西藥業服務公司第二季淨銷售增13.8%至8.723億美元，出售SmartDose系統予AbbVie

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM 10-Q 
(Mark One)
☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026 
or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from  to
Commission File Number 1-8036

WEST PHARMACEUTICAL SERVICES, INC. 
(Exact name of registrant as specified in its charter)
Pennsylvania23-1210010
 (State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number)

530 Herman O. West Drive, Exton, PA
19341-1147
(Address of principal executive offices)(Zip Code)

Registrant’s telephone number, including area code: 610-594-2900 
Securities registered pursuant to Section 12(b) of the Act: 
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.25 per shareWSTNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.          Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).                      Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☑ Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
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.                                                      ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
 Yes ☐ No ☑
As of July 20, 2026, there were 70,375,762 shares of the registrant’s common stock outstanding.

Table of Contents

TABLE OF CONTENTS

  Page
PART I. FINANCIAL INFORMATION
 
ITEM 1.FINANCIAL STATEMENTS (UNAUDITED)
 
 Condensed Consolidated Statements of Income for the Three and Six Months ended June 30, 2026 and 2025
3

 Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months ended June 30, 2026 and 2025
4

 Condensed Consolidated Balance Sheets at June 30, 2026 and December 31, 2025
5

 Condensed Consolidated Statements of Cash Flows for the Six Months ended June 30, 2026 and 2025
6

 Notes to Condensed Consolidated Financial Statements
7

ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
29

ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
42

ITEM 4.CONTROLS AND PROCEDURES
43

   
PART II. OTHER INFORMATION
 
ITEM 1.LEGAL PROCEEDINGS
44

ITEM 1A.RISK FACTORS
44

ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
45

ITEM 5.OTHER INFORMATION
45

ITEM 6.EXHIBITS
46

   
SIGNATURE
47

   

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PART I. FINANCIAL INFORMATION

ITEM 1.   FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
West Pharmaceutical Services, Inc. and Subsidiaries
(in millions, except per share data)

 Three Months Ended
June 30,Six Months Ended
June 30,
 2026202520262025
Net sales$872.3 $766.5 $1,717.2 $1,464.5 
Cost of goods and services sold543.1 492.6 1,091.6 958.7 
Gross profit329.2 273.9 625.6 505.8 
Research and development19.7 19.1 35.5 35.4 
Selling, general and administrative expenses117.6 95.9 217.1 183.9 
Other expense (income) (Note 14)12.8 5.2 16.8 25.8 
Operating profit179.1 153.7 356.2 260.7 
Interest expense, net2.6 0.1 4.5 0.5 
Interest income(3.8)(3.6)(8.9)(7.7)
Other nonoperating expense (income)0.2 0.2 0.4 0.4 
Income before income taxes and equity in net income of affiliated companies180.1 157.0 360.2 267.5 
Income tax expense32.2 30.2 76.9 54.3 
Equity in net income of affiliated companies(6.1)(5.0)(9.5)(8.4)
Net income$154.0 $131.8 $292.8 $221.6 

Net income per share:   
Basic$2.17 $1.82 $4.10 $3.06 
Diluted$2.15 $1.82 $4.07 $3.05 

Weighted average shares outstanding:    
Basic70.8 72.2 71.4 72.3 
Diluted71.3 72.5 71.9 72.8 

See accompanying notes to condensed consolidated financial statements.
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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
West Pharmaceutical Services, Inc. and Subsidiaries
(in millions)

 Three Months Ended
June 30,Six Months Ended
June 30,
 2026202520262025
Net income$154.0 $131.8 $292.8 $221.6 
Other comprehensive (loss) income, net of tax:   
Foreign currency translation adjustments, net of tax of $0.4 and $(1.0), $0.5 and $(2.1), respectively
(14.1)114.9 (33.6)165.3 
Defined benefit pension and other postretirement plan adjustments, net of tax of $0.0 and $(0.2), $0.0 and $(0.3), respectively
(0.1)(0.7)(0.2)(1.1)
Net gain on equity affiliate accumulated other comprehensive income, net of tax of $0.0 and $0.0, $0.0 and $0.0, respectively
(0.1)0.1 (0.1)0.2 
Net (loss) gain on derivatives, net of tax of $(0.3) and $0.8, $(0.2) and $1.7, respectively
(0.9)2.5 (1.0)5.0 
Other comprehensive (loss) income, net of tax(15.2)116.8 (34.9)169.4 
Comprehensive income$138.8 $248.6 $257.9 $391.0 

See accompanying notes to condensed consolidated financial statements.
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CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
West Pharmaceutical Services, Inc. and Subsidiaries

(in millions, except per share data)June 30,
2026December 31,
2025
ASSETS  
Current assets:  
Cash and cash equivalents$435.8 $791.3 
Accounts receivable, net712.0 574.4 
Inventories447.4 443.9 
Other current assets212.3 168.6 
Total current assets1,807.5 1,978.2 
Property, plant and equipment3,248.6 3,223.4 
Less: accumulated depreciation and amortization1,562.3 1,497.0 
Property, plant and equipment, net1,686.3 1,726.4 
Operating lease right-of-use assets104.7 117.0 
Investments in affiliated companies207.7 212.3 
Goodwill108.7 109.9 
Intangible assets, net6.4 7.7 
Deferred income taxes72.3 38.4 

Other noncurrent assets82.8 80.1 
Total Assets$4,076.4 $4,270.0 

LIABILITIES AND EQUITY  
Current liabilities:  

Accounts payable$252.7 $253.7 

Accrued salaries, wages and benefits97.1 135.9 
Income taxes payable64.7 28.1 
Operating lease liabilities20.9 22.7 
Accrued commissions, rebates and royalties34.0 39.2 
Other current liabilities171.1 175.3 
Total current liabilities640.5 654.9 
Long-term debt202.9 202.8 
Deferred income taxes22.4 23.0 
Pension and other postretirement benefits28.3 29.0 
Operating lease liabilities88.3 95.6 
Deferred compensation benefits13.9 13.5 
Other long-term liabilities89.9 75.2 
Total Liabilities1,086.2 1,094.0 

Commitments and contingencies (Note 16)

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: June 30, 2026 - 75.3 million, December 31, 2025 - 75.3 million; shares outstanding: June 30, 2026 - 70.4 million, December 31, 2025 - 72.0 million
18.8 18.8 
Capital in excess of par value— — 
Retained earnings4,624.1 4,374.9 
Accumulated other comprehensive loss(140.4)(105.5)
Treasury stock, at cost (June 30, 2026 - 4.9 million shares, December 31, 2025 - 3.3 million shares)
(1,512.3)(1,112.2)
Total Equity2,990.2 3,176.0 
Total Liabilities and Equity$4,076.4 $4,270.0 

See accompanying notes to condensed consolidated financial statements.
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
West Pharmaceutical Services, Inc. and Subsidiaries
(in millions)
 Six Months Ended
June 30,
 20262025
Cash flows from operating activities:  
Net income$292.8 $221.6 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation90.3 79.9 
Amortization1.1 1.5 
Stock-based compensation17.5 8.7 
Non-cash restructuring charges1.9 1.6 
Asset impairments4.2 4.1 

Other non-cash items, net(5.0)(6.9)
Changes in assets and liabilities
(188.9)(4.0)
Net cash provided by operating activities213.9 306.5 

Cash flows from investing activities:  
Capital expenditures(85.9)(146.5)

Net cash used in investing activities(85.9)(146.5)

Cash flows from financing activities:  
Borrowings under revolving credit agreements50.0 — 
Repayments under revolving credit agreements(50.0)— 
Principal repayments on finance leases(0.7)(0.5)
Excise tax payments(0.8)(4.2)
Dividend payments(31.5)(30.3)
Proceeds from stock-based compensation awards12.4 6.0 
Employee stock purchase plan contributions3.9 3.6 
Shares purchased under share repurchase programs(454.3)(134.0)
Shares repurchased for employee tax withholdings(2.5)(2.5)
Net cash used in financing activities(473.5)(161.9)
Effect of exchange rates on cash(10.0)27.0 
Net (decrease) increase in cash and cash equivalents(355.5)25.1 

Cash, including cash equivalents at beginning of period791.3 484.6 
Cash, including cash equivalents at end of period$435.8 $509.7 

Supplemental cash flow information:
Accrued capital expenditures$25.7 $35.4 

See accompanying notes to condensed consolidated financial statements.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 1:  Basis of Presentation
Basis of Presentation: The condensed consolidated financial statements included in this report are unaudited and have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“U.S. GAAP”) for interim financial reporting and U.S. Securities and Exchange Commission (“SEC”) regulations. The year-end condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. In the opinion of management, these financial statements include all adjustments, which are of a normal recurring nature, necessary for a fair statement of the financial position, results of operations, cash flows and the change in equity for the periods presented. The condensed consolidated financial statements for the three and six months ended June 30, 2026, should be read in conjunction with the consolidated financial statements and notes thereto of West Pharmaceutical Services, Inc. and its majority-owned subsidiaries (which may be referred to as “West”, the “Company”, “we”, “us” or “our”) appearing in our Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Annual Report”). The results of operations for any interim period are not necessarily indicative of results for the full year.
West Vantage: Effective in the first quarter of 2026, the Company renamed its "Contract-Manufactured Products" reportable segment to "West Vantage™" to better align with its current strategic focus and offerings. This change in name does not affect the composition of the reportable segment, nor does it impact previously reported segment financial information.
Sale of SmartDose® 3.5mL On-Body Delivery System: In December 2025, the Company entered a definitive agreement for the sale of all manufacturing and supply rights for the SmartDose® 3.5mL On-Body Delivery System and associated facilities to AbbVie for $112.5 million, subject to working capital and other adjustments.
In relation to this agreement, the carrying values of certain assets were classified as held for sale in our consolidated balance sheets as of June 30, 2026 and December 31, 2025 and recorded within other current assets. There were no liabilities classified as held for sale in relation to this agreement as of June 30, 2026 or December 31, 2025. All assets classified as held for sale as part of the agreement are within our Proprietary Products segment.
The following table presents assets classified as held for sale:

($ in millions)June 30,
2026December 31,
2025
Property, plant and equipment, net$42.1 $39.1 
Inventories24.2 20.5 
Operating lease right-of-use assets1.2 1.2 
Goodwill0.6 0.6 
 $68.1 $61.4 

On July 1, 2026, the Company completed this sale for cash proceeds of approximately $136 million, including an initial working capital adjustment and subject to further working capital adjustments. During the third quarter of 2026, the Company expects to recognize a pre-tax gain on the sale of these assets in a range of $55 million to $60 million. In connection with the sale, we are providing certain transition services to support the business.
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Note 2:  New Accounting Standards
Recently Adopted Standards
In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-09, Income Taxes: Improvements to Income Tax Disclosures, that seeks to enhance income tax disclosures to provide information to better assess how an entity's operations and related tax risks affect its tax rate and prospects for future cash flows. Within the income tax rate reconciliation, the amendment requires disclosure of additional categories and greater detail about individual reconciling items over a specified threshold. It also requires information pertaining to taxes paid to be disaggregated for federal, state, and foreign taxes and further disaggregated for specific jurisdictions over a specified threshold. This guidance is effective for fiscal years beginning after December 15, 2024. The Company adopted and implemented the applicable disclosure requirements within its 2025 Form 10-K filed on February 17, 2026 on a prospective basis.
Standards Issued Not Yet Adopted
In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, that seeks to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions. The amendments require that at each interim and annual reporting period an entity: (1) disclose the amounts of purchases of inventory, employee compensation, depreciation, and intangible asset amortization included in each of the Company's relevant expense captions; (2) include certain amounts that are already required to be disclosed under current GAAP in the same disclosure as the other disaggregation requirements; (3) disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively; and (4) disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. This guidance is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of this guidance on our financial statements and disclosures.

Note 3:  Revenue
Our revenue results from the sale of goods or services and reflects the consideration to which we expect to be entitled in exchange for those goods or services. We record revenue based on a five-step model, in accordance with Accounting Standards Codification (“ASC”) 606. Following the identification of a contract with a customer, we identify the performance obligations (goods or services) in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize the revenue when (or as) we satisfy the performance obligations by transferring the promised goods or services to our customers. A good or service is transferred when (or as) the customer obtains control of that good or service.
The following table presents the approximate percentage of our net sales by market group:

Three Months Ended
June 30,Six Months Ended
June 30,
2026202520262025
Biologics43 %
38 %
42 %
38 %

Generics 16 %
17 %
16 %
17 %

Pharma24 %
26 %
24 %
26 %

West Vantage17 %
19 %
18 %
19 %

100 %
100 %
100 %
100 %

The following table presents the approximate percentage of our net sales by product category: 
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Three Months Ended
June 30,Six Months Ended
June 30,
2026202520262025
High-Value Product ("HVP") Components49 %
47 %
48 %
46 %

High-Value Product ("HVP") Delivery Devices15 %
13 %
15 %
13 %

Standard Packaging19 %
21 %
19 %
22 %

West Vantage17 %
19 %
18 %
19 %

100 %
100 %
100 %
100 %

The following table presents the approximate percentage of our net sales by geographic location: 

Three Months Ended
June 30,Six Months Ended
June 30,
2026202520262025
Americas44 %
45 %
45 %
47 %

Europe, Middle East, Africa46 %
46 %
46 %
45 %

Asia Pacific10 %
9 %
9 %
8 %

100 %
100 %
100 %
100 %

Contract Assets and Liabilities
The following table summarizes our contract assets and liabilities:

($ in millions)
Contract assets, December 31, 2025
$11.9 
Contract assets, June 30, 2026
17.2 
Change in contract assets - increase (decrease)$5.3 

Deferred income, December 31, 2025
$(53.7)
Deferred income, June 30, 2026
(45.7)
Change in deferred income - decrease (increase) $8.0 

Contract assets are included within other current assets and deferred income is included within other current liabilities and other long-term liabilities. During the six months ended June 30, 2026, $33.0 million of revenue was recognized that was included in deferred income a