Corrects to HVP, from HPV, in headline

Overview

• Injectable solutions provider's Q2 net sales rose 13.8%, beating analyst expectations

• Q2 adjusted EPS beat consensus, up 28.8% year-over-year

• Company raised full-year 2026 net sales and adjusted EPS guidance

Outlook

• West Pharmaceutical raises full-year 2026 net sales guidance to $3.345 bln-$3.380 bln

• Company lifts full-year 2026 adjusted-diluted EPS forecast to $8.85-$9.05

• West Pharmaceutical sees Q3 2026 net sales of $820 mln-$835 mln and adjusted EPS of $2.14-$2.24

Result Drivers

• HVP COMPONENTS & BIOLOGICS - Co said Q2 organic sales growth was driven by High-Value Product Components, with continued strength in Biologics and a favorable mix shift from HVP upgrades including Annex 1

• GLP-1 ELASTOMERS - Ongoing growth in GLP-1 elastomers contributed to sales gains, per CEO Eric Green

• MARGIN EXPANSION - Strong sales growth led to operating income margin expansion compared to prior year

Company press release: ID:nPn5T2ZDLa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q2 Net sales	Beat	$872.30 mln	$838.59 mln (11 Analysts)
Q2 Adjusted EPS	Beat	$2.37	$2.08 (11 Analysts)
Q2 EPS		$2.15

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 18 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the medical equipment, supplies & distribution peer group is "buy"

• Wall Street's median 12-month price target for West Pharmaceutical Services Inc is $375.00, about 4.6% above its July 22 closing price of $358.41

• The stock recently traded at 39 times the next 12-month earnings vs. a P/E of 30 three months ago

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