West Pharmaceutical Services Inc
- 거래소
- 미국
- 국가 / 지역
- USA
- 상장일
- 1978년 1월 13일
- 직원 수
- 10,800
종합 밸류에이션 구간 · 보수적 $135–$165 / 적정 $190–$240 / 낙관적 $280–$330. $331.25 기준, 낙관적 상단 위 · 미래 성장 과도 반영.
보고서 발행 시 $321.8（2026년 5월 29일）
데이터 제공: EODHD, 보고 통화 기준 표시. 참고용일 뿐 투자 자문이 아닙니다.
West Pharmaceutical Services, Inc. designs, manufactures, and sells containment and delivery systems for injectable drugs and healthcare products in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It operates in two segments, Proprietary Products and Contract-Manufactured Products. The Proprietary Products segment offers stoppers and seals for injectable packaging systems; syringe and cartridge components, including custom solutions for the needs of injectable drug applications, as well as administration systems that enhance the safe delivery of drugs through advanced reconstitution, mixing, and transfer technologies; and films, coatings, washing, and vision inspection and sterilization processes and services to enhance the quality of packaging products. This segment also provides drug containment solutions in the form of vials, syringes, and cartridges; and self-injection devices; and a range of integrated solutions, including analytical lab services, pre-approval primary packaging support and engineering development, regulatory expertise, and after-sales technical support. This segment serves biologic, generic, and pharmaceutical drug companies. The Contract-Manufactured Products segment is involved in the design, manufacture, and automated assembly of devices used in surgical, diagnostic, ophthalmic, injectable, and other drug delivery systems, as well as consumer products. This segment primarily serves pharmaceutical, diagnostic, and medical device companies. It sells and distributes its products through its sales force and distribution network, contract sales agents, and regional distributors. West Pharmaceutical Services, Inc. was founded in 1923 and is headquartered in Exton, Pennsylvania.
연혁
West Pharmaceutical Services was founded in 1923 and is headquartered in Exton, Pennsylvania, with an IPO dated January 13, 1978. It designs, manufactures, and sells containment and delivery systems for injectable drugs and healthcare products, organized into two reporting segments: Proprietary Products and Contract-Manufactured Products. Annual revenue grew from $2,146.9 million in 2020 to $3,074.1 million in 2025, and the company now operates with roughly 10,000+ employees across 50 locations and 26 manufacturing sites, supporting the delivery of over 41 billion components and devices each year. In 2025, West agreed to divest its SmartDose 3.5mL On-Body Delivery System and related facilities to AbbVie, reflecting an exit from non-core assets. As of the first quarter of 2026, the second segment's disclosure was relabeled West Vantage, with quarterly segment revenue of $694 million and $151 million respectively. The company is undergoing leadership transitions: Robert McMahon succeeded Bernard Birkett as CFO in 2025, and CEO Eric Green announced plans to retire once a successor is in place, with the board expecting the transition in the second half of 2026.
업계 내 위치
West Pharmaceutical Services operates in the injectable-drug packaging, containment, and delivery systems segment rather than the broader medical-device market. In 2025 it generated revenue of $3,074.1 million, of which 81% came from Proprietary Products, and the company describes itself as a market-leading injectable solutions company, with market-recognized products including Westar, NovaPure, and FluroTec and demand drivers tied to obesity and diabetes self-injection. Its scale advantages stem from roughly 10,000+ employees, 26 manufacturing sites, and the delivery of over 41 billion components and devices annually. Switching costs are high because primary packaging and delivery systems become embedded in pharmaceutical customers' validation, regulatory filing, quality systems, and supply chains, reinforced by West's analytical testing, quality, and regulatory support services. Customer concentration is notable, with a single customer accounting for 15.8% of 2025 consolidated revenue (12.3% in 2024 and 10.9% in 2023). Most of its elastomers are purchased through long-term supply contracts, some carrying provisions linked to crude oil prices. The companies most often used as approximate market comparables are AptarGroup, with a market capitalization of about $7.52 billion, and Stevanato Group, at about $5.18 billion, versus West's market capitalization of approximately $23.45 billion.
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