West Pharmaceutical Q2 2026: revenue up 13.8%, guidance raised
West beat its own guidance and consensus and raised the full-year outlook, so the quarter's numbers are strong. Revenue of $872.3 million rose 13.8% and adjusted EPS of $2.37 rose 28.8%, with full-year adjusted EPS guidance lifted to $8.85–$9.05. The blemish: West Vantage grew 0.8% organically and its margins fell. The rest of this note explains where the money came from and what to watch.
1 · Expected vs. Actual
Free preview belowGAAP diluted EPS was $2.15, up 18.1%, and adjusted diluted EPS was $2.37, up 28.8%, against a consensus estimate of $2.10 — a beat of about $0.27, or roughly 12.8%. The gap between the two EPS figures comes mainly from $6.4 million of M&A costs tied to the SmartDose 3.5mL sale, $6.9 million of 'other' items and a $3.5 million investment write-down. Notably, adjusted operating margin expanded 230 basis points to 22.6%, so the beat came with better profitability, not just more volume.
Net sales of $872.3 million rose 13.8% from $766.5 million a year ago, and 12.7% organically. Almost all of that came from Proprietary Products at $722.6 million, up 16.6%, while West Vantage added $149.7 million, up just 2.0%. Growth is therefore concentrated in the larger, higher-margin segment, which is the good version of this story.
Full-year net sales guidance was raised to $3.345 billion–$3.380 billion, and adjusted EPS to $8.85–$9.05 from a prior $8.40–$8.75. Third-quarter revenue guidance of $820 million–$835 million implies reported growth of only 1.9% to 3.8%, because the SmartDose 3.5mL product that generated $30 million in Q3 2025 is being sold to AbbVie. Organic growth guidance for the quarter is 7.0% to 8.9%, which is the number that describes the underlying business.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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