Ypsomed (YPSN) H2 24/25 earnings summary

Executive summary

• Achieved and exceeded targets in top-line sales, profitability (EBIT), and capital efficiency, driven by transformation into a pure-play self-injection systems specialist.

• Completed divestment of diabetes care and other non-core businesses, focusing on B2B delivery systems and innovation in injection platforms.

• Delivery Systems generated CHF 501 million in revenue for FY 2024/25, marking a new starting point for the company.

• Significant expansion in global manufacturing capacity, with new facilities in Germany, China, and upcoming in the U.S., supporting a global footprint.

• Secured 36 new project wins and expanded the product portfolio to cover additional disease areas, with a strong pipeline of 69 products on the market and 230 in development.

Financial highlights

• Delivery system business contributed CHF 500–501 million in sales, with overall group sales reaching CHF 702 million and a 37% year-over-year increase.

• EBIT from continuing operations reached CHF 167 million for delivery systems; reported group EBIT was CHF 113 million after write-offs and divestments.

• EBIT grew 43% year-over-year, reflecting strong operational performance.

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

• EBITDA from continuing operations was CHF 233 million.

Outlook and guidance

• Delivery system business expected to grow 20% in the next year, targeting CHF 600 million in sales.

• EBIT guidance for next year set between CHF 190 million and CHF 210 million.

• CapEx will remain high due to ongoing capacity expansion in Schwerin, China, and the U.S.

• Non-core sales (infusion sets, needles, Sanofi) will phase out over the next 1-3 years.