Ypsomed Holding AG (CH:YPSN)
:YPSN
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Ypsomed Holding AG
(YPSN)
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Rating:77Outperform
Price Target:
CHF378.00
▲(22.93% Upside)
Action:Reiterated
Date:05/21/26
The score is driven primarily by solid financial performance (strong profitability and operating cash flow, with moderate leverage) tempered by persistently negative free cash flow and a recent revenue decline. Valuation is supportive due to a low P/E, and the earnings call adds confidence via upbeat guidance and strong commercial momentum, while technicals show a strong uptrend but appear extended (high RSI/Stochastics).
Positive Factors
Stable, recurring Delivery Systems revenue base
Delivery Systems provide a durable, high-share revenue stream (over 80% of group), backed by customer partnerships, repeat manufacturing and consumables. A diversified client base (>130 customers, top customer <15%) increases revenue visibility and reduces concentration risk over the medium term.
Negative Factors
Persistent negative free cash flow
Sustained negative free cash flow indicates ongoing heavy investment and/or working‑capital demands that consume cash despite strong operating cash generation. Over the medium term this constrains financial flexibility, may limit buybacks/dividends, and requires careful funding or customer co‑financing to avoid balance sheet strain.
Read all positive and negative factors
Positive Factors
Negative Factors
Stable, recurring Delivery Systems revenue base
Delivery Systems provide a durable, high-share revenue stream (over 80% of group), backed by customer partnerships, repeat manufacturing and consumables. A diversified client base (>130 customers, top customer <15%) increases revenue visibility and reduces concentration risk over the medium term.
Read all positive factors
Ypsomed Holding AG (YPSN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF4.74B
Dividend Yield0.67%
Average Volume (3M)17.31K
Price to Earnings (P/E)17.0
Beta (1Y)0.68
Revenue Growth-2.39%
EPS Growth154.37%
CountryCH
Employees2,600
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)16.31
Shares Outstanding13,649,739
10 Day Avg. Volume12,508
30 Day Avg. Volume17,306
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
CHF342.00Price Target Upside11.22% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)13.51
Revenue Forecast (FY)CHF710.41M
Ypsomed Holding AG Business Overview & Revenue Model
Company Description
Ypsomed Holding AG is a Swiss medical technology firm specializing in the development, manufacturing, and global distribution of advanced injection and infusion systems, primarily serving pharmaceutical and biotechnology companies. The enterprise ...
How the Company Makes Money
Ypsomed primarily makes money by selling medical-device products and related services in two main areas: (1) Drug Delivery Systems and (2) Diabetes Care. In Drug Delivery Systems, the company generates revenue by developing, industrializing, and m...
Ypsomed Holding AG Earnings Call Summary
Earnings Call Date:May 20, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Nov 18, 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
Positive
307.50
Price Trends
309.28
Positive
300.65
Positive
320.34
Positive
Market Momentum
12.63
Positive
60.35
Neutral
69.14
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:YPSN, the sentiment is Positive. The current price of 307.5 is below the 20-day moving average (MA) of 343.00, below the 50-day MA of 309.28, and below the 200-day MA of 320.34, indicating a bullish trend. The MACD of 12.63 indicates Positive momentum. The RSI at 60.35 is Neutral, neither overbought nor oversold. The STOCH value of 69.14 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CH:YPSN.
Ypsomed Holding AG Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | CHF4.74B | 17.03 | 27.15% | 0.67% | -2.39% | 154.37% | |
64 Neutral | CHF2.68B | 30.83 | 23.76% | 0.45% | 13.93% | 28.92% | |
62 Neutral | CHF26.24B | 38.33 | 3.69% | 0.44% | -3.08% | -33.39% | |
62 Neutral | CHF3.02B | 17.38 | 15.79% | 0.51% | 2.57% | 4.31% | |
61 Neutral | CHF1.90B | -17.16 | 4.57% | 2.31% | -5.54% | -264.90% | |
61 Neutral | CHF4.21B | 23.22 | ― | 2.36% | 5.47% | -0.96% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
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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.