West Pharmaceutical Services, Inc. (NYSE:WST) reported better-than-expected third-quarter results on Thursday and lifted its full-year forecast, sending shares up 3.25% in premarket trading.
The company, which provides injectable drug delivery solutions, posted adjusted earnings per share of $1.96, easily surpassing Wall Street’s estimate of $1.69. Revenue rose 7.7% year-over-year to $804.6 million, ahead of the consensus estimate of $786.33 million, with organic growth of 5% compared to the same period in 2024.
The standout driver of the quarter was the High-Value Product (HVP) Components division, where sales jumped 16.3% to $390 million, nearly half of total revenue. This surge was supported by continued strength in GLP-1 products and increasing HVP conversions.
“I am pleased to report that we delivered another solid quarter, with both revenues and profits exceeding our guidance,” said Eric M. Green, President, Chief Executive Officer and Chair of the Board. “Our strength was broad-based, across both our Proprietary Products and Contract Manufacturing segments.”
On the back of its strong performance, West Pharmaceutical raised its 2025 full-year revenue outlook to a range of $3.06 billion to $3.07 billion, compared to its previous guidance of $3.04 billion to $3.06 billion. The company also boosted its adjusted EPS forecast to $7.06–$7.11, up from $6.65–$6.85.
The Contract Manufacturing segment also delivered solid growth, with sales climbing 8.0% to $157.1 million, driven by increased demand for self-injection devices used in obesity and diabetes treatments.
Operating cash flow for the first nine months of 2025 rose 8.7% to $503.7 million, while free cash flow surged 53.7% to $293.9 million compared to the same period a year earlier.
Looking ahead to the fourth quarter, West Pharmaceutical expects revenue between $790 million and $800 million and adjusted EPS in the range of $1.81 to $1.86.