Ypsomed Holding Ag · SIX:YPSN
Ypsomed — Investor Day (September 2025)
84 slides from Ypsomed's investor day presentation, Sep 29, 2025
Slide 1: Ypsomed Capital Markets Day
Ypsomed Capital Markets Day Schwerin, 29 September 2025
Slide 2: Important notices
Important notices The information contained in this document has not been verified by an independent source. It should be taken with caution, and no assurance or guarantee is given (either explicit or implied) regarding the fairness, accuracy, completeness or correctness of the information or opinio
Slide 3: Agenda (1/2)
Agenda (1/2) Insights sessions Time Description Simon Michel, CEO 11:45 Shaping the future of selfcare: Ypsomed's clear strategic focus Ulrike Bauer, CBO 12:15 Strong tailwinds in our markets including incretins Lunch break 12:45 Lorenzo Biasio, Head of Market 13:30 Insights from market intelligence
Slide 4: Agenda (2/2)
Agenda (2/2) Insights sessions Time Description Samuel Kuenzli, CFO 14:45 Strong financial fundamentals Simon Michel & Samuel Kuenzli 15:15 Q&A and wrap-up Factory Tour 15:45 Visiting Schwerin I and Schwerin II sites Transfer 17:15 Transfer to Speicher Hotel, check-in 18:45 Transfer from Speicher Ho
Slide 5: Shaping the future of selfcare: Ypsomed's clear strategic focus
Shaping the future of selfcare: Ypsomed's clear strategic focus Simon Michel, CEO and Member of the Board of Directors
Slide 6: Welcome to Schwerin
Welcome to Schwerin 6 | Ypsomed Capital Markets Day 2025 PUBLIC
Slide 7: Who you will meet today
Who you will meet today Simon Michel Ulrike Bauer Lorenzo Biasio Jakob Lange Ralph Fasler Samuel Künzli CEO CBO Head of Market Head of Head of CFO Intelligence Account & BD Manufacturing 7 | Ypsomed Capital Markets Day 2025 PUBLIC
Slide 8: We wish to convey five key messages today
We wish to convey five key messages today 1 Ypsomed has clear strategic priorities 2 Ypsomed is exposed to high-growth markets 3 Ypsomed never stops innovating for and with its customers 4 Ypsomed is expanding globally with a strong focus on operational excellence 5 Ypsomed stands on solid financial
Slide 9: We wish to convey five key messages today
We wish to convey five key messages today 1 Ypsomed has clear strategic priorities 2 Ypsomed is exposed to high-growth markets 3 Ypsomed never stops innovating for and with its customers 4 Ypsomed is expanding globally with a strong focus on operational excellence 5 Ypsomed stands on solid financial
Slide 10: Our purpose is to make selfcare simpler and easier
Our purpose is to make selfcare simpler and easier 10 | Ypsomed Capital Markets Day 2025 PUBLIC
Slide 11: Ypsomed benefits from strong market growth drivers
Ypsomed benefits from strong market growth drivers 11 | Ypsomed Capital Markets Day 2025 PUBLIC
Slide 12: Ypsomed's core strategic priorities
Ypsomed's core strategic priorities Become pure- Adapt to maturing Lead in Build global but play injection industry innovation local capacity specialist 12 | Ypsomed Capital Markets Day 2025 PUBLIC
Slide 13: Recap: Our journey of divestments to become more focused
Become pure-play Adapt to maturing Build global but Lead in innovation injection specialist industry local capacity Recap: Our journey of divestments to become more focused 2022 Transformation from matrix to business areas with Ypsomed Next 2023 Completion of the sale of the DiaExpert retail busines
Slide 14: Starting point of new Ypsomed as pure-play injection specialist
Become pure-play Adapt to maturing Build global but Lead in innovation injection specialist industry local capacity Recap: Starting point of new Ypsomed as a pure-play subcutaneous injection specialist after YDC divestment YDC is evolving Ypsomed is evolving into into a pure a pure B2B company that
Slide 15: Our ecosystem
Become pure-play Adapt to maturing Build global but Lead in innovation injection specialist industry local capacity Our ecosystem Manuf. Drug Distribution & Value Drug Product Substance Commercial Chain Offering: Components Containers Devices Services Product / Technologies • Caps • Syringes Autoinj
Slide 16: Ypsomed's resilient business model and winning arguments
Become pure-play Adapt to maturing Build global but Lead in innovation injection specialist industry local capacity Ypsomed's resilient business model and winning arguments 16 | Ypsomed Capital Markets Day 2025 PUBLIC
Slide 17: Product lifecycle and maturation put pressure on older platform prices
Become pure-play Adapt to maturing Build global but Lead in innovation injection specialist industry local capacity The product lifecycle and maturation process puts some pressure on the prices of older platforms, highlighting the need for continued innovation Market maturation phases Price Volume I
Slide 18: Innovation for and with our customers builds the broadest portfolio
Become pure-play Adapt to maturing Build global but Lead in innovation injection specialist industry local capacity Innovation for and with our customers allows us to build the broadest global portfolio for pens and autoinjectors Making innovation part of our DNA... …allows us to build a leading por
Slide 19: Sustainability as a focus for innovation
Sustainability as a focus for innovation 19 | Ypsomed Capital Markets Day 2025 PUBLIC
Slide 20: Expanding local for local to 1 billion devices capacity
Become pure-play Adapt to maturing Build global but Lead in innovation injection specialist industry local capacity We are expanding local for local, to install 1 billion devices capacity by the beginning of the next decade Installed capacity beginning of next decade Illustrative 1 billion devices C
Slide 21: Global manufacturing footprint, producing local for local
Become pure-play Adapt to maturing Build global but Lead in innovation injection specialist industry local capacity Ypsomed builds a global manufacturing footprint, producing local for local North America Schwerin (D) Schwerin II (D) opening 2027 opening 2026 Burgdorf HQ (CH) Solothurn (CH) Burgdorf
Slide 22: We wish to convey five key messages today
We wish to convey five key messages today 1 Ypsomed has clear strategic priorities 2 Ypsomed is exposed to high-growth markets 3 Ypsomed never stops innovating for and with its customers 4 Ypsomed is expanding globally with a strong focus on operational excellence 5 Ypsomed stands on solid financial
Slide 23: Strong tailwinds in our markets including incretins
Strong tailwinds in our markets including incretins Ulrike Bauer, Chief Business Officer
Slide 24: Delivery device market driven by four structural trends
The delivery device market is here to stay, driven by four structural trends Market growth drivers Selfcare – treatment moving home Biologics – large molecules need to be injected Biosimilars – loss of exclusivity leads to market expansion Incretins – class of weight loss medications 24 | Ypsomed Ca
Slide 25: A sizeable and fast-growing market
We operate in a sizeable and fast-growing market Global market for autoinjectors and pens CAGR 2,000 Ypsomed focus 27 % in million units 1,500 1,000 4% 500 Captive 2022 2023 2024 Non-Captive Source: Ypsomed Market Intelligence, based on IQVIA MIDAS 25 | Ypsomed Capital Markets Day 2025 PUBLIC
Slide 26: Incretin market expected to continue strong growth
The incretin market is expected to continue on its strong growth trajectory Revenue consensus for global incretin market (GLP-1 & others) 250 200 150 18 % in billion USD 100 50 0 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Source: Bloomberg Consensus 26 | Ypsomed Capit
Slide 27: Incretins indicated for a wide array of conditions
Incretins as a class are indicated for a wide array of conditions, with many more indications currently being researched FDA approved indications today Future research and label extensions direction Type 2 Diabetes (T2D) Heart Failure Weight Management (Obesity / Overweight) Alzheimer’s Disease Card
Slide 28: Sales foundation outside incretins; incretins strongest growth driver
Ypsomed built its sales foundation outside incretins, but they will be the strongest growth driver with currently 47 clinical projects with 34 clients in pipeline Commercial sales Commercial sales FY 2024/25 Illustrative mid-term Non-incretins Incretins 28 | Ypsomed Capital Markets Day 2025 PUBLIC
Slide 29: Wide array of therapeutic areas, clients and modalities
We serve a wide array of therapeutic areas, clients and modalities: >230 clinical and commercial programs with 130 clients No. accounts 77 No. clinical projects 40 40 No. commercial products diseases Obesity/ incretins vascular Insulin Oncology Autoimmune therapies Neurology Infectious Diabetes/ Dia
Slide 30: A market with substantial barriers to entry at scale
A market with substantial barriers to entry at scale Substantial engineering know-how Track record and client trust Barriers to Quality and regulatory requirements market entry Patent landscape Capital intensity 30 | Ypsomed Capital Markets Day 2025 PUBLIC
Slide 31: Uniquely positioned to answer self-injection needs
Ypsomed is uniquely positioned to answer the self-injection needs of pharma and patients Ypsomed's broad Positioned to answer product portfolio self-injection needs Disposable pen Reusable pen Small-volume autoinjector Large-volume autoinjector On-body injector Digital therapy management solutions 3
Slide 32: Ypsomed has delivered a solid track record
Ypsomed has delivered a solid track record Pens Autoinjectors Obesity Diabetes Asthma Oncology Fertility Atopic Dermatitis Osteoporosis 70+ Growth Disorders Obesity ATTR Amyloidosis Psoriasis Hypercholesterolemia Rheumatoid Arthritis Products Osteoporosis Inflammatory B
Slide 33: Preferred partner for Biotechs and Pharma
Ypsomed is the preferred partner for Biotechs and Pharma Innovation Platforms Operational Responsibility Excellence The most Highest Deliver with best- Sustainability comprehensive standardization, in-class execution and social & innovative minimization thanks to long commitment are platform portfol
Slide 34: We wish to convey five key messages today
We wish to convey five key messages today 1 Ypsomed has clear strategic priorities 2 Ypsomed is exposed to high-growth markets 3 Ypsomed never stops innovating for and with its customers 4 Ypsomed is expanding globally with a strong focus on operational excellence 5 Ypsomed stands on solid financial
Slide 35: Insights from market intelligence – pharma & biotech trends
Insights from market intelligence – pharma & biotech trends Lorenzo Biasio, Head of Market Intelligence
Slide 36: A sizeable and fast-growing market
We operate in a sizeable and fast-growing market Global market for autoinjectors and pens CAGR 2,000 Ypsomed focus 27 % in million units 1,500 1,000 4% 500 Captive 2022 2023 2024 Non-Captive Source: Ypsomed Market Intelligence, based on IQVIA MIDAS 36 | Ypsomed Capital Markets Day 2025 PUBLIC
Slide 37: Competing in the faster-growing non-captive segment
As a platform company, Ypsomed competes in the faster-growing non- captive segment Global market for pens Global market for autoinjectors CAGR 600 CAGR 1,500 20 % 400 34 % in million units in million units 1,000 1% 200 500 21 % 0 0 2022 2023 2024 2022 2023 2024 Captive Non-Captive Captive Non-Captiv
Slide 38: Incretins device market opening to non-captive devices
Ypsomed's market in incretins is only now starting to open up as innovators and biosimilar without proprietary device IP emerge Incretins device market by device origin (volumes) Illustrative CAGRNon-Captive = ~ 2x CAGRTotal market Non-Captive Captive 2025 2030 2035 Source: Ypsomed Market Intelligen
Slide 39: Orals vs injectables in incretins treatment
Orals have a relevant place in incretins treatment, but injectables have substantial benefits and are thus here to stay Oral incretins Injectable incretins Oral convenience Easy-to-use, QW dosing, tentative QM1 Supply chain, storage & transport Drug efficacy Daily dosing (intake instructions/fasting
Slide 40: Sizeable, fast-growing self-medication subsegments
Outside the intensely scrutinized incretins space and the large insulin field, we see sizeable and fast-growing self-medication market subsegments Incretins >100m Insulin Size of delivery device Autoimmune market today [units] Hormone Tx >15m Cardiovascular Neurology 0−15m Oncology Rare Diseases Gro
Slide 41: Biosimilars opportunity as molecules face Loss of Exclusivity
The biosimilars opportunity is substantial as ever more molecules face Loss of Exclusivity 270m 27 …which represented a 2024 volume Prefilled pens 260m subcutaneously of… delivered molecules facing Loss of Exclusivity 2025-35 Autoinjectors Source: Ypsomed Market Intelligence, based on IQVIA MIDAS 41
Slide 42: Delivery Systems growth not limited to injectable drug innovation
Looking ahead: Delivery Systems growth is not limited to injectable drug innovation; there are several vectors that Ypsomed can influence New injectable drug development Broader injectables market 4 ~50 bn ampoules, vials, infusions, PFS, cartridges 470+ molecules delivered in PFS / cartridges 3 ~5.
Slide 43: We wish to convey five key messages today
We wish to convey five key messages today 1 Ypsomed has clear strategic priorities 2 Ypsomed is exposed to high-growth markets 3 Ypsomed never stops innovating for and with its customers 4 Ypsomed is expanding globally with a strong focus on operational excellence 5 Ypsomed stands on solid financial
Slide 44: Pioneering healthcare solutions
Pioneering healthcare solutions Dr Jakob Lange, Head of Account & Business Development
Slide 45: Mission critical partner from Phase II onward
Ypsomed is a mission critical partner for injection systems, supporting pharma & biotech clients from Phase II clinical studies onward Discovery Clinical trial development Delivery & LCM Discovery & Phase I Phase II Phase III Commercial Phase IV and LCM Pre-Clinical Decision on Device Lifecycle Phar
Slide 46: Earlier engagement with pharma with more focus on innovation
As the pharma industry sees devices as more strategically relevant, Ypsomed engages with them earlier and with more focus on innovation Discovery Clinical trial development Delivery & LCM Discovery & Phase I Phase II Phase III Commercial Phase IV and LCM Pre-Clinical Decision on Device Lifecycle Pha
Slide 47: From platforms to product variants: speeding up time to market
From platforms to product variants: speeding up time to market 47 | Ypsomed Capital Markets Day 2025 PUBLIC
Slide 48: Our broad device portfolio
Our broad device portfolio 48 | Ypsomed Capital Markets Day 2025 PUBLIC
Slide 49: A diverse team driving our innovation portfolio
A diverse team of 40 core members is driving our innovation portfolio Strategy & Key performance indicators Market Intelligence 32 ongoing innovation projects Engineering 1,614 patents in 30 countries 412 sticky notes per workshop, 2 ideas worth keeping Digital Innovation 4 weeks to build th
Slide 50: Pharma device need mapping
Pharma device need mapping High To what extent does this device align with your Level of Interest Medium future portfolio needs? How time-sensitive is the need for this device concept based on your pipeline priorities or strategic objectives? Low Sense of Urgency Low Medium High 50 | Ypsomed Capital
Slide 51: Key pharma needs now and our portfolio
High-dosage, interchangeability, sustainability and usability are the key pharma needs now, and we are servicing them with our portfolio High High viscosity, high volume Sustainability YpsoMate 2.25 ml / Pro YpsoLoop Interchangeability Usability YpsoMate 1.0 ml Level of Interest Medium all devices U
Slide 52: Our device portfolio is tailored to pharma needs
Our device portfolio is tailored to pharma needs Innovation Evolution 52 | Ypsomed Capital Markets Day 2025 PUBLIC
Slide 53: We announce three new platform concepts in 2025
We announce three new platform concepts in 2025 1 YpsoFlow 2 YpsoDot 3 YpsoLoop 1 2 3 53 | Ypsomed Capital Markets Day 2025 PUBLIC
Slide 54: Device share of CO2 equivalent of an injectable product
The device accounts for 10 – 15 % of the CO2 equivalent of an injectable combination product, and we include all possible levers for reduction CO2 equivalent by process step Illustrative for a Peptide-like product in YpsoMate 1.0 ml 10 − 15 % Logistics ~25 % Transport, 8 − 19 % FF & A&P Waste 10 − 1
Slide 55: Recycling: take-back and recycling program outline
Recycling is the latest step in a journey towards sustainable devices: outline of a take-back and recycling program Collection & return Sorting & mechanical preparation Recycling in manufacturing 100 % Used Shredding Sorting by Extrusion & Recyclate Device production device material types pelletizat
Slide 56: We wish to convey five key messages today
We wish to convey five key messages today 1 Ypsomed has clear strategic priorities 2 Ypsomed is exposed to high-growth markets 3 Ypsomed never stops innovating for and with its customers 4 Ypsomed is expanding globally with a strong focus on operational excellence 5 Ypsomed stands on solid financial
Slide 57: Operational excellence meets growth at Ypsomed
Operational excellence meets growth at Ypsomed Ralph Fasler, Head of Manufacturing
Slide 58: Best-in-class, fully automated production for high platform-variety
Best-in-class, fully automated production for high platform-variety >40 years of experience Lean Principle: efficient semi- manual and automated assembly Fully integrated vertical production Cleanroom Classes ISO 8 GMP D 58 | Ypsomed Capital Markets Day 2025 PUBLIC
Slide 59: Global standards and scalability as factors for success
Global standards and scalability as factors for success >250 Injection Molding Machines 5 types of assembly lines: flexible and high-runners Standardized production blueprint 12 standardized job profiles globally 59 | Ypsomed Capital Markets Day 2025 PUBLIC
Slide 60: Global manufacturing footprint and further expansion
Ypsomed has a global manufacturing footprint, and we expand further North America Schwerin (D) Schwerin II (D) opening 2027 opening 2026 Burgdorf HQ (CH) Solothurn (CH) Burgdorf (CH) Burgdorf (CH) Suzhou (CN) Changzhou (CN) (Contract Manufacturer) 60 | Ypsomed Capital Markets Day 2025 PUBLIC
Slide 61: Expanding in the US and Schwerin to 1 billion devices
We are expanding primarily in the US and in Schwerin, with the aim of installing 1 billion devices capacity by the beginning of the next decade Installed capacity beginning of next decade Illustrative 1 billion devices CH (Solothurn / Burgdorf) CN (Changzhou) DE (Schwerin) US 61 | Ypsomed Capital Ma
Slide 62: Limited US-tariffs impact, even without a US site
Limited US-tariffs impact, even without a US site 5−6% of Ypsomed products Incoterm FCA shipped directly to the US Customers oversee (currently 100% from supply chain and Swiss sites) logistics 62 | Ypsomed Capital Markets Day 2025 PUBLIC
Slide 63: We accelerate our timeline to expand to the US
We accelerate our timeline to expand to the US H1 2028: Commercial products shipped from US site Q4 2027: Opening of site October 2025: Location announcement 63 | Ypsomed Capital Markets Day 2025 PUBLIC
Slide 64: How we industrialize 1 billion devices
How we industrialize 1 billion devices until the beginning of the next decade Local for local Lean setup Smart capacity Life sciences planning hub CH/EU for Europe Highest Rigorous planning Site location and RoW standardization, before adding based on talent China for China minimization capacity ava
Slide 65: Ypsomed China Manufacturing in Changzhou: local for local
Ypsomed China Manufacturing in Changzhou: local for local 65 | Ypsomed Capital Markets Day 2025 PUBLIC
Slide 66: Lean and modular set-up: plants planned for generic value streams
Lean and modular set-up: plants are planned for generic value streams 2028+ 2026 2024 2022 2020 66 | Ypsomed Capital Markets Day 2025 PUBLIC
Slide 67: Versatile and modular manufacturing set-up
Ypsomed has a versatile and modular manufacturing set-up Flexible lines High-runners • Shortest changeover • Slower change times between Optimize between customers customers balance between • Very high parts per flexibility and • Medium parts per minute (PPM) yield production output minute (PPM) yie
Slide 68: We are successful thanks to exceptional people
We are successful thanks to exceptional people 700+ manufacturing employees Here to stay: long tenure >100 apprentices in 12 professions ~75 % of apprentices stay on 68 | Ypsomed Capital Markets Day 2025 PUBLIC
Slide 69: Ypsomed academy as a factor for success in global ramp-up
Ypsomed academy as a factor for success in global ramp-up 12 >40 12 Standard roles Training modules Weeks exchange for operators, for injection in existing site for maintenance, molding, assembly, production leaders engineering, QC, and and workers of leadership leadership new site 69 | Ypsomed Capi
Slide 70: Ypsomed Schwerin – 40 years of experience
Ypsomed Schwerin – 40 years of experience and best in class standards integrated in one site 70 | Ypsomed Capital Markets Day 2025 PUBLIC
Slide 71: We wish to convey five key messages today
We wish to convey five key messages today 1 Ypsomed has clear strategic priorities 2 Ypsomed is exposed to high-growth markets 3 Ypsomed never stops innovating for and with its customers 4 Ypsomed is expanding globally with a strong focus on operational excellence 5 Ypsomed stands on solid financial
Slide 72: Strong financial fundamentals
Strong financial fundamentals Samuel Künzli, CFO
Slide 73: Delivery Systems achieved significant topline growth in 5 years
Ypsomed Delivery Systems business achieved significant topline growth in the last 5 years Net sales Benefiting from tailwinds in several key Historical segments Key areas of growth include 501 +24 % Autoimmune, Rare Disease, Diabetes 385 and Hormones in million CHF 308 259 High-runners include Y
Slide 74: Significant clinical project revenue paving way to commercial sales
Ypsomed secured significant clinical project revenue, paving the way to future commercial sales Net sales Project revenue insights Historical +20% 399 102 501 Project revenue emanate from clinical 548.5 devices and customization 311 74 385 Clinical project revenues define the mid-term sales in m
Slide 75: Ypsomed enjoys a unique topline visibility
Ypsomed enjoys a unique topline visibility CHF Typical Indexation Co- Majority of Listing as contract for major investment contracts combination duration of cost blocks by customers in CHF product ~10 years (plastic, to share risks (natural 21 CFR FDA energy, and align hedge) (US) labor) interests 7
Slide 76: Broad therapeutic area exposure
Ypsomed enjoys broad therapeutic area exposure… Commercial sales by therapeutic area FY 2024/25 Illustrative Diabetes, Obesity Autoimmune Diabetes, Insulin Hormone Therapies Neurology Cardiovascular Rare Diseases Oncology Infectious Diseases 76 | Ypsomed Capital Markets Day 2025 PUBLIC
Slide 77: A diversified customer base
… and a diversified customer base Commercial sales by customer FY 2024/25 Balanced customer exposure in Illustrative commercial sales >130 customers of which ~30 in incretins No customer contributes >15 % of commercial revenue 77 | Ypsomed Capital Markets Day 2025 PUBLIC
Slide 78: High EBIT margins driven by differentiation and innovation
Ypsomed high EBIT margins driven by differentiation and innovation High margin today Tomorrow’s margin drivers Mission critical part for our customers, Phase out CM / focus on own products high quality requirements prevail Economies of scale Focus on innovation and R&D implies high differentiati
Slide 79: Balanced and disciplined capital allocation strategy
Ypsomed pursues a balanced and disciplined capital allocation strategy Capex R&D Dividends M&A Ambition Cash deployment Growth investments Development of the Excess cash to be Continuous in capacity expansion next generation of returned to our technology and market in Schwerin (DE), autoinjector and
Slide 80: Capacity extended ahead to enable future growth
Capacity extended ahead to enable and harness future growth Growth capex program of CHF 1.5 billion Capital intensity Illustrative, total fixed assets investments Phasing of investment slightly frontloaded due to Schwerin and US Approved investment includes significant customer upfront capex in
Slide 81: We invest CHF 1.5 per CHF 1 annual additional revenue
Capacity extended ahead to harness future growth – we invest CHF 1.5 per CHF 1 annual additional revenue in coming years Capex dynamics for a new production site Insights Illustrative Up to two years for production ramp-up 1.5:1 Capex to Sales Ratio >20 % IRR Year 1 Year 2 Year 3 Year 4 Year 5
Slide 82: Positive Free Cash Flow expected in 3 years
Positive Free Cash Flow expected in 3 years Free Cash Flow Considerations Illustrative Strong operating Cash Flow generation Positive Free Cash Flow in next 3 years Healthy Balance Sheet with Net debt / EBITDA at 1.4x 2023/24 2024/25 2025/26 2026/27 2027/28 2028/29 2029/30 82 | Ypsomed Capital
Slide 83: Ypsomed is set to continue to grow significantly
Ypsomed is set to continue to grow significantly Net Sales Mid-term ambition (FY 2029/30) Illustrative CHF 0.9 − 1.1 billion sales in Delivery Systems CHF 280 − 340 million EBIT Stable ROCE (~20 %) (all years) Note: Graph is purely conceptual to outline trends 2028/29 2025/26 2026/27 2027/28 2
Slide 84: We will now head to the factory tour
We will now head to the factory tour