40 |
| Reconciled Cost Of Revenue | - | 1,750.70 | 1,820.60 | 1,894.70 | 1,970.10 |
| Total Unusual Items | - | -28.90 | -30.10 | -20.10 | -49.90 |
| Total Unusual Items Excluding Goodwill | - | -28.90 | -30.10 | -20.10 | -49.90 |
| Earnings From Equity Interest Net Of Tax | - | 20.70 | 17.70 | 14.70 | 14.40 |
| Special Income Charges | - | -33 | -20.70 | -9.90 | -41.50 |
| Write Off | - | 6.20 | 4.30 | 0.30 | 4.50 |
| Impairment Of Capital Assets | - | 2.70 | 5.30 | 7 | 3.70 |
| Restructuring And Mergern Acquisition | - | 26.80 | -0.50 | 2.60 | 33.30 |
| Gain On Sale Of Security | - | 4.10 | -9.40 | -10.20 | -8.40 |
| Gain On Sale Of Ppe | - | 0 | -11.60 | 0 | 0 |
| Other Taxes | 0 | - | - | - | - |
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 | $22.4B | 45.41↑ premium | 7.06 | 15.5% | 28.40 |
| Mettler-Toledo International Inc. | MTD | $23.9B | 27.44 | - | -3676.8% | 20.87 |
| Insmed Incorporated | INSM | $22.7B | -17.81 | 30.77 | -172.8% | - |
| Quest Diagnostics Incorporated | DGX | $21.7B | 21.88 | 3.03 | 13.8% | 12.88 |
| Labcorp Holdings Inc. |
| 2021 |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| LH |
| $21.4B |
| 24.41 |
| 2.48 |
| 10.2% |
| 13.61 |
| STERIS plc | STE | $20.7B | 26.48 | 2.88 | 10.9% | 14.02 |
| Moderna, Inc. | MRNA | $20.5B | -7.25 | 2.37 | -32.6% | -7.54 |
| Incyte Corporation | INCY | $20.2B | 15.72 | 3.91 | 24.9% | 9.75 |
| Viatris Inc. | VTRS | $18.5B | - | 1.26 | -23.9% | - |
| Peer Median | - | 21.88 | 2.88 | -6.9% | 13.24 | |