Ypsomed Grows 20% in Core Business and Wins Record Number of Customer Projects

Ypsomed (SIX: YPSN) closed the financial year 2025/26 with consolidated revenue of CHF731.0m (prior year: CHF748.9m). Delivery Systems, the Company’s core business segment, reported revenue of CHF601.5m for the period (prior year: CHF502.3m), reflecting a year-on-year increase of approximately 20%.

EBIT reached CHF195.5m (prior year: CHF167.0m), corresponding to an EBIT margin of approximately 33%. At the Group level, EBIT more than doubled to CHF246.1m (prior year: CHF112.9m), partly attributable to the book gain following the disposal of the Diabetes Care business. Following the divestiture of the Diabetes Care business, Ypsomed is now fully focused on its core competency and leading position in the self-injection systems market. Ypsomed is proposing to double the dividend to CHF4.40 per share (previous year: CHF2.20).

Key highlights in financial year 2025/26

Growth of 33.6% in commercial autoinjector sales.
Successful completion of the sale of mylife Diabetes Care AG (formerly Ypsomed Diabetes Care AG) and Ypsotec AG.
Acquisition of a US manufacturing facility in Holly Springs, North Carolina.
Successful completion of the CHF 150 million share buyback program.
Launch of three new product platforms: YpsoLoop, YpsoDot, and YpsoFlow.
Launch of new ‘Clear-to-Clinic’ programme.

Ypsomed focuses on its leading position in the self-injection systems market

In financial year 2025/26, Ypsomed consistently executed on its strategic priorities. Following the divestiture of the Diabetes Care business, the company is now fully focused on its core competency: innovative self-injection systems.

Ypsomed has completed its transformation into a specialist in injection systems for the self-administration of parenteral drugs. In the past financial year, the company secured a record number of new customer projects, introduced three new product platforms, and received the CPHI Innovation Award for its fully recyclable autoinjector YpsoLoop.

Ypsomed also launched the ‘Clear-to-Clinic’ programme, which simplifies and accelerates clinical studies for pharmaceutical and biotech companies. The company is thus uniquely positioned to benefit from the growing market for self-administration solutions and the increasing adoption of biologics and biosimilars.

‘Ypsomed’s strategy is clear, we are fully committed to the self-administration market, and we are exceptionally well positioned to capitalise on the significant opportunities ahead,’ says CEO Simon Michel.

Delivery Systems revenue grows 20 %

Revenue in the Delivery Systems segment increased by CHF99.3m to CHF601.5m in the 2025/26 financial year (prior year: CHF502.3m).

Growth was driven mainly by higher autoinjector sales (up 33.6%), especially the YpsoMate 1.0ml and YpsoMate 2.25ml platforms.
The project business (now reported excluding revenues from capacity reservation fees) remained at a high level of CHF85.7m (prior year: CHF87.5m).
Particularly encouraging is the record number of 44 newly won projects. It underlines Ypsomed’s well-filled project pipeline and the strong growth momentum.
Ypsomed launched the new ‘Clear-to-Clinic’ programme, which simplifies and accelerates clinical studies for pharmaceutical and biotech customers.
With YpsoLoop, YpsoFlow, and YpsoDot, Ypsomed has introduced three new category-defining platforms, particularly with regard to sustainability and a reduced carbon footprint.
Broad-based growth spanning both originator products and biosimilars across the globe – from the US, Europe, and Japan to China and India.

Demand for Ypsomed’s injection systems continues to grow. The company is therefore expanding its global production capacities. We reached important milestones, such as the opening of the manufacturing facility in Changzhou, China.

In Germany, the expansion of Schwerin II is moving forward on schedule. Ypsomed has also acquired land and a building for a new factory in Holly Springs, North Carolina, in the US. This strengthens the company’s local production presence in the largest markets.

‘With our expanded production capacities, we are strengthening our global presence and moving closer to our goal of serving customers locally in the most important markets,’ explains Ulrike Bauer, chief business officer.

EBIT margin in core business well above 30%

On a consolidated basis across all business segments, operating profit (EBIT) reached CHF246.1m (prior year: CHF112.9m). Group EBIT comprises the following elements:

EBIT from the continuing Delivery Systems business amounted to CHF195.5m (prior year: CHF167.0m), at an EBIT margin of 32.5%, despite higher ramp-up costs and pricing effects from volume-based pricing.
The insulin pump business (from the divested Diabetes Care segment) recorded an EBIT loss of CHF6.0m for the months of April through July 2025, until completion of the sale.
EBIT in the segment Others of CHF56.3m relates mainly to the sale of the insulin pump business to TecMed AG. The sale resulted in a one-time EBIT contribution of CHF68.0m. Negative effects arose from the phase-out of pen needles and blood glucose monitoring devices, as well as book losses from the sale of Ypsotec.

Growth investments for capacity expansion on track

Cash flow from investing activities amounted to a total of CHF –27.5m (prior year: CHF –267.3m). Adjusted for the proceeds from the sale of the Diabetes Care business of CHF307.0m, Ypsomed invested CHF295.6m in property, plant and equipment (prior year: CHF205.6m).

Capacity expansion is well on track. The focus was on expanding capacity in Schwerin (DE), complemented by investments in Solothurn (CH), Changzhou (CN), and Holly Springs (USA). A further CHF27.5m was invested in the development of platforms for pens and autoinjectors (prior year: CHF71.5m; the decline reflects the absence of the research- and development-intensive Diabetes Care business).

ROCE (Return on Capital Employed) for Delivery Systems reached approximately 20%. The return on capital in the core business significantly exceeds the cost of capital. The injection systems business thus continues to generate significant shareholder value in financial year 2025/26.

The ratio of net debt to EBITDA (from continuing operations) now stands at 0.8x (prior year: 1.4x). Ypsomed therefore has a very solid balance sheet and is able to fund the upcoming organic growth and associated capacity expansion from its own resources.

Doubling of dividend proposed

In July 2025, Ypsomed distributed CHF30.0m (prior year: CHF27.3m) in dividends to its shareholders, in line with its progressive dividend policy. The Board of Directors will propose a dividend of CHF4.40 per share for financial year 2025/26 at the Annual General Meeting.

This represents a doubling compared to the prior year, when CHF2.20 per share was distributed. This corresponds to a proposed payout of approximately 35% of net profit, excluding the one-time gain from the sale of mylife Diabetes Care AG (formerly Ypsomed Diabetes Care AG) and excluding the one-time loss from the sale of Ypsotec AG.

Segment	Sales		EBIT		EBIT Margin
Financial year	2024/25	2025/26	2024/25	2025/26	2024/25	2025/26
Delivery Systems¹	502.3	601.5	167.0	195.5	33.3 %	32.5 %
Diabetes Care²	167.3	75.2	n.d.	–6.0	–	–8.0 %
Other³	96.2	71.2	n.d.	56.6	–	–
I/C Elimination⁴	–16.9	–16.9	n.d.	–	–	–
Total	748.9	731.0	112.9	246.1	15.1 %	33.7 %

Legend:

1: Delivery Systems includes Contract Manufacturing Delivery Systems.
2: The sale of the Diabetes Care business was completed at the end of July 2025. Accordingly, revenue and EBIT for Diabetes Care are reported for four months in the 2025/26 financial year.
3: Other includes the proceeds from the sale of the Diabetes Care business, Diabetes Care Contract Manufacturing, Ypsotec AG, pen needles and blood glucose monitoring devices, as well as related one-offs.
4: Eliminations of inter-segment sales. n.d.: not disclosed.

Ypsomed confirms outlook

For the 2026/27 financial year, Ypsomed aims to grow sales by 12% to 15% and reach an EBIT between CHF210m and CHF230m (no less than 33% EBIT margin) in the continuing Delivery Systems business. This excludes the Delivery Systems contract manufacturing, which is being phased out and will be reported within the segment Others for financial year 2026/27. The like-for-like revenue amounts to approximately CHF 559 million in financial year 2025/26.

Ypsomed further confirms its medium-term ambition, targeting total revenue of between CHF0.9bn and CHF1.1bn and an EBIT of between CHF280m and CHF340m in 2029/30 (EBIT margin of no less than 30%), while maintaining ROCE at approximately 20% throughout the period.