West Pharmaceutical Services Inc. | North America Q2 Results: Simply the West?

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West Pharmaceutical Services Inc. | North America Q2 Results: Simply the West?

Update

July 23, 2026 10:43 AM GMT

Morgan Stanley & Co. LLCMWest Pharmaceutical Services Inc. | North America Kallum L Titchmarsh

Equity Analyst

Q2 Results: Simply the West? Kallum.Titchmarsh@morganstanley.comJason Lai +1 212 761-2351

Research Associate

Jason.Lai@morganstanley.com +1 212 761-4848

Very solid: The buyside bar for WST was high entering Q2, with shares up around

Jakob Dodd

30% since the impressive Q1 beat and we think the name was one of the most Research Associate

crowded longs in our coverage in recent weeks. We think the Q2 organic bar was Jakob.Dodd@morganstanley.com +1 212 761-0797

around +10.5-11% organic, so the +12.7% organic delivered should be well received. West Pharmaceutical Services Inc. (WST.N, WST UN)

Some investors had wondered whether the cyber security incident, while not Life Science Tools & Diagnostics | United States of

material, could've taken some of the momentum out of the beat. That said, our America

Stock Rating Equal-weight

understanding is that there was sufficient inventory on hand to service customers

Industry View In-Line

during the down period, and the performance delivered certainly doesn't indicate Price target $365.00

Shr price, close (Jul 22, 2026) $358.41

any holding back. The guidance laid out for the remainder of the year looks Mkt cap, curr (mm) $25,420

conservative in our view, and should allow for additional beats and raises driven by 52-Week Range $367.66-208.71

ongoing momentum across the HVP business. We look for incremental color on the

earnings call at 8am ET today but expect shares to react favorably to this print,

though to a lesser extent than Q1 given the recent run up.