10-Q · April 23, 2026
West reported strong Q1 2026 results with consolidated net sales of $844.9 million, up 21.0% year-over-year, and improved margins (gross margin 35.1%, operating margin 21.0%). GAAP diluted EPS was $1.92 (adjusted…
Earnings analysis · 10-Q
WST earnings analysis
Filed October 29, 2026 · Our reading of the company's report
The latest report
West delivered strong Q3 results, with revenue of $874.5 million, gross margin of 39.7%, and adjusted diluted EPS of $2.66, representing year-over-year growth of 8.6%, 3.1 percentage points, and 38.5%, respectively. HVP…
Read full summary
West delivered strong Q3 results, with revenue of $874.5 million, gross margin of 39.7%, and adjusted diluted EPS of $2.66, representing year-over-year growth of 8.6%, 3.1 percentage points, and 38.5%, respectively. HVP Components accounted for 53% of revenue and grew organically 20%, while full-year sales and EPS outlooks were raised to $3.41-$3.42 billion and $9.38-$9.48. The principal offsets are the May 2026 cybersecurity incident, unresolved securities litigation, and continued substantial capital allocation to share repurchases.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $2.66
- Gross margin
- 39.7%
- Segment
- HVP Components: 53% of revenue and 20% organic growth.
- Segment
- Proprietary Products: management identified the segment as a key contributor to Q3 growth; quantitative segment revenue was not provided.
What stood out
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Revenue grew 8.6% year over year
Q3 revenue was $874.5 million, up $69.5 million, or 8.6%, from $805 million in Q3 2025 and up $2.5 million, or 0.3%, sequentially from $872 million in Q2 2026. Revenue exceeded consensus by $48.1 million.
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Gross margin expanded materially
Gross margin expanded to 39.7% from 36.6% in Q3 2025 and 37.7% in Q2 2026, increases of 3.1 and 2.0 percentage points, respectively.
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EPS beat estimates by $0.47
Diluted adjusted EPS was $2.66, compared with $1.92 in Q3 2025 and $2.15 in Q2 2026—up 38.5% year over year and 23.7% sequentially—and exceeded the $2.19 consensus estimate by $0.47.
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HVP Components drove growth
HVP Components represented 53% of revenue and delivered 20% organic growth, making it a primary contributor to quarterly performance.
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Full-year outlook was raised
Full-year 2026 net sales guidance increased to $3.41-$3.42 billion from $3.345-$3.380 billion, while adjusted-diluted EPS guidance increased to $9.38-$9.48 from $8.85-$9.05.
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Capital spending outlook declined
Capital spending guidance was reduced to $215-$220 million from $250-$275 million, a decrease of $35-$60 million at the range endpoints.
What to watch
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Material cybersecurity incident
The company disclosed a material cybersecurity attack in May 2026 in which data was exfiltrated and certain systems were encrypted; the incident temporarily disrupted global operations. Management stated that operations have fully recovered, but potential remediation, regulatory, insurance and reputational costs remain uncertain.
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Unquantified securities litigation
A securities class action filed on May 5, 2025 covers investors who purchased shares between February 16, 2023 and February 12, 2025. The company stated it cannot reasonably estimate losses or determine whether an unfavorable outcome is probable or remote.
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Aggressive share repurchases
The company repurchased 663,511 shares during Q3 2026 at an average price of $348.11, leaving approximately $314.74 million available under the repurchase program. The buybacks represent a material use of liquidity while the filing does not provide current cash-flow metrics in the supplied excerpt.
Management's outlook
Full-year 2026 adjusted-diluted EPS guidance was raised from $8.85-$9.05 to $9.38-$9.48. Full-year net sales guidance was raised from $3.345-$3.380 billion to $3.41-$3.42 billion; organic sales growth guidance increased to 11.3%-11.6% from 10%-11%. Capital spending guidance decreased to $215-$220 million from $250-$275 million.
Earlier filings 4
10-K · February 17, 2026
West positions itself as a global leader in integrated containment and delivery systems for injectable drugs, competing on proprietary technologies, regulatory/quality expertise and a broad manufacturing footprint. 2025…
10-Q · July 24, 2025
West reported a Q2 (three months ended June 30, 2025) revenue beat with net sales of $766.5M (+$64.4M vs year‑ago $702.1M) and margin expansion: gross profit was $273.9M and operating profit $153.7M. Diluted EPS rose to…
10-Q · October 24, 2024
West reported net sales of $746.9 million for the three months ended September 30, 2024, essentially flat versus $747.4 million a year earlier, with diluted EPS of $1.85. Gross profit and operating profit declined…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.