Ypsomed (YPSN) H1 25/26 earnings summary

Executive summary

• Completed transformation into a focused self-injection specialist by divesting non-core businesses, including Diabetes Care, Ypsotec, DiaExpert, and Pen Needles, between 2022 and 2025.

• Achieved strong half-year results, with consolidated sales of CHF 362.7 million (up 12% year-over-year), robust growth in the core Delivery Systems business, and EBIT surging to CHF 151.7 million, driven by core operations and one-time divestment gains.

• Launched innovative, sustainable device platforms (YpsoDot, YpsoFlow, YpsoLoop), including FDA-cleared SmartPilot, and received industry awards for innovation.

• Expanded global manufacturing footprint with new and ongoing investments in China, Germany, and the US, targeting 1 billion device capacity by the next decade.

• Focused on operational excellence, innovation, and sustainability, positioning for significant end-market growth in self-injection therapies.

Financial highlights

• Group sales reached CHF 363 million for H1 2025/26, with CHF 267 million from Delivery Systems, up 21% year-over-year.

• EBIT was CHF 152 million, including a CHF 75 million book profit from the Diabetes Care business sale; core Delivery Systems EBIT was CHF 87 million (32.4% margin).

• Net profit for H1 2025/26 was CHF 139.1 million, with earnings per share rising to CHF 10.19.

• Operating cash flow exceeded CHF 140 million for the core business; free cash flow was CHF 290 million, boosted by divestment proceeds.

• ROCE in the core business was 21–24%; equity ratio improved to 66.8%; net debt/EBITDA at 0.3.

Outlook and guidance

• Full-year guidance confirmed: ~20% sales growth in Delivery Systems and EBIT between CHF 190–210 million.

• Midterm ambition: sales of CHF 900 million–1.2 billion, EBIT of CHF 280–340 million, EBIT margin above 30%, and ROCE ~20%.

• Growth in auto-injectors expected to outpace pens; contract manufacturing phase-out will temporarily impact growth rates in 2026–2027.