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Here are a few analogies to describe Embecta:

• Embecta is like Becton, Dickinson (BD), but exclusively focused on providing essential supplies for diabetes management, such as pen needles and syringes.
• Embecta is like the Johnson & Johnson (J&J) for diabetes consumables, providing everyday medical essentials like needles and syringes.

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• Pen Needles: Devices used with insulin pens for precise insulin delivery.
• Syringes: Traditional medical instruments for administering insulin injections.
• Safety Devices: Products designed to enhance safety and prevent needlestick injuries during insulin administration.
• Digital Applications: Software tools and platforms that assist individuals in managing their diabetes effectively.

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Embecta Corp. (EMBC) primarily sells its products to wholesalers and distributors. Based on the company's public filings, its major customers include the following public companies:

• AmerisourceBergen (Symbol: ABC)
• Cardinal Health (Symbol: CAH)
• McKesson Corporation (Symbol: MCK)

Other significant distributors mentioned by Embecta, which are either private or subsidiaries of the above, include Alliance Healthcare (part of AmerisourceBergen), Phoenix Group, and Celesio AG (now McKesson Europe, part of McKesson Corporation).

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Devdatt (Dev) Kurdikar, President and Chief Executive Officer

Devdatt Kurdikar serves as the President and Chief Executive Officer of Embecta. He was also elected as Chairman of the Board, effective February 11, 2026. Previously, he was President and CEO of Cardiac Science Corporation (CSC), a global leader in automated external defibrillators. CSC was acquired by a private equity firm via bankruptcy proceedings, and under Kurdikar's leadership, it returned to profitable growth and was successfully sold to ZOLL Medical. Prior to that, he was the Vice President and General Manager, Men's Health, at Boston Scientific Corp (BSX) and American Medical Systems (AMS), where he led the Men's Health business through a significant turnaround, carve-out, and sale to BSX. He also held leadership roles at Baxter International Inc. in finance, strategy and integration, and R&D planning and operations. Kurdikar is a member of the Board of Directors of LMG Holdings, a portfolio company of The Riverside Company.

Jake Elguicze, Senior Vice President, Chief Financial Officer

Jake Elguicze serves as Embecta's Chief Financial Officer. Prior to joining Embecta, he was with Teleflex, a global provider of medical technologies, where he served as the company's Treasurer and Head of Investor Relations. He is a CPA and began his career in public accounting with PricewaterhouseCoopers before spending eight years at Motorola in operating finance roles. He joined Teleflex in 2006 to build out the financial planning and analysis function.

Ginny Blocki, SVP, Strategy

Ginny Blocki serves as the Senior Vice President, Strategy for Embecta, where she is responsible for developing the company's strategy, partnership and alliance growth initiatives, and assessing new business development opportunities. She joined the organization in 2021 as SVP, Global Marketing & Product Management. Prior to Embecta, Ginny was the Head of US Medication Delivery Marketing at Baxter.

Tom Blount, SVP, President, North America

Tom Blount serves as the Senior Vice President, President, North America of Embecta. He previously spent six years with BD, holding roles such as VP/GM US region Diabetes Care, WW VP/GM Infusion, and Global Marketing leader for Diabetes Care. Before BD, Tom spent 16 years at Sanofi in various leadership roles.

Jeff Mann, SVP, General Counsel & Head of Business Development

Jeff Mann serves as the General Counsel and Head of Business Development for Embecta. He brings 22 years of medical device and law firm experience to Embecta, with expertise in M&A, securities, corporate governance, intellectual property, commercial transactions, compliance, and litigation. He has deep roots in the medical, pharmaceutical, and biotechnology sectors. Mann joined BD in August 2021 after serving as general counsel and corporate secretary of Cantel Medical Corp., and prior to that, spent 14 years with Boston Scientific Corporation.

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1. Competitive Pressures and Technological Advancements

2. Market Dependence and Product Concentration

3. Reimbursement and Pricing Pressure

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• Increased adoption of Automated Insulin Delivery (AID) systems: The growing market penetration of insulin pumps and closed-loop systems (AID systems) like those offered by Insulet, Tandem Diabetes Care, and Medtronic is an emerging threat. These systems provide continuous insulin delivery via infusion sets, reducing or eliminating the need for daily manual injections using traditional pen needles and syringes, which are Embecta's primary products.
• Rise of GLP-1 receptor agonists and other non-insulin therapies for Type 2 diabetes: Highly effective medications such as GLP-1 receptor agonists (e.g., Ozempic, Mounjaro) are increasingly used to manage Type 2 diabetes. For many patients, these drugs can improve glycemic control and lead to weight loss, potentially reducing or delaying the need to initiate insulin therapy. A decrease in the number of Type 2 diabetes patients requiring insulin injections would directly diminish the demand for Embecta's insulin delivery devices.

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Embecta Corp. (EMBC) operates in the diabetes care market, providing pen needles, syringes, safety devices, and digital applications for diabetes management. Here's an overview of the addressable markets for its main products and services:

• Pen Needles: The global pen needles market is projected to reach approximately USD 3.08 billion by 2030, growing from USD 1.81 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. Another estimate places the global market at USD 2.41 billion in 2025, with a projection to grow to USD 4.58 billion by 2034 at a CAGR of 7.50%. The U.S. pen needles market is anticipated to reach USD 1.53 billion by 2031, from USD 0.93 billion in 2026, exhibiting a CAGR of 10.4%.
• Syringes (Insulin Syringes): The global insulin syringes market is estimated at USD 1.86 billion in 2026 and is projected to reach USD 2.3 billion by 2031, growing at a CAGR of 4.36%.
• Safety Devices: While specific market sizes for "safety devices" as a standalone category are not distinctly provided, Embecta offers safety-engineered pen needles and safety insulin syringes. These products are integral to the broader pen needles and insulin syringes markets. For instance, the pen needles market includes segments for both standard and safety pen needles.
• Digital Applications (Digital Diabetes Management): The global digital diabetes management market is estimated to be around USD 37.89 billion in 2025 and is projected to grow to approximately USD 171.63 billion by 2034, at a CAGR of 18.33%. Another source indicates the global market could reach USD 71.0 billion by 2034 from USD 21.6 billion in 2025, registering a CAGR of 14.1%. In North America, the digital diabetes management market surpassed USD 10.21 billion in 2024 and is expanding at a CAGR of 18.51%. The U.S. digital diabetes management market was estimated at USD 9.85 billion in 2024 and is predicted to be worth around USD 54.07 billion by 2033, with a CAGR of 18.56%.

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Expected Drivers of Future Revenue Growth for Embecta (EMBC)

1. Expansion into the GLP-1 Market: Embecta has identified a significant opportunity within the GLP-1 (Glucagon-Like Peptide-1) market, with a stated aim of achieving over $100 million in revenue by 2033, and expects ramp-up driven by patent expirations. The company is actively pursuing this through collaborations with more than 30 pharmaceutical partners, with over a third already having selected Embecta as a supplier or being in contract negotiations. Furthermore, Embecta anticipates supporting generic GLP-1 launches in key international markets, including Canada, Brazil, China, and India, starting in 2026.
2. Expansion of Product Portfolio: The company is focused on broadening its product offerings beyond its traditional insulin injection devices. This includes the introduction of new products that leverage its expertise in high-volume manufacturing and its established global commercial channels. Specifically, Embecta has finalized product design and completed assembly line equipment installation for new market-appropriate pen needles and syringes, signaling upcoming product launches in this segment.
3. Growth in International Markets: Embecta is concentrating on achieving incremental growth in international markets. The company has reported increases in international revenues, for instance, an 8.4% increase on a reported basis and a 4.6% increase on an adjusted constant currency basis in the first quarter of fiscal year 2026. Efforts to advance its brand transition program in these markets are underway, aiming to further solidify its presence and drive sales outside the United States.
4. Strengthening the Core Business and Customer Expansion: A key strategic priority for Embecta is to strengthen its foundational insulin injection business. This involves executing a seamless brand transition globally to ensure consistent identity and customer trust. The company is also actively working to bolster its leadership position in injection devices and expand its customer base, as evidenced by securing contracts with additional Medicare Part D payers in the U.S. to strengthen its Medicare business.

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Share Issuance

• Embecta Corp. was spun off from Becton, Dickinson and Company on April 1, 2022. On March 22, 2022, 57,012,925 shares of Embecta common stock were distributed pro-rata to BD stockholders at a ratio of one Embecta share for every five BD shares.
• As of May 3, 2023, the number of outstanding shares was 57,293,549.
• The number of shares outstanding has increased to approximately 59.22 million by March 2026, up from 55 million shares at fiscal year-end 2022.

Capital Expenditures

• Capital expenditures for the fiscal year ended September 30, 2022, totaled $24 million.
• For the fiscal year ended September 30, 2023, capital expenditures were $27 million.
• In the fiscal year 2024, capital expenditures were $16 million, and for fiscal year 2025, they were $15.8 million.