Filing Flows › West Pharmaceutical Services (WST) › Q1 2025
West Pharmaceutical Services (WST) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 24, 2025
West Pharmaceutical Services (WST) reported revenue of $698M for the first quarter 2025 (Q1 2025), +0.4% from a year earlier and -7% from the quarter before. Operating margin was 15.3%, net earnings $89.8M (12.9% of revenue).
West Pharmaceutical Services, Q1 2025: revenue $698M (+0.4% year over year), operating margin 15.3%, net earnings $89.8M, operating cash flow $129M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $698M | -7% | +0.4% |
| Gross profit | $232M | -15% | +0.7% |
| Operating profit | $107M | -33% | -13% |
| Net earnings | $89.8M | -31% | -22% |
| Operating cash flow | $129M | -32% | +9% |
| Free cash flow | $58.1M | — | +111% |
What changed
Revenue was $698.0M in Q1 2025, roughly flat year over year and down 7% from the previous quarter. Proprietary Products was the largest line at 81% of revenue. Proprietary Products added $3.5M year over year (up 1%), 135% of the total change. Contract-Manufactured Products declined 1%.
Gross margin was 33.2%, up 0.1 points from a year earlier. Operating profit was $107.0M, a 15.3% margin (down 2.3 points year over year). Operating profit fell $15.8M even though revenue rose $2.6M versus a year earlier, so costs grew faster than sales. Operating expenses grew 16% against flat revenue. The fastest-growing cost line was Other operating costs (+565%). Net earnings were $89.8M, down 22% year over year. The effective tax rate was 21.2%.
Operating cash flow was $129.4M (up 9% year over year), 144% of net earnings. Non-cash charges added back $40.0M of depreciation and amortization and $1.3M of share-based compensation. After capital expenditures ($71.3M), free cash flow as the company reports it was $58.1M.
Questions
What was West Pharmaceutical Services' revenue in the first quarter 2025?
West Pharmaceutical Services (WST) reported revenue of $698M for the first quarter 2025 (Q1 2025), +0.4% from a year earlier and -7% from the quarter before.
Was West Pharmaceutical Services profitable in the first quarter 2025?
Operating profit was $107M (15.3% of revenue) and net earnings $89.8M.