WEST PHARMACEUTICAL SERVICES INC（WST）の決算・業績分析
WEST PHARMACEUTICAL SERVICES INCの2025年有価証券報告書をAI分析。売上高$3.1B(+6.3%)。営業利益$585M。Health Care。
目次
WEST PHARMACEUTICAL SERVICES INCの2025年度 業績サマリー
WEST PHARMACEUTICAL SERVICES INC（証券コード: WST）の2025年度決算・業績分析。売上高は$3.1B（前年比+6.3%）。営業利益は$585M（前年比+2.6%）。純利益は$494M（前年比+0.2%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。
WEST PHARMACEUTICAL SERVICES INCの2024年度 注目ポイント
※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。
- Revenue grew 2.0% YoY to $2.9B (XBRL), but net income declined 11.5% YoY to $586M (XBRL).
- Operating cash flow rose to $724M (XBRL), with free cash flow of $439M (XBRL) after $285M in CapEx (XBRL).
- Net debt was -$781M (XBRL), reflecting strong liquidity with $854M in cash (XBRL).
- ROE of 25.1% (XBRL) and ROIC of 17.9% (XBRL) highlight strong returns for shareholders.
WEST PHARMACEUTICAL SERVICES INCの売上高変化の要因
- •Total revenue increased 2.0% YoY to $2.9B (XBRL), driven by product mix and operational effectiveness (10-K). However, segment-specific revenue breakdowns are not disclosed (N/A). Over five years, revenue grew at a 11.4% CAGR (XBRL), while operating income grew 23.0% CAGR (XBRL). Net income, however, declined 11.5% YoY to $586M (XBRL), reflecting margin compression despite revenue growth.
WEST PHARMACEUTICAL SERVICES INCの営業利益変化の要因
- •Gross profit was $1.1B (39.4% margin, XBRL), but operating income fell 2.4% YoY to $734M (25.4% margin, XBRL). Net income declined 11.5% YoY to $586M (20.3% margin, XBRL). Cost of sales fluctuations were attributed to inflation and material costs (10-K), though specific changes are not quantified. R&D expenses were $58M (XBRL), but YoY changes are unspecified (N/A).
WEST PHARMACEUTICAL SERVICES INCの事業リスクと対応
Global economic downturns and inflation could reduce demand and disrupt supply chains (10-K).
Cyberattacks may lead to data breaches, financial losses, and reputational harm (10-K).
Foreign currency fluctuations and geopolitical risks affect international operations (10-K).
Regulatory non-compliance with data privacy laws could result in penalties (10-K).
Supplier/customer insolvency risks may disrupt operations (10-K).
WEST PHARMACEUTICAL SERVICES INCの今後の見通し・業績予想
WEST PHARMACEUTICAL SERVICES INCの事業内容
West Pharmaceutical Services Inc (WST) is a global manufacturer of technologically advanced containment and delivery systems for injectable drugs and healthcare products (10-K). The company generates revenue through proprietary packaging, containment solutions, drug delivery devices, and contract manufacturing services (10-K). Key segments include Proprietary Products (e.g., Crystal Zenith, self-injection devices) and Contract-Manufactured Products (custom design/assembly for pharmaceutical and medical device companies). Competitive advantages include global manufacturing capabilities, scientific expertise, and integrated solutions (10-K). No significant customer concentration is reported (10-K).
WEST PHARMACEUTICAL SERVICES INCのAI業績分析レポート（2024年度）
West Pharmaceutical Services Inc (WST) FY2024 Annual Report Analysis
Key Highlights
Business Overview
West Pharmaceutical Services Inc (WST) is a global manufacturer of technologically advanced containment and delivery systems for injectable drugs and healthcare products (10-K). The company generates revenue through proprietary packaging, containment solutions, drug delivery devices, and contract manufacturing services (10-K). Key segments include Proprietary Products (e.g., Crystal Zenith, self-injection devices) and Contract-Manufactured Products (custom design/assembly for pharmaceutical and medical device companies). Competitive advantages include global manufacturing capabilities, scientific expertise, and integrated solutions (10-K). No significant customer concentration is reported (10-K).
Revenue Analysis
Total revenue increased 2.0% YoY to $2.9B (XBRL), driven by product mix and operational effectiveness (10-K). However, segment-specific revenue breakdowns are not disclosed (N/A). Over five years, revenue grew at a 11.4% CAGR (XBRL), while operating income grew 23.0% CAGR (XBRL). Net income, however, declined 11.5% YoY to $586M (XBRL), reflecting margin compression despite revenue growth.
Profitability Analysis
Gross profit was $1.1B (39.4% margin, XBRL), but operating income fell 2.4% YoY to $734M (25.4% margin, XBRL). Net income declined 11.5% YoY to $586M (20.3% margin, XBRL). Cost of sales fluctuations were attributed to inflation and material costs (10-K), though specific changes are not quantified. R&D expenses were $58M (XBRL), but YoY changes are unspecified (N/A).
Balance Sheet Analysis
Equity increased to $2.3B (XBRL) with a 61.0% equity ratio (XBRL) and 0.41x debt-to-equity ratio (XBRL). Current assets exceeded current liabilities with a 2.88x current ratio (XBRL). Cash reserves totaled $854M (XBRL), while long-term debt was $73M (XBRL). Net debt was -$781M (XBRL), indicating a net cash position.
Cash Flow Analysis
Operating cash flow rose to $724M (XBRL), up from $584M in FY2023 (XBRL). Free cash flow was $439M (XBRL), calculated as $724M operating cash flow minus $285M CapEx (XBRL). Shareholder returns totaled $257M (XBRL), including $54M in dividends and $203M in share repurchases.
Working Capital Analysis
Cash conversion cycle (CCC) was 105 days (XBRL), with 65 days receivables, 91 days inventory, and 50 days payables (XBRL).
Risks
Outlook
Management highlighted risks from the Israel conflict impacting operations and suppliers (10-K). No explicit forward-looking guidance or quantified trends are provided in the 10-K (N/A).
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