The end of the earnings season is always a good time to take a step back and see who shined (and who not so much). Let’s take a look at how drug development inputs & services stocks fared in Q4, starting with West Pharmaceutical Services (NYSE: WST).

Companies specializing in drug development inputs and services play a crucial role in the pharmaceutical and biotechnology value chain. Essential support for drug discovery, preclinical testing, and manufacturing means stable demand, as pharmaceutical companies often outsource non-core functions with medium to long-term contracts. However, the business model faces high capital requirements, customer concentration, and vulnerability to shifts in biopharma R&D budgets or regulatory frameworks. Looking ahead, the industry will likely enjoy tailwinds such as increasing investment in biologics, cell and gene therapies, and advancements in precision medicine, which drive demand for sophisticated tools and services. There is a growing trend of outsourcing in drug development for nimbleness and cost efficiency, which benefits the industry. On the flip side, potential headwinds include pricing pressures as efforts to contain healthcare costs are always top of mind. An evolving regulatory backdrop could also slow innovation or client activity.

The 8 drug development inputs & services stocks we track reported a mixed Q4. As a group, revenues beat analysts’ consensus estimates by 1.5%.

Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 12.4% since the latest earnings results.

West Pharmaceutical Services (NYSE: WST)

Founded in 1923 and serving as a critical link in the pharmaceutical supply chain, West Pharmaceutical Services (NYSE: WST) manufactures specialized packaging, containment systems, and delivery devices for injectable drugs and healthcare products.

West Pharmaceutical Services reported revenues of $805 million, up 7.5% year on year. This print exceeded analysts’ expectations by 1.5%. Overall, it was a strong quarter for the company with an impressive beat of analysts’ full-year EPS guidance estimates and a beat of analysts’ EPS estimates.

"Our strong finish to 2025 was a result of the team's relentless execution of our growth strategy," said Eric M. Green, West's President, Chief Executive Officer and Chair of the Board.

Unsurprisingly, the stock is down 5% since reporting and currently trades at $233.84.

Is now the time to buy West Pharmaceutical Services? Access our full analysis of the earnings results here, it’s free.

Best Q4: Medpace (NASDAQ: MEDP)

Founded in 1992 as a scientifically-driven alternative to traditional contract research organizations, Medpace (NASDAQ: MEDP) provides outsourced clinical trial management and research services to help pharmaceutical, biotechnology, and medical device companies develop new treatments.

Medpace reported revenues of $708.5 million, up 32% year on year, outperforming analysts’ expectations by 3.3%. The business had a very strong quarter with a solid beat of analysts’ organic revenue estimates and a solid beat of analysts’ full-year EPS guidance estimates.

Medpace achieved the biggest analyst estimates beat and fastest revenue growth among its peers. Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 12% since reporting. It currently trades at $466.87.

Is now the time to buy Medpace? Access our full analysis of the earnings results here, it’s free.

Slowest Q4: Fortrea (NASDAQ: FTRE)

Spun off from Labcorp in 2023 to focus exclusively on clinical research services, Fortrea (NASDAQ: FTRE) is a contract research organization that helps pharmaceutical, biotech, and medical device companies develop and bring their products to market through clinical trials and support services.

Fortrea reported revenues of $660.5 million, down 5.2% year on year, falling short of analysts’ expectations by 0.9%. It was a softer quarter as it posted full-year revenue guidance missing analysts’ expectations significantly and a significant miss of analysts’ EPS estimates.

Fortrea delivered the weakest performance against analyst estimates, slowest revenue growth, and weakest full-year guidance update in the group. As expected, the stock is down 12% since the results and currently trades at $9.10.

Read our full analysis of Fortrea’s results here.

Repligen (NASDAQ: RGEN)

With over 13 strategic acquisitions since 2012 to build its comprehensive bioprocessing portfolio, Repligen (NASDAQ: RGEN) develops and manufactures specialized technologies that improve the efficiency and flexibility of biological drug manufacturing processes.

Repligen reported revenues of $197.9 million, up 18.1% year on year. This print surpassed analysts’ expectations by 2.7%. Zooming out, it was a mixed quarter as it also logged a solid beat of analysts’ organic revenue estimates but a significant miss of analysts’ full-year EPS guidance estimates.

The stock is down 10.1% since reporting and currently trades at $121.66.

Read our full, actionable report on Repligen here, it’s free.

Azenta (NASDAQ: AZTA)

Serving as the guardian of some of medicine's most valuable materials, Azenta (NASDAQ: AZTA) provides biological sample management, storage, and genomic services that help pharmaceutical and biotechnology companies preserve and analyze critical research materials.

Azenta reported revenues of $148.6 million, flat year on year. This result beat analysts’ expectations by 1.1%. Taking a step back, it was a slower quarter as it recorded a significant miss of analysts’ EPS estimates.

The stock is down 38.2% since reporting and currently trades at $22.80.

Read our full, actionable report on Azenta here, it’s free.

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