Berenberg Starts Ypsomed at Buy on Growth in Pen System, Autoinjector Market

08:22 AM EDT, 10/13/2026 (MT Newswires) -- Berenberg started coverage of Ypsomed Holding (YPSN.SW) with a buy rating and a price target of 450 francs, saying the company is "well positioned" to outpace structural growth in the global market for pen systems and autoinjectors. "We expect the global market for pen systems and autoinjectors to grow at a CAGR of above 10% over 2024-35E," according to a Tuesday note. "As a pure-play self-injection specialist, we believe Ypsomed is well positioned to outgrow this structural growth, underpinned by its established track record and expertise, scalable platform (offering both pen injectors and autoinjectors, as well as on-body devices and digital solutions) and continued innovation." On the financials side, Berenberg expects sales in the Swiss injection pen manufacturer's Delivery Systems segment, excluding contract manufacturing, to rise by 13.5% in fiscal 2027, backed by "strong ramp-up launch visibility." Analysts also expect sales in that segment to reach 957 million francs in fiscal 2030, implying a compound annual growth rate of 16.6%, driven by volume scaling and the conversion of a broad base of 180 clinical projects. "Following successive earnings revisions and a c13% share price correction, the stock now trades at 16.7x EV/EBITDA 2027/28E, in line with its three-year average. We derive a fair value of CHF450 based on our three-stage DCF model, which offers upside of c25%," analysts added.