WEST PHARMACEUTICAL SERVICES INC is expected to release its Q2 2026 10-Q filing in the upcoming earnings season. Last quarter: WST delivered a strong Q1 FY2026 with revenue surging 21.0% YoY to $844.9M and operating income jumping 65.5% to $177.1M, driven by significant margin expansion, though operating cash flow declined 30.5% amid aggressive share buybacks.
Drawn from management commentary in the Q1 2026 10-Q:
Revenue grew 21.0% year-over-year to $844.9M in Q1 FY2026 (vs. $698.0M in Q1 FY2025), reflecting robust demand for WST's drug packaging and delivery components. This top-line acceleration significantly outpaced cost growth, setting the stage for meaningful margin expansion.
Gross margin expanded approximately 186 basis points to 35.1% (from 33.2%), while operating margin surged 563 basis points to 21.0% (from 15.3%). Operating income of $177.1M represented a 65.5% YoY increase, indicating strong operating leverage as revenue scaled faster than costs.
Cost of revenue rose 17.7% YoY to $548.5M, meaningfully below the 21.0% revenue growth rate, driving gross profit up 27.8% to $296.4M. SG&A expenses grew 13.1% to $99.5M, also below revenue growth, while R&D declined slightly by 3.1% to $15.8M.
Revenue
$844.9M
++21.05% YoY
EPS (Basic)
$1.93
++55.65% YoY
Gross Margin
35.1%
++1.86% YoY
Operating Income
$177.1M
++65.51% YoY
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