| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 16 | 44.3x | 17.8x | Bottom tier | |
Growth | 45 | 12.4% | 7.1% | Around median | |
Quality | 71 | 16.4% | 4.5% | Top tier | |
Safety | 94 | — | 2.6x | Top tier | |
Capital Return | 34 | 0.26% | 2.12% | Bottom tier | |
Momentum | 93 | 42.6% | 2.9% | Top tier | |
Sentiment | 81 | 9 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
West Pharmaceutical Services specializes in injectable drug containment components, delivery systems, and drug handling services. Its business consists of Proprietary Products, which include high-value HVP components, standard products, and delivery devices such as SelfDose and Crystal Zenith, and the West Vantage segment; revenue and margins improve when customers transition from standard components to HVP solutions and to additional processes such as pharmaceutical washing and Envision inspection.
In Q2 fiscal 2026, the company reported revenue of $872.3 million, gross profit of $329.2 million, net income of $154.0 million, and GAAP earnings per share of $2.15. That equates to a gross margin of approximately 37.7% and a net income margin of approximately 17.7%; management also reported that revenue grew organically by 12.7%, while adjusted earnings per share reached $2.37 and grew 29% year over year.
HVP components led the results with revenue of $424 million, equal to 49% of company revenue, and organic growth of 18.4%. HVP delivery devices generated $131 million and grew 29% organically, standard products recorded $167 million with growth of 0.7%, while West Vantage generated revenue of $150 million and organic growth of 0.8%; the company's adjusted operating margin reached 22.6%, up 230 basis points year over year.
The analyst consensus is Buy, with an average target of $405.4 and a wide range between $365 and $447; the average and highest target are above the 52-week range high of $386, while the lowest target exceeds the range low of $223.83. The data does not include a usable price-to-earnings ratio, so the available valuation rests on West's ability to achieve its targeted adjusted earnings per share of between $8.85 and $9.05 in fiscal 2026, while accounting for the risks of slowing reported growth, the exit of SmartDose 3.5, and weakness in West Vantage.
Figures in the text are as of 2026-08-28; the live price is shown at the top of the page.
The biggest driver is HVP components, which generated $424 million in revenue in Q2 fiscal 2026 and accounted for 49% of West's total revenue. This business grew organically by 18.4%, supported by biologics, GLP-1 therapies, and Annex 1 upgrades. Management expects high-teens growth for both GLP-1-related HVP components and non-GLP-1 HVP components during fiscal 2026.
Revenue reached $872.3 million, gross profit was $329.2 million, and net income was $154.0 million. GAAP earnings per share reached $2.15, while adjusted earnings per share were $2.37 and grew 29% year over year. Gross margin also increased by 200 basis points to 37.7%, and adjusted operating margin rose by 230 basis points to 22.6%.
Annex 1 is prompting pharmaceutical customers to upgrade primary containment solutions and add processes such as pharmaceutical washing and Envision inspection. West had approximately 800 of these projects in Q2 fiscal 2026, up 50% year over year. Management expects a contribution of 200 basis points to fiscal 2026 revenue growth, with opportunities extending from Europe to the United States and other regions.
Automated analysis for informational purposes only — not investment advice.
West provides high-value containment components such as stoppers, plungers, and production-line seals for injectable therapies. Revenue from GLP-1-related HVP components grew organically in the high teens during Q2 fiscal 2026, and management expects growth at the same rate throughout the year. Generics and biosimilars also contributed to Asia-Pacific growth of 27%, particularly in China, India, and South Korea.
On July 1, 2026, West completed the sale and transfer of the manufacturing and supply rights for the SmartDose 3.5mL system and the associated facilities. The product had generated $55 million in revenue in the second half of fiscal 2025, including $30 million in Q3, so its exit affects reported growth comparisons. In contrast, management said the business was margin dilutive and that its exit would add approximately 100 basis points to the second-half margin and approximately 50 basis points to the full fiscal 2026 margin.
The May 2026 cyber incident affected West Vantage and reduced its Q2 fiscal 2026 growth by approximately the mid-single digits, with some revenue shifting into the second half. The company also expects the segment to decline in Q3 as the CGM contract rolls off and describes that quarter as the expected revenue trough. Additional pressures include higher oil and commodity prices and a negative currency impact of 110 basis points included in the Q3 outlook.
