TacticScaleWhat West Pharmaceutical Services Does & How It Makes Money (WST)
Updated October 2026 · reflects West Pharmaceutical Services's latest reported financials
Maker of packaging and delivery components for injectable drugs. It earns most of its revenue selling its own containment and delivery components, plus related services, to biologic, generic and pharmaceutical drug makers.
How West Pharmaceutical Services makes money
It earns most of its revenue selling its own containment and delivery components, plus related services, to biologic, generic and pharmaceutical drug makers. It also earns contract manufacturing fees for designing and assembling devices for pharma, diagnostic and medical device companies.
What West Pharmaceutical Services does
West Pharmaceutical Services, founded in 1923 and based in Exton, Pennsylvania, supplies the components that hold and deliver injectable medicines. Its larger Proprietary Products segment sells stoppers, seals, syringe and cartridge components, vials, self-injection devices and reconstitution and transfer systems. It adds films, coatings, washing, vision inspection and sterilization to improve packaging quality, plus lab testing, regulatory and engineering support for biologic, generic and pharmaceutical drug makers. Its Contract-Manufactured Products segment designs, makes and assembles devices for surgical, diagnostic, ophthalmic and injectable drug delivery uses, as well as consumer products, mainly for pharmaceutical, diagnostic and medical device companies. West sells worldwide through its own sales force, distribution network, contract sales agents and regional distributors.
Products & services
- Stoppers and seals for injectable packaging
- Syringe and cartridge components
- Vials, syringes and cartridges for drug containment
- Self-injection devices
- Reconstitution, mixing and transfer systems
- Analytical lab and regulatory support services
What is West Pharmaceutical Services worth?
On an owner-earnings DCF, West Pharmaceutical Services's most-likely value is about $210 versus a recent price near $366 (43% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$76) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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