West Pharmaceutical Q3 adjusted EPS rises 35.7%
West raised its full-year sales and adjusted EPS outlook and lowered its capital expenditure guidance range.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
West Pharmaceutical Services, Inc. (WST) reported third-quarter 2026 net sales of $874.5 million, up 8.7% year over year, and diluted EPS of $3.02, up 57.3%; adjusted-diluted EPS was $2.66, up 35.7%. Net income was $214.0 million, compared with $140.0 million a year earlier. Proprietary Products sales rose 12.6% to $728.8 million, led by HVP Components, whose sales increased 19.7% to $466.7 million; West Vantage sales declined 7.3% to $145.7 million.
West raised full-year 2026 net sales guidance to $3.41 billion–$3.42 billion and adjusted-diluted EPS guidance to $9.38–$9.48, while lowering capital expenditure guidance to $215 million–$220 million from $250 million–$275 million. Nine-month operating cash flow was $403.4 million, versus $503.7 million in 2025, and the company repurchased $685.3 million of shares year to date. West completed the SmartDose 3.5mL divestiture to AbbVie; no additional SmartDose 3.5mL product sales are expected for the remainder of 2026. The board declared a fourth-quarter dividend of $0.26 per share, an 18% increase over the $0.22 paid in the prior quarter.
4 points · 1 major0 major · 2 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major point. Forward-looking: it has not happened yet and may not happen.2026 sales guidance rose to $3.41 billion–$3.42 billion.
- Moderate pointThird-quarter net sales rose 8.7% to $874.5 million.
- Moderate pointAdjusted-diluted EPS increased 35.7% to $2.66.
- Minor point. Forward-looking: it has not happened yet and may not happen.Fourth-quarter dividend increased 18% to $0.26 per share.
Negative
- Moderate pointNine-month operating cash flow was $403.4 million, versus $503.7 million.
- Moderate pointWest Vantage third-quarter sales declined 7.3% to $145.7 million.
Filing Explained
West reports 69.8 million common shares outstanding at September thirtieth, 2026.
In its third-quarter 2026 results, West reports 69.8 million common shares outstanding at
The reconciliation lists a
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Third-quarter net sales: $874.5 million; up 8.7%
Diluted EPS: $3.02; up 57.3%
Adjusted-diluted EPS: $2.66; up 35.7%
+5 more
8 metrics
Third-quarter net sales
$874.5 million; up 8.7%
Three months ended September 30, 2026, compared with the prior-year period
Diluted EPS
$3.02; up 57.3%
Third quarter 2026, compared with the prior-year period
Adjusted-diluted EPS
$2.66; up 35.7%
Third quarter 2026, compared with the prior-year period; non-U.S. GAAP measure
Full-year net sales guidance
$3.41 billion to $3.42 billion
Full-year 2026 guidance
Full-year adjusted-diluted EPS guidance
$9.38 to $9.48
Full-year 2026 guidance; non-U.S. GAAP measure
Operating cash flow
$403.4 million
Nine months ended September 30, 2026; $503.7 million in the comparable 2025 period
Fourth-quarter dividend
$0.26 per share; 18% increase
Declared October 19, 2026
Share repurchases
$685.3 million
Year to date through September 30, 2026
Key Terms
Organic net sales, Adjusted-diluted EPS, Unallocated items, Free Cash Flow
4 terms
Organic net sales financial
"Organic net sales exclude the impact from acquisitions and/or divestitures"
Organic net sales represent the revenue generated from a company's core business activities, excluding the effects of acquisitions, divestments, or currency changes. It shows how well the company is growing through its existing products and services, similar to tracking how a plant grows from its own roots rather than by adding new plants. Investors use this measure to assess the true growth and health of a company's ongoing operations.
Adjusted-diluted EPS financial
"adjusted-diluted EPS guidance range"
Adjusted-diluted EPS is a per-share profit figure that starts with diluted earnings per share and then removes one-time items, unusual charges, or accounting adjustments so the number reflects ongoing business performance. Think of it like cleaning up a household budget to show the regular monthly spending rather than including a rare large repair; investors use it to compare profitability over time and across companies and to judge whether reported earnings reflect the business’s sustainable cash-earning power.
Unallocated items financial
"adjusted operating profit that exclude the effects of unallocated items"
Free Cash Flow financial
"Free Cash Flow is defined as operating cash flow, less capital expenditures"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
Earnings Snapshot
Net sales: $874.5 million · Guidance included
Three months ended September 30, 2026
Net sales
$874.5 million
up 8.7%
Diluted EPS
$3.02
up 57.3%
Adjusted-diluted EPS
$2.66
up 35.7%
Guidance
Full-year 2026 net sales of $3.41 billion to $3.42 billion; adjusted-diluted EPS of $9.38 to $9.48; capital expenditures of $215 million to $220 million.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much revenue and EPS did WST report in third-quarter 2026?
WST reported $874.5 million in net sales, diluted EPS of $3.02 and adjusted-diluted EPS of $2.66 for the third quarter of 2026. Net sales increased 8.7%, diluted EPS increased 57.3% and adjusted-diluted EPS increased 35.7% from the prior-year quarter.
What is WST's 2026 financial guidance?
WST's full-year 2026 guidance is $3.41 billion to $3.42 billion in net sales and $9.38 to $9.48 in adjusted-diluted EPS. The company updated capital expenditure guidance to $215 million to $220 million, down from the prior range of $250 million to $275 million.
What dividend did WST declare for the fourth quarter of 2026?
The board declared a fourth-quarter dividend of $0.26 per share on October 19, 2026, an 18% increase over the $0.22 per share paid in the prior quarter.
Why did WST's West Vantage sales decline in Q3 2026?
West Vantage sales declined 6.6% organically, which the company attributed to the planned loss of a CGM customer. The presentation also said West Vantage results were slightly better than expected.
What happened to WST's SmartDose 3.5mL product in Q3 2026?
West completed the SmartDose 3.5mL divestiture to AbbVie. The product generated $11.8 million in third-quarter 2026 net sales, compared with $29.8 million in the prior-year quarter; those sales were excluded from organic growth calculations. No additional product sales are expected for the remainder of 2026.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) – October 29, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of principal executive offices) | (Zip Code) | |||||||||||||
Registrant’s telephone number, including area code: 610 -594-2900
Not Applicable | ||
(Former name or address, if changed since last report.) | ||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
1
Item 2.02 Results of Operations and Financial Condition.
On October 29, 2026, West Pharmaceutical Services, Inc. (the “Company”) issued a press release announcing its third-quarter 2026 financial results. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.
Item 7.01 Regulation FD Disclosure.
The information set forth in “Item 2.02 Results of Operations and Financial Condition,” including the exhibit referred to therein, is incorporated herein by reference.
A copy of the Company’s presentation materials used during the call will be available through the Investors link at the Company’s website, http://www.westpharma.com, and is also attached hereto as Exhibit 99.2 and incorporated herein by reference.
The information in this report (including the exhibits attached hereto) is being furnished pursuant to Item 2.02 and Item 7.01 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (“Exchange Act”), or otherwise subject to the liabilities of that section, nor will it be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific referencing in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) | Exhibit No. | Description | ||||||
99.1 | West Pharmaceutical Services, Inc. Press Release, dated October 29, 2026. | |||||||
99.2 | West Pharmaceutical Services, Inc. Presentation, dated October 29, 2026. | |||||||
104 | The cover page from the Company’s Current Report on Form 8-K, dated October 29, 2026, formatted in Inline XBRL. | |||||||
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
WEST PHARMACEUTICAL SERVICES, INC. | |||||
/s/ Robert W. McMahon | |||||
| Robert W. McMahon | |||||
| Senior Vice President, Chief Financial Officer | |||||
| October 29, 2026 | |||||
3
EXHIBIT INDEX
Exhibit No. | Description | |||||||
99.1 | West Pharmaceutical Services, Inc. Press Release, dated October 29, 2026. | |||||||
99.2 | West Pharmaceutical Services, Inc. Presentation, dated October 29, 2026. | |||||||
104 | The cover page from the Company’s Current Report on Form 8-K, dated | |||||||
4
Exhibit 99.1
West Reports Third-Quarter 2026 Results
Raising Full-Year Net Sales and Adjusted-Diluted EPS guidance
Exton, PA, October 29, 2026 – West Pharmaceutical Services, Inc. (NYSE: WST), a leading provider of innovative, high-quality injectable solutions and services, today announced its financial results for the third quarter of 2026.
Third-Quarter 2026 Summary (comparisons to prior-year period)
•Net sales of $874.5 million increased 8.7%; organic growth was 11.9%.
•Diluted earnings per share ("EPS") of $3.02 increased 57.3%.
•Adjusted-diluted EPS of $2.66 increased 35.7%.
•The Company repurchased $231 million of stock in the quarter, bringing the year-to-date total to $685 million.
•Year-to-date operating cash flow was $403 million. Capital expenditures were $125 million.
•The Company also announced on October 19, 2026, that its Board of Directors declared a fourth-quarter dividend of $0.26 per share, an increase of 18% over the $0.22 per share paid in the prior quarter.
Outlook for Full-Year 2026
•Full-year 2026 net sales guidance increased to a range of $3.41 billion to $3.42 billion, up from the previous range of $3.345 billion to $3.380 billion.
•Full-year 2026 adjusted-diluted EPS guidance increased to a range of $9.38 to $9.48, up from the previous range of $8.85 to $9.05.
Michel Lagarde, President and Chief Executive Officer, commented: “I am pleased to report strong third-quarter 2026 results, with net sales and adjusted EPS exceeding our expectations. Our results were again led by our High-Value Product (HVP) Components business. The robust sales performance drove strong operating income margin expansion and EPS growth. As a result of our team's strong execution in the third quarter, we are increasing our full-year 2026 guidance.”
Mr. Lagarde concluded: “I want to thank our global teams for their relentless focus on execution to deliver products and services for our customers and the patients they serve. West is a critical primary containment and drug delivery partner for pharmaceutical companies, biotechs and CDMOs around the world. We are grateful for the trust our customers put in us, and we remain committed to driving continuous improvement to even better serve their current and future needs.”
Proprietary Products Segment
Net sales of $728.8 million grew by 12.6% and increased 16.6% on an organic basis.
•High-Value Product ("HVP") Components net sales of $466.7 million increased 19.7% and rose 20.3% on an organic basis. HVP Components accounted for 53% of total company net sales in the quarter.
•HVP Delivery Devices net sales of $99.1 million were flat, and were up 26.4% on an organic basis excluding foreign currency translation effects and the impact of the divestiture of SmartDose® 3.5mL. HVP Delivery Devices accounted for 11% of total company net sales in the quarter.
◦SmartDose® 3.5mL net sales represented $11.8 million in the quarter and $29.8 million in the prior-year quarter and are excluded from both periods to calculate organic growth.
•Standard Products net sales of $163.0 million increased by 2.9% and rose 3.1% on an organic basis. Standard Products accounted for 19% of total company net sales this quarter.
West Vantage Segment
Net sales of $145.7 million decreased by 7.3% and declined 6.6% on an organic basis. West Vantage accounted for 17% of total company net sales in the quarter.
Full-Year 2026 Financial Guidance
•The Company is increasing its full-year 2026 net sales guidance range to $3.41 billion to $3.42 billion, up from the previous range of $3.345 billion to $3.380 billion.
◦Organic net sales growth guidance increased to a range of 11.3% to 11.6%, up from the prior range of 10% to 11%.
◦SmartDose® 3.5mL generated $55.3 million in net sales in the second half of 2025 and generated $11.8 million in net sales in the third quarter of 2026. No additional SmartDose® 3.5mL product sales are expected for the remainder of the year. These net sales are excluded in both periods to calculate full-year 2026 organic growth.
•The Company is increasing its full-year 2026 adjusted-diluted EPS guidance range to $9.38 to $9.48, up from the previous range of $8.85 to $9.05.
•Full-year 2026 capital spending guidance is updated to a range of $215 million to $220 million, down from the prior range of $250 million to $275 million.
Third-Quarter 2026 Conference Call
Management will host a conference call at 8 a.m. EDT today. The live webcast can be accessed in the "Investors" section of the Company's website at https://edge.media-server.com/mmc/p/4fqogbip/.
To participate in the Q&A portion of the conference call, please register in advance at https://register-conf.media-server.com/register/BIe80a6bc721ad4d1592ecd1cf04ca6e93.
Registered telephone participants will receive the dial-in number along with a unique PIN number that will enable them to ask questions on the call.
An accompanying slide presentation will be posted in the "Investors" section of the Company's website.
A replay of the webcast will be available on the Company's website for approximately 90 days after the event.
| Media Contact: | ||
| Michele Polinsky | ||
| Vice President, Global Communications | ||
| (610) 594-3054 | ||
| Michele.Polinsky@westpharma.com | ||
About West
West Pharmaceutical Services, Inc. is a leading provider of innovative, high-quality injectable solutions and services. As a trusted partner to established and emerging drug developers, West helps ensure the safe, effective containment and delivery of life-saving and life-enhancing medicines for patients. With over 10,000 team members across 50 sites including 26 manufacturing facilities worldwide, West helps support our customers by delivering over 41 billion components and devices each year. Headquartered in Exton, Pennsylvania, West in its fiscal year 2025 generated $3.07 billion in net sales. West is traded on the New York Stock Exchange (NYSE: WST) and is included in the Standard & Poor's 500 index. For more information, visit www.westpharma.com.
All trademarks and registered trademarks used in this release are the property of West Pharmaceutical Services, Inc. or its subsidiaries, in the United States and other jurisdictions, unless otherwise noted.
Daikyo®, Daikyo Crystal Zenith® and Daikyo CZ® are registered trademarks of Daikyo Seiko, Ltd. Daikyo Crystal Zenith technologies are licensed from Daikyo Seiko, Ltd.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the Company's expectations regarding future events, financial guidance and financial or operational performance. Forward-looking statements may be identified by words such as "believe," "expect," "intend," "estimate," "plan," "anticipate," "project," "forecast," "guidance," "target," "may," "will," "continue" and similar expressions.
These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. For additional information regarding these risks as well as other risks, uncertainties and factors that could affect our forward-looking statements, please refer to Part I Item 1A, entitled "Risk Factors," of the Company's most recent Annual Report on Form 10-K and any amendments thereto, as well as the Company's most recently filed Quarterly Reports on Form 10-Q and other filings the Company makes with the Securities and Exchange Commission.
Forward-looking statements speak only as of the date of this press release. Except as required by law or regulation, West Pharmaceutical Services, Inc. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Non-U.S. GAAP Financial Measures
The Company reports its financial results in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). However, management also uses certain non-U.S. GAAP financial measures in evaluating our results of operations. Management believes that this information provides users with a valuable insight into our overall performance and financial position. As a result, this release contains certain non-GAAP financial measures, including organic net sales, adjusted-diluted EPS and adjusted operating profit. Organic net sales exclude the impact from acquisitions and/or divestitures and translate the current-period reported sales of subsidiaries whose functional currency is other than the U.S. Dollar at the applicable foreign currency exchange rates in effect during the comparable prior-year period. We may also refer to financial results, such as adjusted-diluted EPS and adjusted operating profit, that exclude the effects of unallocated items. The unallocated items are not representative of ongoing operations, and generally include restructuring and related charges, certain asset impairments, and other specifically identified income or expense items. These non-U.S. GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company’s results prepared in accordance with U.S. GAAP. A reconciliation of these non-U.S. GAAP measures to the comparable U.S. GAAP financial measures is included in the accompanying tables.
WEST PHARMACEUTICAL SERVICES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(in millions, except per share data)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||||||||||||||||
| Net sales | $ | 874.5 | 100% | $ | 804.6 | 100% | $ | 2,591.7 | 100% | $ | 2,269.1 | 100% | |||||||||||||||||||||||||||||||||||
| Cost of goods and services sold | 527.1 | 60 | 510.3 | 63 | 1,618.7 | 62 | 1,469.0 | 65 | |||||||||||||||||||||||||||||||||||||||
| Gross profit | 347.4 | 40 | 294.3 | 37 | 973.0 | 38 | 800.1 | 35 | |||||||||||||||||||||||||||||||||||||||
| Research and development | 18.3 | 2 | 17.1 | 2 | 53.8 | 2 | 52.5 | 2 | |||||||||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 112.9 | 13 | 102.7 | 13 | 330.0 | 13 | 286.6 | 13 | |||||||||||||||||||||||||||||||||||||||
| Other expense (income), net | (51.2) | (6) | 6.9 | 1 | (34.4) | (1) | 32.7 | 1 | |||||||||||||||||||||||||||||||||||||||
| Operating profit | 267.4 | 31 | 167.6 | 21 | 623.6 | 24 | 428.3 | 19 | |||||||||||||||||||||||||||||||||||||||
| Interest (income) expense, net | (0.5) | — | (4.5) | — | (4.9) | — | (11.7) | — | |||||||||||||||||||||||||||||||||||||||
| Other nonoperating expense (income) | 0.2 | — | 0.2 | — | 0.6 | — | 0.6 | — | |||||||||||||||||||||||||||||||||||||||
| Income before income taxes and equity in net income of affiliated companies | 267.7 | 31 | 171.9 | 21 | 627.9 | 24 | 439.4 | 19 | |||||||||||||||||||||||||||||||||||||||
| Income tax expense | 58.0 | 7 | 34.0 | 4 | 134.9 | 5 | 88.3 | 4 | |||||||||||||||||||||||||||||||||||||||
| Equity in net income of affiliated companies | (4.3) | — | (2.1) | — | (13.8) | (1) | (10.5) | (1) | |||||||||||||||||||||||||||||||||||||||
| Net income | $ | 214.0 | 24% | $ | 140.0 | 17% | $ | 506.8 | 20% | $ | 361.6 | 16% | |||||||||||||||||||||||||||||||||||
| Net income per share: | |||||||||||||||||||||||||||||||||||||||||||||||
| Basic | $ | 3.04 | $ | 1.94 | $ | 7.13 | $ | 5.00 | |||||||||||||||||||||||||||||||||||||||
| Diluted | $ | 3.02 | $ | 1.92 | $ | 7.09 | $ | 4.97 | |||||||||||||||||||||||||||||||||||||||
| Average common shares outstanding | 70.4 | 72.2 | 71.1 | 72.3 | |||||||||||||||||||||||||||||||||||||||||||
| Average shares assuming dilution | 70.8 | 72.6 | 71.5 | 72.7 | |||||||||||||||||||||||||||||||||||||||||||
WEST PHARMACEUTICAL SERVICES
REPORTING SEGMENT INFORMATION
(UNAUDITED)
(in millions)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
Net Sales: | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Proprietary Products | $ | 728.8 | $ | 647.5 | $ | 2,145.7 | $ | 1,830.3 | |||||||||||||||
| West Vantage | 145.7 | 157.1 | 446.0 | 438.8 | |||||||||||||||||||
| Consolidated Total | $ | 874.5 | $ | 804.6 | $ | 2,591.7 | $ | 2,269.1 | |||||||||||||||
| Gross Profit: | |||||||||||||||||||||||
| Proprietary Products | $ | 323.4 | $ | 264.0 | $ | 904.5 | $ | 722.5 | |||||||||||||||
| West Vantage | 24.0 | 30.3 | 68.5 | 77.6 | |||||||||||||||||||
| Gross Profit | $ | 347.4 | $ | 294.3 | $ | 973.0 | $ | 800.1 | |||||||||||||||
| Gross Profit Margin | 39.7 | % | 36.6 | % | 37.5 | % | 35.3 | % | |||||||||||||||
| Operating Profit (Loss): | |||||||||||||||||||||||
| Proprietary Products | $ | 230.6 | $ | 175.2 | $ | 631.7 | $ | 467.5 | |||||||||||||||
| West Vantage | 15.5 | 22.3 | 44.0 | 53.6 | |||||||||||||||||||
| Stock-based compensation expense | (4.3) | (8.4) | (21.8) | (17.1) | |||||||||||||||||||
| General corporate costs | 25.6 | (21.5) | (30.3) | (75.7) | |||||||||||||||||||
| Reported Operating Profit | $ | 267.4 | $ | 167.6 | $ | 623.6 | $ | 428.3 | |||||||||||||||
| Reported Operating Profit Margin | 30.6 | % | 20.8 | % | 24.1 | % | 18.9 | % | |||||||||||||||
| Unallocated items | (45.9) | 2.5 | (23.7) | 22.1 | |||||||||||||||||||
| Adjusted Operating Profit | $ | 221.5 | $ | 170.1 | $ | 599.9 | $ | 450.4 | |||||||||||||||
| Adjusted Operating Profit Margin | 25.3 | % | 21.1 | % | 23.1 | % | 19.8 | % | |||||||||||||||
WEST PHARMACEUTICAL SERVICES
RECONCILIATION OF NON-U.S. GAAP MEASURES (UNAUDITED)
Please refer to “Non-U.S. GAAP Financial Measures” for more information
(in millions, except per share data)
Reconciliation of Reported and Adjusted Operating Profit, Net Income and Diluted EPS
| Three Months ended September 30, 2026 | Operating profit | Income tax expense | Net income | Diluted EPS | |||||||||||||||||||
| Reported (U.S. GAAP) | $267.4 | $58.0 | $214.0 | $3.02 | |||||||||||||||||||
| Unallocated Items: | |||||||||||||||||||||||
Restructuring and other charges(1) | 6.3 | 1.4 | 4.9 | 0.06 | |||||||||||||||||||
M&A activities, including SmartDose® 3.5mL sale(2) | (54.0) | (22.0) | (31.9) | (0.45) | |||||||||||||||||||
Amortization of acquisition-related intangible assets(4) | — | — | 0.5 | 0.01 | |||||||||||||||||||
Other(5) | 1.8 | 0.4 | 1.3 | 0.02 | |||||||||||||||||||
| Adjusted (Non-U.S. GAAP) | $221.5 | $37.8 | $188.8 | $2.66 | |||||||||||||||||||
| Nine Months ended September 30, 2026 | Operating profit | Income tax expense | Net income | Diluted EPS | |||||||||||||||||||
| Reported (U.S. GAAP) | $623.6 | $134.9 | $506.8 | $7.09 | |||||||||||||||||||
| Unallocated Items: | |||||||||||||||||||||||
Restructuring and other charges(1) | 9.3 | (9.9) | 19.1 | 0.26 | |||||||||||||||||||
M&A activities, including SmartDose® 3.5mL sale(2) | (45.7) | (20.2) | (25.5) | (0.36) | |||||||||||||||||||
Cost-method investment activity(3) | 3.5 | — | 3.5 | 0.05 | |||||||||||||||||||
Amortization of acquisition-related intangible assets(4) | — | — | 1.4 | 0.02 | |||||||||||||||||||
Other(5) | 9.2 | 2.1 | 7.2 | 0.10 | |||||||||||||||||||
| Adjusted (Non-U.S. GAAP) | $599.9 | $106.9 | $512.5 | $7.16 | |||||||||||||||||||
| Three Months ended September 30, 2025 | Operating profit | Income tax expense | Net income | Diluted EPS | |||||||||||||||||||
| Reported (U.S. GAAP) | $167.6 | $34.0 | $140.0 | $1.92 | |||||||||||||||||||
| Unallocated items: | |||||||||||||||||||||||
Restructuring and other charges(1) | 2.5 | 0.6 | 2.0 | 0.03 | |||||||||||||||||||
Amortization of acquisition-related intangible assets(4) | — | — | 0.4 | 0.01 | |||||||||||||||||||
| Adjusted (Non-U.S. GAAP) | $170.1 | $34.6 | $142.4 | $1.96 | |||||||||||||||||||
| Nine Months ended September 30, 2025 | Operating profit | Income tax expense | Net income | Diluted EPS | |||||||||||||||||||
| Reported (U.S. GAAP) | $428.3 | $88.3 | $361.6 | $4.97 | |||||||||||||||||||
| Unallocated items: | |||||||||||||||||||||||
Restructuring and other charges(1) | 21.9 | 3.0 | 19.0 | 0.26 | |||||||||||||||||||
Amortization of acquisition-related intangible assets(4) | 0.2 | — | 1.5 | 0.02 | |||||||||||||||||||
| Adjusted (Non-U.S. GAAP) | $450.4 | $91.3 | $382.1 | $5.25 | |||||||||||||||||||
(1)During the three and nine months ended September 30, 2026, the Company recorded pre-tax charges of $6.3 million and $9.3 million, respectively, related to our two existing restructuring programs: (i) $5.8 million and $7.7 million, respectively, within other expense (income), related to severance and retention benefit charges and the acceleration of depreciation and lease costs in connection with the Company's January 2025 restructuring plan and (ii) $0.5 million and $1.6 million, respectively, within selling, general and administrative expenses, for professional services relating to our 2024 plan to optimize the legal structure of the Company and its subsidiaries. In addition, we recorded a one-time tax cost of $12.0 million associated with an internal legal entity restructuring which occurred in the first quarter of 2026. During the three and nine months ended September 30, 2025, the Company recorded pre-tax charges of $2.5 million and $21.9 million, respectively, related to our two existing restructuring programs: (i) $0.9 million and $17.5 million, respectively, within other expense (income), related to severance, acceleration of depreciation and lease costs in connection with the Company's January 2025 restructuring plan and (ii) $1.6 million and $4.4 million, respectively, within selling, general and administrative expenses, for professional services relating to our 2024 plan to optimize the legal structure of the Company and its subsidiaries. In addition, we recorded income tax charges of $2.0 million in the first quarter of 2025, related primarily to withholding tax and capital gains incurred in executing our plan to optimize our legal structure.
(2)During the three and nine months ended September 30, 2026, the Company recorded pre-tax benefit of $54.0 million and $45.7 million, respectively, related to M&A activities, primarily related to the Company's agreement to sell its SmartDose® 3.5mL On-Body Delivery System and associated facilities to AbbVie. The net benefit is composed of a net gain on the sale of its SmartDose® 3.5mL On-Body Delivery System assets of $55.7 million for the three and nine months ended September 30, 2026 within other expense (income). The Company recorded a one-time tax cost of $22.4 million associated with the gain on the sale of SmartDose® 3.5mL On-Body Delivery System. The Company recorded a net benefit of $1.9 million and net charges of $0.3 million, respectively, within other expense (income), related to employee benefits in connection with the sale agreement. The Company recorded the remaining $3.6 million and $9.7 million, respectively, within selling, general and administrative expenses, relating to professional services in connection with other M&A activities.
(3)During the nine months ended September 30, 2026, the Company recorded cost-method investment impairment charges of $3.5 million within other expense (income).
(4)During the three and nine months ended September 30, 2026, the Company recorded $0.5 million and $1.4 million, respectively, of amortization expense in association with an acquisition of increased ownership interest in Daikyo. During the three and nine months ended September 30, 2025, the Company recorded $0.0 million and $0.2 million, respectively, of amortization expense within selling, general and administrative expenses associated with an intangible asset acquired during the second quarter of 2020. During the three and nine months ended September 30, 2025, the Company recorded $0.4 million and $1.3 million, respectively, of amortization expense in association with an acquisition of increased ownership interest in Daikyo.
(5)Other includes nonrecurring professional fees associated with various items including certain legal matters and our cybersecurity incident from May 2026. These charges are recorded within selling, general and administrative expenses.
WEST PHARMACEUTICAL SERVICES
RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES (UNAUDITED)
Please refer to “Non-U.S. GAAP Financial Measures” for more information
(in millions, except per share data)
Reconciliation of Reported Net Sales to Organic Net Sales by Segment (6)
The following table presents net sales, consolidated and by reportable segment, for the three months ended September 30, 2026 and 2025:
| Consolidated Net Sales | 2026 | 2025 | Change | Percentage Change | |||||||||||||||||||
| Reported net sales | $ | 874.5 | $ | 804.6 | $ | 69.9 | 8.7 | % | |||||||||||||||
| Less: Foreign exchange | (4.0) | — | (4.0) | ||||||||||||||||||||
| SmartDose® 3.5mL transaction | (11.8) | (29.8) | 18.0 | ||||||||||||||||||||
Organic net sales(6) | $ | 866.7 | $ | 774.8 | $ | 91.9 | 11.9 | % | |||||||||||||||
| Proprietary Products Net Sales | 2026 | 2025 | Change | Percentage Change | |||||||||||||||||||
| Reported net sales | $ | 728.8 | $ | 647.5 | $ | 81.3 | 12.6 | % | |||||||||||||||
| Less: Foreign exchange | (3.0) | — | (3.0) | ||||||||||||||||||||
| SmartDose® 3.5mL transaction | (11.8) | (29.8) | 18.0 | ||||||||||||||||||||
Organic net sales(6) | $ | 720.0 | $ | 617.7 | $ | 102.3 | 16.6 | % | |||||||||||||||
| West Vantage Net Sales | 2026 | 2025 | Change | Percentage Change | |||||||||||||||||||
| Reported net sales | $ | 145.7 | $ | 157.1 | $ | (11.4) | (7.3) | % | |||||||||||||||
| Less: Foreign exchange | (1.0) | — | (1.0) | ||||||||||||||||||||
Organic net sales(6) | $ | 146.7 | $ | 157.1 | $ | (10.4) | (6.6) | % | |||||||||||||||
The following table presents net sales, consolidated and by reportable segment, for the nine months ended September 30, 2026 and 2025:
| Consolidated Net Sales | 2026 | 2025 | Change | Percentage Change | |||||||||||||||||||
| Reported net sales | $ | 2,591.7 | $ | 2,269.1 | $ | 322.6 | 14.2 | % | |||||||||||||||
| Less: Foreign exchange | 44.5 | — | 44.5 | ||||||||||||||||||||
| SmartDose® 3.5mL transaction | (11.8) | (29.8) | 18.0 | ||||||||||||||||||||
Organic net sales(6) | $ | 2,535.4 | $ | 2,239.3 | $ | 296.1 | 13.2 | % | |||||||||||||||
| Proprietary Products Net Sales | 2026 | 2025 | Change | Percentage Change | |||||||||||||||||||
| Reported net sales | $ | 2,145.7 | $ | 1,830.3 | $ | 315.4 | 17.2 | % | |||||||||||||||
| Less: Foreign exchange | 36.5 | — | 36.5 | ||||||||||||||||||||
| SmartDose® 3.5mL transaction | (11.8) | (29.8) | 18.0 | ||||||||||||||||||||
Organic net sales(6) | $ | 2,097.4 | $ | 1,800.5 | $ | 296.9 | 16.5 | % | |||||||||||||||
| West Vantage Net Sales | 2026 | 2025 | Change | Percentage Change | |||||||||||||||||||
| Reported net sales | $ | 446.0 | $ | 438.8 | $ | 7.2 | 1.6 | % | |||||||||||||||
| Less: Foreign exchange | 8.0 | — | 8.0 | ||||||||||||||||||||
Organic net sales(6) | $ | 438.0 | $ | 438.8 | $ | (0.8) | (0.2) | % | |||||||||||||||
Reconciliation of Proprietary Products Segment Organic Net Sales by Product Category (6)
The following table presents net sales within the Proprietary Products reportable segment by product category, for the three months ended September 30, 2026 and 2025:
| HVP Components | 2026 | 2025 | Change | Percentage Change | |||||||||||||||||||
| Reported net sales | $ | 466.7 | $ | 390.0 | $ | 76.7 | 19.7 | % | |||||||||||||||
| Less: Foreign exchange | (2.4) | — | (2.4) | ||||||||||||||||||||
Organic net sales(6) | $ | 469.1 | $ | 390.0 | $ | 79.1 | 20.3 | % | |||||||||||||||
| HVP Delivery Devices | 2026 | 2025 | Change | Percentage Change | |||||||||||||||||||
| Reported net sales | $ | 99.1 | $ | 99.1 | $ | — | — | % | |||||||||||||||
| Less: Foreign exchange | (0.3) | — | (0.3) | ||||||||||||||||||||
| SmartDose® 3.5mL transaction | (11.8) | (29.8) | 18.0 | ||||||||||||||||||||
Organic net sales(6) | $ | 87.6 | $ | 69.3 | $ | 18.3 | 26.4 | % | |||||||||||||||
| Standard Products | 2026 | 2025 | Change | Percentage Change | |||||||||||||||||||
| Reported net sales | $ | 163.0 | $ | 158.4 | $ | 4.6 | 2.9 | % | |||||||||||||||
| Less: Foreign exchange | (0.3) | — | (0.3) | ||||||||||||||||||||
Organic net sales(6) | 163.3 | $ | 158.4 | $ | 4.9 | 3.1 | % | ||||||||||||||||
The following table presents net sales within the Proprietary Products reportable segment by product category, for the nine months ended September 30, 2026 and 2025:
| HVP Components | 2026 | 2025 | Change | Percentage Change | |||||||||||||||||||
| Reported net sales | $ | 1,300.1 | $ | 1,061.2 | $ | 238.9 | 22.5 | % | |||||||||||||||
| Less: Foreign exchange | 22.9 | — | 22.9 | ||||||||||||||||||||
Organic net sales(6) | $ | 1,277.2 | $ | 1,061.2 | $ | 216.0 | 20.4 | % | |||||||||||||||
| HVP Delivery Devices | 2026 | 2025 | Change | Percentage Change | |||||||||||||||||||
| Reported net sales | $ | 353.9 | $ | 296.0 | $ | 57.9 | 19.6 | % | |||||||||||||||
| Less: Foreign exchange | 1.6 | — | 1.6 | ||||||||||||||||||||
| SmartDose® 3.5mL transaction | (11.8) | (29.8) | 18.0 | ||||||||||||||||||||
Organic net sales(6) | $ | 340.5 | $ | 266.2 | $ | 74.3 | 27.9 | % | |||||||||||||||
| Standard Products | 2026 | 2025 | Change | Percentage Change | |||||||||||||||||||
| Reported net sales | $ | 491.7 | $ | 473.1 | $ | 18.6 | 3.9 | % | |||||||||||||||
| Less: Foreign exchange | 12.0 | — | 12.0 | ||||||||||||||||||||
Organic net sales(6) | $ | 479.7 | $ | 473.1 | $ | 6.6 | 1.4 | % | |||||||||||||||
Reconciliation of Proprietary Products Segment Organic Net Sales by Market Group (6)
The following table presents net sales within the Proprietary Products reportable segment by market group, for the three months ended September 30, 2026 and 2025:
| Biologics | 2026 | 2025 | Change | Percentage Change | |||||||||||||||||||
| Reported net sales | $ | 379.3 | $ | 329.1 | $ | 50.2 | 15.3 | % | |||||||||||||||
| Less: Foreign exchange | (1.2) | — | (1.2) | ||||||||||||||||||||
| SmartDose® 3.5mL transaction | (11.8) | (29.8) | 18.0 | ||||||||||||||||||||
Organic net sales(6) | $ | 368.7 | ` | $ | 299.3 | $ | 69.4 | 23.2 | % | ||||||||||||||
| Generics | 2026 | 2025 | Change | Percentage Change | |||||||||||||||||||
| Reported net sales | $ | 128.2 | $ | 135.9 | $ | (7.7) | (5.7) | % | |||||||||||||||
| Less: Foreign exchange | (1.6) | — | (1.6) | ||||||||||||||||||||
Organic net sales(6) | $ | 129.8 | $ | 135.9 | $ | (6.1) | (4.5) | % | |||||||||||||||
| Pharma | 2026 | 2025 | Change | Percentage Change | |||||||||||||||||||
| Reported net sales | $ | 221.3 | $ | 182.5 | $ | 38.8 | 21.3 | % | |||||||||||||||
| Less: Foreign exchange | (0.2) | — | (0.2) | ||||||||||||||||||||
Organic net sales(6) | $ | 221.5 | $ | 182.5 | $ | 39.0 | 21.4 | % | |||||||||||||||
The following table presents net sales within the Proprietary Products reportable segment by market group, for the nine months ended September 30, 2026 and 2025:
| Biologics | 2026 | 2025 | Change | Percentage Change | |||||||||||||||||||
| Reported net sales | $ | 1,108.6 | $ | 886.1 | $ | 222.5 | 25.1 | % | |||||||||||||||
| Less: Foreign exchange | 17.4 | — | 17.4 | ||||||||||||||||||||
| SmartDose® 3.5mL transaction | (11.8) | (29.8) | 18.0 | ||||||||||||||||||||
Organic net sales(6) | $ | 1,079.4 | $ | 856.3 | $ | 223.1 | 26.1 | % | |||||||||||||||
| Generics | 2026 | 2025 | Change | Percentage Change | |||||||||||||||||||
| Reported net sales | $ | 400.2 | $ | 382.6 | $ | 17.6 | 4.6 | % | |||||||||||||||
| Less: Foreign exchange | 3.7 | — | 3.7 | ||||||||||||||||||||
Organic net sales(6) | $ | 396.5 | $ | 382.6 | $ | 13.9 | 3.6 | % | |||||||||||||||
| Pharma | 2026 | 2025 | Change | Percentage Change | |||||||||||||||||||
| Reported net sales | $ | 636.9 | $ | 561.6 | $ | 75.3 | 13.4 | % | |||||||||||||||
| Less: Foreign exchange | 15.4 | — | 15.4 | ||||||||||||||||||||
Organic net sales(6) | $ | 621.5 | $ | 561.6 | $ | 59.9 | 10.7 | % | |||||||||||||||
Reconciliation of Reported Net Sales to Organic Net Sales by Geography (6)
The following table presents net sales, consolidated and by geographic region, for the three months ended September 30, 2026 and 2025:
| Americas | 2026 | 2025 | Change | Percentage Change | |||||||||||||||||||
| Reported net sales | $ | 401.3 | $ | 375.3 | $ | 26.0 | 6.9 | % | |||||||||||||||
| Less: Foreign exchange | 1.3 | — | 1.3 | ||||||||||||||||||||
| SmartDose® 3.5mL transaction | (11.8) | (29.8) | 18.0 | ||||||||||||||||||||
Organic net sales(6) | $ | 388.2 | ` | $ | 345.5 | $ | 42.7 | 12.4 | % | ||||||||||||||
| Europe, Middle East, Africa ("EMEA") | 2026 | 2025 | Change | Percentage Change | |||||||||||||||||||
| Reported net sales | $ | 376.1 | $ | 361.1 | $ | 15.0 | 4.2 | % | |||||||||||||||
| Less: Foreign exchange | (5.6) | — | (5.6) | ||||||||||||||||||||
Organic net sales(6) | $ | 381.7 | $ | 361.1 | $ | 20.6 | 5.7 | % | |||||||||||||||
| Asia Pacific | 2026 | 2025 | Change | Percentage Change | |||||||||||||||||||
| Reported net sales | $ | 97.1 | $ | 68.2 | $ | 28.9 | 42.4 | % | |||||||||||||||
| Less: Foreign exchange | 0.3 | — | 0.3 | ||||||||||||||||||||
Organic net sales(6) | $ | 96.8 | $ | 68.2 | $ | 28.6 | 41.9 | % | |||||||||||||||
The following table presents net sales, consolidated and by reportable segment, for the nine months ended September 30, 2026 and 2025:
| Americas | 2026 | 2025 | Change | Percentage Change | |||||||||||||||||||
| Reported net sales | $ | 1,167.3 | $ | 1,063.9 | $ | 103.4 | 9.7 | % | |||||||||||||||
| Less: Foreign exchange | 5.1 | — | 5.1 | ||||||||||||||||||||
| SmartDose® 3.5mL transaction | (11.8) | (29.8) | 18.0 | ||||||||||||||||||||
Organic net sales(6) | $ | 1,150.4 | ` | $ | 1,034.1 | $ | 116.3 | 11.2 | % | ||||||||||||||
| Europe, Middle East, Africa ("EMEA") | 2026 | 2025 | Change | Percentage Change | |||||||||||||||||||
| Reported net sales | $ | 1,175.3 | $ | 1,017.7 | $ | 157.6 | 15.5 | % | |||||||||||||||
| Less: Foreign exchange | 39.7 | — | 39.7 | ||||||||||||||||||||
Organic net sales(6) | $ | 1,135.6 | $ | 1,017.7 | $ | 117.9 | 11.6 | % | |||||||||||||||
| Asia Pacific | 2026 | 2025 | Change | Percentage Change | |||||||||||||||||||
| Reported net sales | $ | 249.1 | $ | 187.5 | $ | 61.6 | 32.9 | % | |||||||||||||||
| Less: Foreign exchange | (0.3) | — | (0.3) | ||||||||||||||||||||
Organic net sales(6) | $ | 249.4 | $ | 187.5 | $ | 61.9 | 33.0 | % | |||||||||||||||
(6)Organic net sales exclude the impact from acquisitions and/or divestitures and translate the current-period reported sales of subsidiaries whose functional currency is other than the U.S. Dollar at the applicable foreign currency exchange rates in effect during the comparable prior-year period.
WEST PHARMACEUTICAL SERVICES
RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES (UNAUDITED)
Please refer to “Non-U.S. GAAP Financial Measures” for more information
(in millions, except per share data)
Reconciliation of Reported-Diluted EPS Guidance to Adjusted-Diluted EPS Guidance
2025 Actual | 2026 Guidance | % Change | |||||||||||||||
| Reported-diluted EPS (U.S. GAAP) | $6.79 | $9.31 to $9.41 | 37.1% to 38.6% | ||||||||||||||
| Restructuring and other charges | 0.31 | 0.26 | |||||||||||||||
| M&A activities, including SmartDose® 3.5mL sale | 0.09 | (0.36) | |||||||||||||||
| Cost-method investment activity | 0.06 | 0.05 | |||||||||||||||
| Amortization of acquisition-related intangible assets | 0.03 | 0.02 | |||||||||||||||
| Other | 0.01 | 0.10 | |||||||||||||||
| Adjusted-diluted EPS (Non-U.S. GAAP) | $7.29 | $9.38 to $9.48 | 28.7% to 30.0% | ||||||||||||||
WEST PHARMACEUTICAL SERVICES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
| (in millions, except per share data) | September 30, 2026 | December 31, 2025 | |||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 464.1 | $ | 791.3 | |||||||
| Accounts receivable, net | 748.2 | 574.4 | |||||||||
| Inventories | 464.7 | 443.9 | |||||||||
| Other current assets | 139.5 | 168.6 | |||||||||
| Total current assets | 1,816.5 | 1,978.2 | |||||||||
| Property, plant and equipment | 3,266.1 | 3,223.4 | |||||||||
| Less: accumulated depreciation and amortization | 1,594.1 | 1,497.0 | |||||||||
| Property, plant and equipment, net | 1,672.0 | 1,726.4 | |||||||||
| Operating lease right-of-use assets | 98.4 | 117.0 | |||||||||
| Investments in affiliated companies | 215.8 | 212.3 | |||||||||
| Goodwill | 108.7 | 109.9 | |||||||||
| Intangible assets, net | 6.2 | 7.7 | |||||||||
| Deferred income taxes | 60.2 | 38.4 | |||||||||
| Other noncurrent assets | 82.9 | 80.1 | |||||||||
| Total Assets | $ | 4,060.7 | $ | 4,270.0 | |||||||
| LIABILITIES AND EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 249.4 | $ | 253.7 | |||||||
| Accrued salaries, wages and benefits | 124.3 | 135.9 | |||||||||
| Income taxes payable | 56.2 | 28.1 | |||||||||
| Operating lease liabilities | 19.5 | 22.7 | |||||||||
| Accrued commissions, rebates and royalties | 38.6 | 39.2 | |||||||||
| Other current liabilities | 156.3 | 175.3 | |||||||||
| Total current liabilities | 644.3 | 654.9 | |||||||||
| Long-term debt | 202.9 | 202.8 | |||||||||
| Deferred income taxes | 23.0 | 23.0 | |||||||||
| Pension and other postretirement benefits | 28.6 | 29.0 | |||||||||
| Operating lease liabilities | 82.6 | 95.6 | |||||||||
| Deferred compensation benefits | 14.0 | 13.5 | |||||||||
| Other long-term liabilities | 97.1 | 75.2 | |||||||||
| Total Liabilities | 1,092.5 | 1,094.0 | |||||||||
| Equity: | |||||||||||
Preferred stock, 3.0 million shares authorized; 0 shares issued and outstanding | — | — | |||||||||
Common stock, par value $0.25 per share; 200.0 million shares authorized; shares issued: September 30, 2026 - 75.3 million, December 31, 2025 - 75.3 million; shares outstanding: September 30, 2026 - 69.8 million, December 31, 2025 - 72.0 million | 18.8 | 18.8 | |||||||||
| Capital in excess of par value | — | — | |||||||||
| Retained earnings | 4,816.8 | 4,374.9 | |||||||||
| Accumulated other comprehensive loss | (137.0) | (105.5) | |||||||||
Treasury stock, at cost (September 30, 2026 - 5.5 million shares, December 31, 2025 - 3.3 million shares) | (1,730.4) | (1,112.2) | |||||||||
| Total Equity | 2,968.2 | 3,176.0 | |||||||||
| Total Liabilities and Equity | $ | 4,060.7 | $ | 4,270.0 | |||||||
WEST PHARMACEUTICAL SERVICES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in millions)
| Nine Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net income | $ | 506.8 | $ | 361.6 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation | 136.0 | 122.2 | |||||||||
| Amortization | 1.3 | 2.2 | |||||||||
| Stock-based compensation | 21.8 | 17.1 | |||||||||
| Gain on sale of SmartDose® 3.5mL On-Body Delivery System | (55.7) | — | |||||||||
| Non-cash restructuring charges | 3.8 | 2.5 | |||||||||
| Asset impairments | 4.6 | 4.4 | |||||||||
| Other non-cash items, net | (7.0) | (4.4) | |||||||||
Changes in assets and liabilities | (208.2) | (1.9) | |||||||||
| Net cash provided by operating activities | 403.4 | 503.7 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Capital expenditures | (125.0) | (209.8) | |||||||||
| Proceeds from sale of assets | 126.9 | — | |||||||||
| Disbursement associated with the sale of assets | (8.9) | — | |||||||||
| Net cash used in investing activities | (7.0) | (209.8) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Borrowings under revolving credit agreements | 50.0 | — | |||||||||
| Repayments under revolving credit agreements | (50.0) | — | |||||||||
| Principal repayments on finance leases | (1.2) | (0.8) | |||||||||
| Excise tax payments | (0.8) | (4.2) | |||||||||
| Dividend payments | (47.0) | (45.4) | |||||||||
| Proceeds from stock-based compensation awards | 17.0 | 8.2 | |||||||||
| Employee stock purchase plan contributions | 5.8 | 5.4 | |||||||||
| Shares purchased under share repurchase programs | (685.3) | (134.0) | |||||||||
| Shares repurchased for employee tax withholdings | (3.8) | (2.6) | |||||||||
| Net cash used in financing activities | (715.3) | (173.4) | |||||||||
| Effect of exchange rates on cash | (8.3) | 23.4 | |||||||||
| Net (decrease) increase in cash and cash equivalents | (327.2) | 143.9 | |||||||||
| Cash, including cash equivalents at beginning of period | 791.3 | 484.6 | |||||||||
| Cash, including cash equivalents at end of period | $ | 464.1 | $ | 628.5 | |||||||
| Supplemental cash flow information: | |||||||||||
| Accrued capital expenditures | $ | 28.3 | $ | 38.1 | |||||||
West Pharmaceutical Services, Inc. Michel Lagarde President & CEO Bob McMahon Senior VP & Chief Financial Officer Third-Quarter 2026 Earnings Call October 29, 2026 | 8 a.m. Eastern Time
2 West Analyst Conference Call October 29, 2026 8 a.m. Eastern Time These presentation materials are intended to accompany and serve as a reference for today’s press release announcing the Company’s results for the third-quarter 2026 and management’s discussion of those results during today’s conference call. A webcast of today’s call can be accessed in the “Investors” section of the Company’s website at www.investor.westpharma.com. To participate on the call by asking questions to Management, please register in advance by clicking here. Registered telephone participants will receive the dial-in number along with a unique PIN number that will enable them to ask questions on the call. A replay of the webcast will be available on the Company’s website for approximately 90 days after the event. REGISTER TODAY
3 This presentation and any accompanying management commentary contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the Company's expectations regarding future events, financial guidance and financial or operational performance. Forward- looking statements may be identified by words such as "believe," "expect," "intend," "estimate," "plan," "anticipate," "project," "forecast," "guidance," "target," "may," "will," "continue" and similar expressions. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. For additional information regarding these risks as well as other risks, uncertainties and factors that could affect our forward- looking statements, please refer to Part I Item 1A, entitled "Risk Factors," of the Company's most recent Annual Report on Form 10-K and any amendments thereto, as well as the Company's most recently filed Quarterly Reports on Form 10-Q and other filings the Company makes with the Securities and Exchange Commission. Forward-looking statements speak only as of the date of this press release. Except as required by law or regulation, West Pharmaceutical Services, Inc. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The Company reports its financial results in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). However, management also uses certain non-U.S. GAAP financial measures in evaluating our results of operations. Management believes that this information provides users with a valuable insight into our overall performance and financial position. As a result, this presentation and any accompanying management commentary contain certain non-GAAP financial measures, including organic net sales, adjusted-diluted earnings per share and adjusted operating profit. Organic net sales exclude the impact from acquisitions and/or divestitures and translate the current-period reported sales of subsidiaries whose functional currency is other than the U.S. Dollar at the applicable foreign currency exchange rates in effect during the comparable prior-year period. We may also refer to financial results, such as adjusted-diluted EPS and adjusted operating profit, that exclude the effects of unallocated items. The unallocated items are not representative of ongoing operations, and generally include restructuring and related charges, certain asset impairments, and other specifically identified income or expense items. These non-U.S. GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company’s results prepared in accordance with U.S. GAAP. Reconciliations of these non-U.S. GAAP measures to the comparable U.S. GAAP financial measures are included in the accompanying tables at the end of this presentation and in today's press release. Forward-Looking Statements Non-U.S. GAAP Financial Measures All trademarks and registered trademarks used in this report are the property of West Pharmaceutical Services, Inc. or its subsidiaries, in the United States and other jurisdictions, unless noted otherwise. Daikyo Crystal Zenith® and Daikyo CZ® are registered trademarks of Daikyo Seiko, Ltd. Daikyo Crystal Zenith technologies are licensed from Daikyo Seiko, Ltd. Trademarks
4 • Net sales $874.5M, +8.7% & +11.9% organic(1) • Gross margin 39.7%, +310 bps YoY • Adjusted operating profit margin(1) 25.3%, +420 bps vs. Q325 • Adjusted-diluted EPS(1) of $2.66, +35.7% vs. Q325 • Q3 YTD Operating cash flow $403.4M • Q3 YTD CapEx of $125.0M • Q3 YTD Free cash flow(1) of $278.4M • Q3 YTD Repurchased 2.4M shares for $685.3M (1) "Organic Net Sales," “Adjusted Operating Profit Margin,” “Adjusted-Diluted EPS” and "Free Cash Flow" are non-U.S. GAAP financial measures. For an explanation and reconciliations of these items, see the accompanying disclosure in this presentation and today's press release under the heading “Non-U.S. GAAP Financial Measures” as well as the accompanying reconciliation tables at the end of this presentation and today's press release. Q3 26 Financial Highlights 21.1% 25.3% Q3 25 Q3 26 $1.96 $2.66 Q3 25 Q3 26 $804.6 $874.5 Q3 25 Q3 26 Net Sales $M Adj. OP Margin Adj.-Diluted EPS +35.7% YoY+420 bps YoY +8.7% Reported +11.9% Organic (1)
5 Capitalizing on Key Growth Drivers Across Our Business Biologics Expanding market – driving High- Value Products Global regulatory framework upgrade opportunity GLP-1 Fastest growing category, multi-year opportunity – 21% of Net Sales Capacity Expansion Focused on HVP processing capabilities driving favorable returns (Envision®, Pharma Washing, etc.) • 43% of West’s revenue in Q3 26 • Fuels mix shift to high-margin HVP • Continued strong participation rate in new drug launches • 211 new upgrade projects added this year • West’s HVP components provide significant benefits to customers as they address increasing regulatory expectations and contamination control requirements • Generated over 200bps of organic revenue growth from HVP conversions, including Annex 1 projects • GLP-1 elastomer revenues are 12% of Q3 26 total company revenues • GLP-1 West Vantage revenues are 9% of Q3 26 total company revenues • CapEx aligned to support customers in high-growth injectable therapeutics and customers working to upgrade to higher HVP components • Network optimization to drive improving service levels • Opportunity to capitalize on nearshoring trend Business O pportunity, Im pact & Results Driver HVP Upgrades, including Annex 1
6 Proprietary Products Segment Segment Performance • Proprietary net sales of $728.8M, +12.6% YoY, +16.6% organic • Proprietary gross profit margin of 44.4%, +360bps YoY • Proprietary OP margin of 31.6%, +450bps YoY Proprietary Products Revenues $M $647.5 $728.8 Q3 25 Q3 26 Q3 26 results Proprietary OP Margin % 27.1% 31.6% Q3 25 Q3 26 Net sales $466.7M 53% of total sales +19.7% reported +20.3% organic Net sales $99.1M 11% of total sales 0.0% reported +26.4% organic Net sales $163.0M 19% of total sales +2.9% reported +3.1% organic • Strong growth in both Non- GLP-1 and GLP-1’s • Growth fueled by volume, price and HVP conversion mix • Administration Systems and Crystal Zenith both had strong double-digit growth in the quarter • Completed SmartDose 3.5mL divestiture to AbbVie • Basic primary containment products - often spec’d into customers’ drug manufacturing processes • Continue to see increased interest in potential HVP conversions driven by global regulatory landscape HVP Components HVP Delivery Devices Standard Components
7 West Vantage Segment Segment Performance • West Vantage net sales of $145.7M, (7.3%) YoY & (6.6%) organic • West Vantage gross profit margin 16.5%, -280 bps YoY, but +230 bps sequentially • West Vantage OP margin 10.6%, -360 bps YoY, but +200 bps sequentially West Vantage Revenues $M $157.1 $145.7 Q3 25 Q3 26 Q3 26 results West Vantage OP Margin % 14.2% 10.6% Q3 25 Q3 26 Net sales $145.7M, 17% of total sales, (7.3%) reported, (6.6%) organic • West Vantage sales decreased 6.6 percent organically in Q326, due to the planned loss of a CGM customer. Results were slightly better than expected. • Gross margins sequentially improved as we recovered from Q2 cyber incident. Q3 26 Performance
8 Strategically Diversified Platform with Global Reach 1 Quarter ended September 30, 2026 – numbers represent % of total company sales 2 Non-proprietary products 46% Americas 43% Europe, Middle East, Africa Asia Pacific 11% Q3 26 Net Sales1 by Geographic Location 53% HVP Components19% Standard Packaging 11% HVP Delivery Devices West Vantage Products2 17% Q3 26 Net Sales1 by Product Category 43% Biologics 15% Generics 25% Pharma Q3 26 Net Sales1 by Market Group West Vantage Products2 17%
9 Q3 26 Revenue by Market Group Q3 26 Revenues YoY % chg. Less Currency % SMD3.5mL impact % Organic % Share of Total Company Revenue Biologics $379.3 15.3% (0.4%) 7.5% 23.2% 43% Pharma $221.3 21.3% (0.1%) - % 21.4% 25% Generics $128.2 (5.7%) (1.2%) - % (4.5%) 15% Proprietary Prod. Segment $728.8 12.6% (0.5%) 3.5% 16.6% 83% West Vantage Segment $145.7 (7.3%) (0.7%) - % (6.6%) 17% Total Company $874.5 8.7% (0.5%) 2.7% 11.9% 100%
10 Q3 26 Revenue by Product Category Q3 26 Revenues YoY % chg. Less Currency % SMD 3.5mL Impact % Organic % Share of Total Company Revenue HVP Components $466.7 19.7% (0.6%) - % 20.3% 53% HVP Delivery Devices $99.1 0.0% (0.3%) 26.1% 26.4% 11% Standard Products $163.0 2.9% (0.2%) - % 3.1% 19% Proprietary Prod. Segment $728.8 12.6% (0.5%) 3.5% 16.6% 83% West Vantage Segment $145.7 (7.3%) (0.7%) - % (6.6%) 17% Total Company $874.5 8.7% (0.5%) 2.7% 11.9% 100%
11 Q3 26 Revenue by Geography Q3 26 Revenues YoY % chg. Less Currency % SmartDose 3.5mL % Organic % Share of Total Company Revenue Americas $401.3 6.9% 0.3% 5.8% 12.4% 46% Europe, Middle East, Africa $376.1 4.2% (1.5%) - % 5.7% 43% Asia Pacific $97.1 42.4% 0.5% - % 41.9% 11% Total Company $874.5 8.7% (0.5%) 2.7% 11.9% 100%
Change in Consolidated Net Sales Q3 25 vs. Q3 26 ($ millions) $804.6 ($29.8) $11.8 $33.6 ($4.0) $874.5 $58.3 Q3 25 Q3 25 SMD 3.5 Q3 26 SMD 3.5 CY Sales Price Volume & Mix Fx. Translation Q3 26 12
13 Q4 2026 Guidance 2026 Annual Guidance Low High Low High Revenue $820M to $830M $3.41B to $3.42B Fx. YoY Revenue Impact ~-0.9% points +1.2% Divestiture Impact* ~-3.4% points -1.6% Organic Revenue Growth % 6% to 7% 11.3% to 11.6% Adjusted EPS $2.22 to $2.32 $9.38 to $9.48 Fx. YoY on Adjusted EPS ~-$0.04 ~+$0.10 Estimated Tax Rate ~18% ~18% Capital Expenditure $215M – $220M 2026 / Q4 26 Guidance Overview * Organic calculation excludes $55 million in SmartDose® 3.5mL revenue in 2H 2025; $30 million in Q3 2025 and $25 million in Q4 2025 and $12M excluded from Q3 26 revenues
Investor Relations contact: https://investor.westpharma.com /contact-investor-relations www.westpharma.com
See the accompanying disclosure under the heading “Non-U.S. GAAP Financial Measures” in this presentation and today's press release for an explanation of non-U.S. GAAP financial measures and the corresponding reconciliation tables that appear in this presentation and today's press release. Reconciliation of Reported and Adjusted Operating Profit, Net Income and Diluted EPS ($ millions, except EPS data) Three months ended September 30, 2026 Operating profit Income tax expense Net income Diluted EPS Reported (U.S. GAAP) $267.4 $58.0 $214.0 $3.02 Unallocated items: Restructuring and other charges 6.3 1.4 4.9 0.06 M&A activities, including SmartDose® 3.5mL sale (54.0) (22.0) (31.9) (0.45) Amortization of acquisition-related intangible assets - - 0.5 0.01 Other 1.8 0.4 1.3 0.02 Adjusted (Non-U.S. GAAP) $221.5 $37.8 $188.8 $2.66 A-1 Reconciliation of Non-U.S. GAAP Financial Measures (unaudited) Nine months ended September 30, 2026 Operating profit Income tax expense Net income Diluted EPS Reported (U.S. GAAP) $623.6 $134.9 $506.8 $7.09 Unallocated items: Restructuring and other charges 9.3 (9.9) 19.1 0.26 M&A activities, including SmartDose® 3.5mL sale (45.7) (20.2) (25.5) (0.36) Cost-method investment activity 3.5 - 3.5 0.05 Amortization of acquisition-related intangible assets - - 1.4 0.02 Other 9.2 2.1 7.2 0.10 Adjusted (Non-U.S. GAAP) $599.9 $106.9 $512.5 $7.16
See the accompanying disclosure under the heading “Non-U.S. GAAP Financial Measures” in this presentation and today's press release for an explanation of non-U.S. GAAP financial measures and the corresponding reconciliation tables that appear in this presentation and today's press release. Reconciliation of Reported and Adjusted Operating Profit, Net Income and Diluted EPS ($ millions, except EPS data) Nine months ended September 30, 2025 Operating profit Income tax expense Net income Diluted EPS Reported (U.S. GAAP) $428.3 $88.3 $361.6 $4.97 Unallocated items: Restructuring and other charges 21.9 3.0 19.0 0.26 Amortization of acquisition-related intangible assets 0.2 - 1.5 0.02 Adjusted (Non-U.S. GAAP) $450.4 $91.3 $382.1 $5.25 A-2 Reconciliation of Non-U.S. GAAP Financial Measures (unaudited) Three months ended September 30, 2025 Operating profit Income tax expense Net income Diluted EPS Reported (U.S. GAAP) $167.6 $34.0 $140.0 $1.92 Unallocated items: Restructuring and other charges 2.5 0.6 2.0 0.03 Amortization of acquisition-related intangible assets - - 0.4 0.01 Adjusted (Non-U.S. GAAP) $170.1 $34.6 $142.4 $1.96
Reconciliation of Reported Net Sales to Organic Net Sales by Segment ($ millions) A-3 Reconciliation of Non-U.S. GAAP Financial Measures (unaudited) See the accompanying disclosure under the heading “Non-U.S. GAAP Financial Measures” in this presentation and today's press release for an explanation of non-U.S. GAAP financial measures and the corresponding reconciliation tables that appear in this presentation and today's press release. Three months ended September 30, Consolidated Net Sales 2026 2025 Change Percentage Change Reported net sales $ 874.5 $ 804.6 $ 69.9 8.7% Less: Foreign exchange (4.0) - (4.0) SmartDose® 3.5mL transaction (11.8) (29.8) 18.0 Organic net sales $ 866.7 $ 774.8 $ 91.9 11.9% Proprietary Products Net Sales 2026 2025 Change Percentage Change Reported net sales $ 728.8 $ 647.5 $ 81.3 12.6% Less: Foreign exchange (3.0) - (3.0) SmartDose® 3.5mL transaction (11.8) (29.8) 18.0 Organic net sales $ 720.0 $ 617.7 $ 102.3 16.6% West Vantage Net Sales 2026 2025 Change Percentage Change Reported net sales 145.7 157.1 (11.4) -7.3% Less: Foreign exchange (1.0) - (1.0) Organic net sales $ 146.7 $ 157.1 $ (10.4) -6.6% Nine months ended September 30, Consolidated Net Sales 2026 2025 Change Percentage Change Reported net sales $ 2,591.7 $ 2,269.1 $ 322.6 14.2% Less: Foreign exchange 44.5 - 44.5 SmartDose® 3.5mL transaction (11.8) (29.8) 18.0 Organic net sales $ 2,535.4 $ 2,239.3 $ 296.1 13.2% Proprietary Products Net Sales 2026 2025 Change Percentage Change Reported net sales $ 2,145.7 $ 1,830.3 $ 315.4 17.2% Less: Foreign exchange 36.5 - 36.5 SmartDose® 3.5mL transaction (11.8) (29.8) 18.0 Organic net sales $ 2,097.4 $ 1,800.5 $ 296.9 16.5% West Vantage Net Sales 2026 2025 Change Percentage Change Reported net sales $ 446.0 $ 438.8 $ 7.2 1.6% Less: Foreign exchange 8.0 - 8.0 Organic net sales $ 438.0 $ 438.8 $ (0.8) -0.2%
Reconciliation of Proprietary Products Segment Organic Net Sales by Product Category ($ millions) A-4 Reconciliation of Non-U.S. GAAP Financial Measures (unaudited) See the accompanying disclosure under the heading “Non-U.S. GAAP Financial Measures” in this presentation and today's press release for an explanation of non-U.S. GAAP financial measures and the corresponding reconciliation tables that appear in this presentation and today's press release. Three months ended September 30, HVP Components 2026 2025 Change Percentage Change Reported net sales $ 466.7 $ 390.0 $ 76.7 19.7% Less: Foreign exchange (2.4) - (2.4) Organic net sales $ 469.1 $ 390.0 $ 79.1 20.3% HVP Delivery Devices 2026 2025 Change Percentage Change Reported net sales $ 99.1 $ 99.1 $ - 0.0% Less: Foreign exchange (0.3) - (0.3) SmartDose® 3.5mL transaction (11.8) (29.8) 18.0 Organic net sales $ 87.6 $ 69.3 $ 18.3 26.4% Standard Products 2026 2025 Change Percentage Change Reported net sales 163.0 158.4 4.6 2.9% Less: Foreign exchange (0.3) - (0.3) Organic net sales $ 163.3 $ 158.4 $ 4.9 3.1% Nine months ended September 30, HVP Components 2026 2025 Change Percentage Change Reported net sales $ 1,300.1 $ 1,061.2 $ 238.9 22.5% Less: Foreign exchange 22.9 - 22.9 Organic net sales $ 1,277.2 $ 1,061.2 $ 216.0 20.4% HVP Delivery Devices 2026 2025 Change Percentage Change Reported net sales $ 353.9 $ 296.0 $ 57.9 19.6% Less: Foreign exchange 1.6 - 1.6 SmartDose® 3.5mL transaction (11.8) (29.8) 18.0 Organic net sales $ 340.5 $ 266.2 $ 74.3 27.9% Standard Products 2026 2025 Change Percentage Change Reported net sales $ 491.7 $ 473.1 $ 18.6 3.9% Less: Foreign exchange 12.0 - 12.0 Organic net sales $ 479.7 $ 473.1 $ 6.6 1.4%
Reconciliation of Proprietary Products Segment Organic Net Sales by Market Group ($ millions) A-5 See the accompanying disclosure under the heading “Non-U.S. GAAP Financial Measures” in this presentation and today's press release for an explanation of non-U.S. GAAP financial measures and the corresponding reconciliation tables that appear in this presentation and today's press release. Reconciliation of Non-U.S. GAAP Financial Measures (unaudited) Three months ended September 30, Biologics 2026 2025 Change Percentage Change Reported net sales $ 379.3 $ 329.1 $ 50.2 15.3% Less: Foreign exchange (1.2) - (1.2) SmartDose® 3.5mL transaction (11.8) (29.8) 18.0 Organic net sales $ 368.7 $ 299.3 $ 69.4 23.2% Generics 2026 2025 Change Percentage Change Reported net sales $ 128.2 $ 135.9 $ (7.7) -5.7% Less: Foreign exchange (1.6) - (1.6) Organic net sales $ 129.8 $ 135.9 $ (6.1) -4.5% Pharma 2026 2025 Change Percentage Change Reported net sales $ 221.3 $ 182.5 $ 38.8 21.3% Less: Foreign exchange (0.2) - (0.2) Organic net sales $ 221.5 $ 182.5 $ 39.0 21.4% Nine months ended September 30, Biologics 2026 2025 Change Percentage Change Reported net sales $ 1,108.6 $ 886.1 $ 222.5 25.1% Less: Foreign exchange 17.4 - 17.4 SmartDose® 3.5mL transaction (11.8) (29.8) 18.0 Organic net sales $ 1,079.4 $ 856.3 $ 223.1 26.1% Generics 2026 2025 Change Percentage Change Reported net sales $ 400.2 $ 382.6 $ 17.6 4.6% Less: Foreign exchange 3.7 - 3.7 Organic net sales $ 396.5 $ 382.6 $ 13.9 3.6% Pharma 2026 2025 Change Percentage Change Reported net sales $ 636.9 $ 561.6 $ 75.3 13.4% Less: Foreign exchange 15.4 - 15.4 Organic net sales $ 621.5 $ 561.6 $ 59.9 10.7%
Reconciliation of Reported Net Sales to Organic Net Sales by Geography ($ millions) A-6 See the accompanying disclosure under the heading “Non-U.S. GAAP Financial Measures” in this presentation and today's press release for an explanation of non-U.S. GAAP financial measures and the corresponding reconciliation tables that appear in this presentation and today's press release. Reconciliation of Non-U.S. GAAP Financial Measures (unaudited) Three months ended September 30, Americas 2026 2025 Change Percentage Change Reported net sales $ 401.3 $ 375.3 $ 26.0 6.9% Less: Foreign exchange 1.3 - 1.3 SmartDose® 3.5mL transaction (11.8) (29.8) 18.0 Organic net sales $ 388.2 $ 345.5 $ 42.7 12.4% Europe, Middle East, Africa 2026 2025 Change Percentage Change Reported net sales $ 376.1 $ 361.1 $ 15.0 4.2% Less: Foreign exchange (5.6) - (5.6) Organic net sales $ 381.7 $ 361.1 $ 20.6 5.7% Asia Pacific 2026 2025 Change Percentage Change Reported net sales $ 97.1 $ 68.2 $ 28.9 42.4% Less: Foreign exchange 0.3 - 0.3 Organic net sales $ 96.8 $ 68.2 $ 28.6 41.9% Nine months ended September 30, Americas 2026 2025 Change Percentage Change Reported net sales $ 1,167.3 $ 1,063.9 $ 103.4 9.7% Less: Foreign exchange 5.1 - 5.1 SmartDose® 3.5mL transaction (11.8) (29.8) 18.0 Organic net sales $ 1,150.4 $ 1,034.1 $ 116.3 11.2% Europe, Middle East, Africa 2026 2025 Change Percentage Change Reported net sales $ 1,175.3 $ 1,017.7 $ 157.6 15.5% Less: Foreign exchange 39.7 - 39.7 Organic net sales $ 1,135.6 $ 1,017.7 $ 117.9 11.6% Asia Pacific 2026 2025 Change Percentage Change Reported net sales $ 249.1 $ 187.5 $ 61.6 32.9% Less: Foreign exchange (0.3) - (0.3) Organic net sales $ 249.4 $ 187.5 $ 61.9 33.0%
Reconciliation of Reported-Diluted EPS Guidance to Adjusted-Diluted EPS Guidance 2025 Actual 2026 Guidance % Change Reported-diluted EPS (U.S. GAAP) $6.79 $9.31 to $9.41 37.1% to 38.6% Restructuring and other charges 0.31 0.26 M&A activities, including SmartDose® 3.5mL sale 0.09 (0.36) Cost-method investment activity 0.06 0.05 Amortization of acquisition-related intangible assets 0.03 0.02 Other 0.01 0.10 Adjusted-diluted EPS (Non-U.S. GAAP) $7.29 $9.38 to $9.48 28.7% to 30.0% A-7 Reconciliation of Non-U.S. GAAP Financial Measures (unaudited) See the accompanying disclosure under the heading “Non-U.S. GAAP Financial Measures” in this presentation and today's press release for an explanation of non-U.S. GAAP financial measures and the corresponding reconciliation tables that appear in this presentation and today's press release.
Free Cash Flow Reconciliation ($ millions) Nine months ended September 30, 2026 2025 Operating Cash Flow $403.4 $503.7 Capital Expenditures 125.0 209.8 Free Cash Flow(1) $278.4 $293.9 (1) Free Cash Flow is defined as operating cash flow, less capital expenditures. A-8 Reconciliation of Non-U.S. GAAP Financial Measures (unaudited) See the accompanying disclosure under the heading “Non-U.S. GAAP Financial Measures” in this presentation and today's press release for an explanation of non-U.S. GAAP financial measures and the corresponding reconciliation tables that appear in this presentation and today's press release.