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Ypsomed Holding AG
(YPSN)
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Rating:74Outperform
Price Target:
CHF459.00
▲(14.64% Upside)
Action:Reiterated
Date:08/21/26
The score is driven primarily by solid financial performance (strong profitability and operating cash flow, with a reasonably healthy balance sheet), tempered by persistent negative free cash flow and the latest-year revenue decline. Technicals are supportive with a strong uptrend and positive momentum indicators. Valuation appears somewhat rich at a 25.1 P/E with only a modest dividend yield, while earnings-call guidance and commentary were broadly positive despite manageable near-term headwinds.
Positive Factors
Core Delivery Systems Growth
Strong growth in the core business indicates increasing adoption of Ypsomed’s drug-delivery platforms. Pharmaceutical demand, recurring device orders and a broad customer base can support durable expansion beyond individual development projects.
Negative Factors
Persistent Negative Free Cash Flow
Although operating cash flow is strong, recurring negative free cash flow shows that investment and working-capital requirements continue to absorb cash. Sustained deficits could limit financial flexibility and increase reliance on execution of future projects.
Read all positive and negative factors
Positive Factors
Negative Factors
Core Delivery Systems Growth
Strong growth in the core business indicates increasing adoption of Ypsomed’s drug-delivery platforms. Pharmaceutical demand, recurring device orders and a broad customer base can support durable expansion beyond individual development projects.
Read all positive factors
Ypsomed Holding AG (YPSN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF5.20B
Dividend Yield1.11%
Average Volume (3M)13.63K
Price to Earnings (P/E)24.3
Beta (1Y)0.62
Revenue Growth-2.39%
EPS Growth154.37%
CountryCH
Employees2,025
SectorGeneral
Sector StrengthN/A
IndustryMedical - Specialties
Share Statistics
EPS (TTM)16.31
Shares Outstanding13,149,739
10 Day Avg. Volume13,720
30 Day Avg. Volume13,627
Financial Highlights & Ratios
PEG Ratio0.11
Price to Book (P/B)5.02
Price to Sales (P/S)5.14
P/FCF Ratio-229.79
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
CHF467.50Price Target Upside16.76% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)13.11
Revenue Forecast (FY)CHF711.20M
Ypsomed Holding AG Business Overview & Revenue Model
Company Description
Ypsomed Holding AG, together with its subsidiaries, develops, manufactures, and sells injection and infusion systems for safe and simple self-medication companies. The company operates through three segments: Ypsomed Delivery Systems, Ypsomed Diab...
How the Company Makes Money
Ypsomed primarily makes money through two main activities: (1) Drug Delivery Device business (B2B): generating revenue by developing, supplying, and manufacturing injection devices (e.g., autoinjectors and pen injectors) and related components/con...
Ypsomed Holding AG Earnings Call Summary
Earnings Call Date:May 20, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call emphasized strong financial performance, record new project wins, accelerated service capabilities (time‑to‑clinic), and substantial strategic investments (new recyclable platforms and factory capacity). Delivery Systems achieved robust 20% revenue growth and a 33% EBIT margin, free cash generation was strong, and the balance sheet remains healthy (ROCE ~20%, net debt/EBITDA ~0.8). Management acknowledged some one‑off impairments, phased‑out contract manufacturing (modest near‑term revenue reduction), and ramp‑up/stranded costs tied to large capital projects, plus limited tariff and regional competition risks. Overall, positive operational momentum and a clear midterm outlook (CHF 0.9–1.1bn sales and CHF 280–340m EBIT by end of decade) outweigh the manageable near‑term challenges.Positive Updates
Strong Top-Line and Delivery Systems Growth
Group sales of CHF 731 million with Delivery Systems (core business) at CHF 601 million (>80% of group). Delivery Systems grew 20% year-over-year (from CHF 501m to CHF 601m).
Negative Updates
Project Revenue Slight Decline
Project revenues were CHF 86 million versus CHF 88 million prior year (≈2.3% decline), noting that reporting treatment of capacity reservation fees changed which affects comparability.
Read all updates
Q4-2026 Updates
Positive
Negative
Strong Top-Line and Delivery Systems Growth
Group sales of CHF 731 million with Delivery Systems (core business) at CHF 601 million (>80% of group). Delivery Systems grew 20% year-over-year (from CHF 501m to CHF 601m).
Read all positive updates
Company Guidance
The company guided to 12–15% sales growth next year in its core Delivery Systems (starting from a CHF 560m baseline, implying a midpoint ≈CHF 635m) and an EBIT range of CHF 210–230m (maintaining an EBIT margin above 33%); FY25/26 actuals were CHF 731m group sales (CHF 601m delivery systems, up 20% from CHF 501m), EBIT CHF 196m (33% margin), project revenue CHF 86m, operating cash flow >CHF 300m, and net debt/EBITDA ≈0.8 with equity >55%. Management reiterated the mid‑term ambition of CHF 0.9–1.1bn Delivery Systems sales and CHF 280–340m EBIT (≥30% EBIT margin) by end of the decade, ROCE around 20%, and a reduced CapEx plan of roughly CHF 1.3bn (vs. the prior CHF 1.5bn) through to year‑end 2030 with ~30% customer co‑financing; other notable metrics cited: 80 products launched +180 in pipeline (≈260 total) with a ~70% hit rate, record 44 deals in the year (≈50% biosimilars, 15 incretins), Clear‑to‑Clinic time cut from 18 to 6 months, and expected YpsoFit savings of low double‑digit millions over 3–5 years.Ypsomed Holding AG Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
72
Positive
Cash Flow
58
Neutral
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 730.98M | 748.87M | 548.46M | 497.46M | 464.84M |
| Gross Profit | 314.61M | 292.07M | 189.05M | 140.59M | 113.82M |
| EBITDA | 326.36M | 190.90M | 161.56M | 137.51M | 96.66M |
| Net Income | 221.93M | 87.50M | 78.37M | 51.27M | 23.11M |
Balance Sheet | |||||
| Total Assets | 1.35B | 1.33B | 1.10B | 861.88M | 756.91M |
| Cash, Cash Equivalents and Short-Term Investments | 28.56M | 36.49M | 74.02M | 25.22M | 17.04M |
| Total Debt | 260.77M | 267.00M | 256.00M | 157.00M | 267.00M |
| Total Liabilities | 598.46M | 650.66M | 483.66M | 299.55M | 364.37M |
| Stockholders Equity | 748.13M | 679.68M | 617.73M | 562.33M | 392.54M |
Cash Flow | |||||
| Free Cash Flow | -16.34M | -128.95M | -32.09M | -39.64M | -41.72M |
| Operating Cash Flow | 306.76M | 148.20M | 163.22M | 129.53M | 85.71M |
| Investing Cash Flow | -27.49M | -267.27M | -195.07M | -122.02M | -125.70M |
| Financing Cash Flow | -286.45M | 82.25M | 81.07M | 1.26M | 38.12M |
Ypsomed Holding AG Technical Analysis
Neutral
400.40
Price Trends
387.07
Positive
351.69
Positive
327.11
Positive
Market Momentum
4.29
Positive
47.70
Neutral
56.13
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:YPSN, the sentiment is Neutral. The current price of 400.4 is below the 20-day moving average (MA) of 405.93, above the 50-day MA of 387.07, and above the 200-day MA of 327.11, indicating a neutral trend. The MACD of 4.29 indicates Positive momentum. The RSI at 47.70 is Neutral, neither overbought nor oversold. The STOCH value of 56.13 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for CH:YPSN.
Ypsomed Holding AG Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | CHF284.80B | 23.24 | ― | 2.97% | -1.06% | 30.86% | |
74 Outperform | CHF5.20B | 24.27 | 28.54% | 1.11% | -2.39% | 154.37% | |
66 Neutral | CHF38.65B | -368.31 | ― | 0.88% | -10.77% | -114.77% | |
62 Neutral | CHF4.31B | 19.62 | ― | 3.77% | -1.37% | 8.55% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | CHF370.12M | 3,588.00 | ― | 1.11% | -6.64% | ― |
* General Sector Average
CH:YPSN
Ypsomed Holding AG
395.80
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-1.91%
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CH:LEPU
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.