How does West Pharmaceutical Services (WST) make money?

West Pharmaceutical Services (WST) generates revenue primarily from Proprietary Products, which accounted for 90.1% of total revenue in TTM through Q2 2026. The company reported $3.33B in revenue and converted 17% of it into net profit, equivalent to roughly $565M in net income — what's left after the cost of revenue, operating expenses, interest, and income taxes.

What is the gross profit margin of West Pharmaceutical Services (WST)?

West Pharmaceutical Services (WST) reported a gross profit margin of 36.8% in TTM through Q2 2026, equivalent to $1.22B in gross profit on $3.33B in revenue. Gross margin measures how much of each dollar of revenue remains after the direct cost of producing or delivering the product — a higher figure typically signals pricing power, scale, or a less capital-intensive business model.

What is the operating profit margin of West Pharmaceutical Services (WST)?

West Pharmaceutical Services (WST) reported an operating profit margin of 20.6% in TTM through Q2 2026, equivalent to $687M in operating income. Operating margin captures profitability after research & development, sales & marketing, and general & administrative expenses — but before interest, taxes, and one-off items — and is the cleanest single read on the underlying business's efficiency.

What is the net profit margin of West Pharmaceutical Services (WST)?

West Pharmaceutical Services (WST) reported a net profit margin of 17% in TTM through Q2 2026, equivalent to $565M in net income. Net margin is the bottom-line share of revenue that survives every expense — operating costs, interest, and income taxes — and is the figure that flows directly into earnings per share.

Is West Pharmaceutical Services (WST) profitable?

Yes. West Pharmaceutical Services (WST) reported $565M in net income for TTM through Q2 2026, with a net profit margin of 17%. The company earned more from its operations than it paid out in costs, interest, and income taxes, leaving positive earnings on the bottom line.

How much does West Pharmaceutical Services (WST) invest in research and development?

West Pharmaceutical Services (WST) invested $74.4M in research and development during TTM through Q2 2026, roughly 2.2% of total revenue. R&D spending funds the company's future product pipeline and is expensed in full on the income statement rather than capitalised, which makes the operating margin sensitive to how aggressively management chooses to reinvest in innovation.

How much does West Pharmaceutical Services (WST) spend on capital expenditures?

West Pharmaceutical Services (WST) spent $225M on capital expenditures (CapEx) during TTM through Q2 2026, roughly 6.8% of total revenue. CapEx represents long-lived investment in property, equipment, data centres, and other physical infrastructure, and is subtracted from operating cash flow to arrive at free cash flow.

How much free cash flow does West Pharmaceutical Services (WST) generate?

West Pharmaceutical Services (WST) generated $437M in free cash flow during TTM through Q2 2026, a free-cash-flow margin of 13.1%. Free cash flow is the cash left after capital expenditures and represents the discretionary pool the company can use to pay dividends, repurchase shares, repay debt, or fund acquisitions without raising external capital.

What is the effective tax rate of West Pharmaceutical Services (WST)?

West Pharmaceutical Services (WST) had an effective tax rate of 20.6% in TTM through Q2 2026. The effective rate is the actual share of pre-tax income paid as income taxes and can differ materially from the statutory rate due to foreign earnings mix, tax credits (such as R&D), share-based compensation deductions, and one-off discrete items.

What are the main business segments of West Pharmaceutical Services (WST)?

West Pharmaceutical Services (WST) reports revenue across 2 reportable product segments, led by Proprietary Products at 90.1% of total revenue in TTM through Q2 2026. See the revenue-by-segment table on this page for the full breakdown and how each segment feeds into the income-statement waterfall above.

How West Pharmaceutical Services Makes Money: 2026 Visual Revenue Map

West Pharmaceutical Services (WST) Income Statement Flow — TTM through Q2 2026

Calculated from the four most recent reported quarters, ending June 30, 2026 (reported July 23, 2026).

West Pharmaceutical Services discloses geographic revenue only in annual filings. to view the full breakdown.

West Pharmaceutical Services (WST) Revenue by Product Segment — TTM through Q2 2026

Aggregated from the four quarterly disclosures behind this TTM. Minor differences vs the company's annual filing can occur if reported segments changed mid-year.

Revenue contribution by product segment for West Pharmaceutical Services (WST), TTM through Q2 2026.
Segment	Revenue (USD)	% of total
Proprietary Products	$3B	90.1%
Contract Manufactured Products	$330M	9.9%
Total	$3.33B	100%

Proprietary Products$3B
Contract Manufactured Products$330M
Total$3.33B

Revenue Breakdown — TTM through Q2 2026

In TTM through Q2 2026, West Pharmaceutical Services (WST) reports revenue across 2 reportable product segments; the largest segment was Proprietary Products at 90.1%, followed by Contract Manufactured Products (9.9%).

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