Embecta Corp. · NASDAQ:EMBC
Embecta — 44th Annual J.P. Morgan Healthcare Conference (January 2026)
26 slides from Embecta's conference presentation, Jan 14, 2026
Slide 1: 44th Annual JP Morgan Healthcare Conference
th 44 Annual JP Morgan Healthcare Conference January 14, 2026 San Francisco, CA
Slide 2: Strategy and Business Update
44TH ANNUAL JP MORGAN HEALTHCARE CONFERENCE Strategy and Business Update Dev Kurdikar President & Chief Executive Officer 2 2
Slide 3: Forward-looking statements
Forward-looking statements Safe Harbor Statement Regarding Forward-Looking Statements This presentation contains express or implied "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements
Slide 4: embecta is a diabetes injection supplies leader
embecta is a diabetes injection supplies leader Stable, profitable core business with global presence # 1 producer of diabetes injection supplies >100 countries served ~$1.1 billion FY’25 adj. revenues(1) ~8 billion units annually ~2,000 ~$415 million FY’25 adj. EBITDA(1) 3 world-class facilities em
Slide 5: embecta provides best-in-class injection products
embecta provides best-in-class injection products As a leader in the injection platform with a broad portfolio offering Safety Pen Needles Pen Needles and Safety Insulin Syringes Insulin Syringes Position #1 globally #1 globally #1 globally Global Product Share(1) ~50% ~60% ~40% Retail pharmacy and
Slide 6: World-class manufacturing infrastructure
World-class manufacturing infrastructure Global supplier of ~ 8 billion units with ability to expand portfolio in existing facilities Dún Laoghaire, Ireland Suzhou, China Holdrege, USA World’s largest manufacturer World’s largest manufacturer Global pen needle production of pen needles of insulin sy
Slide 7: embecta has a stable and recurring revenue base
embecta has a stable and recurring revenue base Approximately 85% of FY 2025 total adjusted revenues comes from the pen needle and safety products(1) Adjusted revenues by product $millions • Leadership position continues to be $1,086 $1,165 $1,130 $1,121 $1,127 $1,080 2020-2025 16 Adjusted constant
Slide 8: Taking a phased approach to execute our priorities
Taking a phased approach to execute our priorities Pursuing initiatives to transition the company to growth 2022 2023 2024 2025 2026 2027 2028+ Phase 1: Stand up Phase 2: Seed growth Phase 3: Transform 2022 2022-2024 Today 2025-2028 2028+ At spin Phase I: Stand up • Operating as a stand- Phase 2: Se
Slide 9: Strategic priorities
Strategic 1. Strengthen core business • Refresh and establish embecta brand priorities • Seek growth opportunities across markets 2. Expand product portfolio • Distribute products through global commercial channel • Leverage high-volume manufacturing into new segments 3. Increase financial flexibili
Slide 10: Expect substantial completion of global brand transition by end of calendar year 2026
STRATEGIC PRIORITY #1: STRENGTHEN CORE BUSINESS Expect substantial completion of global brand transition by end of calendar year 2026 embecta brand transition timeline FY 2025 FY 2026 Q1 FY 2027 (completed) U.S. Latin America Greater China Remaining Asia Canada EMEA and Majority of Markets in Asia N
Slide 11: Develop market-appropriate pen needles and syringes
STRATEGIC PRIORITY #1: STRENGTHEN CORE BUSINESS Develop market-appropriate pen needles and syringes Expand offerings that allow embecta to pursue new business Objective Near- to mid-term market opportunity in segments where • Develop products that allow entry into new embecta share is <5% market seg
Slide 12: GLP-1 opportunities could drive >$100M in revenue by 2033
STRATEGIC PRIORITY #2: EXPAND PRODUCT PORTFOLIO GLP-1 opportunities could drive >$100M in revenue by 2033 Potential GLP-1 B2B opportunities are progressing well Sales cycle NDA signed/process started Selected & qualified Contract negotiations Contract executed • More than one third of potential B2B
Slide 13: Leveraging embecta's manufacturing & channel capabilities for growth
STRATEGIC PRIORITY #2: EXPAND PRODUCT PORTFOLIO Leveraging embecta’s manufacturing & channel capabilities for growth New product categories would be synergistic with our current footprint Manufacturing capabilities Channel opportunity Patient synergy High-volume, low-cost Retail, OTC, and Patients m
Slide 14: Geographic optimization
STRATEGIC PRIORITY #3: INCREASE FINANCIAL FLEXIBILITY Geographic optimization Potential to exit or change go-to-market strategy in certain regional clusters Situation overview ~80% net sales ~20% net sales • ~80% of net sales are generated from key markets (U.S., China, Canada, Germany, France, Japa
Slide 15: Cannula supply agreement
STRATEGIC PRIORITY #3: INCREASE FINANCIAL FLEXIBILITY Cannula supply agreement Cannula is the single largest category of raw materials spend Contract term 10 years(1); 3-year ramp down Annual capacity Ample capacity to meet current and future demand Forecasting Monthly rolling forecast to adjust to
Slide 16: Capital allocation priorities
STRATEGIC PRIORITY #3: INCREASE FINANCIAL FLEXIBILITY Capital allocation priorities Disciplined capital allocation Debt Return capital Strategic paydown to shareholders M&A • Paid down ~$184.5 million of • Maintain dividend at current • Opportunistic M&A to debt during fiscal year 2025 level as mean
Slide 17: What you heard today
What you heard today • Resilient, geographically diversified base business • Ability to generate strong free cash flow • Debt paydown creates balance sheet flexibility to pursue strategic opportunities • Significant long-term potential value creation through execution of strategic priorities 17
Slide 18: Appendix
Appendix embecta
Slide 19: Adjusted constant currency revenue growth rate reconciliation
Adjusted constant currency revenue growth rate reconciliation (USD Millions, except percentages) Adj. Constant Reported Reported Adjusted Reported Adjusted Currency Adjustment Currency Adjustment Adjustment Revenue Revenue Revenue Revenue Revenue Impact Impact Revenue Growth Growth Fiscal Year 2025
Slide 20: Adjusted constant currency revenue reconciliation by product
Adjusted constant currency revenue reconciliation by product (USD Millions) Twelve Months Ended September 30, 2020 2021 2022 2023 2024 2025 Dollars in Millions Reported Adjustment Adjusted Reported Adjustment Adjusted Reported Adjustment Adjusted Reported Adjustment Adjusted Reported Adjustment Adju
Slide 21: Adjusted constant currency revenue CAGR reconciliation by product
Adjusted constant currency revenue CAGR reconciliation by product (USD Millions, except percentages) Pen Needles September 30, 2020 September 30, 2025 CAGR Reported Revenue $791.0 $784.1 Cumulative F/X Impact $32.9 Adjusted Constant Currency Revenue $817.0 0.6% Syringes Reported Revenue $164.0 $124.
Slide 22: Pen Needle & Safety products revenue contribution reconciliation
Pen Needle & Safety products revenue contribution reconciliation (USD Millions, except percentages) September 30, By Product 2025 Pen Needles $784 Safety $138 Total $922 Total Adjusted Revenue $1,080 % of Total Adjusted Revenue 85.4% 22 Source: Company filings
Slide 23: Adjusted EBITDA reconciliation
Adjusted EBITDA reconciliation (USD Millions, except percentages) Twelve Months Ended Dollars in Millions, except percentages September 30, 2025 September 30, 2024 GAAP Net Income $95.4 $78.3 Interest expense, net 107.3 112.3 Income taxes benefit 40.9 (34.1) Depreciation and amortization 40.7 36.2 E
Slide 24: Adjusted EBITDA reconciliation, continued
Adjusted EBITDA reconciliation, continued (1) Reflects the recognition of changes in estimates for the Italian payback measure relating to certain prior fiscal years between 2015 and 2023. (2) Represents stock-based compensation expense incurred during the twelve months ended September 30, 2025 and
Slide 25: Net Leverage reconciliation
Net Leverage reconciliation (USD Millions, except ratio) September 30, 2024 September 30, 2025 Total Debt $1,601.3 $1,416.8 Less: Cash and Investments $(274.2) $(228.6) Net Debt $1,327.1 $1,188.2 Adjusted EBITDA $353.4 $415.3 Net Debt/Adjusted EBITDA 3.8x 2.9x Source: Company filings 25 Net leverage
Slide 26: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation Dollars in Millions September 30, 2025 Net Cash Provided by Operating Activities $191.7 Less: Capital Expenditures (9.3) Free Cash Flow $182.4 26
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