- 1Q26 volumes stood at 280.9k vials (-8.7% y-o-y, +7.8% q-o-q, roughly 25% of our FY26 volume estimates), following an exceptionally strong 1Q25 when backlog fulfilment lifted shipments after earlier supply chain disruptions from June to October 2024 caused by a supply shortage at UltraGreen’s contract manufacturer.
- - Read this at SGinvestors.io -
Soft y-o-y volume is largely a function of a high comparison base, while sequential growth points to healthy underlying demand.
- On a sequential basis, volumes grew 3.1% in US and 18.1% in non-US markets, indicating that core demand continued to grow from a normalised base in 4Q25.
- While no revenue figures were provided in this business update, we believe the higher average selling price in 1Q26 relative to 1Q25 likely offset the y-o-y volume decline, leaving revenue broadly flattish.
- - Read this at SGinvestors.io -
- Overall, we view 1Q26 as more reflective of base effects than any material slowdown in underlying demand.
Secured regulatory approval for Verdye in Singapore
- Read more at SGinvestors.io.
Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.
Amanda TAN DBS Group Research | https://www.dbs.com/insightsdirect/ 2026-05-05
Previous report by DBS:
2026-03-02 UltraGreen - Structural Growth Story Unchanged.
Price targets by other brokers at UltraGreen Target Prices.
Listing of research reports at UltraGreen Analyst Reports.
Relevant links:
UltraGreen Share Price History,
UltraGreen Announcements,
UltraGreen Dividend Payout Dates & Corporate Actions,
UltraGreen News
