Ypsomed (YPSN) H1 24/25 earnings summary

Executive summary

• Achieved consolidated sales of CHF 324.0 million in H1 2024/25, up 27% year-over-year; adjusted growth from continuing operations was 30%.

• EBIT from continuing operations rose 43% to CHF 65.3 million, with an EBIT margin of 21.2%.

• Completed sale of pen needle and BGM business; initiated divestment of diabetes care business to focus on pure B2B delivery systems.

• Robust global expansion with new manufacturing sites in China, Germany, and planned entry into the USA.

• Accelerated separation into two companies, with Ypsomed Diabetes Care AG operational as of December 2024.

Financial highlights

• Revenue from continuing operations reached CHF 308.1 million, up from CHF 237.2 million year-over-year.

• EBIT from continuing operations: CHF 65.3 million (21.2% margin), up from CHF 45.5 million (19.2% margin) year-over-year.

• Adjusted EBIT excluding diabetes care business at CHF 78 million, exceeding 30% margin.

• Operating cash flow at CHF 67 million, driven by over CHF 100 million EBITDA from continuing operations.

• CapEx investments totaled CHF 132 million in the first half, mainly for growth and global expansion.

Outlook and guidance

• Confirmed full-year guidance of 25% top-line growth and CHF 140 million EBIT from continuing operations.

• Expects slightly better performance in the second half, with minor carve-out costs from divestments.

• No significant extraordinary effects expected in H2; one-off effects from diabetes care sale anticipated next year.

• Break-even for Diabetes Care anticipated in Q4 2024/25.

• Focus on separating Delivery Systems and Diabetes Care to unlock value and specialization.