Short answer
West Pharmaceutical Services (WST) filed its fiscal 2025 10-K annual report with the SEC on Feb 17, 2026. It reported revenue of $3.1B (+6.3% year over year) and net income of $494M.
- Top risk flagged: Regulatory risk: U.S. tariffs and retaliatory tariffs in operational jurisdictions; impact on supply chain currently not material but dynamic and monitored closely
FY2025 key financial metrics · XBRL
- Revenue
- $3.1B
- +6.3% YoY
- Net income
- $494M
- +0.2% YoY
- Operating margin
- 19.0%
- −0.7 pp YoY
- Gross margin
- 35.9%
- +1.4 pp YoY
- EPS (diluted)
- $6.79
- +1.5% YoY
- ROE
- 15.5%
- −2.8 pp YoY
- Operating cash flow
- $755M
- +15.5% YoY
Source: XBRL data from the West Pharmaceutical Services (WST) FY2025 10-K on SEC EDGAR. USD.
West Pharmaceutical Services FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Manufacturer of integrated containment and delivery systems for injectable drugs, including proprietary packaging and contract manufacturing
- Emphasis on patient-centric self-injection devices combined with connected health technologies for improved treatment adherence
- Strategic focus on integrated solutions combining packaging, delivery devices, and analytical lab services to enhance market leadership
- International sales accounted for 56.7% of net sales in 2025, highlighting significant global market presence
- Supply chain management involves single-source suppliers for critical raw materials, with increased inventory to mitigate supply interruption risks
Risk Factors
- Regulatory risk: U.S. tariffs and retaliatory tariffs in operational jurisdictions; impact on supply chain currently not material but dynamic and monitored closely
- Macroeconomic risk: $572.2 million cash held outside the U.S., exposing liquidity to foreign exchange volatility and global economic conditions
- Operational risk: $75 million purchase commitments in 2026 for raw materials and finished goods critical to manufacturing continuity
- Competitive risk: Sale of SmartDose® 3.5mL On-Body Delivery System to AbbVie, indicating potential competitive displacement in drug delivery system market
- Financial risk: Increased restructuring charges in 2025 of $23.3 million due to severance, depreciation, lease costs, and legal structure optimization impacting operating costs
Generated from the filing text; verify against the original. How to read a 10-K
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