{"date":"2026-05-27T00:00","headerImageUrl":"https://structuredproducts-ch.leonteq.com/product-news/product-homepage-banner/ypsomed2026_2_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"A Profitable Pinprick","windowTitle":"Ypsomed","category":"underlying-in-focus","title":"Ypsomed","body":"<p>Ypsomed has recently been generating significant momentum again among Swiss medtech stocks. Following its latest annual results, investors stepped in decisively: the share price at times surged markedly, confirming that the market no longer views the Burgdorf-based specialist for injection systems as merely a solid niche player, but rather as a structural growth story. There are several reasons for this: Ypsomed has continued its transformation into a focused provider of self-injection systems, closed the 2025/26 financial year with strong figures, and delivered an outlook that fuels optimism for the years ahead.<\/p>\n\n<p>First, a look at the financials: on a consolidated level, revenue declined from CHF 748.9 million to CHF 731.0 million. However, this decrease is attributable to the strategic repositioning of the company, including the sale of the diabetes care business. The key figure is therefore the continuing core business, Delivery Systems. Here, revenue rose by around 20%. Operating profit in this segment reached CHF 195.5 million, corresponding to a strong EBIT margin of 32.5%. Net profit, in particular, rose sharply: it more than doubled year-on-year to CHF 222 million. This figure includes one-off effects from the divested business units.<\/p>\n\n<div><generic-chart title=\"Ypsomed Share price (in CHF)\"> \n    <chart-line title=\"Ypsomed\" path=\"Chart_Ypsomed26.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as of: 26th May 2026<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>A Strong Order Book<\/h3>\n<p>Operationally, Ypsomed is in remarkably robust shape. The business with commercial autoinjectors developed particularly dynamically, growing by 33.6%. A key growth driver was the YpsoMate platform. At the same time, the project business remained at a high level of CHF 85.7 million. Even more important for the medium- to long-term outlook, however, is order intake: Ypsomed secured 44 new customer projects in the reporting year, a record high. This underlines that the pipeline is broadly diversified and that the company is not dependent on a single product cycle. The transformation over recent years into a pure specialist for pharmaceutical delivery systems is increasingly paying off. In pen injectors, the company is considered a leader, while in autoinjectors it ranks among the most important providers. This market is particularly attractive: products are technically complex, closely tied to drug regulations, and not easily interchangeable for pharmaceutical customers. Once an injection system is used in late-stage clinical trials, switching to another system often involves significant additional effort. This creates barriers to entry and improves predictability.<\/p>\n\n\n<div>\n<generic-chart title=\"Ebit (in CHF million) and Ebitda-Margin (in %)\">\n  <x-axis categories=\"2022/23,2023/24,2024/25,2025/26\"/>\n      <chart-column title=\"Ebit (in CHF million)\" data=\"60.6,86.2,112.9,246.1\" format=\"number\"/>\n      <chart-line title=\"Ebitda-Margin (in %)\" data=\"12.2,15.7,15.1,33.7\" format=\"number\" yAxisRight=\"true\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Refinitiv, as of: May 2026<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<p>In addition, Ypsomed is becoming increasingly global. The company is expanding its production capacities across multiple regions. The Changzhou site in China has been opened, expansion is underway in Schwerin, Germany, and investments are also being made in Switzerland. A particularly important step is the move into the United States: a first US production facility is being built in Holly Springs, North Carolina, which is expected to start operations in late 2027. This brings the company closer to its pharmaceutical customers in the world\u2019s largest healthcare market and strengthens local supply capabilities.<\/p>\n\n<h3>Bright Outlook<\/h3>\n<p>For the current 2026/27 financial year, management remains ambitious. In the Delivery Systems core business, Ypsomed targets revenue growth of 12% to 15%, with a margin of at least 33%. Medium-term targets of CHF 0.9 to 1.1 billion in revenue and EBIT of CHF 280 million to CHF 340 million for the 2029/30 financial year have been reaffirmed. One of the key growth drivers going forward is expected to be the GLP-1 market. Drugs for diabetes and obesity have become one of the most dynamic segments in global pharmaceuticals. This is relevant for Ypsomed because many of these therapies need to be administered regularly, conveniently, and reliably. This is exactly where pen and autoinjectors come in.<\/p>\n\n\n<h3>Sideways\u2026<\/h3>\n<p>Ypsomed currently presents an interesting profile: double-digit growth, high margins, a solid balance sheet, global expansion, and tailwinds from one of the most attractive pharmaceutical trends of the coming years. Analysts are also becoming more positive on the Swiss medtech stock again, with an average 12-month price target of CHF 404. However, investors do not need to take direct equity risk to achieve attractive returns. A new barrier reverse convertible with a maximum term of 15 months offers a coupon of 9.00% p.a. To achieve the maximum return, the underlying may even decline moderately. It is important that the underlying does not touch the barrier at 69% of the initial level. A soft callable feature in the structure may result in early redemption.<\/p>\n\n<h3>Callable Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;countrySpecificTitles&quot;:[],&quot;couponFrequencies&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;underlyings&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;marketVenues&quot;:[],&quot;productTypes&quot;:[],&quot;barrierTypes&quot;:[],&quot;issuers&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1493991132\\&quot;&quot;,&quot;strikeLevelRanges&quot;:[],&quot;productCategories&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;],&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;sortFields&quot;:[],&quot;productGroups&quot;:[],&quot;conditions&quot;:{&quot;&quot;:true,&quot;-_exists_:snapshot.product.in_subscription&quot;:false,&quot;+snapshot.product.attributes.extended_trading_hours:true&quot;:false,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;+snapshot.product.secondary_market:true&quot;:false},&quot;barrierLevelRanges&quot;:[],&quot;assetClasses&quot;:[],&quot;currencies&quot;:[]}\">\n                <\/SavedSearch>\n  <\/div>\n\n<h3>\u2026or using leverage for returns<\/h3>\n<p>The recent price surge - Ypsomed shares rose by more than 14% within a week\u2014has shown that investors are once again enthusiastic about the medtech stock. If the company succeeds in sustaining its high growth, the trend could continue. However, delays in drug approvals, weaker volumes from individual pharmaceutical partners, or temporarily higher ramp-up costs for capacity expansion can always lead to pullbacks. For leveraged products, the direction of the stock is not an issue; they can be used in both falling (short) and rising (long) markets. A wide range of products is available in the Leonteq product suite. Traders can choose between Warrants and Mini-Futures.<\/p>\n\n<h3>Leverage Products on Ypsomed<\/h3>\n    <div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;leverage&quot;:{&quot;min&quot;:4.84,&quot;max&quot;:11.833},&quot;underlyings&quot;:[&quot;67109199&quot;],&quot;productTypes&quot;:[&quot;PT_MINI_FUTURE&quot;],&quot;conditions&quot;:{&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:false,&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false},&quot;searchable&quot;:true}\" />\n  <\/div>\n    \n<div>\n    <ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wyd?language_id=1\" label=\"Discover our leverage products!\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-ypsomed26","investmentThemeVerticalImageUrl":"https://structuredproducts-ch.leonteq.com/product-news/sidenav-banner/ypsomed2026_2_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch.leonteq.com/product-news/thumbnail/ypsomed2026_2_leonteq-structured-products_thumbnail.jpg"}