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1. Company Snapshot

1.a. Company Description

Ypsomed Holding AG, together with its subsidiaries, develops, manufactures, and sells injection and infusion systems for pharmaceutical and biotechnology companies.The company operates in two segments, Ypsomed Delivery Systems and Ypsomed Diabetes Care.The Ypsomed Delivery Systems segment provides various injection systems, such as pen injectors, auto injectors, patch injectors, and wearable injectors, as well as other smart devices.


This segment offers its products under the YDS brand.The Ypsomed Diabetes Care segment sells and trades in insulin pumps, infusion sets, pen needles, blood glucose monitoring systems, accessories, and other day-to-day items for diabetics.This segment offers its products under the mylife brand name.


The company offers precision turned parts; and contract manufacturing and other services.It markets its products through biotechnology and pharmaceutical partners, as well as through its own distribution network and independent distributors.It operates in Switzerland, Europe, North America, and internationally.


Ypsomed Holding AG was founded in 1984 and is headquartered in Burgdorf, Switzerland.

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1.b. Last Insights on YPSN

Ypsomed Holding AG faced negative drivers over the recent three months, primarily due to a significant insider sell, which may have raised concerns about the company's growth prospects. Insiders control approximately 70% of the company, implying their interests are closely tied to its performance. A recent 9.9% pullback may have also impacted sentiment. Additionally, there were no apparent positive catalysts such as new product launches, acquisitions, or share buybacks. According to a recent report, the projected fair value for Ypsomed Holding is CHF 400, based on a 2-Stage Free Cash Flow to Equity model.

1.c. Company Highlights

2. Ypsomed's Strong H1 Results Driven by Delivery System Business Growth

Ypsomed reported sales of CHF 363 million in the first half year, with the core Delivery System business growing 21% to CHF 267 million. The company's EBIT for the first half year was CHF 152 million, with a profit of CHF 70 million in the core business. The actual EPS came out at 2.5, slightly lower than estimates at 2.96. The gross margin for the core YDS stand-alone business is expected to be around 45%, indicating a healthy profitability. As Simon Michel mentioned, "We have a lot of tailwind supporting Ypsomed's growth and are well set up as a pure-play injection specialist."

Publication Date: Nov -13

📋 Highlights
  • Core Business Growth:: Delivery System business grew 21% to CHF 267 million, with project revenues up 20% to CHF 52 million and commercial auto-injector sales rising 46%.
  • Financial Performance:: First-half EBIT reached CHF 152 million, with CHF 70 million in core business profit and free cash flow of CHF 290 million, driven by CHF 300 million from Diabetes Care business sale.
  • Capacity Expansion:: CHF 1.5 billion invested in CapEx to achieve 1 billion device capacity by 2030, with new manufacturing sites in Germany, China, and the U.S. starting in 2027-2028.
  • Product Innovation:: Launched 3 new platforms (YpsoDot, YpsoFlow, YpsoLoop) with FDA approval in the U.S., alongside 12-13 new products, emphasizing recyclable and sustainable devices.

Segment Performance

The Delivery System business was the main driver of growth, with commercial sales growing 46% driven by auto-injectors. Project revenues increased 20% to CHF 52 million. The pen business was flat in the first half of the year, mainly due to product and customer mix. However, the company expects a growth rate for the pens, especially with the new platforms YpsoFlow and YpsoDot.

Guidance and Outlook

Ypsomed confirms its guidance for the current business year, expecting a 20% growth in sales for the Delivery System business and an EBIT range of CHF 190-210 million. Analysts estimate next year's revenue growth at 9.4%, which is relatively in line with the company's growth trajectory. The company's capacity expansion plans, including new manufacturing sites in Germany, China, and the U.S., are expected to support future growth.

Valuation

With a P/E Ratio of 53.14 and an EV/EBITDA of 27.64, the market is pricing in a relatively high growth expectation. The ROE of 13.45% and ROIC of 8.6% indicate a decent return on equity and invested capital. The Net Debt / EBITDA ratio of 1.31x suggests a manageable debt level. The current valuation multiples imply that the market is expecting a sustained growth momentum, which is supported by Ypsomed's strong pipeline and commitment to innovation.

3. NewsRoom

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Ypsomed Holding's (VTX:YPSN) Solid Profits Have Weak Fundamentals

Nov -21

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Ypsomed Holding AG Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Predictions

Nov -18

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Ypsomed Holding AG (XSWX:YPSN) (H1 2026) Earnings Call Highlights: Strong Growth in Delivery ...

Nov -12

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Calculating The Fair Value Of Ypsomed Holding AG (VTX:YPSN)

Sep -23

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Is It Too Late To Consider Buying Ypsomed Holding AG (VTX:YPSN)?

Sep -07

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Recent 9.9% pullback would hurt Ypsomed Holding AG (VTX:YPSN) insiders

Aug -04

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Is Ypsomed Holding AG's (VTX:YPSN) Stock's Recent Performance Being Led By Its Attractive Financial Prospects?

Jun -23

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“No magic wand” for Novo Nordisk, as CagriSema pen supply rumours swirl

Nov -22

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.61%)

6. Segments

Ypsomed Delivery Systems

Expected Growth: 8.74%

Ypsomed Delivery Systems' 8.74% growth is driven by increasing demand for self-injection devices, expansion into emerging markets, and strategic partnerships. The growing prevalence of chronic diseases, such as diabetes, and the need for convenient, user-friendly injection systems also contribute to this growth.

Ypsomed Diabetes Care

Expected Growth: 8.4%

Ypsomed Diabetes Care's 8.4% growth is driven by increasing demand for insulin pumps and diabetes management systems, expansion into new markets, and strategic partnerships. Additionally, the growing prevalence of diabetes, advancements in technology, and favorable reimbursement policies contribute to the segment's growth.

Other

Expected Growth: 8.4%

Ypsomed Holding AG's 8.4% growth is driven by increasing demand for insulin pumps and diabetes care products, expansion into new markets, and strategic partnerships. Additionally, the company's focus on innovation, digitalization, and customer-centric approach have contributed to its growth momentum.

7. Detailed Products

mylife YpsoPump

A insulin pump system designed for people with diabetes, providing precise insulin dosing and wireless connectivity.

mylife OmniPod

A wearable insulin management system consisting of a Pod and a Personal Diabetes Manager, providing a discreet and convenient way to manage insulin dosing.

mylife DiaPorter

A portable and compact insulin injection device designed for people with diabetes, providing a convenient and discreet way to inject insulin.

mylife YpsoDose

A reusable insulin pen injector designed for people with diabetes, providing a convenient and accurate way to inject insulin.

mylife Digital Solutions

A digital platform providing personalized diabetes management, including data tracking, analytics, and insights.

8. Ypsomed Holding AG's Porter Forces

Forces Ranking

Threat Of Substitutes

Ypsomed Holding AG's insulin pumps and diabetes management systems have some substitutes, but they are not easily replaceable due to their high quality and brand reputation.

Bargaining Power Of Customers

Ypsomed Holding AG's customers, mainly healthcare professionals and patients, have limited bargaining power due to the company's strong brand reputation and high-quality products.

Bargaining Power Of Suppliers

Ypsomed Holding AG's suppliers, mainly component manufacturers, have some bargaining power due to the company's dependence on them for high-quality components.

Threat Of New Entrants

The threat of new entrants in the diabetes management systems market is low due to the high barriers to entry, including regulatory hurdles and significant R&D investments.

Intensity Of Rivalry

The intensity of rivalry in the diabetes management systems market is high due to the presence of established competitors, such as Medtronic and Roche, and the ongoing innovation and competition for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 28.67%
Debt Cost 3.95%
Equity Weight 71.33%
Equity Cost 8.90%
WACC 7.48%
Leverage 40.19%

11. Quality Control: Ypsomed Holding AG passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Fielmann

A-Score: 6.0/10

Value: 5.3

Growth: 5.0

Quality: 7.3

Yield: 4.4

Momentum: 6.5

Volatility: 7.7

1-Year Total Return ->

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Stock-Card
ConvaTec

A-Score: 4.8/10

Value: 2.9

Growth: 5.3

Quality: 6.0

Yield: 3.1

Momentum: 5.0

Volatility: 6.3

1-Year Total Return ->

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Stock-Card
Ypsomed

A-Score: 3.9/10

Value: 2.9

Growth: 8.2

Quality: 5.7

Yield: 0.6

Momentum: 2.0

Volatility: 4.0

1-Year Total Return ->

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Stock-Card
Tecan

A-Score: 3.6/10

Value: 4.4

Growth: 4.1

Quality: 5.7

Yield: 2.5

Momentum: 0.0

Volatility: 4.7

1-Year Total Return ->

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Stock-Card
Elekta

A-Score: 3.5/10

Value: 4.3

Growth: 4.0

Quality: 3.1

Yield: 6.9

Momentum: 0.5

Volatility: 2.3

1-Year Total Return ->

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Stock-Card
Amplifon

A-Score: 3.2/10

Value: 4.3

Growth: 5.4

Quality: 4.8

Yield: 2.5

Momentum: 0.0

Volatility: 2.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

321.0$

Current Price

321$

Potential

-0.00%

Expected Cash-Flows