First Read: Ypsomed AG "Feedback from roadshow with CEO and CFO" (Buy) Hansalik

研报英文原文证据摘录

First Read: Ypsomed AG "Feedback from roadshow with CEO and CFO" (Buy) Hansalik

Global Research

26 May 2026ab

First Read

EquitiesYpsomed AG

Feedback from roadshow with CEO and CFO Switzerland

Medical Supplies

12-month rating Buy

Mid-term growth intact with temporary phasing effects in FY26/27

We hosted Ypsomed CEO Simon Michel and CFO Samuel Künzli for a roadshow in 12m price target CHF425.00

Switzerland. Main discussion points with investors centred around the near-term growth

phasing in Delivery Systems, the visibility from the Novo Nordisk contract and project

Price (22 May 2026) CHF340.00

pipeline, and the implications of lower planned capex alongside. Management

reiterated that FY25/26 should be seen as a transition year rather than a change in the RIC: YPSN.S BBG: YPSN SW

medium-term trajectory, with capacity additions and customer ramp-ups continuing to Trading data and key metrics

dictate top-line growth. The overall message was reassuring, in our view, with

52-wk range CHF436.00-267.00

management sounding more confident on the margin outlook and reiterating gan EBIT

Market cap. CHF4.62b/US$5.91b

ambition comfortably above 30%, supported by operational excellence measures,

Shares o/s 13.6m (ORD)

customer co-financing and high returns on invested capital.

Free float 29%

Novo downside risks mitigated and strong project pipeline Avg. daily volume ('000) 22.3

The message was that FY26/27 is affected by portfolio mix (inc. the final phase-out of Avg. daily value (m) CHF6.5

Sanofi contract manufacturing & legacy hormone business), while larger customer Common s/h equity (03/27E) CHF1.09b

ramps (e.g. Novo) only build progressively; management indicated c12-15% growth this P/BV (03/27E) 4.1x

year and c17% next year, consistent with confidence in a c15% mid-term CAGR.