West Pharmaceutical Services started 2026 with a sharp jump in sales and profit, then raised its full-year outlook.
First-quarter net sales rose 21.0% to $844.9 million from the year-earlier period, with organic growth of 15.3%. Diluted earnings per share climbed 56.1% to $1.92, while adjusted diluted EPS increased 46.9% to $2.13.
Cash generation also improved in the quarter. Operating cash flow was $89.9 million, capital expenditures were $42.7 million, and free cash flow came to $47.2 million.
The company returned cash to shareholders by repurchasing 1.2 million shares for $297.6 million at an average price of $243.57 a share.
West lifted its full-year 2026 sales guidance to $3.295 billion to $3.350 billion from $3.215 billion to $3.275 billion. It also raised adjusted diluted EPS guidance to $8.40 to $8.75 from $7.85 to $8.20.
For the second quarter, West said it expects net sales of $830 million to $850 million, which would represent growth of 8.3% to 10.9% reported and 7.0% to 9.6% organic. It set second-quarter adjusted diluted EPS guidance at $2.05 to $2.12, up 11.4% to 15.2%.
By segment, proprietary products sales increased 23.3% to $694.3 million. Within that, high-value product components rose 29.6% to $409.3 million and high-value product delivery devices climbed 29.0% to $123.6 million. Standard products increased 6.7% to $161.4 million.
The West Vantage segment, formerly called contract-manufactured products, posted sales of $150.6 million, up 11.6%.
Management said the first quarter reflected stronger-than-expected demand and production ramp-up, especially in Europe, and pointed to double-digit growth in both GLP-1 and non-GLP-1 revenues. As a result of these announcements, the company's shares have moved 0.45% on the market, and are now trading at a price of $248.12. Check out the company's full 8-K submission here.
