Ypsomed Holding AG (YPSN.S): Revising estimates; reiterate Buy

Research evidence excerpt

Ypsomed Holding AG (YPSN.S): Revising estimates; reiterate Buy

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29 Jul 2026 12:03:24 ET │ 13 pages

Ypsomed Holding AG (YPSN.S)

Revising estimates; reiterate Buy

CITI'S TAKE

Buy from Buy / High Risk We update our estimates to reflect the qualitative 1QFY26/27 update and

recent trends: we lower our FY26/27E group revenue estimate by c.4%, Price (29 Jul 26 17:30) SFr390.20

but raise our estimates for the outer years, resulting in an increased Target price SFr455.00↑

FY26/27-30/31E group revenue CAGR is of 12.8% vs. 11.4% previously. We from SFr360.00

raise our EBIT margin assumptions by c.70bps p.a. on average through the Expected share price return 16.6%

forecast period to reflect benefit from Ypsofit self-help program; our Expected dividend yield 1.5%

margin projections are in-line with consensus for the current year and

Expected total return 18.1% c.80bps ahead for the following two years. Despite the

Market Cap SFr5,326M stock's outperformance vs. EU MedTech over the last three months

(Ypsomed +40% vs. EU MedTech +10%), it still trades at a discount to its US$6,502M

peer group while delivering superior growth outlook and margin profile.

We reiterate our Buy rating with a new price target of SFr455.

Giang H Nguyen, CFAAC

We are broadly in-line with consensus this year but 2-7% ahead on EBIT from +44-20-7986-3903

FY27/28E — For Delivery systems, we now expect FY26/27E revenue of giang.nguyen@citi.com

c.SFr638mn vs. guidance of SFr625-645mn and BBG consensus c.SFr639mn, and

we forecast EBIT of c.SFr211mn vs. guidance of SFr210-330m, noting headwinds Veronika Dubajova

from the autoinjector manufacturing ramp-up in Solothurn post contract +44-20-7986-4585

manufacturing phase-out, dilutive large contracts, partly offset by likely lower veronika.dubajova@citi.com