Ypsomed (YPSN) H1 25/26 earnings summary

Executive summary

• Completed transformation to a pure-play self-injection specialist, divesting non-core businesses including Diabetes Care, Pen Needles, and Ypsotec between 2022 and 2025.

• Achieved strong first-half results, with consolidated sales of CHF 362.7 million in H1 2025/26, up 12% year-over-year, and robust operational execution in Delivery Systems.

• Launched innovative, recyclable device platforms (YpsoDot, YpsoFlow, YpsoLoop) and received FDA approval for digital devices in clinical trials.

• Expanded global manufacturing footprint with new facilities in Germany, China, and the U.S., aiming for 1 billion device capacity by the end of the decade.

• Focused on innovation, operational excellence, and strong financials, positioning for significant end-market growth.

Financial highlights

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

• EBIT for H1 was CHF 151.7 million, including a CHF 74.6 million book profit from the Diabetes Care sale; core Delivery Systems EBIT was CHF 87 million (32.4% margin).

• Operating cash flow exceeded CHF 140 million for the core business; free cash flow was around CHF 288 million, boosted by divestitures.

• ROCE in the core business was approximately 21%; equity ratio improved to 66.8%, and net debt/EBITDA was 0.3.

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

Outlook and guidance

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

• Midterm ambition: double sales to CHF 0.9–1.2 billion and reach CHF 280–340 million EBIT by 2029/30, maintaining EBIT margin above 30% and ROCE around 20%.

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