West Pharmaceutical Q3 FY2026: sales up 8.7%, adjusted EPS up 35.7%
West beat its own guided sales midpoint and the consensus EPS number, then raised full-year guidance on both lines. Revenue of $874.5 million rose 8.7% while gross margin jumped to 39.7% from 36.6%, so profit grew far faster than sales. Read the two EPS lines carefully: GAAP EPS of $3.02 carries a $0.45 per-share gain on the SmartDose sale, and the $2.66 adjusted figure is the cleaner read on the quarter.
1 · Expected vs. Actual
Free preview belowDiluted EPS of $3.02 rose 57.3% and adjusted-diluted EPS of $2.66 rose 35.7%, against a consensus estimate of $2.2128 — a beat of $0.45, or 20.2%. The gap between the two lines is the point: the SmartDose 3.5mL sale added $0.45 per share to GAAP results, which the adjusted figure strips out. Adjusted operating margin was 25.3% versus 21.1% a year earlier.
Revenue of $874.5 million rose 8.7% reported and 11.9% organic, clearing the $827.5 million midpoint the company guided to three months earlier by 5.7%. Proprietary Products did the work at $728.8 million, up 12.6% reported and 16.6% organic, while West Vantage fell 7.3% to $145.7 million. HVP Components alone reached $466.7 million, or 53% of total company net sales.
Full-year 2026 net sales guidance moved up to $3.41 billion to $3.42 billion from $3.345 billion to $3.380 billion, and adjusted-diluted EPS to $9.38 to $9.48 from $8.85 to $9.05. Organic growth guidance rose to 11.3% to 11.6% from 10% to 11%, and capital spending guidance was cut to $215 million to $220 million. The raise is real, but the arithmetic behind it implies a softer fourth quarter.
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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 2026-11-03
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