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Ypsomed Grows by 21% in the First Half of 2025/26 in the Core Business

Ypsomed Grows by 21% in the First Half of 2025/26 in the Core Business-feature-image

Ypsomed (SIX: YPSN) continued on its growth trajectory in the first half of the 2025/26 financial year, as the Delivery Systems business reached CHF266.6m of sales. This represents a 21.0% increase compared to the same period last year. The Delivery Systems EBIT surged to CHF 86.5 million, i.e. an EBIT margin of 32.4%. Including the divested Diabetes Care business and other one-off effects across all business areas, Ypsomed generated half-year sales of CHF 362.7 million and an EBIT of CHF 151.7 million. Following the divestment of the Diabetes Care business, we are increasing our focus on our core competence and market-leading position in self-injection systems.

Other noteworthy milestones achieved in the first half of the year include:

  • Substantial growth in autoinjector commercial sales of 46.2%;
  • Successfully completed the sales of Ypsomed Diabetes Care AG;
  • Filled 189 new positions worldwide, thereof 45 in Switzerland.

Additional events post half-year closing:

  • Announced the location of our new U.S. facility in Holly Springs, North Carolina, in October.
  • Successfully completed the sale of Ypsotec AG.

Ypsomed focuses on maintaining its market-leading position in injection systems

In the first half of the 2025/26 financial year, Ypsomed completed its transformation into a pure-play injection systems specialist. Following the divestment of the Diabetes Care business, we are now concentrating on our core competency: innovative self-injection systems. To this end, we offer pharmaceutical and biotech companies worldwide the highest quality self-treatment systems – solutions based on the most comprehensive and innovative platform portfolio in our industry.

“We have intentionally decided to focus on self-administration injection systems and have consistently executed this strategy over recent years. With the sale of the Diabetes Care business, we have completed the last milestone of a transformational journey. We operate in a market propelled by strong structural growth drivers – the shift to easy-to-use self-medication and the rise of biologics and biosimilars create vast growth opportunities. Thanks to our clear focus, we are ideally positioned to continue growing as the market and innovation leader,” says CEO Simon Michel.

Delivery Systems revenue grows by 21%

Group-wide half-year sales, including Diabetes Care, Ypsotec, and other one-off effects, amounted to CHF362.7m. The continued Delivery Systems business grew strongly again, by 21% compared to the same period last year, to reach CHF266.6m (prior year: CHF220.3m).

  • Growth was predominantly driven by autoinjector deliveries (increasing by 46.2%).
  • The project business (autoinjectors and pens) grew by 20.2% to reach revenue of CHF51.5m (prior year: CHF42.9m). This increase highlights Ypsomed’s robust clinical project pipeline.
  • Furthermore, the SmartPilot for the YpsoMate platform has received 510(k) approval for the US market, thereby strengthening Ypsomed’s range of digital solutions designed to improve patients’ therapy outcomes.
  • With YpsoLoop, YpsoFlow and YpsoDot, we have introduced three new ground-breaking platforms in terms of sustainability and reducing CO₂ footprint.
  • The approval and commercial launch of Mazdutide by Innovent Biologics Inc. in the YpsoMate 1.0 ml for the Chinese market – the world’s first approved GLP-1/glucagon agonist – marked a noteworthy milestone.

“Demand for our injection systems, particularly the YpsoMate 1.0 ml and 2.25 ml autoinjector platforms, continues to grow. We are expanding our global production capacity to meet growing demand for our products. We have already reached an important milestone with the opening of our plant in Changzhou, China. Next year, we will open an extension to our facility in Schwerin, and in 2027 we will open our first production plant in the USA,” explains Ulrike Bauer, chief business officer.

EBIT margin well above 30% in our core Delivery Systems business

Consolidated across all businesses and including one-off effects such as the Diabetes Care divestment proceeds, we achieved an EBIT of CHF151.7m (prior year: CHF40.5m). The Group’s operating profit (EBIT) comprises the following elements:

  • EBIT from continuing Delivery Systems business amounted to CHF86.5m, i.e. an EBIT margin of 32.4%.
  • The discontinued Diabetes Care segment recorded an EBIT loss of CHF -5.2m in the months from April to July 2025, until the completion of the sale.
  • An operating profit of CHF70.4m in other segments was mainly attributable to the sale of the Diabetes Care business to TecMed AG. The sale resulted in a one-off profit at the EBIT level of CHF74.6m. A negative effect was generated by the phase-out of the pen needles and blood glucose monitoring business, Ypsotec and contract manufacturing for the Diabetes Care business.

Capacity expansion investments on track

Cash flow from investing activities was net positive in the first half of the 2025/26 financial year, reaching CHF157.5m (prior year: CHF -129.1m), mainly thanks to the sale of the insulin pump business. The cash flow from investments was impacted by:

  • The sale of the Diabetes Care business generated a cash inflow of CHF307.0m;
  • Capital expenditure on property, plant and equipment totalled CHF126.3m (compared to CHF98.5m in the previous year). This was primarily used for capacity expansion in Schwerin, Germany. Investments were also made in Switzerland (Solothurn and Burgdorf) and in Changzhou, China.
  • Investments in intangible assets came down to CHF20.1m (prior year: CHF39.4m) to fund further development of pen and autoinjector platforms, digital health and the diabetes care business. The amount is significantly lower following the sale of the Diabetes Care business.

The net debt-to-EBITDA ratio from continuing operations over the last 12 months is now 0.3x (compared to 1.4x in the prior year). This is a testimony to Ypsomed’s robust balance sheet, which confirms we are able to finance upcoming organic growth and associated capacity expansion with our own means.

Key Segment figures (in CHF millions)

Segment Sales EBIT EBIT-Margin (%)
Half-year 2024/25 2025/26 2024/25 2025/26 2024/25 2025/26
Delivery Systems1 220.3 266.6 – 86.5 – 32.4 %
Diabetes Care2 82.3 74.7 – -5.2 – -6.7 %
Other3 22.9 37.2 – 70.4 – –
I/C Eliminations4 -1.5 -15.8 – 0 – –
Total 324.0 362.7 40.5 151.7 12.5 % 41.8 %

Legend:
1: Delivery Systems includes contract manufacturing YDS;
2: Diabetes Care sale was completed at the end of July, and thus we report 4 months of sales and EBIT for Diabetes Care;
3: Others include proceeds from the sale of the Diabetes Care business, Diabetes Care Contract Manufacturing, Ypsotec, pen needles and BGM and related one-off effects;
4: I/C Elimination of inter-segment sales;
Figures according to the restatement in the half-year report 2025/26.

Ypsomed confirms guidance

Ypsomed confirms its forecast for the 2025/26 financial year with expected revenue growth of around 20% and an EBIT between CHF190m and CHF210m in the continuing Delivery Systems business.

We also confirm our medium-term ambition to grow with the market, in order to achieve total sales of between CHF0.9 and CHF1.1bn and EBIT of between CHF280 and CHF340million in 2029/30 (no less than 30% EBIT margin), while keeping ROCE at around 20% throughout the period.

The detailed half-year report 2025/26 and further information are available at www.ypsomed.com/reports.

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