West Pharma: Clearing Great Expectations; Guidance Going Up

研报英文原文证据摘录

West Pharma: Clearing Great Expectations; Guidance Going Up

Deutsche Bank

Research

Rating Company Date

Buy West Pharma 23 July 2026

North America Reuters Bloomberg Rating Buy

United States WST.N WST US Price target (USD) 405.00 Price at 22 Jul 26 358.41

52-week range 365.74 – 210.08

Health Care

Life Science Technology Valuation & Risks

Clearing Great Expectations; Guidance Going

Up JustinResearchBowersAnalyst

+1-917-517-9836

Portfolio Manager Summary Sam Martin

Research Associate

West’s 2Q26 continues the company’s earnings momentum and positive revision

cadence with organic growth of +13% ahead of both Street +9% and DBe +8% by

a significant margin. Buy Side consensus is always tricky for West but we

gathered +11% organic growth as the hurdle. We were bullish on West into this

morning’s results, adding it to our focus stock list in our 2Q26 preview. Our

conviction in the name was driven by industry diligence indicating continued

demand for GLP-1 related components and a guidance set-up that seemed to

imply upside to numbers. Investors might quibble over the slight miss on CM, but

a blowout quarter on Proprietary Products (main driver of stock performance)

with continued acceleration on GLP-1s is a win for the company and our thesis on

the name. We continue to like the 2026 set up for West with guidance now set

above the LRP on organic growth and our industry diligence emphasizing West’s

competitive position and the durability of demand for injectable GLP-1s. The

options market is implying a + / - 7% move off this morning’s results; while the bar

for WST is undoubtedly higher following the strong 1Q26 and return to LRP, we

still anticipate a positive reaction on the name today with the stock potentially

moving higher based on management’s framing of 2H26 guidance.