Ad hoc announcement pursuant to Art. 53 LR Ypsomed grows Delivery Systems by 17.5%, wins a record 30 new projects in HY 2026/27 and raises its FY 2026/27 guidance Burgdorf, 11.11.2026, 07:00 a.m. – Ypsomed (SIX: YPSN) delivered a strong first half of the 2026/27 financial year, its first as a pure-play injection systems specialist. Sales in Delivery Systems rose 17.5% to CHF 286.6 million. Delivery Systems EBIT reached CHF 102.3 million, a robust EBIT margin of 35.7%, even as new production lines ramp up. Reported Group sales were CHF 317.6 million and Group EBIT CHF 99.8 million. Based on the strong first half, Ypsomed raises the Delivery Systems guidance for 2026/27 to 13–16% (previously 12–15%) sales growth and an EBIT of CHF 220–240 million (previously CHF 210–230 million). 
Video statement by CEO Simon Michel Highlights of the first half year: - Delivery Systems Commercial Sales grew by 20.6%, driven by YpsoMate 1 mL and 2.25 mL;
- A record 30 new customer projects won in six months, already two-thirds of last year's full-year record of 44;
- More than 80% of autoinjector combination product* approvals in regulated markets over the past twelve months involved a YpsoMate device;
- Capacity expansion on track in Switzerland, Germany, China, and the USA.
Full focus on self-injection is paying off With pen contract manufacturing ending in November 2026, all the company's capital, talent and innovation now go into one clearly defined, high-growth market: Ypsomed proprietary injection systems for self-administered drugs. Four structural growth drivers support this market: - care moving from hospital to home, driven by greater patient convenience and significantly lower treatment costs;
- biologics taking a growing share of the pharmaceutical pipeline;
- a wave of biosimilars as biologics lose exclusivity, broadening patient access;
- the rapid rise of incretin therapies for obesity and diabetes.
"Our first half as a pure-play shows what full focus can deliver. We grew strongly, kept our margins high while ramping up new capacity, and won more customer projects than in any previous half-year. Device decisions for therapies launching in the early 2030s are being made now, and we are winning them. That gives us confidence in sustained growth well beyond 2030," says CEO Simon Michel. Exceptional commercial traction Ypsomed won 30 new customer projects in the first half, across the board, from originators and biosimilar pharma companies alike, a third with new customers. Most of them are for autoimmune therapies in emerging and developed markets. The portfolio now spans more than 280 programs: 190 in clinical development and more than 90 commercial products. They cover autoimmune, diabetes, obesity, cardiovascular, growth disorders, fertility, oncology, neurology and rare diseases. Ypsomed also takes time and risk out of its customers' development programs: Clear-to-Clinic, combined with our CliniPilot digital accessory, puts clinic-ready autoinjectors and matching placebo devices into Phase II trials and can significantly shorten time to market. By taking time and risk out of our customers' development program, we give them something they value highly: a faster, safer path to market. For a biologic, every month earlier to market means an extra month of sales under patent protection, worth far more than the device itself. The results speak for themselves. Products that are in clinical studies with our devices today drive our commercial sales of tomorrow. "Customers increasingly see our devices as a key differentiator for their medicines, because a simple, reliable injection at home is far more convenient for patients and saves significant costs for payers. Demand for YpsoMate 1 mL and 2.25 mL keeps growing, and our large-volume platforms are opening new therapy areas for self-administration. With our services, we also help customers reach the market faster, and every month gained translates into additional drug sales for our customers," explains Ulrike Bauer, Chief Business Officer. Delivery Systems sales grow by 17.5% Group sales were CHF 317.6 million (prior year: CHF 362.7 million). The difference reflects the divestments of the Diabetes Care business on 31 July 2025 and of Ypsotec AG on 31 October 2025. Sales by business: - Delivery Systems: CHF 286.6 million, up 17.5% (prior year: CHF 243.8 million).
- Commercial deliveries: CHF 242.7 million, up 20.6% (prior year: CHF 201.3 million);
- Project revenue: CHF 43.9 million, up 3.1% (prior year: CHF 42.6 million). This covers customization projects and clinical sample deliveries;
- Others: CHF 31.0 million (prior year: CHF 60.0 million), mainly contract manufacturing for pens and Diabetes Care products.
Delivery Systems EBIT margin reaches 35.7% Group EBIT was CHF 99.8 million (prior year: CHF 151.7 million), an EBIT margin of 31.4%. It comprises: - Delivery Systems: EBIT of CHF 102.3 million, up 16.8% (prior year: CHF 87.6 million). The segment's EBIT margin remained high at 35.7% (prior year: 35.9%) despite the ramp-up of new production lines;
- Others (contract manufacturing of pens and diabetes care products, pen needles and real estate): EBIT loss of CHF 2.6 million, corresponding to an EBIT margin of −8.2% (prior year: EBIT of CHF 70.1 million, including a one-off divestment gain of CHF 74.6 million).
Net profit was CHF 85.5 million, or CHF 6.50 earnings per share (prior year: CHF 4.73 per share without the divestment gain). ROCE in Delivery Systems remained at around 20%, well above the cost of capital, even at the peak of the capacity build-out. Investing in the next phase of global growth Cash flow from operating activities was CHF 116.7 million (prior year: CHF 130.4 million). Investments were: - Property, plant and equipment: CHF 129.7 million (prior year: CHF 126.3 million) mainly for capacity expansions, of which a substantial part is co-financed by customers:
- Schwerin (Germany): Schwerin II will open in 2027;
- Solothurn (Switzerland): the first phase of the modernization program is complete;
- Changzhou (China): ramp-up ongoing after opening of the site in 2025;
- Holly Springs (USA): construction of the first US plant is on schedule, and hiring has begun.
- Intangible assets: CHF 13.5 million (prior year: CHF 20.1 million including the divested Diabetes Care business), for new pen and autoinjector platforms such as YpsoFlow and YpsoLoop, and for digital health solutions;
- Earn-out: CHF 18.0 million received as the first of three instalments of the Diabetes Care earn-out.
In July 2026, Ypsomed paid a dividend of CHF 4.40 per share, double the prior year, totaling CHF 57.9 million. Net debt was CHF 300.1 million, or 1.0x last-twelve-month Delivery Systems EBITDA (31 March 2026: 0.8x). The equity ratio was 53.4%. Ypsomed can finance its growth and capacity expansion from a solid balance sheet. Segment highlights (in million CHF)1 | | Sales | EBIT | EBIT Margin |
|---|
| First half of the year | 2025/26 | 2026/27 | 2025/26 | 2026/27 | 2025/26 | 2026/27 | | Delivery Systems2 | 243.8 | 286.6 | 87.6 | 102.3 | 35.9 % | 35.7 % | | Other3 | 134.7 | 31.0 | 64.1 | –2.6 | - | –8.2 % | | I/C Elimination4 | –15.8 | - | - | - | - | - | | Total | 362.7 | 317.6 | 151.7 | 99.8 | 41.8 % | 31.4 % |
Legend: 1. Figures are unaudited Swiss GAAP FER and restated as described in the half-year report 2026/27 (note 4).
2. Delivery Systems: prior-year figures are restated; pen contract manufacturing has been reclassified from Delivery Systems to Others.
3. Others: include contract manufacturing for pens and Diabetes Care products, residual pen needle business and non-operating properties. The prior year also included Ypsotec, blood glucose monitoring and the CHF 74.6 million divestment gain.
4. Elimination of inter-segment sales. Ypsomed raises its guidance for the FY 2026/27 Based on the strong first half, Ypsomed now expects for Delivery Systems in the 2026/27 financial year: - Sales growth of 13–16% (previously 12–15%), corresponding to sales of CHF 630–650 million (previously CHF 625–645 million);
- EBIT of CHF 220–240 million (previously CHF 210–230 million), corresponding to an EBIT margin above 33%.
Ypsomed confirms its 2029/30 ambition: to reach total sales of CHF 0.9–1.1 billion and EBIT of CHF 280–340 million, with a ROCE of around 20% throughout the period and an EBIT margin above 30% in every scenario. With a growing pipeline of clinical projects, Ypsomed is well positioned to sustain strong growth even beyond 2030. The detailed half-year report 2026/27 and further information are available at https://www.ypsomed.com/en/investors/financials/financial-publications. * Non-captive autoinjector combination product approvals by biopharma companies headquartered in developed markets. |
