Embecta (EMBC) 10-Q 6 Feb 25 2025 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Dec. 31, 2024	Jan. 30, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Entity File Number	001-41186
Entity Registrant Name	EMBECTA CORP.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-1583942
Entity Address, Address Line One	300 Kimball Drive, Suite 300
Entity Address, City or Town	Parsippany
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07054
City Area Code	862
Local Phone Number	401-0000
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	EMBC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		58,134,434
Central Index Key	0001872789
Period Focus	Q1
Fiscal Year Focus	2025
Current Fiscal Year End	--09-30
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenues	$ 261.9	$ 277.3
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Product [Member]	Product [Member]
Cost of products sold	$ 104.8	$ 91.4
Cost, Product and Service [Extensible Enumeration]	Product [Member]	Product [Member]
Gross Profit	$ 157.1	$ 185.9
Operating expenses:
Selling and administrative expense	81.1	90.3
Research and development expense	20.3	20.2
Other operating expenses	27	29.9
Total Operating Expenses	128.4	140.4
Operating Income	28.7	45.5
Interest expense, net	(27.9)	(27.7)
Other income (expense), net	(1.5)	(3.5)
(Loss) Income Before Income Taxes	(0.7)	14.3
Income tax (benefit)	(0.7)	(5.8)
Net Income	$ 0	$ 20.1
Net Income per common share:
Basic (in dollars per share)	$ 0	$ 0.35
Diluted (in dollars per share)	$ 0	$ 0.35

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net Income	$ 0	$ 20.1
Other Comprehensive (Loss) Income, net of tax
Foreign currency translation adjustments	(26.9)	11.6
Other Comprehensive (Loss) Income	(26.9)	11.6
Comprehensive (Loss) Income	$ (26.9)	$ 31.7

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2024	Sep. 30, 2024
Current Assets
Cash and equivalents	$ 210	$ 267.5
Restricted cash	6.7	6.7
Trade receivables, net (net of allowance for doubtful accounts of $2.7 million and $2.8 million as of December 31, 2024 and September 30, 2024, respectively)	180.9	193
Inventories:
Materials	39.4	40.4
Work in process	9.5	4.8
Finished products	120.2	126.3
Total Inventories	169.1	171.5
Amounts due from Becton, Dickinson and Company	39.6	53.8
Prepaid expenses and other	60.9	68.5
Total Current Assets	667.2	761
Property, Plant and Equipment, Net	258.9	290.4
Goodwill and Intangible Assets	23.4	23.7
Deferred Income Taxes and Other Assets	200	210.2
Total Assets	1,149.5	1,285.3
Current Liabilities
Accounts payable	73	91
Accrued expenses	127	134.2
Amounts due to Becton, Dickinson and Company	42.6	42.5
Salaries, wages and related items	42.7	66.7
Current debt obligations	9.5	9.5
Current finance lease liabilities	3.4	3.4
Income taxes	0	26.7
Total Current Liabilities	298.2	374
Deferred Income Taxes and Other Liabilities	55.6	54.1
Long-Term Debt	1,534.7	1,565.3
Non Current Finance Lease Liabilities	29.8	30.2
Contingencies (Note 6)
Embecta Corp. Equity
Common stock, $0.01 par value Authorized - 250,000,000 Issued and outstanding - 58,131,759 as of December 31, 2024 and 57,707,285 as of September 30, 2024	0.6	0.6
Additional paid-in capital	58.2	52.5
Accumulated deficit	(507.9)	(498.6)
Accumulated other comprehensive loss	(319.7)	(292.8)
Total Equity	(768.8)	(738.3)
Total Liabilities and Equity	$ 1,149.5	$ 1,285.3

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2024	Sep. 30, 2024
Statement of Financial Position [Abstract]
Trade receivables, allowance for doubtful accounts	$ 2.7	$ 2.8
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	250,000,000	250,000,000
Common stock, issued (in shares)	58,131,759	57,707,285
Common stock, outstanding (in shares)	58,131,759	57,707,285

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive (Loss) Income
Beginning balance (in shares) at Sep. 30, 2023		57,333,353
Beginning balance at Sep. 30, 2023	$ (821.7)	$ 0.6	$ 27.9	$ (541.1)	$ (309.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	20.1			20.1
Other comprehensive income (loss), net of taxes	11.6				11.6
Stock-based compensation plans	7.3		7.3
Dividends and dividend equivalents declared	(8.6)		0.4	(9)
Issuance of shares related to share-based compensation plans (in shares)		240,144
Issuance of shares related to stock-based compensation plans	(2.2)		(2.2)
Ending balance (in shares) at Dec. 31, 2023		57,573,497
Ending balance at Dec. 31, 2023	$ (793.5)	$ 0.6	33.4	(530)	(297.5)
Beginning balance (in shares) at Sep. 30, 2024	57,707,285	57,707,285
Beginning balance at Sep. 30, 2024	$ (738.3)	$ 0.6	52.5	(498.6)	(292.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	0			0
Other comprehensive income (loss), net of taxes	(26.9)				(26.9)
Stock-based compensation plans	8.9		8.9
Dividends and dividend equivalents declared	(8.8)		0.5	(9.3)
Issuance of shares related to share-based compensation plans (in shares)		424,474
Issuance of shares related to stock-based compensation plans	$ (3.7)		(3.7)
Ending balance (in shares) at Dec. 31, 2024	58,131,759	58,131,759
Ending balance at Dec. 31, 2024	$ (768.8)	$ 0.6	$ 58.2	$ (507.9)	$ (319.7)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]
Common dividends (in dollars per share)	$ 0.15	$ 0.15

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Operating Activities
Net Income	$ 0	$ 20.1
Adjustments to net income to derive net cash provided by operating activities:
Depreciation and amortization	9.4	8.8
Amortization of debt issuance costs	2.1	1.6
Impairment of property, plant and equipment	10.4	0
Amortization of cloud computing arrangements	2.5	0.4
Stock-based compensation	8.9	7.3
Deferred income taxes	2.3	(17)
Change in operating assets and liabilities:
Trade receivables, net	5.8	(78.6)
Inventories	(4.5)	4.1
Due from/due to Becton, Dickinson and Company	15.8	17.1
Prepaid expenses and other	9.6	43.7
Accounts payable, accrued expenses and other current liabilities	(40.8)	(15.7)
Income and other net taxes payable	(26.3)	4.4
Other assets and liabilities, net	(0.5)	(9.3)
Net cash used for operating activities	(5.3)	(13.1)
Investing Activities
Capital expenditures	(1.5)	(2.7)
Net cash used for investing activities	(1.5)	(2.7)
Financing Activities
Payments on long-term debt	(32.4)	(2.4)
Payments related to tax withholding for stock-based compensation	(3.7)	(2.2)
Payments on finance lease	(0.3)	(0.3)
Dividend payments	(8.8)	(8.6)
Net cash used for financing activities	(45.2)	(13.5)
Effect of exchange rate changes on cash and equivalents and restricted cash	(5.5)	1.5
Net Change in Cash and equivalents and restricted cash	(57.5)	(27.8)
Opening Cash and equivalents and restricted cash	274.2	326.5
Closing Cash and equivalents and restricted cash	$ 216.7	$ 298.7

Background

Background	3 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Background	Note 1 — Background Embecta Corp. ("Embecta" or the "Company") is a leading global medical device company focused on providing solutions to improve the health and well-being of people living with diabetes. The Company has a broad portfolio of marketed products, including a variety of pen needles, syringes and safety devices. The Company primarily sells products to wholesalers and distributors that sell to retail and institutional channels who in turn sell to patients or use the products to deliver insulin injections to patients.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Note 2 — Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and disclosures required by GAAP for complete consolidated financial statements are not included herein. The results of operations of any interim period are not necessarily indicative of the results of operations for the full year. In the Company's opinion, all adjustments necessary for a fair statement of these interim statements have been included and are of a normal and recurring nature. All intercompany transactions and accounts within Embecta have been eliminated. These interim statements should be read in conjunction with the audited financial statements and notes thereto included in Embecta's Annual Report on Form 10-K for the year ended September 30, 2024, filed with the Securities and Exchange Commission on December 11, 2024 (the “2024 Form 10-K”). Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates or assumptions affect reported assets, liabilities, revenues and expenses, depreciable and amortizable lives, sales returns and allowances, rebate accruals, inventory reserves and taxes on income as reflected in the Condensed Consolidated Financial Statements. Actual results could differ from these estimates. The following provides updates to the Company's "Summary of Significant Accounting Policies" as disclosed in the 2024 Form 10-K. Restructuring Costs The Company records liabilities for costs associated with exit or disposal activities in the period in which the liability is incurred. In accordance with existing benefit arrangements, future employee termination costs to be incurred in conjunction with involuntary separations are accrued when such separations are probable and estimable. When accruing these costs, the Company will recognize the amount that is the best estimate. Costs for one-time termination benefits are recognized at the date the employee is notified, unless the employee is required to render services beyond a minimum retention period, in which case the benefits are expensed ratably over the service period. Liabilities for other costs associated with a restructuring activity are measured at fair value and are recognized when the liability is incurred. Other costs primarily consist of contract termination fees and other costs related to restructuring activities and are expensed when incurred. In connection with exit and disposal activities, the Company also assesses the recoverability of long-lived assets employed in the business. Additional disclosures regarding the Company’s accounting for restructuring costs are provided in Note 4. Recently Adopted Accounting Standards There were no new material accounting standards adopted in the first quarter of fiscal year 2025. Recently Issued Accounting Standards Not Yet Adopted In November 2023, the Financial Accounting Standard Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which modifies the disclosure and presentation requirements of reportable segments. This update is effective for the Company beginning with its fiscal year 2025 reporting and for interim reporting beginning with its fiscal year 2026. While this accounting standard will increase disclosures, it will not have a material impact on the Company’s Consolidated Financial Statement results. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to enhance the transparency and decision usefulness of income tax disclosures. This update is effective for the Company beginning with its fiscal year 2026 reporting. While this accounting standard will increase disclosures, it will not have a material impact on the Company’s Consolidated Financial Statement results. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40), to improve disclosures about an entity's expenses including more detailed information about the components of expenses in commonly presented expense captions. This update is effective for the Company beginning with its fiscal year 2028 reporting and for interim reporting beginning with its fiscal year 2029. While this accounting standard will increase disclosures, it will not have a material impact on the Company’s Consolidated Financial Statements.

Third Party Arrangements and Re

Third Party Arrangements and Related Party Disclosures	3 Months Ended
	Dec. 31, 2024
Third Party and Related Party Transactions [Abstract]
Third Party Arrangements and Related Party Disclosures	Note 3 — Third Party Arrangements and Related Party Disclosures On April 1, 2022, Embecta and Becton, Dickinson and Company ("BD") entered into a Separation and Distribution Agreement (the "Separation and Distribution Agreement"). Pursuant to the Separation and Distribution Agreement, BD agreed to spin off its diabetes care business (the "Diabetes Care Business") into Embecta, a new, publicly traded company (the "Separation"). In connection with the Separation, the Company entered into the Separation and Distribution Agreement, which contains provisions that, among other things, relate to (i) assets, liabilities and contracts to be transferred, assumed and assigned to each of Embecta and BD (including certain deferred assets and liabilities) as part of the Separation, (ii) cross-indemnities principally designed to place financial responsibility for the obligations and liabilities of Embecta's business with Embecta and financial responsibility for the obligations and liabilities of BD’s remaining businesses with BD, (iii) procedures with respect to claims subject to indemnification and related matters, (iv) the allocation among Embecta and BD of rights and obligations under existing insurance policies with respect to occurrences prior to completion of the Separation, as well as the right to proceeds and the obligation to incur certain deductibles under certain insurance policies, and (v) procedures governing Embecta’s and BD’s obligations and allocations of liabilities with respect to ongoing litigation matters that may implicate each of BD’s business and Embecta’s business. In addition, the Company entered into a series of agreements with BD that govern aspects of Embecta's relationship with BD following the Separation which include, but are not limited to the Transition Services Agreements ("TSA"), Trade Receivables Factoring Agreements ("Factoring Agreements"), Distribution Agreements, Cannula Supply Agreement, Tax Matters Agreement, Logistics Services Agreement ("LSA"), employee matters agreement, an intellectual property matters agreement, local support services agreements, certain other manufacturing arrangements and a process services agreement and lease agreement for a manufacturing facility located in Holdrege, Nebraska. Certain of these agreements have expired or terminated as disclosed in the 2024 Form 10-K. For details on the rights and responsibilities of the parties under these agreements refer to Note 4 to the Consolidated Financial Statements in the 2024 Form 10-K. The amount due from BD under the above agreements was $39.6 million at December 31, 2024 and is included in Amounts due from Becton, Dickinson and Company . The amount due to BD under these agreements was $42.6 million at December 31, 2024 and is included in Amounts due to Becton, Dickinson and Company . The closing of the transfers of certain assets and liabilities related to the Diabetes Care Business in certain jurisdictions, including India, as contemplated by the Separation and Distribution Agreement did not occur at Separation. The transfer of the relevant local assets and liabilities in India are expected to close at a future date. As of December 31, 2024, the amounts related to certain assets and liabilities in these jurisdictions are not material to the Company’s Condensed Consolidated Financial Statements.

Business Restructuring Charges

Business Restructuring Charges	3 Months Ended
	Dec. 31, 2024
Restructuring and Related Activities [Abstract]
Business Restructuring Charges	Note 4 — Business Restructuring Charges On November 22, 2024, the Company’s Board of Directors approved a plan to discontinue internal and external investment in the research and development of the Company's patch pump program. As a result, the Company incurred organizational restructuring plan (the "Restructuring Plan") costs during the three months ended December 31, 2024. This Restructuring Plan is expected to be completed by the end of the first half of fiscal year 2025, with the cumulative pretax costs to be incurred by the Company to implement the Restructuring Plan estimated to be $35.0 million to $45.0 million. The Company plans to refocus its investment on its core business while looking to optimize free cash flow and strengthen its balance sheet by paying down debt. The following table summarizes the Company's restructuring related accrual balance as of December 31, 2024 and related activity for the three months ended December 31, 2024: Employee Termination Non-Employee Related (a) Total Balance at September 30, 2024 $ — $ — $ — Charged to expense (b) 11.6 15.8 27.4 Cash payments (1.5) — (1.5) Non-cash adjustments (0.9) (10.4) (11.3) Balance at December 31, 2024 (c) $ 9.2 $ 5.4 $ 14.6 (a) Primarily relates to other costs associated with the execution of the Company’s plan, such as termination of contracts and long-lived asset impairments which are discussed further in Note 15 and Note 16. (b) For the three months ended December 31, 2024, approximately $14.3 million is recorded in Other operating expense, $6.5 million is recorded in Research and development expense, and $6.2 million is recorded in Cost of products sold . Amounts recorded to Selling and administrative expense for the three months ended December 31, 2024 were not material to the Company's Condensed Consolidated Statements of Income. (c) As of December 31, 2024, approximately $9.2 million is recorded in Salaries, wages and related items and $5.4 million is recorded in Accrued expenses .

Other Operating Expenses

Other Operating Expenses	3 Months Ended
	Dec. 31, 2024
Other Income and Expenses [Abstract]
Other Operating Expenses	Note 5 — Other Operating Expenses Other operating expenses are as follows: Three months ended December 31, 2024 2023 Costs related to the Separation $ 10.4 $ 26.4 Amortization of cloud computing arrangements 2.5 0.4 Costs associated with the discontinued patch pump program 14.3 — Business optimization and severance related costs — 1.9 Other (0.2) 1.2 Total $ 27.0 $ 29.9 In connection with the Separation, the Company incurred separation and stand-up costs of approximately $10.4 million and $26.4 million during the three months ended December 31, 2024 and December 31, 2023, respectively. The costs incurred primarily consist of costs associated with accounting, auditing, legal services, marketing, supply chain, employee retention, brand transition, and certain other costs to establish certain systems and services, including but not limited to, information technology, procurement, quality and regulatory affairs, medical affairs, tax and treasury services, distribution logistics, and shared services infrastructure support for order-to-cash, source-to-pay, and record-to-report, which, for clarity, includes enterprise resource plan ("ERP") system (“Business Continuity Processes”) and stand-alone functions to assist with the transition to being a stand-alone entity. For the three months ended December 31, 2024, the Company recognized $14.3 million of costs associated with the discontinuation of the patch pump program which is further discussed in Note 4. The costs incurred primarily consist of severance-related and contract termination costs. For the three months ended December 31, 2023, the Company recognized $1.9 million of costs related to the optimization of certain business functions. For the three months ended December 31, 2024 and December 31, 2023, respectively, the Company recognized $2.5 million and $0.4 million of costs associated with the amortization of cloud computing arrangements.

Contingencies

Contingencies	3 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Note 6 — Contingencies

Revenues

Revenues	3 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenues	Note 7 — Revenues The Company’s policies for recognizing revenue have not changed from those described in the 2024 Form 10-K. The Company sells syringes, pen needles and other products used in the management of diabetes which are primarily sold to wholesalers and distributors that sell to retail and institutional channels who in turn sell to patients or use the products to deliver insulin injections to patients. End-users of the Company’s products include healthcare institutions, physicians, life science researchers, clinical laboratories, the pharmaceutical industry, and the general public. Measurement of Revenues Payment terms extended to the Company’s customers are based upon commercially reasonable terms for the markets in which the Company’s products are sold. Because the Company generally expects to receive payment within one year or less from when control of a product is transferred to the customer, the Company does not generally adjust its revenues for the effects of a financing component. The Company’s allowance for doubtful accounts reflects the current estimate of credit losses expected to be incurred over the life of its trade receivables. Such estimated credit losses are determined based on historical loss experiences, customer specific credit risk, and reasonable and supportable forward-looking information, such as country or regional risks that are not captured in the historical loss information. Amounts are written off against the allowances for doubtful accounts when the Company determines that a customer account is uncollectible. The allowance for doubtful accounts for trade receivables is not material to the Company’s Condensed Consolidated Financial Statements. The Company’s gross revenues are subject to a variety of gross-to-net deductions which are recorded in the same period that the underlying revenues are recognized. Such variable consideration includes rebates, sales discounts, and sales returns. Because these deductions represent estimates of the related obligations, judgment is required when determining the impact of these revenue deductions on gross revenues for a reporting period. Rebates provided by the Company are based upon prices determined under the Company’s agreements primarily with its end-user customers. Additional factors considered in the estimate of the Company’s rebate liability include the quantification of inventory that is either in stock at or in transit to the Company’s distributors, as well as the estimated lag time between the sale of product and the payment of corresponding rebates. The Company’s liability attributed to variable consideration at December 31, 2024 and September 30, 2024 was $128.6 million and $149.6 million, respectively. Sales deductions recorded as a reduction of gross revenues for the three months ended December 31, 2024 and 2023 were $150.1 million and $126.7 million, respectively. Disaggregation of Revenues Disaggregation of revenue by geographic region and product line is provided within Note 8. Contract Assets and Liabilities The Company does not have contract liabilities. Contract assets consist of the Company’s right to consideration that is conditional upon its future performance pursuant to private label agreements and are presented within Prepaid expenses and other in the Condensed Consolidated Balance Sheets.

Segment and Geographical Data

Segment and Geographical Data	3 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segment and Geographical Data	Note 8 — Segment and Geographical Data Operating segments are identified as components of an enterprise in which discrete financial information is available for evaluation by the chief operating decision-maker (“CODM”) in making decisions regarding assessing business performance and allocating resources and capital. Management has concluded that the Company operates in one segment based upon the information used by the CODM in evaluating the performance of the Company’s business and allocating resources and capital. Disaggregation of Revenues The Company has distribution agreements with regional or national distributors (including wholesalers and medical suppliers) to ensure broad availability of its products as well as a direct sales force in certain countries and regions around the world. In the United States and Canada, the Company utilizes its large and small key account managers that call on payers, retailers, wholesalers and institutional customers, and field-based territory managers that call on health care providers and pharmacies. In certain markets within Europe, the Company has dedicated sales representatives and in certain regions of the Middle East and Africa, the Company has distribution agreements. In Asia, the Company has distribution agreements, and in China the Company relies on its own commercial team to support sales execution. In Latin America, the Company maintains distribution agreements and direct sales representatives. The Company disaggregates its revenue by geography and product line as management believes these categories best depict how the nature, amount, and timing of revenues and cash flows are affected by economic factors. Revenues by geographic region are as follows: Three months ended December 31, 2024 2023 United States $ 141.7 $ 148.6 International (1) 120.2 128.7 Total $ 261.9 $ 277.3 (1) For the three months ended December 31, 2024 and 2023, no individual country outside of the United States generated net revenues that represented more than 10.0% of total revenues. Revenues by product line are as follows: Three months ended December 31, 2024 2023 Pen Needles $ 191.1 $ 209.8 Syringes 28.4 30.8 Safety 34.2 30.8 Other (2) 3.4 4.0 Contract Manufacturing 4.8 1.9 Total $ 261.9 $ 277.3 (2) Other includes product sales for swabs and other accessories.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 9 — Stock-Based Compensation Stock-Based Compensation Expense Total stock-based compensation expense for the three months ended December 31, 2024 and 2023 and the respective income tax benefits recognized by the Company in the Condensed Consolidated Statements of Income are as follows: Three months ended December 31, 2024 2023 Cost of products sold $ 0.6 $ 0.9 Selling and administrative expense 7.4 5.9 Research and development expense 0.1 0.6 Other operating expense 0.9 — Total Stock-Based Compensation Expense $ 9.0 $ 7.4 Tax benefit associated with stock-based compensation costs recognized $ 1.0 $ 0.7 The following table summarizes the Company's total stock-based compensation expense by classification of award for the three months ended December 31, 2024 and 2023: Three months ended December 31, 2024 2023 Equity Awards $ 8.9 $ 7.3 Liability Awards 0.1 0.1 Total $ 9.0 $ 7.4 The following table summarizes the Company's total stock-based compensation expense by award type for the three months ended December 31, 2024 and 2023: Three months ended December 31, 2024 2023 Time-Vested Restricted Stock Units (TVUs) $ 5.6 $ 5.4 Performance-Based Restricted Stock Units (PSUs) 2.9 0.9 Stock Appreciation Rights (SARs) 0.5 1.1 Total $ 9.0 $ 7.4 Time Vested Restricted Stock Units ("TVUs") During the three months ended December 31, 2024 , Embecta granted 1,404,047 restricted stock units ("RSUs") in the form of TVUs to employees. TVUs vest on a graded basis over a period of three years. The related stock-based compensation expense is recorded over the requisite service period, which is the vesting period or is based on retirement eligibility. These awards accumulate dividend equivalents, which are provided as additional units and are subject to the same vesting requirements as the underlying grant. A summary of TVUs outstanding as of December 31, 2024 and changes during the three months ended December 31, 2024 are as follows: TVUs (in thousands) Weighted Average Grant Date Fair Value Nonvested at October 1 1,918.0 $ 21.34 Granted* 1,404.0 18.70 Distributed** (656.2) 22.42 Forfeited, canceled or expired (32.7) 20.03 Nonvested at December 31 2,633.1 $ 19.74 Expected to vest at December 31 2,502.9 $ 19.75 *Includes accumulated nonvested dividend equivalents **The TVUs distributed include shares withheld for taxes that are not formally issued to the market. The weighted average grant date fair value of TVUs granted during the three months ended December 31, 2024 is $18.70 and the total fair value of TVUs vested during the three months ended December 31, 2024 is $14.8 million. At December 31, 2024, the weighted average remaining vesting term of TVUs is 2.2 years. Performance Based Restricted Stock Units ("PSUs") During the three months ended December 31, 2024 , Embecta awarded 538,031 RSUs in the form of PSUs to certain executive officers and employees which cliff vest after three years, subject to continued employment of the recipients and the achievement of certain performance metric targets. The Company has identified certain performance metrics associated with these awards and certain targets will be fully established at a future date. The Company has determined that the service inception date precedes the grant date for these awards as (a) the awards were authorized prior to establishing an accounting grant date, (b) the recipients began providing services prior to the grant date, and (c) there are performance conditions that, if not met by the accounting grant date, will result in the forfeiture of the awards. As the service inception date precedes the accounting grant date, the Company recognizes stock-based compensation expense for each separately-vesting tranche over the requisite service period based on the fair value at each reporting date. The requisite service period is equal to the vesting period or is based on retirement eligibility. These awards accumulate dividend equivalents, which are provided as additional units and are subject to the same vesting requirements as the underlying grant. As of December 31, 2024 , there were 1,019,799 RSUs in the form of PSUs that have been awarded, inclusive of accumulated dividend equivalents, for which a grant date has not yet been established. A summary of PSUs outstanding as of December 31, 2024 and changes during the three months ended December 31, 2024 are as follows: Stock Units (in thousands) Weighted Average Grant Date Fair Value Nonvested at October 1 56.7 $ 30.24 Granted* 216.1 18.17 Forfeited, canceled or expired (2.1) 20.08 Nonvested at December 31 270.7 $ 24.20 Expected to vest at December 31 259.2 $ 20.55 *Includes accumulated nonvested dividend equivalents At December 31, 2024, the weighted average remaining vesting term of PSUs is 0.7 years. Stock Appreciation Rights A summary of stock appreciation rights ("SARs") outstanding as of December 31, 2024 and changes during the three months ended December 31, 2024 are as follows: SARs (in thousands) Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Balance at October 1 1,760.4 $ 29.11 Exercised* (3.4) 13.30 Balance at December 31 1,757.0 $ 29.14 6.5 $ 0.1 Vested and expected to vest at December 31 1,716.6 29.11 6.5 $ 0.1 Exercisable at December 31 1,022.2 $ 28.08 6.0 $ 0.1 *The amounts exercised include shares withheld for taxes that are not formally issued to the market. 3,400 SARs w ere exercised during the three months ended December 31, 2024. The intrinsic val ue and grant date fair value of SARs exercised was immaterial. Unrecognized Stock-Based Compensation Expense and Other Stock Plans The amount of unrecognized compensation expense for all non-vested stock-based awards granted as of December 31, 2024, is approximately $52.3 million which is expected to be recognized over a weighted-average remaining life of approximately 2.2 years. At December 31, 2024, 4.7 million shares were authorized for future grants under the Company's 2022 Employee and Director Equity Based Compensation Plan, as amended.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Note 10 — Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets consisted of: December 31, 2024 September 30, 2024 Amortized intangible assets Patents – gross $ 10.8 $ 10.8 Less: accumulated amortization (5.2) (5.1) Patents – net $ 5.6 $ 5.7 Customer Relationships and Other – gross $ 5.2 $ 5.2 Less: accumulated amortization (2.9) (2.8) Customer Relationships and Other – net $ 2.3 $ 2.4 Total amortized intangible assets $ 7.9 $ 8.1 Goodwill 15.5 15.6 Total Goodwill and Other Intangible Assets $ 23.4 $ 23.7

Cloud Computing Arrangements

Cloud Computing Arrangements	3 Months Ended
	Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Cloud Computing Arrangements	Note 11 — Cloud Computing Arrangements The Company capitalizes costs associated with the development of cloud computing arrangements in a manner consistent with internally developed software. Capitalized costs are included in Prepaid expenses and other and Deferred Income Taxes and Other Assets. Capitalized costs to implement cloud computing arrangements at cost and accumulated amortization were as follows: December 31, 2024 September 30, 2024 Short-term portion $ 10.4 $ 10.2 Long-term portion 61.1 60.6 Total Capitalized implementation costs $ 71.5 $ 70.8 Less: accumulated amortization (8.9) (6.3) Total Capitalized implementation costs, net $ 62.6 $ 64.5 Costs amortized during the three months ended December 31, 2024 were $2.5 million and are included in Other operating expenses . Costs amortized during the three months ended December 31, 2023 were not material to the Company's Condensed Consolidated Statements of Income. As of December 31, 2024, cloud computing arrangement assets in-service have useful lives which range from approximately two

Long-Term Debt

Long-Term Debt	3 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Note 12 — Long-Term Debt Credit Agreement On March 31, 2022, Embecta entered into a credit agreement (the “Credit Agreement”), providing for: • a Term Loan B Facility (the "Term Loan") in the amount of $950.0 million, with a seven -year term that matures in March 2029. The interest rate is 300 basis points over the secured overnight financing rate (“SOFR”), with a 0.50% SOFR floor. The Term Loan was issued at a discount of 0.50%. Principal and interest payments on the Term Loan commenced on June 30, 2022. Such quarterly principal payments are calculated as 0.25% of the initial principal amount, with the remaining balance payable upon maturity; and • a Revolving Credit Facility (the "Revolving Credit Facility") in an aggregate principal amount of up to $500.0 million, with a five -year term that matures in 2027. Borrowings under the Revolving Credit Facility bear interest, at Embecta’s option, at an annual rate equal to (a) in the case of loans denominated in United States dollars (i) the SOFR or (ii) the alternate base rate or (b) in the case of loans denominated in Euros, the EURIBOR rate, in each case plus an applicable margin specified in the credit agreement. A commitment fee applies to the unused portion of the Revolving Credit Facility, equal to 0.25% per annum. As of December 31, 2024, no amount has been drawn on the Revolving Credit Facility. The Credit Agreement and the indentures for Embecta's outstanding 5.00% senior secured notes due February 2030 (the "5.00% Notes") and 6.75% senior secured notes due February 2030 (the " 6.75% Notes") contain customary financial covenants, including a total net leverage ratio covenant, which measures the ratio of (i) consolidated total net debt to (ii) consolidated earnings before interest, taxes, depreciation and amortization, and subject to other adjustments, must meet certain defined limits which are tested on a quarterly basis in accordance with the terms of the Credit Agreement and the 5.00% Notes and 6.75% Notes. In addition, the Credit Agreement contains covenants that will limit, among other things, Embecta’s ability to prepay, redeem or repurchase its subordinated and junior lien debt, incur additional debt, make acquisitions, merge with other entities, pay dividends or distributions, redeem or repurchase equity interests, and create or become subject to liens. As of December 31, 2024, we were in compliance with all of such covenants. The credit agreement and the senior secured notes are secured by substantially all assets of Embecta and each subsidiary guarantor, subject to certain exceptions. The following is a summary of Embecta's total debt outstanding as of December 31, 2024: Term Loan due March 2029 $ 868.9 5.00% Notes due February 2030 500.0 6.75% Notes due February 2030 200.0 Total principal debt issued $ 1,568.9 Less: current debt obligations (9.5) Less: debt issuance costs and discounts (24.7) Long-term debt $ 1,534.7 The debt issuance costs on the Term Loan, 5.00% Notes, 6.75% Notes and the discount on the Term Loan are reported in the Condensed Consolidated Balance Sheets as a reduction of debt and are amortized as a component of Interest expense, net over the term of the related debt using the effective interest method. During the first quarter of fiscal year 2025, the Company recorded approximately $2.1 million of amortization on deferred debt issuance costs and discounts. During the first quarter of fiscal 2025, the Company made interest payments of $27.4 million on debt outstanding. The weighted-average interest rate on total borrowings as of December 31, 2024 is 6.7%. During the first quarter of fiscal year 2025 , the Company paid an aggregate principal amount of approximately $32.4 million on the Term Loan, of which $30.0 million was discretionary. Debt extinguishment charges as a result of this discretionary prepayment were not material to the Company's Condensed Consolidated Statements of Income. The schedule of principal payments required on long-term debt for the next five fiscal years and thereafter is as follows: 2025 $ 7.1 2026 9.5 2027 9.5 2028 9.5 2029 833.3 Thereafter 700.0 The estimated fair value of long-term debt (including current portion) at December 31, 2024 was $1,515.3 million compared with a carrying value (which includes a reduction for unamortized debt issuance costs and discounts) of $1,544.2 million. Fair value was estimated using inputs other than quoted prices in active markets for identical assets and liabilities that are observable either directly or indirectly for substantially the full term of the asset or liability and would be considered Level 2 in the fair value hierarchy.

Earnings per Share

Earnings per Share	3 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Earnings per Share	Note 13 — Earnings per Share The calculation of earnings per basic and diluted common share for the three months ended December 31, 2024 and 2023 was as follows: Three Months Ended ($ in millions and shares in thousands, except per share amounts) 2024 2023 Net Income $ — $ 20.1 Basic weighted average number of shares outstanding 57,952 57,486 Stock awards and equity units (share equivalent) 670 146 Diluted weighted average shares outstanding 58,622 57,632 Earnings per common share - Basic $ — $ 0.35 Earnings per common share - Diluted $ — $ 0.35 Earnings per diluted share is computed by giving effect to all potentially dilutive stock awards that are outstanding. The computation of earnings per diluted share excludes the effect of the potential exercise of stock-based awards, when the effect of the potential exercise would be anti-dilutive. For the three months ended December 31, 2024 and 2023, 3.0 million and 3.2 million, respectively, of dilutive share equivalents issuable under stock-based compensation plans were excluded from the diluted shares outstanding calculation because the result would have been antidilutive.

Income Taxes

Income Taxes	3 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Note 14 — Income Taxes The Company is subject to income tax in the various jurisdictions in which it operates. A significant portion of the Company's earnings are taxed in jurisdictions with tax rates that are lower than the statutory tax rate of the United States. The effective tax rate can change from quarter to quarter because of variability in global pretax income or geographical mix of the Company's earnings, changes in tax laws and matters related to tax audits. The effective tax rates were 100.0% and (40.6)% for the three months ended December 31, 2024 and 2023, respectively. The increase in the Company’s effective tax rate from the prior comparative period is primarily due to the absence of a tax benefit from the establishment of deferred tax assets related to tax law changes in Switzerland, as well as a decrease in earnings.

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	3 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value Measurements	Note 15 — Financial Instruments and Fair Value Measurements The following reconciles Cash and equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets as of December 31, 2024 and September 30, 2024, to the total amounts shown in the Condensed Consolidated Statements of Cash Flows: December 31, 2024 September 30, 2024 Cash and equivalents $ 210.0 $ 267.5 Restricted cash 6.7 6.7 Cash and equivalents and restricted cash $ 216.7 $ 274.2 Cash and equivalents as of December 31, 2024 includes cash held in money market funds and other cash equivalents. All cash and equivalents are Level 1 in the fair value hierarchy. Interest income on Cash and equivalents was $1.8 million and $3.4 million for the three months ended December 31, 2024 and 2023, respectively, and is included as a component of Interest expense, net . Restricted cash consists of cash not readily available for use in the Company's operating activities. The Company's restricted cash balance is primarily pledged as collateral for bank guarantees related to certain customer performance guarantees and property leases internationally. Foreign Currency Risks and Related Strategies The Company has foreign currency exposures throughout Europe, Asia, Canada and Latin America. Transactional currency exposures that arise from entering into transactions, generally on an intercompany basis, in non-hyperinflationary countries that are denominated in currencies other than the functional currency are mitigated primarily through the use of forward contracts. The notional amounts of the Company’s foreign currency-related derivative instruments were as follows as of December 31, 2024 and September 30, 2024, respectively: Hedge Designation December 31, 2024 September 30, 2024 Foreign exchange contracts (a) Undesignated $ 5.4 $ 4.5 (a) Represent hedges of transactional foreign exchange exposures resulting primarily from intercompany payables and receivables. Gains and losses on these instruments are recognized immediately in Other income (expense), net. These gains and losses are largely offset by gains and losses on the underlying hedged items, as well as the hedging costs associated with the derivative instruments. Gains and losses recognized to date on these instruments were not material to the Company's Condensed Consolidated Financial Statements. Nonrecurring Fair Value Measurements Non-financial assets, including property, plant and equipment as well as intangible assets, are measured at fair value when there are indicators of impairment and these assets are recorded at fair value only when an impairment is recognized. These measurements of fair value are generally based upon Level 3 inputs, including values estimated using the income approach. In the first quarter of fiscal year 2025, the Company recorded a non-cash asset impairment charge of $10.4 million to write down the carrying value of certain property and equipment as a result of the Company's plan to discontinue the patch pump program. $6.1 million was recorded to Cost of products sold and $4.3 million was recorded to Research and development expense . The amount recognized was recorded to adjust the carrying amount of assets to the assets' fair values, which were estimated, based upon a market participant's perspective, using Level 3 measurements, including values estimated using the income approach. Concentration of Credit Risk Three of the Company’s customers represented at least 10.0% of total gross revenues individually and, in the aggregate, represented approximately 42.0% for the three months ended December 31, 2024, and three of the Company's customers represented at least 10.0% of total gross revenues individually and, in the aggregate, represented approximately 40.8% of total revenues for the three months ended December 31, 2023. Two of the Company's customers represented at least 10.0% of total gross trade receivables individually and, in the aggregate, represented approximately 31.0% as of December 31, 2024.

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Note 16 — Property, Plant and Equipment Property, Plant and Equipment, Net consisted of: December 31, 2024 September 30, 2024 Land $ 2.9 $ 3.1 Buildings 115.8 121.7 Machinery, equipment and fixtures 570.7 607.3 Leasehold improvements 11.2 11.9 Construction in progress 35.0 35.1 $ 735.6 $ 779.1 Less: accumulated depreciation (476.7) (488.7) Total Property, Plant and Equipment, Net $ 258.9 $ 290.4 In the first quarter of fiscal year 2025, the Company recorded a non-cash asset impairment charge of $10.4 million to write down the carrying value of certain property and equipment as a result of the Company's Restructuring Plan to discontinue the patch pump program. $6.1 million was recorded to Cost of products sold and $4.3 million was recorded to Research and development expense .

Leases

Leases	3 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Leases	Note 17 — Leases Finance Leases The Company's finance lease assets and liabilities are attributed to its manufacturing site in Holdrege, Nebraska, which has an initial term of ten years and an option for the Company to extend the lease term for an additional period of up to five years. This lease is classified as a finance lease because the present value of the sum of the lease payments associated with the lease exceeds substantially all of the fair value of the manufacturing site. Operating Leases The Company's operating leases primarily relate to its real estate leases that are not classified as finance leases. Aggregate Lease Information The Company's leases are included in its Condensed Consolidated Balance Sheets as follows: December 31, 2024 September 30, 2024 Finance Leases Property, Plant, and Equipment, Net $ 30.2 $ 30.8 Total Finance Lease Assets $ 30.2 $ 30.8 Current finance lease liabilities $ 3.4 $ 3.4 Non Current Finance Lease Liabilities 29.8 30.2 Total Finance Lease Liabilities $ 33.2 $ 33.6 Weighted-average remaining lease term (years) 12.3 12.5 Weighted-average discount rate 6.8 % 6.8 % Operating Leases Other Assets $ 19.4 $ 22.6 Total Operating Lease Assets $ 19.4 $ 22.6 Accrued expenses $ 4.3 $ 6.0 Deferred Income Taxes and Other Liabilities 10.9 11.9 Total Operating Lease Liabilities $ 15.2 $ 17.9 Weighted-average remaining lease term (years) 6.8 6.3 Weighted-average discount rate 6.9 % 6.5 % Supplemental cash flow information related to leases for the three months ended December 31, 2024 and 2023 were as follows: For both the three months ended December 31, 2024 and 2023, right of use assets obtained in exchange for lease liabilities were not material. December 31, 2024 December 31, 2023 Cash used for amounts included in the measurement of lease liabilities Operating cash flows from Operating Leases $ 1.9 $ 1.4 Financing cash flows from Finance Lease 0.3 0.3 Operating cash flows from Finance Lease 0.6 0.6 Maturities of the Company's finance and operating lease liabilities as of December 31, 2024 by fiscal year are as follows: Finance Leases Operating Leases Total 2025 $ 2.8 $ 4.9 $ 7.7 2026 3.7 3.5 7.2 2027 3.8 1.9 5.7 2028 3.9 1.9 5.8 2029 3.9 1.7 5.6 Thereafter 32.3 7.3 39.6 Total lease payments $ 50.4 $ 21.2 $ 71.6 Less: amount representing interest 17.2 6.0 23.2 Present value of lease liabilities $ 33.2 $ 15.2 $ 48.4
Leases	Note 17 — Leases Finance Leases The Company's finance lease assets and liabilities are attributed to its manufacturing site in Holdrege, Nebraska, which has an initial term of ten years and an option for the Company to extend the lease term for an additional period of up to five years. This lease is classified as a finance lease because the present value of the sum of the lease payments associated with the lease exceeds substantially all of the fair value of the manufacturing site. Operating Leases The Company's operating leases primarily relate to its real estate leases that are not classified as finance leases. Aggregate Lease Information The Company's leases are included in its Condensed Consolidated Balance Sheets as follows: December 31, 2024 September 30, 2024 Finance Leases Property, Plant, and Equipment, Net $ 30.2 $ 30.8 Total Finance Lease Assets $ 30.2 $ 30.8 Current finance lease liabilities $ 3.4 $ 3.4 Non Current Finance Lease Liabilities 29.8 30.2 Total Finance Lease Liabilities $ 33.2 $ 33.6 Weighted-average remaining lease term (years) 12.3 12.5 Weighted-average discount rate 6.8 % 6.8 % Operating Leases Other Assets $ 19.4 $ 22.6 Total Operating Lease Assets $ 19.4 $ 22.6 Accrued expenses $ 4.3 $ 6.0 Deferred Income Taxes and Other Liabilities 10.9 11.9 Total Operating Lease Liabilities $ 15.2 $ 17.9 Weighted-average remaining lease term (years) 6.8 6.3 Weighted-average discount rate 6.9 % 6.5 % Supplemental cash flow information related to leases for the three months ended December 31, 2024 and 2023 were as follows: For both the three months ended December 31, 2024 and 2023, right of use assets obtained in exchange for lease liabilities were not material. December 31, 2024 December 31, 2023 Cash used for amounts included in the measurement of lease liabilities Operating cash flows from Operating Leases $ 1.9 $ 1.4 Financing cash flows from Finance Lease 0.3 0.3 Operating cash flows from Finance Lease 0.6 0.6 Maturities of the Company's finance and operating lease liabilities as of December 31, 2024 by fiscal year are as follows: Finance Leases Operating Leases Total 2025 $ 2.8 $ 4.9 $ 7.7 2026 3.7 3.5 7.2 2027 3.8 1.9 5.7 2028 3.9 1.9 5.8 2029 3.9 1.7 5.6 Thereafter 32.3 7.3 39.6 Total lease payments $ 50.4 $ 21.2 $ 71.6 Less: amount representing interest 17.2 6.0 23.2 Present value of lease liabilities $ 33.2 $ 15.2 $ 48.4

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and disclosures required by GAAP for complete consolidated financial statements are not included herein. The results of operations of any interim period are not necessarily indicative of the results of operations for the full year. In the Company's opinion, all adjustments necessary for a fair statement of these interim statements have been included and are of a normal and recurring nature. All intercompany transactions and accounts within Embecta have been eliminated. These interim statements should be read in conjunction with the audited financial statements and notes thereto included in Embecta's Annual Report on Form 10-K for the year ended September 30, 2024, filed with the Securities and Exchange Commission on December 11, 2024 (the “2024 Form 10-K”).
Use of Estimates	Use of Estimates
Restructuring Costs	Restructuring Costs The Company records liabilities for costs associated with exit or disposal activities in the period in which the liability is incurred. In accordance with existing benefit arrangements, future employee termination costs to be incurred in conjunction with involuntary separations are accrued when such separations are probable and estimable. When accruing these costs, the Company will recognize the amount that is the best estimate. Costs for one-time termination benefits are recognized at the date the employee is notified, unless the employee is required to render services beyond a minimum retention period, in which case the benefits are expensed ratably over the service period. Liabilities for other costs associated with a restructuring activity are measured at fair value and are recognized when the liability is incurred. Other costs primarily consist of contract termination fees and other costs related to restructuring activities and are expensed when incurred. In connection with exit and disposal activities, the Company also assesses the recoverability of long-lived assets employed in the business. Additional disclosures regarding the Company’s accounting for restructuring costs are provided in Note 4.
Recently Adopted Accounting Standards and Recently Issued Accounting Standards Not Yet Adopted	Recently Adopted Accounting Standards There were no new material accounting standards adopted in the first quarter of fiscal year 2025. Recently Issued Accounting Standards Not Yet Adopted In November 2023, the Financial Accounting Standard Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which modifies the disclosure and presentation requirements of reportable segments. This update is effective for the Company beginning with its fiscal year 2025 reporting and for interim reporting beginning with its fiscal year 2026. While this accounting standard will increase disclosures, it will not have a material impact on the Company’s Consolidated Financial Statement results. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to enhance the transparency and decision usefulness of income tax disclosures. This update is effective for the Company beginning with its fiscal year 2026 reporting. While this accounting standard will increase disclosures, it will not have a material impact on the Company’s Consolidated Financial Statement results. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40), to improve disclosures about an entity's expenses including more detailed information about the components of expenses in commonly presented expense captions. This update is effective for the Company beginning with its fiscal year 2028 reporting and for interim reporting beginning with its fiscal year 2029. While this accounting standard will increase disclosures, it will not have a material impact on the Company’s Consolidated Financial Statements.

Business Restructuring Charges

Business Restructuring Charges (Tables)	3 Months Ended
	Dec. 31, 2024
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Liability Activity	The following table summarizes the Company's restructuring related accrual balance as of December 31, 2024 and related activity for the three months ended December 31, 2024: Employee Termination Non-Employee Related (a) Total Balance at September 30, 2024 $ — $ — $ — Charged to expense (b) 11.6 15.8 27.4 Cash payments (1.5) — (1.5) Non-cash adjustments (0.9) (10.4) (11.3) Balance at December 31, 2024 (c) $ 9.2 $ 5.4 $ 14.6 (a) Primarily relates to other costs associated with the execution of the Company’s plan, such as termination of contracts and long-lived asset impairments which are discussed further in Note 15 and Note 16. (b) For the three months ended December 31, 2024, approximately $14.3 million is recorded in Other operating expense, $6.5 million is recorded in Research and development expense, and $6.2 million is recorded in Cost of products sold . Amounts recorded to Selling and administrative expense for the three months ended December 31, 2024 were not material to the Company's Condensed Consolidated Statements of Income. (c) As of December 31, 2024, approximately $9.2 million is recorded in Salaries, wages and related items and $5.4 million is recorded in Accrued expenses .

Other Operating Expenses (Table

Other Operating Expenses (Tables)	3 Months Ended
	Dec. 31, 2024
Other Income and Expenses [Abstract]
Schedule of Other Operating Expenses	Other operating expenses are as follows: Three months ended December 31, 2024 2023 Costs related to the Separation $ 10.4 $ 26.4 Amortization of cloud computing arrangements 2.5 0.4 Costs associated with the discontinued patch pump program 14.3 — Business optimization and severance related costs — 1.9 Other (0.2) 1.2 Total $ 27.0 $ 29.9

Segment and Geographical Data (

Segment and Geographical Data (Tables)	3 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of Revenues by Geographical Region	Revenues by geographic region are as follows: Three months ended December 31, 2024 2023 United States $ 141.7 $ 148.6 International (1) 120.2 128.7 Total $ 261.9 $ 277.3 (1)
Schedule of Revenue By Product Line	Revenues by product line are as follows: Three months ended December 31, 2024 2023 Pen Needles $ 191.1 $ 209.8 Syringes 28.4 30.8 Safety 34.2 30.8 Other (2) 3.4 4.0 Contract Manufacturing 4.8 1.9 Total $ 261.9 $ 277.3 (2) Other includes product sales for swabs and other accessories.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule and Location of Compensation Cost	Total stock-based compensation expense for the three months ended December 31, 2024 and 2023 and the respective income tax benefits recognized by the Company in the Condensed Consolidated Statements of Income are as follows: Three months ended December 31, 2024 2023 Cost of products sold $ 0.6 $ 0.9 Selling and administrative expense 7.4 5.9 Research and development expense 0.1 0.6 Other operating expense 0.9 — Total Stock-Based Compensation Expense $ 9.0 $ 7.4 Tax benefit associated with stock-based compensation costs recognized $ 1.0 $ 0.7 The following table summarizes the Company's total stock-based compensation expense by classification of award for the three months ended December 31, 2024 and 2023: Three months ended December 31, 2024 2023 Equity Awards $ 8.9 $ 7.3 Liability Awards 0.1 0.1 Total $ 9.0 $ 7.4 The following table summarizes the Company's total stock-based compensation expense by award type for the three months ended December 31, 2024 and 2023: Three months ended December 31, 2024 2023 Time-Vested Restricted Stock Units (TVUs) $ 5.6 $ 5.4 Performance-Based Restricted Stock Units (PSUs) 2.9 0.9 Stock Appreciation Rights (SARs) 0.5 1.1 Total $ 9.0 $ 7.4
Schedule of Restricted Stock Units Outstanding and Changes	A summary of TVUs outstanding as of December 31, 2024 and changes during the three months ended December 31, 2024 are as follows: TVUs (in thousands) Weighted Average Grant Date Fair Value Nonvested at October 1 1,918.0 $ 21.34 Granted* 1,404.0 18.70 Distributed** (656.2) 22.42 Forfeited, canceled or expired (32.7) 20.03 Nonvested at December 31 2,633.1 $ 19.74 Expected to vest at December 31 2,502.9 $ 19.75 *Includes accumulated nonvested dividend equivalents **The TVUs distributed include shares withheld for taxes that are not formally issued to the market. A summary of PSUs outstanding as of December 31, 2024 and changes during the three months ended December 31, 2024 are as follows: Stock Units (in thousands) Weighted Average Grant Date Fair Value Nonvested at October 1 56.7 $ 30.24 Granted* 216.1 18.17 Forfeited, canceled or expired (2.1) 20.08 Nonvested at December 31 270.7 $ 24.20 Expected to vest at December 31 259.2 $ 20.55 *Includes accumulated nonvested dividend equivalents
Schedule of SARs Outstanding	A summary of stock appreciation rights ("SARs") outstanding as of December 31, 2024 and changes during the three months ended December 31, 2024 are as follows: SARs (in thousands) Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Balance at October 1 1,760.4 $ 29.11 Exercised* (3.4) 13.30 Balance at December 31 1,757.0 $ 29.14 6.5 $ 0.1 Vested and expected to vest at December 31 1,716.6 29.11 6.5 $ 0.1 Exercisable at December 31 1,022.2 $ 28.08 6.0 $ 0.1 *The amounts exercised include shares withheld for taxes that are not formally issued to the market.

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets consisted of: December 31, 2024 September 30, 2024 Amortized intangible assets Patents – gross $ 10.8 $ 10.8 Less: accumulated amortization (5.2) (5.1) Patents – net $ 5.6 $ 5.7 Customer Relationships and Other – gross $ 5.2 $ 5.2 Less: accumulated amortization (2.9) (2.8) Customer Relationships and Other – net $ 2.3 $ 2.4 Total amortized intangible assets $ 7.9 $ 8.1 Goodwill 15.5 15.6 Total Goodwill and Other Intangible Assets $ 23.4 $ 23.7

Cloud Computing Arrangements (T

Cloud Computing Arrangements (Tables)	3 Months Ended
	Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Capitalized Computer Software, Net	Capitalized costs to implement cloud computing arrangements at cost and accumulated amortization were as follows: December 31, 2024 September 30, 2024 Short-term portion $ 10.4 $ 10.2 Long-term portion 61.1 60.6 Total Capitalized implementation costs $ 71.5 $ 70.8 Less: accumulated amortization (8.9) (6.3) Total Capitalized implementation costs, net $ 62.6 $ 64.5

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt Outstanding	The following is a summary of Embecta's total debt outstanding as of December 31, 2024: Term Loan due March 2029 $ 868.9 5.00% Notes due February 2030 500.0 6.75% Notes due February 2030 200.0 Total principal debt issued $ 1,568.9 Less: current debt obligations (9.5) Less: debt issuance costs and discounts (24.7) Long-term debt $ 1,534.7
Schedule of Principal Payments Required on Long-Term Debt	The schedule of principal payments required on long-term debt for the next five fiscal years and thereafter is as follows: 2025 $ 7.1 2026 9.5 2027 9.5 2028 9.5 2029 833.3 Thereafter 700.0

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings per Share	The calculation of earnings per basic and diluted common share for the three months ended December 31, 2024 and 2023 was as follows: Three Months Ended ($ in millions and shares in thousands, except per share amounts) 2024 2023 Net Income $ — $ 20.1 Basic weighted average number of shares outstanding 57,952 57,486 Stock awards and equity units (share equivalent) 670 146 Diluted weighted average shares outstanding 58,622 57,632 Earnings per common share - Basic $ — $ 0.35 Earnings per common share - Diluted $ — $ 0.35

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurements (Tables)	3 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Cash and Equivalents	The following reconciles Cash and equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets as of December 31, 2024 and September 30, 2024, to the total amounts shown in the Condensed Consolidated Statements of Cash Flows: December 31, 2024 September 30, 2024 Cash and equivalents $ 210.0 $ 267.5 Restricted cash 6.7 6.7 Cash and equivalents and restricted cash $ 216.7 $ 274.2
Schedule of Restricted Cash	The following reconciles Cash and equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets as of December 31, 2024 and September 30, 2024, to the total amounts shown in the Condensed Consolidated Statements of Cash Flows: December 31, 2024 September 30, 2024 Cash and equivalents $ 210.0 $ 267.5 Restricted cash 6.7 6.7 Cash and equivalents and restricted cash $ 216.7 $ 274.2
Schedule of Notional Amounts of Derivative Instruments	The notional amounts of the Company’s foreign currency-related derivative instruments were as follows as of December 31, 2024 and September 30, 2024, respectively: Hedge Designation December 31, 2024 September 30, 2024 Foreign exchange contracts (a) Undesignated $ 5.4 $ 4.5 (a) Represent hedges of transactional foreign exchange exposures resulting primarily from intercompany payables and receivables. Gains and losses on these instruments are recognized immediately in Other income (expense), net. These gains and losses are largely offset by gains and losses on the underlying hedged items, as well as the hedging costs associated with the derivative instruments. Gains and losses recognized to date on these instruments were not material to the Company's Condensed Consolidated Financial Statements.

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property, Plant and Equipment, Net consisted of: December 31, 2024 September 30, 2024 Land $ 2.9 $ 3.1 Buildings 115.8 121.7 Machinery, equipment and fixtures 570.7 607.3 Leasehold improvements 11.2 11.9 Construction in progress 35.0 35.1 $ 735.6 $ 779.1 Less: accumulated depreciation (476.7) (488.7) Total Property, Plant and Equipment, Net $ 258.9 $ 290.4

Leases (Tables)

Leases (Tables)	3 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Schedule of Balance Sheet Information	The Company's leases are included in its Condensed Consolidated Balance Sheets as follows: December 31, 2024 September 30, 2024 Finance Leases Property, Plant, and Equipment, Net $ 30.2 $ 30.8 Total Finance Lease Assets $ 30.2 $ 30.8 Current finance lease liabilities $ 3.4 $ 3.4 Non Current Finance Lease Liabilities 29.8 30.2 Total Finance Lease Liabilities $ 33.2 $ 33.6 Weighted-average remaining lease term (years) 12.3 12.5 Weighted-average discount rate 6.8 % 6.8 % Operating Leases Other Assets $ 19.4 $ 22.6 Total Operating Lease Assets $ 19.4 $ 22.6 Accrued expenses $ 4.3 $ 6.0 Deferred Income Taxes and Other Liabilities 10.9 11.9 Total Operating Lease Liabilities $ 15.2 $ 17.9 Weighted-average remaining lease term (years) 6.8 6.3 Weighted-average discount rate 6.9 % 6.5 %
Schedule of Supplemental Cash Flow Information	Supplemental cash flow information related to leases for the three months ended December 31, 2024 and 2023 were as follows: For both the three months ended December 31, 2024 and 2023, right of use assets obtained in exchange for lease liabilities were not material. December 31, 2024 December 31, 2023 Cash used for amounts included in the measurement of lease liabilities Operating cash flows from Operating Leases $ 1.9 $ 1.4 Financing cash flows from Finance Lease 0.3 0.3 Operating cash flows from Finance Lease 0.6 0.6
Schedule of Maturities of Finance Lease Liabilities	Maturities of the Company's finance and operating lease liabilities as of December 31, 2024 by fiscal year are as follows: Finance Leases Operating Leases Total 2025 $ 2.8 $ 4.9 $ 7.7 2026 3.7 3.5 7.2 2027 3.8 1.9 5.7 2028 3.9 1.9 5.8 2029 3.9 1.7 5.6 Thereafter 32.3 7.3 39.6 Total lease payments $ 50.4 $ 21.2 $ 71.6 Less: amount representing interest 17.2 6.0 23.2 Present value of lease liabilities $ 33.2 $ 15.2 $ 48.4
Schedule of Maturities of Operating Lease Liabilities	Maturities of the Company's finance and operating lease liabilities as of December 31, 2024 by fiscal year are as follows: Finance Leases Operating Leases Total 2025 $ 2.8 $ 4.9 $ 7.7 2026 3.7 3.5 7.2 2027 3.8 1.9 5.7 2028 3.9 1.9 5.8 2029 3.9 1.7 5.6 Thereafter 32.3 7.3 39.6 Total lease payments $ 50.4 $ 21.2 $ 71.6 Less: amount representing interest 17.2 6.0 23.2 Present value of lease liabilities $ 33.2 $ 15.2 $ 48.4

Third Party Arrangements and _2

Third Party Arrangements and Related Party Disclosures (Details) - USD ($) $ in Millions	Dec. 31, 2024	Sep. 30, 2024
Related Party Transaction [Line Items]
Amounts due from Becton, Dickinson and Company	$ 39.6	$ 53.8
Amounts due to Becton, Dickinson and Company	42.6	$ 42.5
Becton, Dickinson and Company
Related Party Transaction [Line Items]
Amounts due from Becton, Dickinson and Company	39.6
Amounts due to Becton, Dickinson and Company	$ 42.6

Business Restructuring Charge_2

Business Restructuring Charges (Details) $ in Millions	3 Months Ended
	Dec. 31, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Beginning balance	$ 0
Costs associated with the discontinued patch pump program	27.4
Cash payments	(1.5)
Non-cash adjustments	(11.3)
Ending balance	14.6
Restructuring charges	27.4
Restructuring reserve	14.6
Salaries, wages and related items
Restructuring Reserve [Roll Forward]
Ending balance	9.2
Restructuring reserve	9.2
Accrued expenses
Restructuring Reserve [Roll Forward]
Ending balance	5.4
Restructuring reserve	5.4
Minimum
Restructuring Cost and Reserve [Line Items]
Cumulative pretax costs to be incurred	35
Maximum
Restructuring Cost and Reserve [Line Items]
Cumulative pretax costs to be incurred	45
Other operating expense
Restructuring Reserve [Roll Forward]
Costs associated with the discontinued patch pump program	14.3
Restructuring charges	14.3
Research and development expense
Restructuring Reserve [Roll Forward]
Costs associated with the discontinued patch pump program	6.5
Restructuring charges	6.5
Cost of products sold
Restructuring Reserve [Roll Forward]
Costs associated with the discontinued patch pump program	6.2
Restructuring charges	6.2
Selling and administrative expense
Restructuring Reserve [Roll Forward]
Costs associated with the discontinued patch pump program	0
Restructuring charges	0
Employee Termination
Restructuring Reserve [Roll Forward]
Beginning balance	0
Costs associated with the discontinued patch pump program	11.6
Cash payments	(1.5)
Non-cash adjustments	(0.9)
Ending balance	9.2
Restructuring charges	11.6
Restructuring reserve	9.2
Non-Employee Related
Restructuring Reserve [Roll Forward]
Beginning balance	0
Costs associated with the discontinued patch pump program	15.8
Cash payments	0
Non-cash adjustments	(10.4)
Ending balance	5.4
Restructuring charges	15.8
Restructuring reserve	$ 5.4

Other Operating Expenses (Detai

Other Operating Expenses (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Other Income and Expenses [Abstract]
Costs related to the Separation	$ 10.4	$ 26.4
Amortization of cloud computing arrangements	2.5	0.4
Costs associated with the discontinued patch pump program	14.3	0
Business optimization and severance related costs	0	1.9
Other	(0.2)	1.2
Other operating expenses	$ 27	$ 29.9

Other Operating Expenses- Addit

Other Operating Expenses- Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Other Income and Expenses [Abstract]
Costs related to the separation	$ 10.4	$ 26.4
Costs associated with the discontinued patch pump program	14.3	0
Business optimization and severance related costs	0	1.9
Amortization of cloud computing arrangements	$ 2.5	$ 0.4

Revenues (Details)

Revenues (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Customer rebate liability	$ 128.6		$ 149.6
Rebates recorded	150.1	$ 126.7
Contract asset	$ 1.2		$ 1.2

Segment and Geographical Data -

Segment and Geographical Data - Schedule of Revenues by Geographical Region (Details) $ in Millions	3 Months Ended
	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)
Segment Reporting [Abstract]
Number of operating segments | segment	1
Segment Reporting Information [Line Items]
Revenues	$ 261.9	$ 277.3
United States
Segment Reporting Information [Line Items]
Revenues	141.7	148.6
International
Segment Reporting Information [Line Items]
Revenues	$ 120.2	$ 128.7

Segment, Geographical Data - Sc

Segment, Geographical Data - Schedule of Revenues by Product Family (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ 261.9	$ 277.3
Pen Needles
Segment Reporting Information [Line Items]
Revenues	191.1	209.8
Syringes
Segment Reporting Information [Line Items]
Revenues	28.4	30.8
Safety
Segment Reporting Information [Line Items]
Revenues	34.2	30.8
Other
Segment Reporting Information [Line Items]
Revenues	3.4	4
Contract Manufacturing
Segment Reporting Information [Line Items]
Revenues	$ 4.8	$ 1.9

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Stock-Based Compensation Expense	$ 9	$ 7.4
Tax benefit associated with stock-based compensation costs recognized	1	0.7
Equity Awards
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Stock-Based Compensation Expense	8.9	7.3
Liability Awards
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Stock-Based Compensation Expense	0.1	0.1
Time-Vested Restricted Stock Units (TVUs)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Stock-Based Compensation Expense	5.6	5.4
Performance-Based Restricted Stock Units (PSUs)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Stock-Based Compensation Expense	2.9	0.9
Stock Appreciation Rights (SARs)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Stock-Based Compensation Expense	0.5	1.1
Cost of products sold
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Stock-Based Compensation Expense	0.6	0.9
Selling and administrative expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Stock-Based Compensation Expense	7.4	5.9
Research and development expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Stock-Based Compensation Expense	0.1	0.6
Other operating expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Stock-Based Compensation Expense	$ 0.9	$ 0

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Dec. 31, 2024 USD ($) $ / shares shares
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized compensation expense | $	$ 52.3
2022 Employee and Director Equity Based Compensation Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Authorized for future grant ( in shares )	4,700,000
Time Vested Restricted Stock Units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Awards granted (in shares)	1,404,047
Vesting period	3 years
Granted (in dollars per share) | $ / shares	$ 18.70
Fair value of awards vested | $	$ 14.8
Remaining vesting term	2 years 2 months 12 days
Performance Stock Units (PSUs)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Awards granted (in shares)	216,100
Granted (in dollars per share) | $ / shares	$ 18.17
Remaining vesting term	8 months 12 days
Shares awarded	1,019,799
Performance Stock Units (PSUs) | Executive Officers and Employees
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Awards granted (in shares)	538,031
Vesting period	3 years
SARs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Remaining vesting term	6 years 6 months
Awards exercised (in shares)	3,400

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Units Activity (Details)	3 Months Ended
	Dec. 31, 2024 $ / shares shares
Time Vested Restricted Stock Units
Stock Units (in thousands)
Nonvested, Beginning Balance (in shares) | shares	1,918,000
Granted (in shares) | shares	1,404,047
Distributed (in shares) | shares	(656,200)
Forfeited, canceled or expired (in shares) | shares	(32,700)
Nonvested, Ending Balance (in shares) | shares	2,633,100
Expected to vest (in shares) | shares	2,502,900
Weighted Average Grant Date Fair Value
Nonvested, Beginning Balance (in dollars per share) | $ / shares	$ 21.34
Granted (in dollars per share) | $ / shares	18.70
Distributed (in dollars per share) | $ / shares	22.42
Forfeited, canceled or expired (in dollars per share) | $ / shares	20.03
Nonvested, Ending Balance (in dollars per share) | $ / shares	19.74
Expected to vest (in dollars per share) | $ / shares	$ 19.75
Performance Stock Units (PSUs)
Stock Units (in thousands)
Nonvested, Beginning Balance (in shares) | shares	56,700
Granted (in shares) | shares	216,100
Forfeited, canceled or expired (in shares) | shares	(2,100)
Nonvested, Ending Balance (in shares) | shares	270,700
Expected to vest (in shares) | shares	259,200
Weighted Average Grant Date Fair Value
Nonvested, Beginning Balance (in dollars per share) | $ / shares	$ 30.24
Granted (in dollars per share) | $ / shares	18.17
Forfeited, canceled or expired (in dollars per share) | $ / shares	20.08
Nonvested, Ending Balance (in dollars per share) | $ / shares	24.20
Expected to vest (in dollars per share) | $ / shares	$ 20.55

Stock-Based Compensation - SARs

Stock-Based Compensation - SARs Outstanding and the Changes (Details) - SARs $ / shares in Units, $ in Millions	3 Months Ended
	Dec. 31, 2024 USD ($) $ / shares shares
SARs (in thousands)
Outstanding, Beginning Balance (in shares) | shares	1,760,400
Exercised (in shares) | shares	(3,400)
Outstanding, Ending Balance (in shares) | shares	1,757,000
Vested and expected to vest (in shares) | shares	1,716,600
Exercisable (in shares) | shares	1,022,200
Weighted Average Exercise Price
Outstanding, Beginning Balance (in dollars per share) | $ / shares	$ 29.11
Exercised (in dollars per share) | $ / shares	13.30
Outstanding, Ending Balance (in dollars per share) | $ / shares	29.14
Vested and expected to vest, Weighted Average Exercise Price (in dollars per share) | $ / shares	29.11
Exercisable, Weighted Average Exercise Price (in dollars per share) | $ / shares	$ 28.08
Additional Disclosures
Weighted Average Remaining Term of Awards	6 years 6 months
Vested and expected to vest, Weighted Average Remaining Contractual Term	6 years 6 months
Exercisable, Weighted Average Remaining Contractual Term	6 years
Outstanding, Aggregate Intrinsic Value | $	$ 0.1
Vested and expected to vest, Aggregate Intrinsic Value | $	0.1
Exercisable, Aggregate Intrinsic Value | $	$ 0.1

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Schedule of Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Sep. 30, 2024
Finite-Lived Intangible Assets [Line Items]
Amortized intangible assets - net	$ 7.9	$ 8.1
Goodwill	15.5	15.6
Total Goodwill and Other Intangible Assets	23.4	23.7
Patents
Finite-Lived Intangible Assets [Line Items]
Amortized intangible assets - gross	10.8	10.8
Amortized intangible assets - accumulated amortization	(5.2)	(5.1)
Amortized intangible assets - net	5.6	5.7
Customer Relationship and Other
Finite-Lived Intangible Assets [Line Items]
Amortized intangible assets - gross	5.2	5.2
Amortized intangible assets - accumulated amortization	(2.9)	(2.8)
Amortized intangible assets - net	$ 2.3	$ 2.4

Cloud Computing Arrangements -

Cloud Computing Arrangements - Schedule of Capitalized Computer Software, Net (Details) - USD ($) $ in Millions	Dec. 31, 2024	Sep. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Short-term portion	$ 10.4	$ 10.2
Long-term portion	61.1	60.6
Total Capitalized implementation costs	71.5	70.8
Less: accumulated amortization	(8.9)	(6.3)
Total Capitalized implementation costs, net	$ 62.6	$ 64.5

Cloud Computing Arrangements _2

Cloud Computing Arrangements - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Amortization of cloud computing arrangements	$ 2.5	$ 0.4
Minimum
Cloud computing arrangement assets in-service useful lives	2 years
Maximum
Cloud computing arrangement assets in-service useful lives	8 years

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) - USD ($)		3 Months Ended
	Mar. 31, 2022	Dec. 31, 2024
Debt Instrument [Line Items]
Interest paid		$ 27,400,000
Weighted-average interest rate		6.70%
Level 2 | Fair Value
Debt Instrument [Line Items]
Long-term debt		$ 1,515,300,000
Level 2 | Reported Value Measurement
Debt Instrument [Line Items]
Long-term debt		1,544,200,000
Term Loan due March 2029 | Secured Debt
Debt Instrument [Line Items]
Face amount	$ 950,000,000
Term	7 years
Basis spread on variable rate	3%
Variable rate floor	0.50%
Discount percentage	0.50%
Quarterly payment as a percentage of principal	0.25%
Repayment of debt		32,400,000
Repayment of secured debt, discretionary		30,000,000
Revolving Credit Facility | Secured Debt | Revolving Credit Facility
Debt Instrument [Line Items]
Term	5 years
Maximum borrowing capacity	$ 500,000,000
Commitment fee percentage	0.25%
Amount drawn		$ 0
5.00% Senior Secured Notes due 2030 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate		5%
6.75% Senior Secured Notes due 2030 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate		6.75%

Long-Term Debt - Debt Outstandi

Long-Term Debt - Debt Outstanding (Details) - USD ($) $ in Millions	Dec. 31, 2024	Sep. 30, 2024
Debt Instrument [Line Items]
Total principal debt issued	$ 1,568.9
Less: current debt obligations	(9.5)	$ (9.5)
Less: debt issuance costs and discounts	(24.7)
Long-term debt	1,534.7	$ 1,565.3
Secured Debt | Term Loan due March 2029
Debt Instrument [Line Items]
Total principal debt issued	$ 868.9
Senior Notes | 5.00% Notes due February 2030
Debt Instrument [Line Items]
Stated interest rate	5%
Total principal debt issued	$ 500
Senior Notes | 6.75% Notes due February 2030
Debt Instrument [Line Items]
Stated interest rate	6.75%
Total principal debt issued	$ 200

Long-Term Debt - Principal Paym

Long-Term Debt - Principal Payments Required on Long-Term Debt (Details) $ in Millions	Dec. 31, 2024 USD ($)
Debt Disclosure [Abstract]
2025	$ 7.1
2026	9.5
2027	9.5
2028	9.5
2029	833.3
Thereafter	$ 700

Earnings per Share - Computatio

Earnings per Share - Computation of Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Net Income	$ 0	$ 20.1
Basic weighted average number of shares outstanding	57,952	57,486
Stock awards and equity units (share equivalent)	670	146
Diluted weighted average shares outstanding	58,622	57,632
Earnings per common share - Basic (in dollars per share)	$ 0	$ 0.35
Earnings per common share - Diluted (in dollars per share)	$ 0	$ 0.35

Earnings per Share - Additional

Earnings per Share - Additional Information (Details) - shares shares in Millions	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	3	3.2

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	100%	(40.60%)

Financial Instruments and Fai_3

Financial Instruments and Fair Value Measurements - Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Cash and equivalents	$ 210	$ 267.5
Restricted cash	6.7	6.7
Cash and equivalents and restricted cash	$ 216.7	$ 274.2	$ 298.7	$ 326.5

Financial Instruments and Fai_4

Financial Instruments and Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Concentration Risk [Line Items]
Interest income		$ 1.8	$ 3.4
Impairment of property, plant and equipment		10.4	$ 0
Cost of products sold
Concentration Risk [Line Items]
Impairment of property, plant and equipment		6.1
Research and development expense
Concentration Risk [Line Items]
Impairment of property, plant and equipment		$ 4.3
Customer Concentration Risk | Revenues | Three Customers In Aggregate
Concentration Risk [Line Items]
Concentration risk percentage		42%	40.80%
Customer Concentration Risk | Trade Receivables | Two Customers In Aggregate
Concentration Risk [Line Items]
Concentration risk percentage	31%

Financial Instruments and Fai_5

Financial Instruments and Fair Value Measurements - Notional Amounts of Derivative Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2024	Sep. 30, 2024
Foreign exchange contracts | Undesignated
Derivative [Line Items]
Notional amount	$ 5.4	$ 4.5

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2024	Sep. 30, 2024
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 735.6	$ 779.1
Less: accumulated depreciation	(476.7)	(488.7)
Total Property, Plant and Equipment, Net	258.9	290.4
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment	2.9	3.1
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment	115.8	121.7
Machinery, equipment and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment	570.7	607.3
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment	11.2	11.9
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 35	$ 35.1

Property, Plant and Equipment -

Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Impairment of property, plant and equipment	$ 10.4	$ 0
Cost of products sold
Property, Plant and Equipment [Line Items]
Impairment of property, plant and equipment	6.1
Research and development expense
Property, Plant and Equipment [Line Items]
Impairment of property, plant and equipment	$ 4.3

Leases - Additional Information

Leases - Additional Information (Details)	Dec. 31, 2024
Leases [Abstract]
Term of finance lease	10 years
Finance lease renewal term	5 years

Leases - Balance Sheet Informat

Leases - Balance Sheet Information (Details) - USD ($) $ in Millions	Dec. 31, 2024	Sep. 30, 2024
Finance Leases
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant and Equipment, Net	Property, Plant and Equipment, Net
Total Finance Lease Assets	$ 30.2	$ 30.8
Current finance lease liabilities	3.4	3.4
Non Current Finance Lease Liabilities	29.8	30.2
Total Finance Lease Liabilities	$ 33.2	$ 33.6
Weighted-average remaining lease term (years)	12 years 3 months 18 days	12 years 6 months
Weighted-average discount rate	6.80%	6.80%
Operating Leases
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Deferred Income Taxes and Other Assets	Deferred Income Taxes and Other Assets
Total Operating Lease Assets	$ 19.4	$ 22.6
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses	Accrued expenses
Current operating lease liabilities	$ 4.3	$ 6
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Deferred Income Taxes and Other Liabilities	Deferred Income Taxes and Other Liabilities
Non Current operating lease liabilities	$ 10.9	$ 11.9
Total Operating Lease Liabilities	$ 15.2	$ 17.9
Weighted-average remaining lease term (years)	6 years 9 months 18 days	6 years 3 months 18 days
Weighted-average discount rate	6.90%	6.50%

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash used for amounts included in the measurement of lease liabilities
Operating cash flows from Operating Leases	$ 1.9	$ 1.4
Financing cash flows from Finance Lease	0.3	0.3
Operating cash flows from Finance Lease	$ 0.6	$ 0.6

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Sep. 30, 2024
Finance Leases
2025	$ 2.8
2026	3.7
2027	3.8
2028	3.9
2029	3.9
Thereafter	32.3
Total lease payments	50.4
Less: amount representing interest	17.2
Present value of lease liabilities	33.2	$ 33.6
Operating Leases
2025	4.9
2026	3.5
2027	1.9
2028	1.9
2029	1.7
Thereafter	7.3
Total lease payments	21.2
Less: amount representing interest	6
Present value of lease liabilities	15.2	$ 17.9
Total
2025	7.7
2026	7.2
2027	5.7
2028	5.8
2029	5.6
Thereafter	39.6
Total lease payments	71.6
Less: amount representing interest	23.2
Present value of lease liabilities	$ 48.4