West Pharmaceutical Services Inc

Company facts

Industry

Surgical & Medical Instruments & Apparatus

Headquarters

Exton, Pennsylvania

Most recent report

10-Q, filed Jul 23, 2026

Incorporated

Pennsylvania

Filings on record

1,000+ filings

On EDGAR

CIK 105770

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Jun 2026 10-Q

SECSift found 4 of 11 sections worth reading, with 2 positive, 6 notable, and 6 negative flags.

• Financial Statements (Item 1)

  Core financials, SmartDose sale, buybacks, operating cash decline, class action.
  Notable

  • SmartDose sale closed July 1, 2026 for ~$136M; expects $55-60M pre-tax gain in Q3 2026.
  • New $1.0B share repurchase program authorized Feb 2026; no expiration date.
  • Cost-method investment impairment of $3.5M recorded in Q2 2026 within other expense.
  • Stock-based compensation doubled to $17.5M H1 2026 from $8.7M, driven by new awards.
  Negative

  • Securities class action filed May 2025; defendants’ reply filed March 2026; no loss estimate yet.

• Management's Discussion (Item 2)

  Proprietary Products surged but West Vantage fell 27.5% from cyber incident; heavy buybacks drained cash.
  Positive

  • Proprietary Products net sales up 16.6% to $722.6M in Q2 2026, driven by HVP components (+18.4%) and HVP delivery devices (+29.2%).
  • Proprietary Products gross margin rose 2.5 points to 42.6% in Q2 2026 from favorable mix and price increases.
  Notable

  • Company selling SmartDose 3.5mL to AbbVie; recorded $6.4M in M&A charges in Q2 2026.
  • Company spent $454.3M buying back 1.76M shares in H1 2026, draining cash to $435.8M from $791.3M.
  Negative

  • West Vantage revenue growth cut by ~$7M from production downtime tied to the May 2026 cybersecurity incident.
  • West Vantage operating profit fell 27.5% to $12.9M in Q2 2026 due to cyber incident downtime and inflation.
  • Net cash from operations fell $92.6M to $213.9M in H1 2026 due to working capital swings and higher incentive pay.

• Legal Proceedings (Item 1)

  Securities class action lawsuit is a pending concern with no estimate.
  Negative

  • Securities class action filed May 2025; company cannot estimate losses; case ongoing through March 2026.

• Risk Factors (Item 1A)

  New risk factor describes a material cybersecurity attack in May 2026 that disrupted global operations.
  Negative

  • A material cybersecurity attack in May 2026 caused data exfiltration, system encryption, and disrupted global operations.

What changed: Jun 2026 vs. Mar 2026

About 18% of WST's Jun 2026 10-Q is new information. 54 paragraphs were added, 134 changed, and 10 removed. Below are the most important lines SECSift identified.

• Item 2 70
• Item 1 54
• Item 1A 8
• Item 5 2
• Item 4 2