Ypsomed's core delivery systems business delivered 17.5% sales growth in the first half of fiscal 2026/27, driven by auto-injector sales, which supported a favorable product mix and EBIT margin of nearly 36% despite ongoing capacity expansion. Shares rose 5% in trading on Nov. 11.
Ypsomed benefits from several secular growth drivers, including rising biologics development requiring injectables, expanding biosimilars, and surging GLP-1 drug demand.
Bears
Ypsomed and SHL Medical's focus on large-volume drugs could leave smaller biotech companies underserved, creating an opening for smaller competitors to gain traction.
Ypsomed, based in Burgdorf, Switzerland, develops and manufactures self-injection devices like pens, autoinjectors, and infusion systems for global pharma and biotech companies. The company shifted focus to business-to-business injection systems, divesting its diabetes care segment to supply device platforms to pharma partners.The company operates in a market driven by strong growth in biologics, biosimilars, patient self-administration, and GLP-1 therapies for obesity. To meet demand, Ypsomed has embarked on an ambitious capacity expansion program, with capital expenditure reaching approximately 50% of sales in recent years. This investment is partially derisked through customer co-financing, which aligns incentives and secures future volume commitments before launch.