Barclays flags structural shift to injectables, prefers devices to drug containment

Gerresheimer AG

28/04/2026 09:47

** Barclays sees the device and drug containment solutions (DCS) market as attractive, forecasting 9% growth between 2025 and 2030

** The broker prefers devices to DCS, citing stronger pricing power and greater visibility on revenue and less speculative capital allocation, which it says should translate into higher shareholder returns

** Barclays' analysis of FDA approvals since 1998 shows a clear shift toward injectable therapies over oral drugs

** Rising uptake of auto‑injectors and pre‑filled syringes (PFS) is making these sub‑segments increasingly attractive

** While opportunities span multiple therapeutic areas, autoimmune diseases and GLP‑1 therapies stand out, with the scale of GLP‑1 volumes underpinning demand across all end markets, the brokerage says

** Barclays maintains Schott Pharma 1SXP.DE at "equal-weight", saying "consensus estimates and valuation are broadly in the right place"

** The broker upgrades Ypsomed YPSN.S to "overweight" from "equal‑weight", favouring its growth outlook and market structure versus DCS players

** Barclays cuts Gerresheimer GXIG.DE to "underweight" from "equal-weight" due to structural positioning, concerns over strategy, regulatory investigation and capital structure

** Ypsomed is up 0.7%, Gerresheimer is down 4.8%

(Reporting by Amir Orusov)

((Amir.orusov@thomsonreuters.com))