Ypsomed Holding AG: Feedback from the management presentation

研报英文原文证据摘录

Ypsomed Holding AG: Feedback from the management presentation

Equity Research

European Medical Technology & Services

20 May 2026

Ypsomed Holding AG

Feedback from the management

presentation

YpsoFit expected to be a low-double digit million cost saving YPSN.S/YPSN SW OVERWEIGHT

POSITIVEover the medium term; mid-term guidance includes some EuropeanTechnologyMedical& Services

cost savings but proper execution could drive upside. GLP-1s Price Target CHF 343.00

~10% of sales and contributed CHF 30-40m of the CHF 100m Price (19-May-26) CHF 304.40 Potential Upside/Downside +12.7%

Source: Bloomberg, Barclays ResearchDelivery Systems growth in FY26. Slow trend to pens in

GLP-1s.

European Medical Technology &

Services

Following publication of FY26 results this morning (H2 first take: Beat and FY27 EBIT guide Jonathon Unwin

above consensus, 20 May) we joined the management presentation and highlight three key +44 (0)20 7773 0354

takeaways: jonathon.unwin@barclays.com

Barclays, UK

1) YpsoFit could present upside to mid-term EBIT guide. Low-double digit million cost

Hassan Al-Wakeel, CFA

savings expected from YpsoFit over the medium term. Mid-term guidance includes some

+44 (0)20 7773 3898

impact, but proper execution, particularly on procurement, could lead to upside to the mid- hassan.al-wakeel@barclays.com

term EBIT guidance. Barclays, UK

2) GLP-1 contribution mainly ex-Novo. ~10% of sales in FY26 were related to incretins, fair to Marco Pires-Cox

assume Novo is building up the supply chain so includes certain sales from Novo, but majority +44 (0)20 3134 3421

marco.pirescox@barclays.comcomes from China and other regions around the world. CHF 30-40m of the CHF 100m growth in

YDS in FY26 was from GLP-1s. Mazdutide is double-digit million devices.

Rohit Rajan