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Embecta Corp.

embecta.com

What Do They Do?

Sells pen needles, insulin syringes and safety injection devices for people living with diabetes and healthcare providers.

How Do They Make Money?

Embecta sells diabetes devices mainly to wholesalers and distributors; customers generally pay within a year after products ship or are delivered.

revenue
SegmentShareRevenue
Pen Needles
Sold outright

73%
FY2022: 73%
Syringes
Sold outright

12%
FY2022: 14%
Safety
Sold outright

13%
FY2022: 11%
Other
Sold outright
1.3%
FY2022: 1.3%
Contract Manufacturing
1.8%
FY2022: 1.3%

Who Are Their Customers?

Embecta mainly sells through wholesalers and distributors, which supply retail and institutional channels. In some markets, its sales teams call on payers, retailers, wholesalers, healthcare providers and pharmacies.

Do Revenues Turn Into Profits?

Yes. It kept 9 cents of every revenue dollar as net income in FY2025 and turned 17 cents into free cash flow.

Operating income, FY2025
22% of revenue
▲ +45% vs FY2024 ($166.8M, 15%)
Net income, FY2025
9% of revenue
▲ +22% vs FY2024 ($78.3M, 7%)
Free cash flow, FY2025
17% of revenue
▲ +817% vs FY2024 ($19.9M, 2%)

How Are They Changing?

Since the FY2025 annual report
Latest quarter: Q3 FY2026, the three months to Jun 30, 2026
Revenue
▼ −8%
vs $295.5M in Q3 FY2025
Net income
▼ −54%
vs $45.5M in Q3 FY2025
Pen Needles share of revenue vs 73.4% in Q3 FY2025
  • Aug 7, 2026 Raised adjusted operating margin and earnings guidance Embecta reaffirmed its revenue range and raised full-year ranges for adjusted operating margin and adjusted earnings per share.
  • May 15, 2026 Completed acquisition of Owen Mumford The acquisition adds drug-delivery technologies and chronic-care devices alongside Owen Mumford's medical-device business.
  • Mar 20, 2026 Agreed to acquire Owen Mumford The deal includes an upfront payment and additional payments tied to commercial milestones for the Aidaptus auto-injector platform.

Flat. Revenue was $1.1B in FY2025, about the same as the $1.2B of FY2021.

Stopped patch pump development The older report described an insulin patch pump in development; the latest says Embecta ended investment in the program and discontinued its commercial plans for an insulin delivery system.

Broader development focus The older report described an insulin patch pump in development, while the latest also explores products outside diabetes, including drug delivery and chronic care.

Revenue over time
Pen Needles Syringes Safety Other Contract Manufacturing
$2B$1B$0

Who Do They Compete With?

Competes with Novo Nordisk, MTD Group, and Terumo Medical

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