Ypsomed (YPSN) H2 24/25 earnings summary

Executive summary

• Completed transformation into a pure play self-injection systems specialist, divesting diabetes care and non-core businesses.

• Achieved strong financial performance, exceeding targets in sales, profitability, EBIT, and capital efficiency.

• Delivery Systems generated CHF 501 million in revenue, with 36 new project wins and expanded product portfolio.

• Focused on innovation with new recyclable auto-injector and GLP-1 pen platforms, expanding global manufacturing footprint including new facilities in Germany, China, and planned U.S. expansion.

• Secured major deals in auto-injectors, maintaining a diverse client base and robust project pipeline.

Financial highlights

• Delivery Systems revenue grew 30% year-over-year to CHF 501 million, with commercial auto-injector sales up 50%.

• Group sales reached CHF 702 million, a 37% year-over-year increase.

• EBIT from continuing operations was CHF 167 million; reported EBIT after non-core losses and write-offs was CHF 113 million.

• Operating cash flow was close to CHF 150 million; invested CHF 270–272 million in growth initiatives and R&D.

• EBITDA from continuing operations reached CHF 233 million.

Outlook and guidance

• Expects 20% top-line growth in Delivery Systems, targeting CHF 600 million in sales and EBIT guidance of CHF 190–210 million for next year.

• CapEx will remain high due to ongoing capacity expansion in Germany, China, and planned U.S. facility.

• Non-core sales (e.g., infusion sets, Sanofi, needles) will phase out over the next few years.