$WST

WEST PHARMACEUTICAL SERVICES INC

CIK:0000105770|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net sales	$ 872.3	$ 766.5	$ 1,717.2	$ 1,464.5
Cost of goods and services sold	543.1	492.6	1,091.6	958.7
Gross profit	329.2	273.9	625.6	505.8
Research and development	19.7	19.1	35.5	35.4
Selling, general and administrative expenses	117.6	95.9	217.1	183.9
Other expense (income) (Note 14)	12.8	5.2	16.8	25.8
Operating profit	179.1	153.7	356.2	260.7
Interest expense, net	2.6	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 companies	180.1	157.0	360.2	267.5
Income tax expense	32.2	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 (in dollars per share)	$ 2.17	$ 1.82	$ 4.10	$ 3.06
Diluted (in dollars per share)	$ 2.15	$ 1.82	$ 4.07	$ 3.05
Weighted average shares outstanding:
Basic (in shares)	70.8	72.2	71.4	72.3
Diluted (in shares)	71.3	72.5	71.9	72.8

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 292.8	$ 221.6
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	90.3	79.9
Amortization	1.1	1.5
Stock-based compensation	17.5	8.7
Non-cash restructuring charges	1.9	1.6
Asset impairments	4.2	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 activities	213.9	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 agreements	50.0	0.0
Repayments under revolving credit agreements	(50.0)	0.0
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 awards	12.4	6.0
Employee stock purchase plan contributions	3.9	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 period	791.3	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

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 435.8	$ 791.3
Accounts receivable, net	712.0	574.4
Inventories	447.4	443.9
Other current assets	212.3	168.6
Total current assets	1,807.5	1,978.2
Property, plant and equipment	3,248.6	3,223.4
Less: accumulated depreciation and amortization	1,562.3	1,497.0
Property, plant and equipment, net	1,686.3	1,726.4
Operating lease right-of-use assets	104.7	117.0
Investments in affiliated companies	207.7	212.3
Goodwill	108.7	109.9
Intangible assets, net	6.4	7.7
Deferred income taxes	72.3	38.4
Other noncurrent assets	82.8	80.1
Total Assets	4,076.4	4,270.0
Current liabilities:
Accounts payable	252.7	253.7
Accrued salaries, wages and benefits	97.1	135.9
Income taxes payable	64.7	28.1
Operating lease liabilities	20.9	22.7
Accrued commissions, rebates and royalties	34.0	39.2
Other current liabilities	171.1	175.3
Total current liabilities	640.5	654.9
Long-term debt	202.9	202.8
Deferred income taxes	22.4	23.0
Pension and other postretirement benefits	28.3	29.0
Operating lease liabilities	88.3	95.6
Deferred compensation benefits	13.9	13.5
Other long-term liabilities	89.9	75.2
Total Liabilities	1,086.2	1,094.0
Commitments and contingencies (Note 16)
Equity:
Preferred stock, 3.0 million shares authorized; 0 shares issued and outstanding	0.0	0.0
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	0.0	0.0
Retained earnings	4,624.1	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 Equity	2,990.2	3,176.0
Total Liabilities and Equity	$ 4,076.4	$ 4,270.0