Filing Flows › West Pharmaceutical Services (WST) › How it makes money
How West Pharmaceutical Services (WST) makes money
West Pharmaceutical Services (WST) made $874M of revenue in the third quarter 2026 (Q3 2026), +9% from a year earlier. Proprietary Products brought in $729M (83%); West Vantage brought in $146M (17%). Of every dollar of revenue, 40¢ was left as gross profit, 31¢ was left as operating profit, 24¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Proprietary Products | $729M | 83.3% | +0.9% | +13% |
| West Vantage | $146M | 16.7% | -3% | -7% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $874M | 100.0% |
| Cost of revenue | $527M | 60.3% |
| Gross profit | $347M | 39.7% |
| Operating expenses | $80.0M | 9.1% |
| Operating profit | $267M | 30.6% |
| Income tax | $58.0M | 6.6% |
| Net earnings | $214M | 24.5% |
| Operating cash flow | $190M | 21.7% |
| Free cash flow | $150M | 17.2% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $874M | +9% |
| Q2 2026 | $872M | +14% |
| Q1 2026 | $845M | +21% |
| Q4 2025 | $805M | +8% |
| Q3 2025 | $805M | +8% |
| Q2 2025 | $766M | +9% |
| Q1 2025 | $698M | +0.4% |
From West Pharmaceutical Services' 10-Q filed Oct 29, 2026 (on EDGAR).
Questions
How does West Pharmaceutical Services make money?
West Pharmaceutical Services (WST) made $874M of revenue in the third quarter 2026 (Q3 2026), +9% from a year earlier. Proprietary Products brought in $729M (83%); West Vantage brought in $146M (17%). Of every dollar of revenue, 40¢ was left as gross profit, 31¢ was left as operating profit, 24¢ was left as net earnings.
What is West Pharmaceutical Services' biggest business?
Proprietary Products: $729M in the third quarter 2026, 83% of revenue, +13% from a year earlier.
What is West Pharmaceutical Services' profit margin?
Net earnings were $214M, 24.5% of revenue, in the third quarter 2026; the operating margin was 30.6%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.