The earnings call presented a mix of positive and negative aspects. While there were several areas of growth, particularly in the GLP-1 market and progress with AnnexOne, there were also notable challenges. These include reduced growth expectations for HPP components, a decline in FluroTech product sales, and challenges with contract manufacturing margins. The announcement of CFO Bernard Birkett's departure adds to the uncertainty. Overall, the highlights and lowlights are balanced.

Company Guidance -

Q2 2025

During the West Pharmaceutical Services first quarter 2025 earnings call, the company provided guidance for the full fiscal year 2025. They increased their full-year revenue guidance to a range of $2.945 billion to $2.975 billion, up from the previous range of $2.875 billion to $2.905 billion, partly due to foreign currency exchange impacts. Organic sales growth is expected to be approximately 2% to 3%. The adjusted diluted EPS guidance was also raised to $6.15 to $6.35, compared to the previous range of $6.00 to $6.20. The guidance reflects a positive momentum, driven by strong performance in their GLP-1 elastomer business, which grew to 7% of total revenues, and anticipated high single-digit growth in Biologics HVP components in the second half of the year. However, the company noted a tariff headwind of $20 million to $25 million for the remaining three quarters, with mitigations being actively pursued.

Revenue and EPS Beat Expectations

First quarter revenues and adjusted EPS exceeded expectations, largely driven by the GLP-1 market and reduced impact from industry-wide destocking.

Growth in Proprietary Products and Biologics

Proprietary products business grew by 0.6% (2.4% on an organic basis), with HVP components experiencing a CAGR of 13% over the past five years. Biologics market unit delivered mid-single digit organic net sales growth.

AnnexOne Progress

AnnexOne revenues were stronger than expected, contributing 200 basis points of total revenues, with 340 projects in various stages, up from 280 in the last earnings call.

GLP-1 Auto Injector Business Growth

Revenue growth in the GLP-1 auto injector business offset CGM contract exits, delivering low single digit growth for the contract manufacturing segment.

Improved Operating Margins

Gross profit margin increased by 10 basis points to 33.2%, and adjusted operating profit margin increased by 20 basis points to 17.9% year-over-year.

West Pharmaceutical Services (WST) Earnings, Revenues Date & History

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WST Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jul 24, 2025	2025 (Q2)	1.51 / -	1.52	―	―	―
Apr 24, 2025	2025 (Q1)	1.23 / 1.45	1.56	-7.05% (-0.11)
Feb 13, 2025	2024 (Q4)	1.72 / 1.82	1.83	-0.55% (-0.01)
Oct 24, 2024	2024 (Q3)	1.50 / 1.85	2.16	-14.35% (-0.31)
Jul 25, 2024	2024 (Q2)	1.74 / 1.52	2.11	-27.96% (-0.59)
Apr 25, 2024	2024 (Q1)	1.27 / 1.56	1.98	-21.21% (-0.42)
Feb 15, 2024	2023 (Q4)	1.78 / 1.83	1.77	3.39% (+0.06)
Oct 26, 2023	2023 (Q3)	1.86 / 2.16	2.03	6.40% (+0.13)
Jul 27, 2023	2023 (Q2)	1.93 / 2.11	2.47	-14.57% (-0.36)
Apr 27, 2023	2023 (Q1)	1.67 / 1.98	2.3	-13.91% (-0.32)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

WST Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Apr 24, 2025	$217.96	$210.38	-3.48%
Feb 13, 2025	$321.96	$198.91	-38.22%
Oct 24, 2024	$285.79	$329.90	+15.43%
Jul 25, 2024	$322.82	$276.35	-14.40%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.