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West Pharmaceutical Services logo

West Pharmaceutical Services Business Segments

Business, geographic, and product segment breakdowns

West Pharmaceutical Services generates $3.2B in annual revenue across 2 key segments: Proprietary Products ($2.6B), and West Vantage ($150.6M). The company-wide operating margin is 20.34%. Based on the Q1 2026 filing.

Proprietary Products (TTM)$2.6BWest Vantage$150.6M
Latest FilingQ1 2026
Report Date2026-04-23
Market Cap$23.3B
P/E Ratio43.00
ROE19.13%

Products & Services

Concentration risk, percentage

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
High-Value Product ("HVP") Components—45.0%47.0%48.0%—48.0%
Standard Packaging10.0%22.0%13.0%12.0%8.0%19.0%
West Vantage—19.0%———18.0%
High-Value Product ("HVP") Delivery Devices—14.0%———15.0%

Geographic

Concentration risk, percentage

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Europe, Middle East, Africa—44.0%46.0%45.0%—47.0%
Americas1.0%49.0%45.0%47.0%—45.0%
Asia Pacific—7.0%9.0%8.0%1.0%8.0%

Long-Lived Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other European countries$98.1M———$108.7M—
Other$210.3M———$221.9M—

Net Sales

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other European countries$96.4M$112.8M$112.8M$112.8M$112.8M—
Other$84.8M$88.3M$88.3M$88.3M$88.3M—

Business Segments

Adjustment to goodwill related to business classified as held for sale as of December 31, 2025

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Contract-Manufactured Products—$0$0$0$0—
Proprietary Products—-$150K-$150K-$150K-$150K—

Foreign currency translation

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Contract-Manufactured Products-$100K$175K$175K$175K$175K—
Proprietary Products-$525K$950K$950K$950K$950K—

Goodwill

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Contract-Manufactured Products$29.2M———$29.9M—
Proprietary Products$76.8M———$80M—

Total Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proprietary Products$2.6B$2.6B$2.8B$3B$3B$2.9B
West Vantage————$718.1M$739.6M

Capital Expenditures

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proprietary Products$79.1M$51.9M$48.5M$47.7M$56.2M$36.5M
West Vantage—$18.1M———$5.6M

Cost of goods and services sold

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proprietary Products$363.2M$352.8M$371.5M$383.5M$376.1M$421.2M
West Vantage—$113.3M———$127.3M

Depreciation and Amortization

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proprietary Products$33.5M$32.7M$33.7M$35.1M$38.7M$36.4M
West Vantage—$6.4M———$8M

Net Sales

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proprietary Products$613.9M$563M$619.8M$647.5M$661.8M$694.3M
West Vantage—$135M———$150.6M

Operating Income (Loss)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proprietary Products$162.3M$130.6M$161.7M$175.2M$189.7M$189.2M
West Vantage—$13.5M———$15.6M

Other segment expense (income)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proprietary Products$11.8M$3M$6M$6.1M$6M$3.1M
West Vantage—$600K———-$100K

R&D

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proprietary Products$18.5M$16.3M$19.1M$17.1M$21.8M$15.8M
West Vantage—$0———$0

Selling, general and administrative expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proprietary Products$58.1M$60.3M$61.5M$65.6M$68.2M$65M
West Vantage—$7.6M———$7.8M