Yazen

A subscription clinic, not a pharmacy and not a fulfilment business. Yazen sells a care programme and writes prescriptions into the ordinary national pharmacy channel, so the patient buys the medicine separately from an independent pharmacy. Structured programme with coaching, dietitians, connected scales and a real first-party app. The clinical gate comes before the payment gate, which is the reverse of Zava and DoktorABC.

Germany €149 the first month then €199, advertised as a Festpreis including treatment and medicines, which is below the €206.80 German list price of Mounjaro 2.5 mg alone. Switzerland from CHF 129 a month with the CHF 220 assessment struck to zero and a free blood test. Binding periods of 1, 6 or 12 months, billed monthly in advance by Stripe or in a lump sum by Klarna, plus a prescription policy committing the patient to four weeks per pen dispensed.

SEK 37m seed in August 2023 led by Luminar Ventures. SEK 224m Series A announced 4 November 2024, co-led by Evli Growth Partners and Helsana HealthInvest, the venture arm of the Swiss health insurer, with Almaz Capital, Yabeo, Luminar and Aggregate Media. SEK 72m credit facility from HSBC Innovation Banking, 11 February 2026. No disclosed valuation.

FY2024 filed turnover SEK 176.2m with a loss after net financials of SEK 42.1m and 68 average employees. FY2025 company-stated at nearly SEK 330m revenue, SEK 185m gross profit, EBITDA minus SEK 64m, ARR SEK 372m, over 37,000 active patients. Marketing spend of over SEK 200m exceeded gross profit.

Läkemedelsverket imposed an immediate ban on 6 December 2024 on advertising prescription weight-loss medicines to the public, specifically adverts referring to GLP-1 analogues, carrying a SEK 750,000 conditional fine for each breach. Appealed to förvaltningsrätten, outcome not found. IVO opened supervision in January 2024 and criticised Yazen in February 2025 over identity verification, absent suitability assessment, click-counted dosing, reused needles and deficient record keeping, closing the case on 13 June 2025 after 3D body modelling and connected scales were introduced.

Switzerland went live around January 2026 with no Swiss entity in Zefix, no named Swiss clinician, no named Swiss pharmacy, an imprint that points at the German site and cites the EU online dispute platform, and a privacy policy naming Swedish BankID and the Swedish state address register as recipients of Swiss patient data.

SEK 37m seed in August 2023 led by Luminar Ventures. SEK 224m Series A announced 4 November 2024, co-led by Evli Growth Partners of Finland and Helsana HealthInvest of Switzerland, with Almaz Capital, Yabeo, Luminar and Aggregate Media. A SEK 72m HSBC Innovation Banking credit facility on 11 February 2026, which is consistent with the CEO’s own February 2025 guidance that the Series A gave two years of runway. No valuation has ever been disclosed.

Helsana HealthInvest is the corporate venture arm of one of Switzerland’s largest health insurers. A Swiss health insurer co-leading the Series A of a Swedish obesity teleclinic, followed by a Swiss consumer launch fourteen months later, is a better explanation of Yazen’s Switzerland strategy than anything on Yazen’s own website.

FY2024 nettoomsättning SEK 176.2m, EBITDA minus SEK 37.3m, loss after net financials SEK 42.1m, equity SEK 66.3m, 68 average employees. A separate figure of SEK 198.5m is total operating revenue including about SEK 22.3m of other operating income, and the composition of that has not been established. Equity moved from SEK 22.4m to SEK 66.3m while the year’s loss was SEK 42.1m, implying roughly SEK 85.9m of new equity in 2024, so only about 38 per cent of the Series A appears to have hit the 2024 balance sheet.

Revenue nearly SEK 330m, gross profit SEK 185m at a 56 per cent margin, EBITDA minus SEK 64m, ARR SEK 372m at year end, over 37,000 active patients, over 53,000 treated since inception, 290 people at 180 full-time equivalents. Marketing and media spend was reported at over SEK 200m, but that figure does not survive arithmetic: gross profit of EUR 16.5m against EBITDA of minus EUR 5.7m leaves total operating expenses of EUR 22.2m, so SEK 200m of marketing would leave only EUR 4.3m for roughly a hundred staff. The SEK 200m appears to be a forward commitment reported in the future tense. Reconstructed actual marketing is EUR 13m to 15m, or 79 to 91 per cent of gross profit. The qualitative point stands and the specific claim does not. The FY2025 statutory accounts were not filed as at 25 August 2026, verified against the register rather than assumed, so none of this is audited. The unit economics work only if retention holds, and Yazen’s own claim is that 70 per cent remain after twelve months.

TLV refused Wegovy reimbursement in February 2026 on subventionsglidning risk across roughly 1.6 million eligible Swedes, after tripartite talks failed. The decision discloses roughly SEK 675m of Wegovy prescribed outside the förmån in 2025. Novo’s paediatric re-application was dismissed on 2 July 2026 and the adult appeal is pending. Sweden is therefore a confirmed pure self-pay market, and the pool is about double Yazen’s entire company revenue.

Verified across all eight markets. The Connect assessment phase is struck through to zero, literally 220 CHF to 0 CHF in Switzerland, the blood test is free, and no money is taken before a doctor reviews. Zava Germany and DoktorABC both capture the full amount first and refund if declined. If an entrant wants to make the claim "you only pay if approved" truthfully, this is the operator that shows it can be done.

Once through the gate, Change is billed a month in advance by Stripe, or six or twelve months up front by Klarna, on binding periods of one, six or twelve months. On top of that sits a Rezeptpolitik that commits the patient to four weeks per pen every time a prescription is written, which is not in the terms. In the Netherlands the separate pharmacy subscription cannot be paused at all and early termination requires the pharmacy’s prior approval, assessed case by case.

Commercial surfaces name nothing. Editorial surfaces name everything. That split is deliberate, it is consistent across all eight markets, and it produces a genuinely different regulatory posture from both Juniper and Zava. Whether it survives contact with a regulator is a separate question, since Läkemedelsverket’s ban was specifically about adverts referring to GLP-1 analogues and Yazen still runs forty drug-named Swedish URLs, fourteen of them modified in August 2026, twenty months after the ban.

IVO opened supervision in January 2024 and found in February 2025 that Yazen had not ensured the requirements of good and safe care were met, criticising photo-based identity verification, absent suitability assessment, dosing decided by counting clicks, reused needles and deficient record keeping. The case was closed on 13 June 2025 after Yazen introduced 3D body modelling and connected scales. That is now a genuine differentiator, but it was built under supervision rather than by choice, which is worth knowing before treating it as evidence of clinical culture.

The Swiss terms tell the Swiss user they also govern yazen.com/de. The Swiss imprint cites the EU online dispute resolution platform, which has no application to a Swiss consumer, and refers to the German site. The Swiss privacy policy is written under the GDPR rather than the Swiss FADP and names Swedish BankID and the Swedish state population address register as recipients of Swiss patients’ personal data, and gives a Lund address different from the Malmö one used everywhere else. Thirteen of twenty-two shared FAQ pages are byte-identical to the German ones. Switzerland is also missing from Yazen’s own JSON-LD areaServed.

The company boilerplate said seven countries without Switzerland on 11 and 24 February 2026, then eight countries with Switzerland on 18 March and 13 May, then reverted to seven on 27 May. The doctor count silently fell from 130 to 120 in the same sentence. Meanwhile the Internet Archive shows the Swiss site live by 22 January 2026. Read least charitably, Yazen was selling a CHF-priced obesity subscription to Swiss residents while its own investor communications did not count Switzerland as a market. Either way, Switzerland is Yazen’s youngest and thinnest market, not an established top-three position, and our atlas should stop treating it as one.

app.yazen.com/experiments leaks 24 live A/B tests with per-variant conversion counts. Sweden converts at 4.7 to 7.0 per cent, Spain at 0.03 per cent, and Germany at zero. That is competitive intelligence Yazen is giving away, and it says the German market is not working for them at all despite the aggressive price.

No Meta Pixel, no consent-mode default-granted, and the funnel host loads only EU-hosted Amplitude plus Google Fonts. Set against DoktorABC, whose funnel defaults all six Google consent categories to granted and fires the Meta Pixel pre-consent, this is the standard to copy. The robots.txt is 42 bytes with no User-agent line and zero AI crawler directives, which is the same omission every operator in this atlas has made.

A genuine first-party app with connected scales and 3D body modelling, against Zava and DoktorABC which have no app on either platform. Combined with dietitians, coaches and psychologists, this is the one operator whose claim to be a clinic rather than a fulfilment funnel has product behind it.

FY2024 filed average employees of 68 against a company claim of 80 employed doctors plus 35 coaches. By February 2026, 290 people but only 180 full-time equivalents. No group entity holds the doctors: Services AB has zero staff, Medstart has one, and Norge AS is registered as a web portal. FY2025 marketing was reconstructed at 79 to 91 per cent of gross profit, against a profitability line that sits at roughly 60 per cent. The widely repeated claim that marketing exceeded gross profit does not survive arithmetic and has been corrected. The clinical layer is genuinely well credentialled, with a CMO who was a hospital head of department and consultant endocrinologist, but it is a contractor workforce on a paid-acquisition business.

Trustpilot 4.5 on 3,993 reviews with a one-star rate of 2.75 per cent, which is the best in the atlas after Zava Germany. One global profile, and crucially no duplicate profile. Zava, DoktorABC and others each carry a second near-empty profile that misreports them by two full stars, and Yazen does not. The site’s own JSON-LD understates its review count at a hardcoded 3,000, which is an error in the conservative direction and therefore not a concern.

Over 53,000 patients treated since inception and over 37,000 active at the end of 2025, against SEK 330m of company-stated revenue. Those numbers reconcile at roughly SEK 9,000 per active patient per year, which is consistent with the published subscription prices. Contrast DoktorABC, whose 49,833-review Trustpilot reputation contains zero GLP-1 mentions and is actually a medical cannabis reputation.