WEST PHARMACEUTICAL SERVICES INC
For the period ended Sep 30, 2025. Filed Oct 23, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 23, 2025
WST$399.81+1.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-07-24.
0000105770-25-000065
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-23.
0000105770-25-000093
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 133 previous paragraphs and 134 current paragraphs.
72 unchanged; 50 reworded; 11 added; 10 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 14 previous and 14 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (11)
Current report
Consolidated net sales increased by $57.7 million, or 7.7%, for the three months ended September 30, 2025, as compared to the same period in 2024, including a favorable foreign currency translation impact of $20.1 million. Excluding foreign currency translation effects, consolidated net sales for the three months ended September 30, 2025 increased by $37.6 million, or 5.0%, as compared to the same period in 2024.
Current report
Consolidated net sales increased by $124.7 million, or 5.8%, for the nine months ended September 30, 2025, as compared to the same period in 2024, including a favorable foreign currency translation impact of $24.9 million.
Current report
Excluding foreign currency translation effects, consolidated net sales for the nine months ended September 30, 2025 increased by $99.8 million, or 4.7%, as compared to the same period in 2024.
Current report
Proprietary Products gross profit increased by $72.7 million, or 11.2%, for the nine months ended September 30, 2025, as compared to the same period in 2024, including a favorable foreign currency translation impact of $10.7 million. Proprietary Products gross profit margin increased by 1.7 margin points for thenine months ended September 30, 2025, as compared to the same periods in 2024, due primarily to higher plant absorption from increased customer demand and sales price increases. These increases were partially offset by approximately $22 million in customer incentives received in connection with volumes achieved during the nine months ended September 30, 2024 that were not repeated in the same period in 2025.
Current report
Contract-Manufactured Products -Contract-Manufactured Products gross profit increased by $1.3 million, or 4.5%, for the three months ended September 30, 2025, as compared to the same period in 2024, including afavorable foreign currency translation impact of $0.8 million. Contract-Manufactured Products gross profit margin decreased by 0.6 margin points for the three months ended September 30, 2025, as compared to the same period in 2024, due primarily to increased production costs, partially offset by sales price increases.
Current report
Contract-Manufactured Products gross profit increased by $2.5 million, or 3.3%, for the nine months ended September 30, 2025, as compared to the same period in 2024, including a favorable foreign currency translation impact of $1.1 million. Contract-Manufactured Products gross profit margin remained flat in thenine months ended September 30, 2025, as compared to the same period in 2024.
Current report
Consolidated SG&A costs increased by $33.4 million, or 13.2%, for thenine months ended September 30, 2025, as compared to the same period in 2024, including an unfavorable foreign currency translation impact of$1.3 million, due primarily to higher annual incentive compensation and increased salary and wages, partially offset by decreased costs related to professional services.
Current report
Contract-Manufactured Products SG&A costs increased by$3.0 million, or 15.7%, for thenine months ended September 30, 2025, as compared to the same period in 2024, including an unfavorable foreign currency translation impact of$0.2 million, dueprimarily to increased salary and wages and higher annual incentive compensation.
Current report
Consolidated operating profit increased by $6.3 million, or 3.9%, for the three months ended September 30, 2025, as compared to the same period in 2024, including a favorable foreign currency translation impact of $7.3 million for the three months ended September 30, 2025, as compared to the same period in 2024.
Current report
Consolidated operating profit increased by $18.0 million, or 4.4%, for the nine months ended September 30, 2025, as compared to the same period in 2024, including a favorable foreign currency translation impact of $10.5 million for the nine months ended September 30, 2025, as compared to the same period in 2024.
Current report
Contract-Manufactured Products -Contract-Manufactured Products operating profit increased by$0.5 million, or 2.3%, for the three months ended September 30, 2025, as compared to the same period in 2024, including a favorable foreign currency translation impact of$0.7 million, due to the factors described above.
Removed paragraphs (10)
Previous report
Consolidated net sales increased by $64.4 million, or 9.2%, for the three months ended June 30, 2025, as compared to the same period in 2024, including a favorable foreign currency translation impact of $16.5 million. Excluding foreign currency translation effects, consolidated net sales for the three months ended June 30, 2025 increased by $47.9 million, or 6.8%, as compared to the same period in 2024.
Previous report
Consolidated net sales increased by $67.0 million, or 4.8%, for the six months ended June 30, 2025, as compared to the same period in 2024, including a favorable foreign currency translation impact of $4.8 million . Excluding foreign currency translation effects, consolidated net sales for the six months ended June 30, 2025 increased by $62.2 million, or 4.5%, as compared to the same period in 2024.
Previous report
Proprietary Products gross profit increased by $44.4 million, or 10.7%, for the six months ended June 30, 2025, as compared to the same period in 2024, including a favorable foreign currency translation impact of $3.0 million. Proprietary Products gross profit margin increased by 1.8 margin points for thesix months ended June 30, 2025, as compared to the same periods in 2024, due primarily to higher plant absorption from increased customer demand and sales price increases.
Previous report
Contract-Manufactured Products -Contract-Manufactured Products gross profit increased by $2.6 million, or 11.3%, for the three months ended June 30, 2025, as compared to the same period in 2024, including a favorable foreign currency translation impact of $0.6 million. Contract-Manufactured Products gross profit margin increased by 1.3 margin points for the three months ended June 30, 2025, as compared to the same period in 2024, due primarily to sales price increases and product mix.
Previous report
Contract-Manufactured Products gross profit increased by $1.2 million, or 2.6%, for the six months ended June 30, 2025, as compared to the same period in 2024, including a favorable foreign currency translation impact of $0.2 million. Contract-Manufactured Products gross profit margin increased by 0.2 margin points for thesix months ended June 30, 2025, as compared to the same period in 2024, due primarily to sales price increases andproduct mix.
Previous report
Consolidated SG&A costs increased by $14.2 million, or 8.4%, for thesix months ended June 30, 2025, as compared to the same period in 2024, due primarily to increased salary and wages and higher annual incentive compensation, partially offset by decreased costs related to professional services.
Previous report
Contract-Manufactured Products SG&A costs increased by$2.2 million, or 17.7%, for thesix months ended June 30, 2025, as compared to the same period in 2024, due primarily to increased salary and wages.
Previous report
Consolidated operating profit increased by $27.5 million, or 21.8%, for the three months ended June 30, 2025, as compared to the same period in 2024, including a favorable foreign currency translation impact of $6.0 million for the three months ended June 30, 2025, as compared to the same period in 2024.
Previous report
Consolidated operating profit increased by $11.7 million, or 4.7%, for the six months ended June 30, 2025, as compared to the same period in 2024, including a favorable foreign currency translation impact of $3.3 million for the six months ended June 30, 2025, as compared to the same period in 2024.
Previous report
Contract-Manufactured Products -Contract-Manufactured Products operating profit increased by$0.6 million, or 3.5%, for the three months ended June 30, 2025, as compared to the same period in 2024, including a favorable foreign currency translation impact of$0.5 million, due to the factors described above, most notably sales price increases.
Reworded paragraphs (50)
Previous wording
In recent months, the U.S. government has imposed additional tariffs and trade restrictions on certain goods produced outside of the United States. In response to these actions, certain jurisdictions, including China, Mexico, Canada and the European Union, have imposed or are considering imposing tariffs and restrictions on certain goods produced in the United States. We continue to monitor this dynamic situation to assess the impact of these tariffs on our business and actions we can take to minimize their impact. Based on the information available at this time, we do not believe the impact will be material to our 2025 results.
Current wording
In recent months, the U.S. government has imposed additional tariffs and trade restrictions on certain goods produced outside of the United States. In response to these actions, certain jurisdictions in which we operate have imposed or are considering imposing tariffs and restrictions on certain goods produced in the United States. We continue to monitor this dynamic situation to assess the impact of these tariffs on our business and actions we can take to minimize their impact. Based on the information available at this time, we do not believe the impact will be material to our 2025 results.
Previous wording
The following tables present a reconciliation from U.S. GAAP to non-U.S. GAAP financial measures for the three and six months ended June 30, 2025:
Current wording
The following tables present a reconciliation from U.S. GAAP to non-U.S. GAAP financial measures for the three and nine months ended September 30, 2025:
Previous wording
During thethree and six months ended June 30, 2025, we recorded a tax benefit of $1.2 million and $2.9 million respectively, associated with stock-based compensation.
Current wording
During thethree and nine months ended September 30, 2025, we recorded a tax benefit of $1.0 million and $3.9 million respectively, associated with stock-based compensation.
Previous wording
The following tables present a reconciliation from U.S. GAAP to non-U.S. GAAP financial measures for the three and six months ended June 30, 2024:
Current wording
The following tables present a reconciliation from U.S. GAAP to non-U.S. GAAP financial measures for the three and nine months ended September 30, 2024:
Previous wording
During thethree and six months ended June 30, 2024, we recorded a tax benefit of $5.7 million and $16.6 million, respectively, associated with stock-based compensation.
Current wording
During thethree and nine months ended September 30, 2024, we recorded a tax benefit of $2.7 million and $19.3 million, respectively, associated with stock-based compensation.
Previous wording
(1)During the three and six months ended June 30, 2025, the Company recorded charges of $1.6 million and $19.4 million, respectively, related to restructuring programs. During the three and six months ended June 30, 2025, the Company recorded $0.2 million and $16.6 million, respectively, of the charges within other expense (income), related to severance and acceleration of depreciation and lease costs in connection with the Company's 2025 restructuring plan. The Company recorded the remaining $1.4 million and $2.8 million, respectively, within selling, general and administrative expenses, related to our plan to optimize the legal structure of the Company and its subsidiaries.
Current wording
(1)During the three and nine months ended September 30, 2025, the Company recorded charges of $2.5 million and $21.9 million, respectively, related to restructuring programs. During the three and nine months ended September 30, 2025, the Company recorded $0.9 million and $17.5 million, respectively, of the charges within other expense (income), related to severance and acceleration of depreciation and lease costs in connection with the Company's 2025 restructuring plan. The Company recorded the remaining $1.6 million and $4.4 million, respectively, within selling, general and administrative expenses, related to our plan to optimize the legal structure of the Company and its subsidiaries. Restructuring and other charges were a net benefit of $0.9 million for thethree and nine months ended September 30, 2024. The net benefit represented the impact of two items, the first of which is a $2.5 million benefit recorded within other expense (income) related to revised severance estimates in connection with the Company's 2022 restructuring plan. This benefit was partially offset by $1.6 million of expense recorded within selling, general and administrative expenses, related to our plan to optimize the legal structure of the Company and its subsidiaries.
Previous wording
(2)During the six months ended June 30, 2025, the Company recorded $0.2 millionof amortization expense within operating profit associated with an intangible asset acquired duringthe second quarter of 2020. During thethree and six months ended June 30, 2025, the Company recorded $0.5 million and $0.9 million, respectively, of amortization expense in association with an acquisition of increased ownership interest in Daikyo. During thethree and six months ended June 30, 2024, the Company recorded $0.2 million and $0.4 million, respectively, of amortization expense within operating profit associated with an intangible asset acquired duringthe second quarter of 2020. During thethree and six months ended June 30, 2024, the Company recorded $0.5 million and $1.0 million, respectively, of amortization expensein association with an acquisition of increased ownership interest in Daikyo.
Current wording
(2)During the nine months ended September 30, 2025, the Company recorded $0.2 millionof amortization expense within operating profit associated with an intangible asset acquired duringthe second quarter of 2020. During thethree and nine months ended September 30, 2025, the Company recorded $0.4 million and $1.3 million, respectively, of amortization expense in association with an acquisition of increased ownership interest in Daikyo. During thethree and nine months ended September 30, 2024, the Company recorded $0.2 million and $0.6 million, respectively, of amortization expense within operating profit associated with an intangible asset acquired duringthe second quarter of 2020. During thethree and nine months ended September 30, 2024, the Company recorded $0.6 million and $1.6 million, respectively, of amortization expensein association with an acquisition of increased ownership interest in Daikyo.
Previous wording
Proprietary Products – Proprietary Products net sales increased by $63.6 million, or 5.7%, for the six months ended June 30, 2025, as compared to the same period in 2024, including a favorable foreign currency translation impact of $3.1 million. Excluding foreign currency translation effects, net sales for the six months ended June 30, 2025 increased by $60.5 million, or 5.4%, as compared to the same period in 2024, due primarily to an increase in sales of self-injection device platforms and Westar® products, partially offset by a decline in sales of FluroTec® products.
Current wording
Proprietary Products – Proprietary Products net sales increased by $46.1 million, or 7.7%, for the three months ended September 30, 2025, as compared to the same period in 2024, including a favorable foreign currency translation impact of $15.7 million. Excluding foreign currency translation effects, net sales for the three months ended September 30, 2025 increased by $30.4 million, or 5.1%, as compared to the same period in 2024, due primarily to an increase in sales of Westar®, Envision® and NovaBrand products. These increases were partially offset by a decline in sales of self-injection device platforms and approximately $19 million in customer incentives received in connection with volumes achieved during the three months ended September 30, 2024 that were not repeated in the same period in 2025.
Previous wording
Contract-Manufactured Products – Contract-Manufactured Products net sales increased by $4.3 million, or 3.0%, for the three months ended June 30, 2025, as compared to the same period in 2024, including a favorable foreign currency translation impact of $3.6 million. Excluding foreign currency translation effects, net sales for the three months ended June 30, 2025 increased by $0.7 million, or 0.5%, as compared to the same period in 2024, due primarily to an increase in sales of self-injection devices for obesity and diabetes, partially offset by a decrease in sales of healthcare diagnostic devices.
Current wording
Contract-Manufactured Products – Contract-Manufactured Products net sales increased by $11.6 million, or 8.0%, for the three months ended September 30, 2025, as compared to the same period in 2024, including a favorable foreign currency translation impact of $4.4 million. Excluding foreign currency translation effects, net sales for the three months ended September 30, 2025 increased by $7.2 million, or 4.9%, as compared to the same period in 2024, due primarily to an increase in sales of self-injection devices for obesity and diabetes, partially offset by a decrease in sales of healthcare diagnostic devices.
Previous wording
The following table presents net sales, consolidated and by reportable segment, for the six months ended June 30, 2025 and 2024:
Current wording
The following table presents net sales, consolidated and by reportable segment, for the nine months ended September 30, 2025 and 2024:
Previous wording
Proprietary Products – Proprietary Products net sales increased by $60.1 million, or 10.7%, for the three months ended June 30, 2025, as compared to the same period in 2024, including a favorable foreign currency translation impact of $12.9 million. Excluding foreign currency translation effects, net sales for the three months ended June 30, 2025 increased by $47.2 million, or 8.4%, as compared to the same period in 2024, due primarily to an increase in sales of Westar® products, NovaChoice® products and Daikyo CZ®, partially offset by a decline in sales of FluroTec® products.
Current wording
Proprietary Products – Proprietary Products net sales increased by $109.7 million, or 6.4%, for the nine months ended September 30, 2025, as compared to the same period in 2024, including a favorable foreign currency translation impact of $18.8 million. Excluding foreign currency translation effects, net sales for the nine months ended September 30, 2025 increased by $90.9 million, or 5.3%, as compared to the same period in 2024, due primarily to an increase in sales of Westar®, NovaBrand and Envision® products. These increases were partially offset by a decline in sales of FluroTec® products and approximately $22 million in customer incentives received in connection with volumes achieved during the nine months ended September 30, 2024 that were not repeated in the same period in 2025.
Previous wording
Contract-Manufactured Products – Contract-Manufactured Products net sales increased by $3.4 million, or 1.2%, for the six months ended June 30, 2025, as compared to the same period in 2024, including a favorable foreign currency translation impact of $1.7 million. Excluding foreign currency translation effects, net sales for the six months ended June 30, 2025 increased by $1.7 million, or 0.6%, as compared to the same period in 2024, due primarily to an increase in sales of self-injection devices for obesity and diabetes, partially offset by a decrease in sales of healthcare diagnostic devices.
Current wording
Contract-Manufactured Products – Contract-Manufactured Products net sales increased by $15.0 million, or 3.5%, for the nine months ended September 30, 2025, as compared to the same period in 2024, including a favorable foreign currency translation impact of $6.1 million. Excluding foreign currency translation effects, net sales for the nine months ended September 30, 2025 increased by $8.9 million, or 2.1%, as compared to the same period in 2024, due primarily to an increase in sales of self-injection devices for obesity and diabetes, partially offset by a decrease in sales of healthcare diagnostic devices.
Previous wording
Consolidated gross profit increased by $43.9 million, or 19.1%, for the three months ended June 30, 2025, as compared to the same period in 2024, including a favorable foreign currency translation impact of $6.8 million for the three months ended June 30, 2025, as compared to the same period in 2024. Consolidated gross profit margin increased by 2.9 margin points for the three months ended June 30, 2025, as compared to the same period in 2024.
Current wording
Consolidated gross profit increased by $29.6 million, or 11.2%, for the three months ended September 30, 2025, as compared to the same period in 2024, including a favorable foreign currency translation impact of $8.6 million for the three months ended September 30, 2025, as compared to the same period in 2024. Consolidated gross profit margin increased by 1.2 margin points for the three months ended September 30, 2025, as compared to the same period in 2024.
Previous wording
Consolidated gross profit increased by $45.6 million, or 9.9%, for the six months ended June 30, 2025, as compared to the same period in 2024, including a favorable foreign currency translation impact of $3.2 million for the six months ended June 30, 2025, as compared to the same period in 2024. Consolidated gross profit margin increased by 1.6 margin points for the six months ended June 30, 2025, as compared to the same period in 2024.
Current wording
Consolidated gross profit increased by $75.2 million, or 10.4%, for the nine months ended September 30, 2025, as compared to the same period in 2024, including a favorable foreign currency translation impact of $11.8 million for the nine months ended September 30, 2025, as compared to the same period in 2024. Consolidated gross profit margin increased by 1.5 margin points for the nine months ended September 30, 2025, as compared to the same period in 2024.
Previous wording
Proprietary Products -Proprietary Products gross profit increased by $41.3 million, or 20.0%, for the three months ended June 30, 2025, as compared to the same period in 2024, including a favorable foreign currency translation impact of $6.2 million. Proprietary Products gross profit margin increased by 3.1 margin points for the three months ended June 30, 2025, as compared to the same periods in 2024, due primarily to higher plant absorption from increased customer demand and sales price increases.
Current wording
Proprietary Products -Proprietary Products gross profit increased by $28.3 million, or 12.0%, for the three months ended September 30, 2025, as compared to the same period in 2024, including a favorable foreign currency translation impact of $7.8 million. Proprietary Products gross profit margin increased by 1.6 margin points for the three months ended September 30, 2025, as compared to the same periods in 2024, due primarily to higher plant absorption from increased customer demand and sales price increases. These increases were partially offset by approximately $19 million in customer incentives received in connection with volumes achieved during the three months ended September 30, 2024 that were not repeated in the same period in 2025.
Previous wording
Consolidated R&D costs increased by $1.6 million, or 9.1%, and$0.3 million, or 0.9%for the three and six months ended June 30, 2025, respectively, as compared to the same period in 2024. Efforts remain focused on the continued investment in elastomeric packaging components, formulation development, drug containment systems, self-injection systems and drug administration consumable.
Current wording
Consolidated R&D costs increased by $1.6 million, or 10.3%, and$1.9 million, or 3.8%for the three and nine months ended September 30, 2025, respectively, as compared to the same period in 2024. Efforts remain focused on the continued investment in elastomeric packaging components, formulation development, drug containment systems, self-injection systems and drug administration consumable.
Previous wording
All of the R&D costs incurred in thethree and six months ended June 30, 2025 and 2024 related to Proprietary Products.
Current wording
All of the R&D costs incurred in thethree and nine months ended September 30, 2025 and 2024 related to Proprietary Products.
Previous wording
Consolidated SG&A costs increased by $12.9 million, or 15.5%, for the three months ended June 30, 2025, as compared to the same period in 2024, including an unfavorable foreign currency translation impact of$0.9 million, due primarily to higher annual incentive compensation, increased expense related to stock-based compensation and increased salary and wages.
Current wording
Consolidated SG&A costs increased by $19.2 million, or 23.0%, for the three months ended September 30, 2025, as compared to the same period in 2024, including an unfavorable foreign currency translation impact of$1.2 million, due primarily to higher annual incentive compensation, increased salary and wages and increased expense related to stock-based compensation.
Previous wording
Proprietary Products -Proprietary Products SG&A costs increased by$5.4 million, or 9.6%, for the three months ended June 30, 2025, as compared to the same period in 2024, including an unfavorable foreign currency translation impact of$0.8 million. Proprietary Products SG&A costs increaseddue primarily to higher annual incentive compensation and increased salary and wages, partially offset by decreased costs related to professional services.
Current wording
Proprietary Products -Proprietary Products SG&A costs increased by$9.0 million, or 15.9%, for the three months ended September 30, 2025, as compared to the same period in 2024, including an unfavorable foreign currency translation impact of$1.1 million. Proprietary Products SG&A costs increaseddue primarily to higher annual incentive compensation and increased salary and wages, partially offset by decreased costs related to professional services.
Previous wording
Proprietary Products SG&A costs increased by$5.0 million, or 4.3%, for thesix months ended June 30, 2025, as compared to the same period in 2024. Proprietary Products SG&A costs increased due primarily to increased salary and wages and higher annual incentive compensation, partially offset by decreased costs related to professional services.
Current wording
Proprietary Products SG&A costs increased by$14.0 million, or 8.1%, for thenine months ended September 30, 2025, as compared to the same period in 2024, including an unfavorable foreign currency translation impact of$1.1 million. Proprietary Products SG&A costs increased due primarily to higher annual incentive compensation and increased salary and wages, partially offset by decreased costs related to professional services.
Previous wording
Contract-Manufactured Products -Contract-Manufactured Products SG&A costs increased by$0.8 million, or 12.9%, for the three months ended June 30, 2025, as compared to the same period in 2024, including an unfavorable foreign currency translation impact of$0.1 million, due prima rily to increased salary and wages and higher annual incentive compensation.
Current wording
Contract-Manufactured Products -Contract-Manufactured Products SG&A costs increased by$0.8 million, or 11.9%, for the three months ended September 30, 2025, as compared to the same period in 2024, including an unfavorable foreign currency translation impact of$0.1 million, dueprimarily to higher annual incentive compensation and increased salary and wages.
Previous wording
Corporate and unallocated items -Corporate SG&A costs increased by$6.7 million, or 32.4%, for the three months ended June 30, 2025, as compared to the same period in 2024, due primarily to increase in expense related to stock-based compensation, higher annual incentive compensation and increased costs related to professional services.
Current wording
Corporate and unallocated items -Corporate SG&A costs increased by$9.4 million, or 46.5%, for the three months ended September 30, 2025, as compared to the same period in 2024, due primarily to an increase in expense related to stock-based compensation, higher annual incentive compensation and increased salary and wages.
Previous wording
Corporate SG&A costs increased by$7.0 million, or 17.3%, for thesix months ended June 30, 2025, as compared to the same period in 2024, due primarily to expenses in connection with a plan to optimize the legal structure of the Company and its subsidiaries, higher annual incentive compensation and increased costs related to professional services.
Current wording
Corporate SG&A costs increased by$16.4 million, or 27.0%, for thenine months ended September 30, 2025, as compared to the same period in 2024, due primarily to expenses in connection with a plan to optimize the legal structure of the Company and its subsidiaries, higher annual incentive compensation, increased expense related to stock-based compensation and increased costs related to professional services.
Previous wording
Consolidated other expense (income) changed by $1.9 million for the three months ended June 30, 2025, as compared to the same period in 2024, and changed by $19.4 million for thesix months ended June 30, 2025, as compared to the same period in 2024, due to the factors described below.
Current wording
Consolidated other expense (income) changed by $2.5 million for the three months ended September 30, 2025, as compared to the same period in 2024, and changed by $21.9 million for thenine months ended September 30, 2025, as compared to the same period in 2024, due to the factors described below.
Previous wording
Proprietary Products - Proprietary Products other expense (income) changed by $3.6 million for the three months ended June 30, 2025, as compared to the same period in 2024, due primarily to increased contingent consideration expense being recorded in the three months ended June 30, 2025, as compared to the same period in 2024.
Current wording
Proprietary Products - Proprietary Products other expense (income) changed by $0.7 million for the three months ended September 30, 2025, as compared to the same period in 2024, due primarily to increased contingent consideration expense being recorded in the three months ended September 30, 2025, as compared to the same period in 2024.
Previous wording
Proprietary Products other expense (income) changed by $4.1 million for the six months ended June 30, 2025, as compared to the same period in 2024, due primarily to increased contingent consideration expense being recorded in the six months ended June 30, 2025, as compared to the same period in 2024.
Current wording
Proprietary Products other expense (income) changed by $4.8 million for the nine months ended September 30, 2025, as compared to the same period in 2024, due primarily to increased contingent consideration expense being recorded in the nine months ended September 30, 2025, as compared to the same period in 2024.
Previous wording
Contract-Manufa ctured Products -Contract-Manufactured Products other expense (income) changed by $1.2 million for thethree months ended June 30, 2025, as compared to the same period in 2024, due primarily to increased foreign exchange losses in the three months ended June 30, 2025, as compared to the same period in 2024.
Current wording
Contract-Manufa ctured Products -Contract-Manufactured Products other expense (income) remained flat in thethree months ended September 30, 2025, as compared to the same period in 2024.
Previous wording
Contract-Manufactured Products other expense (income) changed by $2.0 million for the six months ended June 30, 2025, as compared to the same period in 2024, due primarily to increased foreign exchange losses in the six months ended June 30, 2025, as compared to the same period in 2024.
Current wording
Contract-Manufactured Products other expense (income) changed by $2.0 million for the nine months ended September 30, 2025, as compared to the same period in 2024, due primarily to increased foreign exchange losses in the nine months ended September 30, 2025, as compared to the same period in 2024.
Previous wording
Corporate and unallocated items -Corporate and unallocated items changed by $2.9 million for thethree months ended June 30, 2025, as compared to the same period in 2024, due primarily to gains on foreign exchange being recorded in thethree months ended June 30, 2025, as compared to losses on foreign exchange being recorded in the same period in 2024. This was partially offset by the Company recording restructuring and other charges of $0.2 million in the three months ended June 30, 2025 that did not occur in the same period in 2024.
Current wording
Corporate and unallocated items -Corporate and unallocated items changed by $1.8 million for thethree months ended September 30, 2025, as compared to the same period in 2024, due primarily to the Company recording expense of $0.9 million to related to restructuring and other charges during the three months ended September 30, 2025, as compared to a net benefit of $2.5 million during the same period in 2024.
Previous wording
Corporate and unallocated items changed by $13.3 million for the six months ended June 30, 2025, as compared to the same period in 2024, due primarily to the Company recording restructuring and other charges of $16.6 million in the six months ended June 30, 2025 that did not occur in the same period in 2024.
Current wording
Corporate and unallocated items changed by $15.1 million for the nine months ended September 30, 2025, as compared to the same period in 2024, due primarily to the Company recording expense of $17.5 million related to restructuring and other charges in the nine months ended September 30, 2025, as compared to a net benefit of $2.5 million during the same period in 2024.
Previous wording
Proprietary Products -Proprietary Products operating profit increased by $30.7 million, or 23.4%, for the three months ended June 30, 2025, as compared to the same period in 2024, including a favorable foreign currency translation impact of$5.5 million, due to the factors described above, most notably higher plant absorption from increased customer demand and sales price increases.
Current wording
Proprietary Products -Proprietary Products operating profit increased by $17.0 million, or 10.7%, for the three months ended September 30, 2025, as compared to the same period in 2024, including a favorable foreign currency translation impact of$6.6 million, due to the factors described above, most notably higher plant absorption from increased customer demand and sales price increases.
Previous wording
Proprietary Products operating profit increased by $35.0 million, or 13.6%, for the six months ended June 30, 2025, as compared to the same period in 2024, including a favorable foreign currency translation impact of $3.1 million, due to the factors described above, most notably higher plant absorption from increased customer demand and sales price increases.
Current wording
Proprietary Products operating profit increased by $52.0 million, or 12.5%, for the nine months ended September 30, 2025, as compared to the same period in 2024, including a favorable foreign currency translation impact of $9.6 million, due to the factors described above, most notably higher plant absorption from increased customer demand and sales price increases.
Previous wording
Contract-Manufactured Products operating profit decreased by$3.0 million, or 8.7%, for thesix months ended June 30, 2025, as compared to the same period in 2024, including a favorable foreign currency translation impact of$0.2 million, due to the factors described above, most notably increased salary and wage expense.
Current wording
Contract-Manufactured Products operating profit decreased by$2.5 million, or 4.5%, for thenine months ended September 30, 2025, as compared to the same period in 2024, including a favorable foreign currency translation impact of$0.9 million, due to the factors described above, most notably increased salary and wages.
Previous wording
Corporate and unallocated -Excluding the unallocated items, Corporate costs increased by $2.4 million, or 11.0%, for the three months ended June 30, 2025, as comparedto the same period in 2024, due to the factors described above, most notably the increase in expense related to stock-based compensation.
Current wording
Corporate and unallocated -Excluding the unallocated items, Corporate costs increased by $8.0 million, or 41.2%, for the three months ended September 30, 2025, as comparedto the same period in 2024, due to the factors described above, most notably the increase in expense related to stock-based compensation.
Previous wording
Excluding the unallocated items, Corporate costs increased by $1.1 million, or 2.6%, for the six months ended June 30, 2025, as comparedto the same period in 2024, due to the factors described above, most notably the higher annual incentive compensation and increased costs related to professional services.
Current wording
Excluding the unallocated items, Corporate costs increased by $9.1 million, or 14.8%, for the nine months ended September 30, 2025, as comparedto the same period in 2024, due to the factors described above, most notably the higher annual incentive compensation.
Previous wording
Interest expense, net, decreased by $1.4 million, for the three months ended June 30, 2025, as compared to the same period in 2024, and decreased by $2.6 million, for the six months ended June 30, 2025, as compared to the same period in 2024, due primarily to an increase in capitalized interest, offset by an increase in interest expense driven by an increase in the Company's Term Loan balance.
Current wording
Interest expense, net, decreased by $0.5 million, for the three months ended September 30, 2025, as compared to the same period in 2024, due primarily to a decline in interest rates in 2025, as compared to the same periods in 2024. Interest expense, net, decreased by $3.1 million, for the nine months ended September 30, 2025, as compared to the same period in 2024, due primarily to an increase in capitalized interest.
Previous wording
Interest income decreased by $0.4 million for the three months ended June 30, 2025, as compared to the same period in 2024, and decreased by $2.5 million for the six months ended June 30, 2025, as compared to the same period in 2024, due primarily to the Company having a lower average cash balance during 2025 and a decline in interest rates in 2025, as compared to the same periods in 2024.
Current wording
Interest income increased by $0.1 million for the three months ended September 30, 2025, as compared to the same period in 2024. Interest income decreased by $2.4 million for the nine months ended September 30, 2025, as compared to the same period in 2024, due primarily to a decline in interest rates in 2025, as compared to the same periods in 2024.
Previous wording
Other nonoperating expense (income) was $0.2 million and $0.0 million for the three months ended June 30, 2025 and 2024, respectively, and $0.4 million and $0.0 million for the six months ended June 30, 2025 and 2024, respectively.
Current wording
Other nonoperating expense (income) was $0.2 million and $0.7 million for the three months ended September 30, 2025 and 2024, respectively, and $0.6 million and $0.7 million for the nine months ended September 30, 2025 and 2024, respectively.
Previous wording
The provision for income taxes was $30.2 million and $21.9 million for the three months ended June 30, 2025 and 2024, respectively, and the effective tax rate was 19.2% and 17.0%, respectively. The increase in the effective tax rate is due primarily to a decrease in the tax benefit related to stock-based compensation in the three months ended June 30, 2025 as compared to the same period in 2024.
Current wording
The provision for income taxes was $88.3 million and $70.7 million for the nine months ended September 30, 2025 and 2024, respectively, and the effective tax rate was 20.1% and 16.8%, respectively. The increase in the effective tax rate is due primarily to a decrease in the tax benefit related to stock-based compensation in the nine months ended September 30, 2025 as compared to the same period in 2024.
Previous wording
Equity in net income of affiliated companies was $5.0 million and $4.5 million for the three months ended June 30, 2025 and 2024, respectively. Equity in net income of affiliated companies increased by $0.5 million for the three months ended June 30, 2025, as compared to the same period in 2024, due primarily to more favorable operating results at the Mexico affiliates, partially offset by less favorable operating results at Daikyo.
Current wording
Equity in net income of affiliated companies was $2.1 million and $3.9 million for the three months ended September 30, 2025 and 2024, respectively. Equity in net income of affiliated companies decreased by $1.8 million for the three months ended September 30, 2025, as compared to the same period in 2024, due primarily to less favorable operating results at Daikyo and the Mexico affiliates.
Showing the first 40 of 50 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
The provision for income taxes was $34.0 million and $32.4 million for the three months ended September 30, 2025 and 2024, respectively, and the effective tax rate was 19.8% and 19.7%, respectively.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
The provision for income taxes was $54.3 million and $38.3 million for the six months ended June 30, 2025 and 2024, respectively, and the effective tax rate was 20.3% and 15.0%, respectively. The increase in the effective tax rate is due primarily to a decrease in the tax benefit related to stock-based compensation in the six months ended June 30, 2025 as compared to the same period in 2024.