Ypsomed Holding AG: H2 first take: Beat and FY27 EBIT guide above consensus

研报英文原文证据摘录

Ypsomed Holding AG: H2 first take: Beat and FY27 EBIT guide above consensus

Equity Research

European Medical Technology & Services

20 May 2026

Ypsomed Holding AG

H2 first take: Beat and FY27 EBIT

guide above consensus

H2’26 beat on revenue and EBIT, with FY27 YDS guidance YPSN.S/YPSN SW OVERWEIGHT

POSITIVEinline on revenue and +5% ahead on EBIT. Speaking to the EuropeanTechnologyMedical& Services

company, growth was driven by autoinjectors, and the year Price Target CHF 343.00

saw a record number of new project wins. Proposal to double Price (18-May-26) CHF 297.80 Potential Upside/Downside +15.2%

Source: Bloomberg, Barclays Researchdividend. Expect to be taken well.

This morning Ypsomed reported H2'26 results which were 4% ahead of cons on revenue, and 3% European Medical Technology &

ahead on EBIT. FY27 guidance for the continuing Delivery Systems business of 12-15% reported Services

Jonathon Unwinrevenue growth ex-contract manufacturing equates to CHF 635m at the mid-point (in line with

+44 (0)20 7773 0354

consensus of CHF 634m) and EBIT of CHF 210–230m (+5% ahead of cons. of CHF 210m).

jonathon.unwin@barclays.com

Speaking to the company, a record number of new projects were won in FY26 (44 new projects). Barclays, UK

Growth was mainly driven by autoinjectors and will continue to be next year. Mid-term guidance

Hassan Al-Wakeel, CFAconfirmed. Ypsomed has proposed to double its dividend for FY26. We expect the beat and

+44 (0)20 7773 3898

guidance to be taken well by investors. We recently upgraded Ypsomed to Overweight as we see

hassan.al-wakeel@barclays.com

it as a pure-play device manufacturer with a diverse range of customers across therapeutic Barclays, UK

areas and a defensive bottom line owing to CHF-based contracts with inflation adjusters