Ypsomed Holding AG: FY26 Review: Mid-term upside?

研报英文原文证据摘录

Ypsomed Holding AG: FY26 Review: Mid-term upside?

Equity Research

European Medical Technology & Services

21 May 2026

Ypsomed Holding AG

FY26 Review: Mid-term upside?

YpsoFit, if executed properly, could present upside to the

mid-term EBIT guidance, as per CFO. In a sector held back by

potential earnings downgrades, we like Ypsomed's indexation YPSN.S/YPSN SW OVERWEIGHT Unchanged

on major cost blocks, plus self-help from its efficiency European Medical POSITIVE

programme, and expect the shares to outperform. Technology & Services Unchanged

Price Target CHF 386.00

raised 13% from CHF 343.00

We update numbers following FY26 results yesterday (H2 first take: Beat and FY27 EBIT guide

above consensus). Results were characterised by FY27 guidance ahead of expectations, with Price (19-May-26) CHF 304.40

shares outperforming (+9% vs +1% SXDP). In a sector concerned with downgrades to FY27 Potential Upside/Downside +26.8%

Source: Bloomberg, Barclays Research

expectations from higher inflation, indexation on major cost blocks with customers (i.e., they

can pass through price increases) as well as an efficiency programme that could present upside

to mid-term EBIT guidance if executed well, makes Ypsomed an attractive opportunity, in our Market Cap (CHF mn) 4154

view. Management are seeing a slow trend towards pens in GLP-1s (from autoinjectors), and a Shares Outstanding (mn) 13.65

significant shift could present a headwind, in our view, given lower margin of pens and the need Free Float (%) 27.07

for only one pen for every four autoinjectors. We recently upgraded Ypsomed to Overweight as 52 Wk Avg Daily Volume (mn) 0.0179

we see it as a pure-play device manufacturer with a diverse range of customers across Dividend Yield (%) 0.72