Slide 1: Earnings Conference Call Q3 FY 2025
Earnings Conference Call Q3 FY 2025 August 8, 2025 1
Slide 2: 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 3: Agenda and Presenters
Agenda and Presenters Today’s topics: Dev Kurdikar Chief Executive Officer Progress on Strategic Priorities Q3 Highlights & Business Review Jake Elguicze Chief Financial Officer Revenue and Earnings Review Guidance Pravesh Khandelwal Vice President, Investor Relations Q&A 3
Slide 4: Progress on Strategic Priorities
Progress on Strategic Priorities 1 1. Strengthen core business • Completed global ERP, shared services, and distribution transition in India which had been the only remaining market operating on BD systems • Significantly advanced U.S. and Canada brand transition, on track for substantial completion
Slide 5: Q3 FY 2025 Enterprise Highlights
Q3 FY 2025 Enterprise Highlights • Delivered strong results, ahead of internal expectations, reflecting solid commercial execution aided in part by timing of customer orders • Despite an increasingly complex and dynamic geopolitical environment, given the year-to-date performance and our outlook for
Slide 6: Q3 FY 2025 vs. Q3 FY 2024 Adjusted Revenue
Q3 FY 2025 vs. Q3 FY 2024 Adjusted Revenue Three Months Ended June 30, % Increase / Decrease Adj. Constant Reported Currency Adjustment Currency Dollars in Millions 2025 2024 Revenue Growth Impact Impact Revenue Growth Reported Adjusted Reported Adjusted Adjustment Adjustment % Revenue Revenue Reven
Slide 7: Q3 FY 2025 Financial Highlights
Q3 FY 2025 Financial Highlights • Q3 FY25 reported revenue of $295.5 million, up 8.4% on a reported basis, up 8.0% on an adjusted constant currency Revenue basis; as compared to the prior year period • Q3 FY25 GAAP gross profit and margin of $197.1 million and 66.7%, compared to $190.1 million and 6
Slide 8: FY 2025 Updated Financial Guidance
FY 2025 Updated Financial Guidance Dollars in Millions, Current Previous (1) except per share and percentages Low High Low High Reported Revenue $1,078 $1,085 $1,073 $1,090 Reported Revenue Growth (%) (4.0)% (3.4)% (4.4)% (2.9)% Impact of F/X (%) (0.8)% (0.8)% Impact of Italian payback measure (2) (
Slide 9: Q&A
Q&A embecta’
Slide 10: Appendix
Appendix embecta’
Slide 11: Non-GAAP Financial Measures
Non-GAAP Financial Measures In evaluating our operating performance, we supplement the reporting of our financial information determined under GAAP with certain non-GAAP financial measures including (i) Adjusted Revenues, (ii) earnings before interest, taxes, depreciation, and amortization (“EBITDA”
Slide 12: Execution of Brand Transition Plan Underway
Execution of Brand Transition Plan Underway Product Transition Drive customer Ensure compendia Execute pre-launch Drive new brand operational readiness linkage of old and commercial activities awareness and new products and communications adoption Pre-launch Launch Significantly advanced U.S. and Ca
Slide 13: Nine Months Ended FY 2025 vs. Nine Months Ended FY 2024 Adjusted Revenue
Nine Months Ended FY 2025 vs. Nine Months Ended FY 2024 Adjusted Revenue Nine Months Ended June 30, % Increase / Decrease Adj. Constant Dollars in Reported Currency Adjustment Currency Millions 2025 2024 Revenue Growth Impact Impact Revenue Growth Reported Adjusted Reported Adjusted Revenue Adjustme
Slide 14: Adjusted Revenue and Adjusted Gross Profit Margin Reconciliation
Adjusted Revenue and Adjusted Gross Profit Margin Reconciliation Dollars in Millions Three Months Ended Nine Months Ended June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Reported Revenue $295.5 $272.5 $816.4 $837.0 Italian payback measure — — — — Adjusted Revenue $295.5 $272.5 $816.4 $837.0
Slide 15: Adjusted Revenue and Adjusted Gross Profit Margin Reconciliation (cont.)
Adjusted Revenue and Adjusted Gross Profit Margin Reconciliation (cont.) (1) Amortization of intangible assets is recorded in Cost of products sold. (2) One-time stand-up costs incurred are primarily attributed to brand transition. (3) Represents costs required to develop processes and systems to co
Slide 16: Adjusted Operating Income Margin Reconciliation
Adjusted Operating Income Margin Reconciliation Dollars in Millions, except percentages Three Months Ended Nine Months Ended June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 GAAP Operating Income $94.0 $55.9 $185.6 $140.6 GAAP Operating Income Margin 31.8% 20.5% 22.7% 16.8% Amortization of in
Slide 17: Adjusted Operating Income Margin Reconciliation (cont.)
Adjusted Operating Income Margin Reconciliation (cont.) (1) Amortization of intangible assets is recorded in Cost of products sold. (2) One-time stand-up costs incurred primarily include: (i) product registration, labeling, and brand transition costs; (ii) warehousing and distribution set-up costs;
Slide 18: Adjusted Net Income & Adjusted Net Income per Diluted Share Reconciliation
Adjusted Net Income & Adjusted Net Income per Diluted Share Reconciliation Three Months Ended Nine Months Ended Dollars in Millions, except per share amounts June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 GAAP Net Income $45.5 $14.7 $69.0 $63.7 Adjustments: GAAP Income tax benefit 26.7 12.3
Slide 19: Adj. Net Income & Adj. Net Income per Diluted Share Reconciliation (cont.)
Adj. Net Income & Adj. Net Income per Diluted Share Reconciliation (cont.) (1) Amortization of intangible assets is recorded in Cost of products sold. (2) One-time stand-up costs incurred primarily include: (i) product registration, labeling, and brand transition costs; (ii) warehousing and distribu
Slide 20: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Three Months Ended Nine Months Ended Dollars in Millions June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Reported Revenue $295.5 $272.5 $816.4 $837.0 Italian payback measure — — — — Adjusted Revenue $295.5 $272.5 $816.4 $837.0 Three Months Ended Nine Months End
Slide 21: Adjusted EBITDA Reconciliation (cont.)
Adjusted EBITDA Reconciliation (cont.) (1) Represents stock-based compensation expense incurred during the three and nine months ended June 30, 2025 and 2024, respectively. For the three months ended June 30, 2025, $5.1 million is recorded in Selling and administrative expense, $0.7 million is recor
Slide 22: Q3 FY 2025 Supplemental Reconciliation
Q3 FY 2025 Supplemental Reconciliation Costs associated with the Q3 FY 2025 Other Non-GAAP Q3 FY 2025 Dollars in Millions discontinued patch pump GAAP adjustments Adjusted program (1) Gross Profit 197.1 0.3 1.2 (2) 198.6 Research and development expense 4.4 1.2 0.6 (3) 2.6 Selling and administrative
Slide 23: Nine Months Ended FY 2025 Supplemental Reconciliation
Nine Months Ended FY 2025 Supplemental Reconciliation Costs associated with June YTD FY 2025 Other Non-GAAP June YTD FY 2025 Dollars in Millions the discontinued patch GAAP adjustments Adjusted pump program (1) Gross Profit 518.3 6.9 2.6 (2) 527.8 Research and development expense 32.7 24.4 1.7 (3) 6
Slide 24: FY 2025 Financial Guidance Assumptions
FY 2025 Financial Guidance Assumptions Dollars in Millions, except percentages Current Prior Interest Expense, Net ~ $107 ~ $107 Adjusted Tax Rate ~ 25% ~ 25% Weighted Average Shares (in millions) 58.8 58.9 Foreign Exchange EUR/USD ~ 1.10 ~ 1.10 USD/YEN ~ 150 ~ 148 USD/CNY ~ 7.22 ~ 7.27 24