West Pharmaceutical Services, Inc. WST

The business

West Pharmaceutical Services makes the rubber stoppers, plungers, and seals that sit between every injectable drug and the human bloodstream, a single-source qualified component for most major biologics including GLP-1 injectables, hemophilia therapeutics, and biosimilars. It carries the cleanest single-source qualified-component status across the largest biologic launches (GLP-1s, biosimilars, gene therapies), which is why the equity sits at a premium to medical-supply peers.

Q1 2026 reported April 23, 2026: net sales $844.9M, up 21% YoY (organic up 15.3%), diluted EPS $1.92, up 56% YoY, and adjusted EPS $2.13, up 47%, beating consensus $1.68 (a 27% surprise). Growth was driven by High-Value Product components and delivery devices, plus GLP-1-related demand. Q1 2026 marked the commercial drug-handling commencement at the new Dublin West Vantage facility, which represents a component opportunity estimated at 6 billion units. Management raised FY26 guidance: net sales $3.295B to $3.350B (up from $3.235B to $3.265B prior) and adjusted-diluted EPS $8.40 to $8.75 (up from prior $7.95 to $8.25 range), implying mid-double-digit earnings growth from the 2025 base of $7.29 adj EPS.