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West delivered an exceptional Q1 with revenues of $845M up 21% reported and 15% organically, as HVP components grew 23% organically and adjusted EPS surged 47% to $2.13. Management raised FY2026 guidance significantly to EPS $8.40-$8.75 representing 15-20% growth, with organic revenue growth now expected at 7-9%. Non-GLP-1 HVP components accelerated to high teens growth, GLP-1 maintained at 10% of revenue with oral expansion thesis intact, and Annex-1 projects grew 66% year-over-year with expansion beyond Europe.
Revenue Growth | Demand | Margin | Guidance Reliability | Capital Allocation | Competitive Dynamics | Regulation Policy | Supply Chain | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 5 | 5 | 5 | 4 | 3 | 4 | 1 | 1 |
| 2025Q1 | 5 | 6 | 3 | 4 | 2 | 2 | 1 | 1 |
| 2025Q2 | 7 | 3 | 3 | 3 | 1 | 3 | 3 | |
| 2025Q3 | 5 | 2 | 4 | 2 | 2 | 3 | 2 | |
| 2025Q4 | 5 | 5 | 2 | 3 | 2 | 3 | 2 | 2 |
| 2026Q1 | 7 | 5 | 6 | 2 | 6 | 2 | 3 | 3 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 5 | 5 | 7 | 5 | 5 | 7 |
| Demand | 5 | 6 | 3 | 2 | 5 | 5 |
| Margin | 5 | 3 | 3 | 4 | 2 | 6 |
| Guidance Reliability | 4 | 4 | 3 | 2 | 3 | 2 |
| Capital Allocation | 3 | 2 | 2 | 2 | 6 | |
| Competitive Dynamics | 4 | 2 | 1 | 3 | 3 | 2 |
| Regulation Policy | 1 | 1 | 3 | 2 | 2 | 3 |
| Supply Chain | 1 | 1 | 3 | 2 | 3 |
Calendar quarter Q1 2026Earnings call Apr 23, 2026
FY2026 Q1 in brief
West delivered an exceptional Q1 with revenues of $845M up 21% reported and 15% organically, as HVP components grew 23% organically and adjusted EPS surged 47% to $2.13.
Newest quarter FY2026 Q2 is part of Pro · see what Pro adds →
GAAP revenue YoY +21.0% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
Sources. Tellvest earnings-call sentiment score for West Pharmaceutical Services (WST), FY2026 Q1: 9/10. Scores: West Pharmaceutical Services’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: WST daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $749M | +2.2% | $1.78 | -2.7% | 36.7% | 22.8% | 17.4% | $85M |
| FY2025 Q1 | $698M | +0.4% | $1.23 | -20.6% | 33.3% | 18.4% | 12.9% | $58M |
| FY2025 Q2 | $766M | +9.1% | $1.82 | +20.5% | 35.7% | 20.6% | 17.2% | $102M |
| FY2025 Q3 | $804M | +7.7% | $1.93 | +4.3% | 36.5% | 21.6% | 17.4% | $134M |
| FY2025 Q4 | $805M | +7.5% | $1.82 | +2.2% | 37.8% | 19.5% | 16.4% | $175M |
| FY2026 Q1Selected | $845M | +21.0% | $1.92 | +56.1% | 35.1% | 21.0% | 16.4% | $47M |
| FY2026 Q2 | $872M | +13.8% | $2.15 | +18.1% | 37.7% | 20.5% | 17.7% | $81M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Mike Ryskin | Bank of America | 11 questions · 9% challenging |
| Larry Solow | CJS Securities | 10 questions · 0% challenging |
| Patrick Donnelly | Citigroup | 10 questions · 0% challenging |
| Paul Knight | KeyBanc Capital Markets | 9 questions · 0% challenging |
| Justin Bowers | Deutsche Bank | 9 questions · 0% challenging |
| Daniel Markowitz | Evercore ISI | 9 questions · 11% challenging |
| Dave Windley | Jefferies | 9 questions · 0% challenging |
| Matt Larew | William Blair | 8 questions · 13% challenging |
| Doug Schenkel | Wolfe Research | 5 questions · 20% challenging |
| Mac Etoch | Stephens | 4 questions · 0% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Bank of America | 1 analyst | 11 questions · 9% challenging |
| Jefferies | 2 analysts | 11 questions · 0% challenging |
| Citigroup | 1 analyst | 10 questions · 0% challenging |
| CJS Securities | 1 analyst | 10 questions · 0% challenging |
| KeyBanc Capital Markets | 1 analyst | 9 questions · 0% challenging |
| Deutsche Bank | 1 analyst | 9 questions · 0% challenging |
| Evercore ISI | 1 analyst | 9 questions · 11% challenging |
| William Blair | 1 analyst | 8 questions · 13% challenging |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
WST West Pharmaceutical Services | 9 | +21.0% | |
| BAX Baxter International | 3 | +2.9% | |
| BDX Becton Dickinson | 6 | -10.6% | |
| COO Cooper Companies (The) | 8 | +6.2% | |
| HOLX Hologic | · | n/a | |
| ISRG Intuitive Surgical | 9 | +23.0% | |
| RMD ResMed | 8 | +10.8% |