Healthcare review
Healthcare supported by strong Surgery growth and solid Dental performance, while Drug Delivery second-source impact continues as expected
Our Healthcare segment comprises the Dental, Drug Delivery and Surgery business units, which develop, manufacture and market a broad range of delivery and application systems, including dispensers, cartridges, mixers, tips, syringes, pen injectors and auto-injectors. These products enable safe, precise and efficient mixing and delivery of dental materials, pharmaceuticals and biomaterials across a wide range of healthcare applications.
In the Dental business unit, our products are used in prosthetics, restoratives, anesthetics and aesthetics procedures, as well as specialty applications including endodontics and periodontics. In Drug Delivery, our pen injectors and auto-injectors support the administration of therapies for diabetes, fertility, growth hormone deficiency, osteoporosis and other chronic diseases. In Surgery, our delivery and mixing systems are used by tissue banks and medical device OEMs for the storage, preparation, mixing and delivery of biomaterials across a variety of applications including bone repair, wound healing, hemostasis and surgical sealants.
Revenue by business unit and gross profit
January 1 – June 30
millions of CHF | 2026 | +/–% change | +/–% organic2) | 2025 | ||||
Dental | 59.4 | –0.9% | 1.5% | 59.9 | ||||
Drug Delivery | 16.5 | –16.8% | –13.8% | 19.9 | ||||
Surgery | 10.3 | 25.0% | 31.6% | 8.3 | ||||
Total revenue Healthcare (HC) 1) | 86.3 | –2.0% | 0.8% | 88.1 | ||||
Cost of goods sold Healthcare (HC) | –39.2 | 5.0% | –41.3 | |||||
Gross profit Healthcare (HC) | 47.1 | 0.6% | 46.8 | |||||
Gross profit margin Healthcare (HC) | 54.6% | 53.1% |
1)Revenue from external customers.
2)Adjusted for acquisition and currency effects.
Revenue by business unit
H1 2026
Revenue by business unit
H1 2025
Dental – Continued growth driven by core categories
The Dental business unit generated revenues of CHF 59.4 million in the first half of 2026, representing an increase of 1.5% compared to the same period last year. This growth was achieved despite an exceptionally strong first half of 2025, which benefited from customer driven acceleration of orders in anticipation of tariffs and a project milestone payment. Growth was supported by continued demand for our cementation and restorative solutions, which more than offset the ongoing structural decline in the impressions category as dental workflows increasingly transition towards digital technologies.
We also continue to benefit from a well‑diversified portfolio and recently launched our next‑generation syringe platform, FleXaTM.
Drug Delivery – Pipeline momentum continues
The Drug Delivery business unit generated revenues of CHF 16.5 million in the first half of 2026, representing a decrease of 13.8% compared to the same period last year. As previously communicated, the expected decline was primarily driven by the continued implementation of a second source strategy by one customer, with the remaining impact largely concentrated in the first half of 2026.
The business continued to make solid progress in strengthening its future pipeline. During the period, we secured a new PiccoJectTM project, reflecting the strong market interest in the platform, particularly for high-viscosity applications. In addition, PiccoJectTM also advanced in the clinical phase, marking a further step towards future commercialization.
Overall, the first half of 2026 was characterized by continued execution of the Drug Delivery strategy, with a focus on expanding project pipeline, advancing towards commercialization across customer programs, while continuing to invest in industrialization.
Surgery – Strong growth driven by customer demand and operational execution
The Surgery business unit generated revenues of CHF 10.3 million in the first half of 2026, representing growth of 31.6% compared to the same period last year. Performance was driven by continued customer demand, the successful ramp-up of our Atlanta facility and further progress in the insourcing of production activities.
The business unit continued to strengthen its position with both existing and new customers, supported by its differentiated delivery and mixing solutions for biomaterials and surgical applications. Looking ahead, Surgery is well positioned to maintain its positive momentum, supported by increased customer demand, the expansion of value-added services and the launch of new innovative products.
