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Swiss contract manufacturer (CDMO) that makes peptide-based drug ingredients, including for GLP-1 obesity/diabetes drugs.
Swiss contract manufacturer (CDMO) that makes peptide-based drug ingredients, including for GLP-1 obesity/diabetes drugs.
Is paid for development work and for manufacturing batches of peptide ingredients under supply agreements, with a few big customers accounting for much of the volume, so one customer's order shift can sway a year. Its sites in Europe and the US supply both clinical and commercial drugs.
In one line: A peptide-manufacturing CDMO like a smaller Bachem Holding.
Moat: narrow (process know-how, regulatory licence, scale). Specialized peptide synthesis capacity and regulatory-approved manufacturing are scarce amid surging GLP-1 drug demand.
Headquarters: Zug, Switzerland · Founded: 1996 · Employees: 1,469
Size PolyPeptide (PPGN.SW) is a Switzerland Health Care company (Biotechnology) with a market value of $1.62B, the 104th largest of 158 Switzerland companies the cockpit tracks. Shares closed at CHF 40.05 on 6 Nov 2026.
Performance Over six months the shares gained 6.2%, against -17.6% for the median peer and +11.6% for the Switzerland market (cap-weighted) — 3rd highest of 18 in its peer set.
Growth Revenue grew 22.1% over the last twelve months (peer median +22.5%); the operating margin is 7.0% (peer median -171.6%).
Valuation It trades at 51.3× forward earnings against a peer median of 32.0× (3rd most expensive of 7).
Capital Return on invested capital runs 0.2 points below its cost of capital (6.2% WACC).
Next results Next results expected around 9 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CHF 424M | CHF 365M | CHF 321M | CHF 311M | CHF 282M |
| Revenue growth | — | +14% | +3% | +10% | — |
| Gross profit | CHF 95.9M | CHF 59.9M | CHF 34.4M | CHF 3.12M | CHF 50.9M |
| EBITDA | CHF 73.1M | CHF 41.4M | CHF 22.3M | -CHF 10.2M | CHF 36.3M |
| Net income | CHF 13.3M | -CHF 19.8M | -CHF 18.6M | -CHF 50.0M | CHF 7.80M |
| Free cash flow | -CHF 46.1M | -CHF 28.3M | CHF 3.48M | -CHF 15.9M | -CHF 69.9M |
| Capital expenditure | CHF 96.0M | CHF 102M | CHF 82.8M | CHF 55.1M | CHF 79.1M |
| Total debt | n/a | CHF 121M | CHF 88.3M | CHF 106M | CHF 21.0M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| PolyPeptide PPGN.SW | $1.62B | +6% | +22% | 7% | 51.3× | n/a |
| Bachem BANB.SW | $7.32B | +3% | +5% | 19% | 33.1× | n/a |
| Lonza LONN.SW | $55.4B | +39% | -11% | 25% | 36.1× | 15.0% |
| Wuxi Apptec 2359.HK | $66.3B | +40% | +38% | 44% | 20.4× | 8.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | PPGN.SW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.8% | -6.7% | 10th lowest of 20 |
| 6-month return | +6.2% | -17.6% | 3rd highest of 18 |
| Distance from 52-week high | -20.1% | -42.4% | 2nd highest of 20 |
| Revenue growth (TTM) | +22.1% | +22.5% | 10th highest of 19 |
| Operating margin | 7.0% | -171.6% | 6th highest of 19 |
| Forward P/E | 51.3× | 32.0× | 3rd most expensive of 7 |
| ROIC minus cost of capital | -0.2 pp | -15.4 pp | 3rd highest of 12 |
| EV / EBITDA | 19.1× | n/a | — |
| Net debt / EBITDA | 1.0× | -3.2× | 2nd most indebted of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| PolyPeptide PPGN.SW | Switzerland | $1.62B | +6% | +22% | 7% | 51.3× | n/a | n/a |
| Precigen PGEN | United States | $1.60B | +6% | +1,875% | -46% | 6.9× | n/a | n/a |
| Wuhan Healthgen Biotechnology 688765.SS | China | $1.64B | -44% | +90% | -297% | n/a | n/a | n/a |
| Immunocore Holdings Plc Shs Sponsored American Depositary Shares Repr 1 Sh IMCR | United States | $1.60B | +5% | +20% | -5% | n/a | n/a | n/a |
| Intellia Therapeutics NTLA | United States | $1.59B | -19% | +13% | -712% | n/a | n/a | n/a |
| Zhuhai Trinomab Pharmaceutical 688806.SS | China | $1.58B | n/a | +238% | -1,196% | n/a | n/a | n/a |
| Peptron 087010.KS | South Korea | $1.67B | -63% | +16% | -427% | n/a | n/a | n/a |
| Nurix Therapeutics NRIX | United States | $1.67B | -7% | +739% | 41% | n/a | -19.0% | +36.4% |
| TLC BioSciences 7924.TWO | Taiwan | $1.57B | n/a | n/a | n/a | n/a | n/a | n/a |
| Generate Biomedicines GENB | United States | $1.68B | -4% | +56% | -737% | n/a | n/a | n/a |
| Kailera Therapeutics KLRA | United States | $1.68B | -40% | n/a | n/a | n/a | n/a | n/a |
| ANI Pharmaceuticals ANIP | United States | $1.55B | -18% | +31% | 13% | 7.6× | -4.1% | +33.5% |
| CanSino Biologics 6185.HK | Hong Kong | $1.71B | -5% | +36% | -4% | 74.9× | n/a | n/a |
| Chengdu Olymvax Biopharmaceuticals 688319.SS | China | $1.71B | -9% | +12% | 8% | n/a | n/a | n/a |
| Fujian Haixi Pharmaceuticals 2637.HK | Hong Kong | $1.53B | -41% | +25% | 33% | 48.2× | n/a | n/a |
| Nanjing Vazyme Biotech 688105.SS | China | $1.72B | +45% | +16% | -5% | 166.7× | 45.1% | -2.5% |
| Hugel 145020.KS | South Korea | $1.52B | -26% | +17% | 38% | 15.7× | -7.9% | +15.0% |
| Stoke Therapeutics STOK | United States | $1.74B | -19% | -86% | -913% | n/a | n/a | n/a |
| uniQure QURE | United States | $1.51B | -22% | +30% | -1,093% | n/a | n/a | n/a |
| Absci ABSI | United States | $1.75B | +72% | -62% | -8,411% | n/a | n/a | n/a |
| Lycia Therapeutics LYCA | United States | $1.76B | n/a | -55% | -593% | n/a | n/a | n/a |