Ypsomed has set ambitious growth targets for the coming years. The medtech company is aiming for sales of CHF 1 billion by 2029/30. The company announced on Monday before the start of an investor day that sales are expected to reach between CHF 0.9 and 1.1 billion. This represents roughly a doubling of turnover compared to the 2024/25 financial year (ending March). Ypsomed generated CHF 502.3 million in sales from its continuing Delivery Systems business in the past financial year. The Diabetes Care segment, the divestment of which is expected to be completed by the end of September, generated CHF 236.9 million for Ypsomed. Ypsomed is forecasting EBIT of between CHF 280 million and CHF 340 million for 2029/30, compared with just under CHF 141 million in the past fiscal year. Ypsomed's product portfolio is already geared towards “attractive megatrends” in healthcare and is benefiting from tailwinds such as growth in the homecare, biologics, and biosimilars sectors. In addition to strong growth in the area of incretins such as GLP-1, numerous therapeutic areas are also opening up sustainable growth opportunities for injection systems.

On Friday, the SMI gained 0.5 percent to 11,930 points. Of the 20 SMI stocks, 17 winners and only 3 losers were recorded. A total of 14.97 million shares were traded (Thursday: 19.92 million). Analysts at Vontobel emphasized that, given the US presence of the major Swiss pharmaceutical companies, this is likely to have only a limited impact. Novartis ended the trading day up 0.4 percent, while Roche fell 0.6 percent. Sandoz rose 0.8 percent and Galderma 0.1 percent. The clear favourites of the day were insurance stocks, which also led the way across Europe. Swiss Re headed the SMI at the end of the week with a gain of 2.3 per cent, followed by Zurich Insurance (+1.6 per cent) and Swiss Life (+1.3 per cent). UBS added 0.5 per cent. The bank “firmly” rejects the Federal Council's proposals to increase capital adequacy requirements. These are ‘extreme’ and “not in line with international standards,” UBS concluded in a statement.

Europe
European stock markets rebounded on Friday despite the announcement of new US tariffs, with investors relieved by US PCE inflation figures. The Stoxx Europe 600 index gained 0.8% to 554.5 points. In Paris, the CAC 40 rose 1% and the SBF 120 advanced 0.9%. In Frankfurt, the DAX 40 climbed 0.9%, while the FTSE 100 in London picked up 0.8%. ALSTOM (+2.6%): The rail equipment manufacturer announced on Friday that it had received an order worth around €475 million from a European customer. ESSILORLUXOTTICA (+2.1%): The Franco-Italian lens and eyewear manufacturer reported Thursday evening that the U.S. Food and Drug Administration (FDA) had granted marketing authorization for its Essilor Stellest lens to slow the progression of myopia in children. EUTELSAT (+9.3%): The satellite operator is seeking to attract other European countries to its capital, following a capital increase that will see the French and British governments acquire stakes of approximately 34% and 11%, respectively, according to its CEO in an interview with L'Agefi. “We are in very preliminary discussions,” said Jean-François Fallacher.

United States
Stocks climbed Friday, with investors looking past sticky inflation data and President Trump’s new round of tariffs. Major indexes snapped a three-day losing streak. The S&P 500 advanced about 0.6%, while the Dow gained 0.7%, or 300 points. The tech-heavy Nasdaq added 0.4%. For the week, all three indexes closed in the red. The Dow slipped 0.1%, and the S&P fell 0.3%. The Nasdaq declined 0.7%. Eli Lilly rose 1.4% following President Donald Trump’s announcement late Thursday that pharmaceutical companies would face a 100% tariff on branded or patented drugs unless they are currently building plants in the U.S. Peers AbbVie, Merck, and Amgen were also saw gains on Friday, while U.S.-listed shares of Danish drugmaker Novo Nordisk fell 0.8%. Williams-Sonoma rose 0.2%, RH declined 4.2%, and Wayfair rose 2.2%. Trump teased an impending 50% levy on imported kitchen cabinets, bathroom vanities, and associated products, as well as a 30% tariff on upholstered furniture, in a series of social media posts. Electronic Arts surged 15% after The Wall Street Journal reported, citing people familiar with the matter, that a group of investors were close to a deal to take the videogame publisher private. U.S. chip maker GlobalFoundries rose 8.4% after the Journal reported the Trump administration was weighing a new plan to dramatically reduce the country’s reliance on semiconductors made overseas. Concentrix tumbled 13% after the customer experience solutions and technology company posted fiscal third-quarter earnings that missed analysts’ estimates, and issued a disappointing outlook for the current quarter.

Asia
Positive sentiment prevailed on the stock markets in East Asia on Monday. Bucking the upward trend in the region, Tokyo's Nikkei 225 index fell 0.7 percent to 45,042 points. Japanese stocks were weighed down by the yen's appreciation against the dollar. In Shanghai, the Composite Index is now holding steady after initial losses. The Hang Seng Index in Hong Kong advances 1.3 percent. In Seoul, the Kospi climbs 1.3 percent.

Bonds
U.S. government debt yields rose last the week, despite Friday’s mixed performance. This week brings September employment data seen as fundamental to determine the Fed’s next steps. On Friday, the 2-year Treasury note yield, which climbed last week to its highest level since early September, remained stable at 3.65%. The 10-year Treasury note yield added 2 basis points to 4.19%. Traders continue to expect two additional rate reductions from the Fed in October and December.

Analysis
Vontobel lowers Kühne+Nagel target to CHF 205 (240) – Buy
Berenberg downgrades Givaudan target to CHF 3,955 (4,630) – Buy
Vontobel raises Roche target to CHF 280 (268) – Hold

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