EXTON, PA — West Pharmaceutical Services, Inc. (NYSE: WST) reported solid third-quarter 2025 results, driven by double-digit gains in its high-value product components business and broad-based growth across both its Proprietary Products and Contract Manufacturing segments.
Net sales climbed 7.7% to $804.6 million, while adjusted diluted earnings per share rose to $1.96, up from $1.85 a year earlier. The company credited demand for its Westar and Envision product lines and a strengthening market for GLP-1 drug packaging components.
“I am pleased to report that we delivered another solid quarter, with both revenues and profits exceeding our guidance,” said Eric M. Green, President, CEO, and Chair of the Board. “Our strength was broad-based across both segments. We achieved double-digit growth in our HVP Components business, driven by continued execution in GLP-1 products, increased HVP conversion, and an improving demand environment.”
As a result of its performance, West raised its full-year 2025 net sales forecast to between $3.06 billion and $3.07 billion, up from its prior range of $3.04 billion to $3.06 billion. The company also lifted its adjusted EPS guidance to $7.06–$7.11, from the earlier range of $6.65–$6.85.
Within its Proprietary Products division, which accounted for 80% of quarterly revenue, sales grew 7.7% to $647.5 million, led by a 16.3% increase in high-value components. The Contract Manufacturing segment rose 8.0% to $157.1 million, fueled by strong demand for self-injection devices used in obesity and diabetes treatments.
West generated $503.7 million in operating cash flow during the first nine months of 2025, an 8.7% year-over-year increase. Free cash flow surged 53.7% to $293.9 million, supported by disciplined capital spending.
The company’s leadership team also saw recent changes, including the appointment of Robert McMahon as Chief Financial Officer, strengthening its executive bench as West continues to expand globally.
For the fourth quarter, West projects revenue between $790 million and $800 million and adjusted EPS between $1.81 and $1.86, reflecting steady demand and favorable foreign exchange conditions.
With growth driven by high-value products and a resilient demand pipeline, West Pharmaceutical enters the final quarter of 2025 with continued momentum and elevated investor expectations.
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