# West Pharmaceutical Services (WST) Forecast Calculator

Interactive five-year financial forecast and DCF for West Pharmaceutical Services. Adjust revenue growth, margins, capex, and WACC to update revenue, free cash flow, and enterprise value.

- Canonical: https://finamodel.com/companies/west-pharmaceutical-services/forecast
- Industry: Healthcare
- Forecast start year: 2026

## Historical data

| Year | Revenue | Free cash flow | EBITDA | Net income |
|---:|---:|---:|---:|---:|
| 2021 | 1839900000 | 240800000 | 400000000 | 241700000 |
| 2022 | 2146900000 | 298100000 | 516000000 | 346200000 |
| 2023 | 2831600000 | 330600000 | 874600000 | 661800000 |
| 2024 | 2886900000 | 439400000 | 854600000 | 585900000 |
| 2025 | 2949800000 | 414500000 | 813300000 | 593400000 |

## Frequently asked questions

### What does West Pharmaceutical Services (WST) do?

West Pharmaceutical Services is a leading global manufacturer of packaging components and delivery systems for injectable drugs and healthcare products. The company designs and produces elastomer-based components, seals, and auto-injector systems essential for the safe and effective delivery of various pharmaceutical products.

### What are the primary revenue drivers for West Pharmaceutical Services?

West Pharmaceutical Services' revenue is primarily driven by its exposure to high-value product (HVP) components, the growth in biologics, and the adoption of GLP-1 auto-injectors. The business benefits from highly recurring revenue because its components are typically specified directly into customer regulatory filings, creating significant switching costs.

### What is the typical capital expenditure as a percentage of revenue for West Pharmaceutical Services?

Capital expenditure for West Pharmaceutical Services typically ranges from 8% to 12% of revenue, reflecting its asset-heavy business model due to precision manufacturing requirements. For example, in FY2025, capex was approximately 9.3% of revenue, with a significant portion allocated to expanding HVP manufacturing capacity.

### What are the key profitability assumptions used in the financial model for West Pharmaceutical Services?

The financial model for West Pharmaceutical Services assumes a Cost of Goods Sold (COGS) as a percentage of revenue at approximately 62.43%. Additionally, Selling, General, and Administrative (SGA) expenses are modeled at about 12.93% of revenue, contributing to the company's overall profitability profile.

### What is the forecast horizon for the West Pharmaceutical Services financial model used for valuation?

The financial model for West Pharmaceutical Services provides a comprehensive equity valuation and scenario analysis based on a forecast horizon from fiscal year 2026 through fiscal year 2030. This allows for a detailed assessment of the company's intrinsic value over a multi-year period.

### Is there a downloadable financial model available for West Pharmaceutical Services (WST)?

Yes, a downloadable Excel financial model is available for West Pharmaceutical Services (WST). This general corporate model offers a framework for equity valuation and scenario analysis, incorporating key assumptions about the company's financials and business drivers.