Ypsomed Holding AG: Feedback from the CFO roadshow

研报英文原文证据摘录

Ypsomed Holding AG: Feedback from the CFO roadshow

Equity Research

European Medical Technology & Services

25 June 2026

Ypsomed Holding AG

Feedback from the CFO roadshow

Capex reduction predominantly due to improved utilisation

rather than lower top-line expectations. Fair to assume

CagriSema expectations not higher than when they set YPSN.S/YPSN SW OVERWEIGHT European Medical

Technology & Servicesmidterm guide; a revenue headwind, but less so on EBIT. 2027 POSITIVE

Price Target CHF 386.00

guide range driven by project revs, biosim launches, China & Price (23-Jun-26) CHF 346.40

CagriSema. Potential Upside/Downside +11.4%

Source: Bloomberg, Barclays Research

Following publication of FY26 results (FY26 Review: Mid-term upside?) we were pleased to host

European Medical Technology &CFO Samuel Kuenzli for a virtual roadshow. We highlight three key takeaways with our notes

Services

below: 1) Capex plan and volume expectations. Reduction to CHF 1.3bn capex plan (from CHF

Jonathon Unwin

1.5bn) predominantly driven by improved utilisation planning, rather than lowered top-line +44 (0)20 7773 0354

expectations, but it is fair to assume CagriSema expectations are not higher than before jonathon.unwin@barclays.com

REDEFINE-4 and when they set the mid-term guidance. This could be a headwind to top line, but Barclays, UK

management are less concerned on the mid-term EBIT impact and are still comfortable with the

Hassan Al-Wakeel, CFA

mid-point of the range. 2) FY27 guidance: Good visibility on commercial sales, with the range +44 (0)20 7773 3898

driven by a) project revenues (can depend on clinical trial timelines), b) biosimilar launches and hassan.al-wakeel@barclays.com

China customers which tend to have more volatility, and c) how Novo plans to ramp up devices Barclays, UK