wst-20260331


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)


☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 1-8036

WEST PHARMACEUTICAL SERVICES, INC.

(Exact name of registrant as specified in its charter)

Pennsylvania

23-1210010

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification Number)

530 Herman O. West Drive, Exton, PA

19341-1147

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: 610-594-2900

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, par value $0.25 per share	WST	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☑

As of April 20, 2026, there were 70,647,595 shares of the registrant’s common stock outstanding.

Table of Contents

TABLE OF CONTENTS


		Page
PART I. FINANCIAL INFORMATION
ITEM 1.	FINANCIAL STATEMENTS (UNAUDITED)
	Condensed Consolidated Statements of Income for the Three Months ended March 31, 2026 and 2025	3
	Condensed Consolidated Statements of Comprehensive Income for the Three Months ended March 31, 2026 and 2025	4
	Condensed Consolidated Balance Sheets at March 31, 2026 and December 31, 2025	5
	Condensed Consolidated Statements of Cash Flows for the Three Months ended March 31, 2026 and 2025	6
	Notes to Condensed Consolidated Financial Statements	7
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	25
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	35
ITEM 4.	CONTROLS AND PROCEDURES	35

PART II. OTHER INFORMATION
ITEM 1.	LEGAL PROCEEDINGS	36
ITEM 1A.	RISK FACTORS	36
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	36
ITEM 5.	OTHER INFORMATION	37
ITEM 6.	EXHIBITS	37

SIGNATURE		38

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

West Pharmaceutical Services, Inc. and Subsidiaries

(in millions, except per share data)


	Three Months Ended March 31,
	2026		2025
Net sales	$	844.9	$	698.0
Cost of goods and services sold	548.5		466.1
Gross profit	296.4		231.9
Research and development	15.8		16.3
Selling, general and administrative expenses	99.5		88.0
Other expense (income) (Note 14)	4.0		20.6
Operating profit	177.1		107.0
Interest expense, net	1.9		0.4
Interest income	(5.1)		(4.1)
Other nonoperating expense (income)	0.2		0.2
Income before income taxes and equity in net income of affiliated companies	180.1		110.5
Income tax expense	44.7		24.1
Equity in net income of affiliated companies	(3.4)		(3.4)
Net income	$	138.8	$	89.8

Net income per share:
Basic	$	1.93	$	1.24
Diluted	$	1.92	$	1.23

Weighted average shares outstanding:
Basic	72.0		72.5
Diluted	72.4		73.0

See accompanying notes to condensed consolidated financial statements.

Table of Contents

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

West Pharmaceutical Services, Inc. and Subsidiaries

(in millions)


	Three Months Ended March 31,
	2026		2025
Net income	$	138.8	$	89.8
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments, net of tax of $0.1 and $(1.1)	(19.5)		50.4
Defined benefit pension and other postretirement plan adjustments, net of tax of $0.0 and $(0.1)	(0.1)		(0.4)
Net gain on equity affiliate accumulated other comprehensive income, net of tax of $0.0 and $0.0	—		0.1
Net (loss) gain on derivatives, net of tax of $0.1 and $0.9	(0.1)		2.5
Other comprehensive (loss) income, net of tax	(19.7)		52.6
Comprehensive income	$	119.1	$	142.4

See accompanying notes to condensed consolidated financial statements.

Table of Contents

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

West Pharmaceutical Services, Inc. and Subsidiaries


(in millions, except per share data)	March 31, 2026		December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	521.4	$	791.3
Accounts receivable, net	685.6		574.4
Inventories	452.6		443.9
Other current assets	167.2		168.6
Total current assets	1,826.8		1,978.2
Property, plant and equipment	3,223.0		3,223.4
Less: accumulated depreciation and amortization	1,520.8		1,497.0
Property, plant and equipment, net	1,702.2		1,726.4
Operating lease right-of-use assets	110.2		117.0
Investments in affiliated companies	209.2		212.3
Goodwill	<

SEC Form 10-Q filed by West Pharmaceutical Services Inc.