Ypsomed Holding AG: 2H25/26 call feedback: Pure self-injection company, products ramping up

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Ypsomed Holding AG: 2H25/26 call feedback: Pure self-injection company, products ramping up

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Ypsomed Holding AG

2H25/26 call feedback: Pure self-injection

company, products ramping up

Reiterate Rating: BUY | PO: 403.00 CHF | Price: 355.80 CHF

Heavy lifting done on transition to pureplay Drug Delivery 08 June 2026

Ypsomed delivered FY DS sales of CHF601.5m, up c.20%, with incretins contributing Equity

roughly one-third of growth. DS EBIT margin was 32.6%. Following the disposal of

Diabetes Care, Ypsomed is now a pure-play self-injection systems company. For

Key ChangesFY26/27, management guides to 12-15% sales growth and EBIT of CHF210-230m in the

continuing DS business, implying an EBIT margin of c.34% at the mid-point. The mid- (CHF) Previous Current

term ambition is unchanged. However, growth is likely to be slower in FY26/27 as 2026E Rev (m) 715.5 731.0

product ramps build, with more catch-up expected in later years. We slightly reduce our 2027E Rev (m) 700.0 699.1

sales estimate by 3% in FY28 as we expect more phasing. We reiterate Buy. Ypsomed 2028E Rev (m) 774.5 749.1

remains well positioned to capture structural growth in self-injection systems, including 2026E EPS 17.12 16.31

GLP-1 demand, and we expect the company to execute against its mid-term targets. 2027E EPS 13.19 12.53

2028E EPS 14.70 14.55

2026E DPS 4.97 4.403 key takes from the call

1] Guidance moving pieces: Guidance excludes the DS contract manufacturing

business, which is being phased out and will be reported in “Other”, contributing Julien Ouaddour >>

c.CHF15–20m. “Other” will also include c.CHF50m of Diabetes Care contract ResearchBofASE (France)Analyst

manufacturing revenue, mainly related to infusion sets and reservoirs. +33 1 8770 0614 julien.ouaddour@bofa.com