Earnings call transcript Q3 2023

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Operator

Welcome, ladies and gentlemen, to the Fiscal Third Quarter 2023 Embecta Earnings Conference Call. [Operator Instructions] Please note that this conference call is being recorded and that the recording will be available on the company's website for replay following the completion of this call.

I would now like to hand the conference over to your host today, Mr. Pravesh Khandelwal, Vice President of Investor Relations. Please go ahead.

Pravesh Khandelwal

operator. you, Thank and earnings everyone Embecta's third fiscal Good call. welcome XXXX conference quarter morning, to The slides Investor release details the press and website are webcast call company's available replay and on www.embecta.com. the at Relations of to section accompany today's Dev Financial With Chief and Chief Elguicze, Embecta's Executive me Kurdikar, President and Officer; today Jake are Officer. our

include in will fact, some our statements events discussed in matters we I like would the to future wish begin, We are, risks nature regarding to conference slides. of are contain call caution Before as such statements subject to events on cause filings outlined limited to, remind forward-looking you that but and that and actual or forward-looking the you in in accessed uncertainties press could may factors referenced factors actual in differ and our today, our events materially. as website. can our as or well which be that materially are The results release with not results differ SEC the to

we substitute In reconciliation to a call call a not and will on these prepared A GAAP accordance measures comparable supplement included is of press measures our release to with be and this non-GAAP financial which in GAAP. should measures financial the considered addition, in presentation. measures for certain non-GAAP discuss conference

some updated results for year-to-date progress up as agenda made will year of in-depth questions. well on as as call and by then priorities our the call open as will on more follows: the our XXXX business is and update review performance guidance for for of the as on provide QX we've today's period. providing then our Jake Our financial we Dev third financial a the well our quarter the will an during begin for overall strategic remarks

would Kurdikar. CEO, like to With to I that Dev? the call Dev over said, turn now our

Dev Kurdikar

company energized year, our join time this you, everyone taking morning. the that Pravesh. up to for last say and organization quarter we to results tremendous as made very I'm of business elements have priorities day, continue are and since then. make new to also strategic you our announced the providing build independent time of pleased developing because us first Thank and across our public not for Good standing we progress living of the This thank an people diabetes. especially by company our continued but all that and just team of we global our I'm here execution solutions life better a with mission to

we keep and everyone diabetes. their to because we to life enjoy be front needs want center able Embecta, by At unlimited

As help we next vision. that the you will turn us priorities advance slide, to strategic see will towards this the

while we devices. insulin business focused on our category global First, strengthening remain maintaining the injection in of base position leadership our

as well success progress in on to ensure focused notably to continue constant Second, the is and type as X make an we separation our we accelerating developed program that as partnership independent finally, investing patch M&A most being standup in additional as company. continue And market pump growth, for opportunities. insulin our around revenues and activities remain seeking we currency

with moving purpose are in X these each We areas. and urgency of

while third key financial again our these the solid results the was also team's that our delivering execution priorities. During to exceeded quarter, once strategic expectations disciplined advancing

gauge over regarding this are months. new another we initiated our out hub to proud X pen next than terms needle Today, with provide business, design from. of pen Pro from a getting for with Japan. several pilot we recently feedback X people to in In strengthening in Nano our of Japan, finer our them launch injecting the option look forward gauge needle base choose product of We a with more XX a to customers

service transition as own global efforts separation of our IT relationship the of includes our several the our continue of setting build new internal implementation in organization, management of network. customer HR our to progress made system, global This and we also up the systems by system and exit processes. agreements information We as demonstrated up rollout the a

facility the began also demerger we process for Importantly, our China. Suzhou, in manufacturing

As we've time our BD. noted entity of separation was before, this deferred from at a the

The undergoing transfer involving Suzhou follows including Embecta several inspections. of products obtaining registering plant a steps, the to specific process licenses, and

so. step is have license done a first The we business and obtaining

temporarily have our through the by facility at Now as manufacturing as we of as long planned, we local rest the required have regulations suspended and we go operations steps.

at During our system new resource this the we enterprise planning suspension begun implementing temporary facility. have period,

have Also, last. supplied reminder, to shutdown to the to our time during customers products enough ensure the inventory up is anticipated built we a as continuity of that

an from to invest pump the patch on for program Finally, effort our required algorithm. perspective, Tidepool's development including make for of the growth good progress, insulin integration continues dosing

diabetes small study a Health with initiated X also Center in partnership Research currently observational algorithm. Tidepool's have using adults We type with to analyze Jaeb for

is Tidepool recall, type closed-loop platform. As you collaboration for our specifically might the X

FDA expected This for the closed-loop individuals with clearance in Based with filing XXX(k) for diabetes. the on pump the a to on focus the be U.S. open clinical loop and by have X intention the is previously the closed-loop subsequently version. of to our is out; FDA program obtaining plan study the initial followed for we of system patch use our in laid a version type obtain clearance of

our Overall, and critical has fiscal commercially. again, allowed XXXX. has execute even remain for has year our metrics as our team to core key up growth, projects been our for global to and drive Embecta, to injection future This once continued TSAs team raised exit financial guidance on business stand stable working

revenue and year-to-date more our let's Now in detail. third performance a quarter review bit

sequential currency in basis. generated on of the normalizing a of as our that results These $XXX.X our million X.X% called year-over-year which expectations a changes for on dollars basis as When and impact we products revenue to decrease constant of reported our of an reported revenue to QX. previously sell a the constant from for business QX, represented BD, we During approximately injection and basis. grew communicated manufacture underlying non-diabetes core on currency exceeded X.X% contract QX decline a X.X% which

In relation standpoint, pen primarily as anticipated our product to in due than manufacturing and revenue during of as the QX our slightly to expectations, more stronger, revenue safety came well contract from needles the products, a performance quarter. previous

While the from previously most in a including we geographic and QX revenue better came countries, China. than perspective, thought in U.S.

of revenue things X.X%. million U.S., the by million during year-over-year that was the equally. or which $XXX.X Regarding decline This $X.X currency was quarter, X constant driven almost a approximately contributed totaled

U.S. which year-over-year an unfavorable the the lower from about manufacturing approximately The of products impacted certain million and being by in $X.X volume of impact revenue the first which sale non-diabetes changes second being million. to contract BD $X.X had

XXXX, it in for that our timing of the modestly. reminder, during U.S. injection not U.S. comparison. the distributed would the our up and our been this a as difficult the timing products a quarter from item the for positively benefited have been quarter, As a of Had result, orders ago in year business third core impacted had results

not quarter. impacted products Lastly, average this quarter increases pricing the the in U.S. rebate year did reserve that quarter positively in period of the adjustment prices the a was flat the ago offset reoccur ago year by and was like-for-like to as selling in as compared

Turning the performance outside of our U.S. to

pricing well internationally currency During of growth an QX, as was product or aided year-over-year $XXX.X to regions. which by increase Growth favorable due approximately revenue totaled X.X%. volumes $X.X product primarily in shortage dynamics in international million to certain constant which as million competitor were equated supply

an $XXX.X of the of year, business which to our million grew Turning X decrease first we of increase constant currency When contract constant a a generated approximately changes to core revenues injection of on basis months on basis. non-diabetes our impact we but in X.X% revenue basis. the performance currency of normalizing on year-over-year X.X% X.X% for products and underlying manufacturing as-reported for sell the represented an BD, a the

$XXX.X a was relatively perspective, which From currency constant U.S. totaled a flat on basis. revenues regional million

While X.X%, market $XXX.X primarily constant year-over-year which by international driven to performance. revenues growth emerging totaled approximately million of currency equated

QX over bit guidance results And well detail to let our turn completes financial my remarks. Jake? a call in underlying That prepared as the Jake financial more XXXX fiscal that, discuss assumptions. with to updated our and me provide as

Jake Elguicze

morning, and you, Thank good Dev everyone.

XX, results, XXXX and based financial results XXXX on a were XXXX, remind that do BD off investment Before from the April June Embecta's as principles the Embecta June spun and pre-spin results X-month community meaningfully financial Embecta not accounting reflect and I what would to been comparable. that operated XX, X, the I Therefore, not have are periods would the stand-alone like the carve-out ending financial on was discuss for period the during company. had results financial public

on at for XX.X%, start This to the profit my quarter XXXX and Given decline in occurred margin third regarding year profit standup the of of the performance financial revenue, discussion $XXX.X Embecta's quarter raw profit respectively. gross and The mix, combination already direct geographic of has for includes GAAP million of costs average manufacturing and line. margin the and XX.X% in $XXX.X million review programs totaled FX. productivity year-over-year prior I third period. of a and materials, and offset the was and our factors product due separation prices cost which by overhead, selling was expected to and the the impact products. in increases and of labor was incremental inflation certain This somewhat will that gross GAAP fiscal compared the and gross improvement

an basis, profit third and gross adjusted of XXXX million XX.X%. quarter on While $XXX.X the for was margin and

this our stand during product the our better to than costs mix the and expected of As higher-than-anticipated geographic XXXX manage incurred prior was ability we favorable to gross and adjusted outlook, compared revenue, organization. previously due to our the was margin quarter to up third and

operating to income margin. Turning and GAAP

and research amount a we administrative and compared as prior income million development changes of an in margin and the expenses just and the program in company. to expenses do well discussed. increase profit third in not with year-over-year standing XX.X%, that patch expenses GAAP certain onetime and period. separation-related to GAAP future. income An gross reoccurring associated in traded respectively. respectively, Embecta and increase $XX.X up in operate is and year as primarily million were in to I insulin operating XX.X%, they as pump the due quarter, to the An our This the During increase operating margin The selling of related $XX.X publicly anticipate decline separating

quarter gross anticipated the that of earlier. totaled operating XXXX, quarter margin the was third we due adjusted the referenced profit previously overachievement margin XXXX performance during million of line margin basis, adjusted operating income an and the adjusted than was $XX.X The and this at and better income and I and on XX.X%. third While during to

year net prior GAAP earnings net $XX.X debt. to share per of interest income the in third with during $X.XX Turning period. share and profit our fiscal million earnings decline diluted year-over-year line. million compared in in The associated interest variable GAAP to bottom and income $X.XX discussed, $XX.X the the rate to quarter This I and primarily per well were the as GAAP operating an as due drivers is year-over-year and diluted just increase expense XXXX.

$XX.X net were third While during of share and on million per an basis, and $X.XX income XXXX. adjusted earnings fiscal the quarter

a and P&L exceeded third margin QX from Like profit our XXXX, $XX.X totaled expectations. approximately also the quarter our to EBITDA the for during adjusted quarter, perspective, and previous EBITDA Lastly, overachievement in due XX.X%. our our gross of profit the adjusted and revenue operating adjusted million

balance sheet end. at to condition respect financial our quarter with Finally, and

with quarter in and debt as financial relates XXXX. approximately billion approximately ratio my XX, EBITDA months of As approximately completes adjusted resulted a last we for of which June our leverage Embecta's results cash and in it to million $XXX X.Xx. That net in of cash fiscal third XXXX, together $X.XX remarks held taken the equivalents prepared XX

to updated I'd underlying Next, with and like discuss guidance Beginning financial revenue. certain XXXX Embecta's assumptions.

to currency we performance, year to contract are are range due and core of X%. basis full increase This year-to-date X.X% manufacturing is half growth with the now revenue. we constant about and business points half our about revenue constant of calling currency of between XX end increase revenue our Given on as injection the an for our due guidance tightening XXXX low

fourth to revenue the assume sold products of the year are relates it area, while to range our revenue to currency full the manufacturing This BD, of an this in assumes no full that contract additional compares during revenue was we to of constant approximately to associated that contract XXXX. any revenue announced range during quarter revenue with make year continue amount And currency recently $XX As of progress with manufacturing non-diabetes our associated million quarter. constant updated guidance updated fourth partnership agreements. immaterial continues generated this

to our raising from of to full currency bottom unchanged guidance XXXX. between revenue [indiscernible]. All for headwind guidance a to a decline a approximately and expectations. of we are In updated They totaled, our for for X%. during and combined calls year X.X% to $X.XXX from Turning revenue continues basis, our reported previous and of year for terms, a X.X% of a quarter. new which called end following guidance which And our range X.X% dollar X.X% decline this remain our fourth billion. On a range between as the range revenue range full foreign $X.XXX such, between as equates implies the the call updated of a billion

revenue and of the end. currency ends the constant and of includes FX of contract the An headwind as on reported This in An on on approximately the high X.X% on a X.X% range low X.X% a of low end of between of a approximately between revenue and on headwind X.X% the a end decline of high constant the decline to QX. high related X.X% and currency manufacturing end. decline decline X.X% low implied revenue both lack

business on constant currency between we and fourth both business injection X.X% currency and performance X.X% growth within expected in While the in our will our is to that basis. a attributed revenue core anticipated The U.S. our anticipate quarter acceleration constant injection largely China. the grow core during

our that we approximately will raising XX.X%. we gross, guidance that adjusted and Moving to gross was XX%, for our our approximately adjusted margins margin EBITDA achieved on margins. as expectations up prior adjusted the anticipate be operating Based from year-to-date, adjusted now of performance are

operating adjusted margin our from is be XX.X%, expected up Our to approximately of guidance approximately XX%. prior

full XX.X% adjusted previous up from margin XXXX, for of approximately XX.X%. approximately our EBITDA While our projected is be now to year guidance

step QX incremental due stand-up the to variances, temporary in of Our and third occur versus operations a our to this QX unfavorable in the updated margin our and a suspension is anticipated combination headwinds. manufacturing quarter associated negative to down imply China, and fourth profile factors, dollars guidance quarter in and manufacturing facility revenue of ranges mix sequential including the expected ongoing the our costs product of from lower FX

$XXX million net we down our that $XXX called favorable will million during P&L, Continuing compared interest interest approximately expect the expectation currently expense of previous XXXX. to be slightly which or as for approximately expense

XX.X unchanged respectively. average regarding approximately shares, our at rate assumptions While and tax our non-GAAP weighted shares remain and XX% million

the is our the our of we quarter increased raise full range approximately than new at better thoughts XXXX year share previous unchanged line, translating increase our the when year in the the bottom between from are earnings quarter May. largely regarding from $X.XX third previously guidance At and translates per into $X.XX between as of summary, adjusted this a full $X.XX anticipated range into an In midpoint. and $X.XX fourth last in is provided financial guidance, $X.XX or our which of performance

the of by the to focus That base of in our separating global my [indiscernible] it of thereby in and major business financial strategic and allowed completes to been generate each an business, raise we our priorities, the our up X standing execution prepared team remarks. X solid including has the resiliency has of made the us first as during guidance base entity ourselves investing initiatives. independent months financial us that allowing [indiscernible], year-to-date. our growth strengthening on And closing, year, progress and In good

at turn this for call questions. I'd operator over to time, to the And the like

Operator

of Morgan from comes first Instructions] [Operator And Kallum Stanley. question our Titchmarsh

Kallum Titchmarsh

extra able in take I to appreciate across where your then but as briefly know products remarks price, how both expect fiscal some towards you pricing, And touched to your possible geographies. and been specifically on XXXX. if this clarity Just you've head on capturing I'd business. you [indiscernible] the we it trend year

Dev Kurdikar

Dev. is this Kallum,

want we regard the with as get Most of Pricing we well spun various basis recently, price been and we've ago, also to tender don't as versus I have customer really a And globally off, now it's take been whether can roll I that sort channel price to able business whether consistently, consistently quarters in business. is to quarter, or geographies. project So out overall a won we've call not, tender what able the going in in were to I'll pricing, price. forward. But in continue. of us and to on environment by normal, some retail But us in inflationary ever our contracts variety to mix. experienced the to certainly, geographies. in that we take spin. inflationary we've recent rolling price X the because able around we've outside geographies by a recent certainly us pricing helped across in get U.S. Pricing various price happens pressures also U.S. The efforts most markets offset will this certainly a optimize has actually world since allowing across Kallum, affected think to something, that

there is would to anything add? Jake, like you

Jake Elguicze

bit the Yes, sure. little a more color regarding impact. just Maybe

on drive So positive we tailwinds pricing headwind not of quarter adjustments increases offset did was actually were in have that coming that of about growth in headwind certain -- a about made would But a in currency -- reserve were outside from I pricing in the about driven But of growth that that did the then year-over-year. see U.S., little X% revenue third say and largely X% that of XXXX. Pricing XXXX about say constant X% reoccur consolidated U.S. pricing year-over-year like-for-like rebate by would U.S. we of a the flat. terms I Embecta. at saw revenue was for in to total than a saw would the that U.S. That level, due was of the less a we

price as continue basis the like-for-like countries to pleased in U.S. to by most on our drive internationally. well be pretty we a as ability through both So

Operator

question next BTIG. from of comes Marie Our Thibault

Marie Thibault

It I we manufacturing to certainly wanted this bit talk revenue about or contract a guidance. expecting and to me was next quarter. little start more revenue and aren't that quarter here quarter this -- the seems strong any

dynamic understand but you volume through pricing the sort Any U.S., I of assumptions So rest for emerging know international the but on you your market volume talked us in about just I and of for that business walk could growth? year. segments growth. growth base maybe the thoughts

Jake Elguicze

Yes.

here. then Marie, So in and start weigh certainly Dev maybe I'll can

$X there's relates break sort core in million known X% the of of the revenue as headwind business compared the worth currency it's itself. was to nature all to in-source why revenue a One that quarter of because contract be about any constant and I equated injection be of is along, flows manufacturing quarter in manufacture of headwind the to quarter the sort to we the in still as under that transient reasons manufacturing in year-over-year kind somewhat $X.X investment contract begins third as from sort some it their the to manufacturing we while of out going ebbs that contributions product of just think And for it's given ability it generate BD itself, right? contract XXXX, understand about did to revenue. a about And that to community to of important just So of going we've million.

as much, we as the for fourth manufacturing us of for much quarter, headwind to of Now forward is XXXX. be compared to the a going move quarter fourth sort here larger contract

any of we factoring we're of quarter And the know, revenue worth that not So quarter $XX given to of the compares additional XXXX. million fourth generated what contract manufacturing revenue right for in now, that contract manufacturing in about we XXXX. fourth

period. currency So the in versus constant to year that headwind equates ago alone QX X.X% a about

for core both right basis that expectations acceleration coming growth, grows sort a as somewhere currency U.S. So for guidance our if China. the core normalize were and actually currency And between the largely well of a the revenue QX. of on X.X% constant to that, injection step-up anticipating for And constant now, we're business it's year-over-year our as for from business, X.X%. in that you in implies sort injection

Dev Kurdikar

couple of a Marie. And points, maybe just

quarter of us. probably not I to us it revenue, off, rates think allows And certainly, something with it's not that's U.S. of we're from And because unexpected about China, helps with contract about a for itself as on benefit timing QX, was remember, clearly, somewhat China so right? want remember in growth with it's capacity quarter what -- So still tails mean, moderated is well. material business way. year do you in dealing plants, year line our COVID that of manufacturing us admittedly and bottom very And of to talking comparison it in coming prior in You obviously QX throes quarter, was comparison. so allows in the you with as impacts for which any we low-margin sort an to sort had prior respect growth something volume. and that the easy of in the easy and with comparisons for asked was of that a fourth us about that QX

to of is of come guidance for anticipate. done, Look, is growth going we performance our what Having a full and added QX Marie, expectations said that, from sort in from all overall, our to volume year. we've that's that and we've just what primarily taken perspective, that

what said. QX, we materially haven't from expectations frankly Our changed for

the We are our end range. across at business operating is board of that pleased our the higher

guidance done. so you see, we've of we've and maintained the maybe that's can in up, our higher a bolstered bit, taken QX end little expectations, them as And what our low confidence

Marie Thibault

Maybe process helpful China. you've ask very detail. China for That's Okay. can my initiated the hear demerger follow-up facility. on to I that Good the

start modeling facility expectations closer are that your when margins will we gross improvement when for long As an in that best be down, shut we get take again. now, how might should and what

Dev Kurdikar

Marie. Sure,

entity a you planned. China, was remember, long So deferred

involved. now. been more years for it fact, Several we've In planning X.X than steps

which done already. step actually license a and of first business we've is The getting so

on fact to long business that operations that do suspended, wanted are so receipt We of you first manufacturing that deployment the able manufacturing Obviously, be right going we and the ERP different make again, wanted all operating. and And ERP implement as as at of our with to that's through to solution of regs since whatnot planned, required you we've plant, to advantage operations. license sure run and take by now. the local suspended orders when and want a work an to it's test

process right going on is now. that of all So

Having of said timing, our Marie, to thoughts year. We far sensitive supply continuity actually from regulatory are with built all we anticipated inventory and timing. of it be in certainly secondly, follow up emerging gave we of and refrained plan. enough process. get going the all competitive China fairly per this markets. competitively And cover to customers that, with want we talking And the about that we've respect to Clearly, would want them authorities. be so guidance information. don't to their ahead obviously, markets tend the certainly, for product time. incorporated our maintain is during Everything to

Jake Elguicze

And maybe jump I'll here. in just Marie,

But we're time said, As as a sequential this too point we're will part of Dev we of that the margin period dating periods. reasonable. regulators and back time obviously, long obviously, at too in continued we've it's is temporary to jump result Again, manufacturing the as we XXXX certainly of specifically to a still XX% that any about comfortable down some the is we margin early think margin year-over-year going that regarding this some result then I in quite want feel suspension. little early in step variances due XXXX. And talk see as it front that for very to of very But think for a known see a don't potential still pressure, something pressure and calendarization timing. the anticipating approximately still fact near a EBITDA it's to relates about an to adjusted I term. this probably And bit of to in think pre-spin for still negative

Operator

And comes of [Operator from Steed Travis America Bank question Instructions] next Securities. our of

Travis Steed

first I'll ask on the the one, patch guess pump. I

is in a could have curious, provide patch XXXX in timing, I something that already trial said But additional XXXX. you with know there? chance not there can started Just we pipeline pump? color a that any Just you've the program. on see you

Dev Kurdikar

trial, the our When for the you FDA talking obviously the will which of loop. closed-loop for pump, you I XXX(k) about are Travis. Yes, to be that, a closed assume ask trial the with the about submitted data

We have not started that trial.

right Our the loop on now open is focus system.

have a actually, FDA What we do started system. the we to algorithm As loop small open into work first. the with with want Tidepool is we've have observational and we've required the on development study engineering the our to XXX(k) started engineering said, done, Tidepool we -- integrate the work

so but loop initial see our on on in parallel certainly, XXX(k) can in still the working that we for are is And you getting system our FDA -- closed-loop open focus getting the system. the

multiyear we talking we've outlook. as pump system XXXX patch about loop of to of you we that as part certainly, be want provide the I provide certainly that that, is know to said timing, through answer observational through XXXX, it's that an no But we we'll -- in not for our have trial a look, will us respect But XXX(k) revenue. as And With 'XX know to submitted your recognize question closed I the go go but will as closed-loop data the will the with the the data that get to will clearance. help well. development we directly, certainly study, FDA

Travis Steed

conversation the of weekly two, side lot from of there's insulin kind the GLP-Xs. pharma once one, competitive of and on Great. a things, And been the threats follow-up,

like the on today products I'd weekly GLP-Xs? about actually manufacturing and your benefit -- first once are insulin, way other spending develop ask And question, on think is question I'd just the to like from money way to ask you that could So R&D where impact trying in the X then And the does half you basal overall from mix of week. those week match on to the injections about patients -- patients you insulin? if of would go are think how X your -- basal-only roughly business, per do market it overall per the will

Dev Kurdikar

Look, that's closely. market a GLP-Xs, I we Travis. watch to respect Yes, with mean,

watch we've it to those Right say there all to diet going with the fully of the been for to oral and drugs market a prescriptions. injectable it's, X because see too and insulin, prescriptions then also to what what's run. way the So process, -- over drugs reading we for is from data little we the finally all We I obesity lot for -- all confounding some also, a in have now, frankly get as us a the the impact think right? time understand. the to that's And multiyear I it's press. on progression type take to exercise going mean the data, will are bit long early from

phenomenon, also a know market, from All this markets. a primarily is U.S. our is emerging coming that growth really right? mostly developed You

programs to these we're competencies, drug maybe drugs What drugs. carefully. manufacturing space. of seen sort to of question create and the program are devices watching attaching delivery to plastic do what what number but it the don't needles to talk well we our them we in injection right? has will, to our take going on to your these of new want matches out ways it by if tailwinds stable in specifically Certainly, parts, GLP-Xs, business closely. I some is stayed advantage to R&D delivered the respect been over respect watching a of for I We but broadly area are business the the molding With is around What our time. mean, with U.S. something right, again, that we've are future, that you about -- the have an don't with fairly we of years, want seen doing, we've is speaking, project for to way,

that it's go But spending programs. honestly, to I us, So specific we interest respect want to area with where beyond for don't are money an on of Travis.

weekly once you to it weekly I once have in would always of category same put a too largely drugs. respect of is the insulin, I new right, danger you much. there insulin With the mean taken on basis, take

get don't clear. of market to once us the versus daily we are the into what product daily is point that weekly products insulin with basal on of insulin. At wait I that injections goes multiple whether to data respect for that tells the to or injections. very watch So think of weekly patients look, see injections, we our using data our happens dispensation, not and got sort proportion With

I'm And be U.S. so phenomenon. say to that's that, to vague of just sort than going estimates, a rather going give again,

expect in of or markets Our frankly, any don't drugs whether be in markets. once a way insulin period it We emerging these drugs, emerging weekly time. for way GLP any into new growth of new make their is material to these

Operator

Dev I turn conference like Kurdikar closing back to the for to remarks. would now

Dev Kurdikar

you. Thank

impacting in a diabetes. operating of challenging our been doing a without what mission environment life spin, people been so the for our around a with doing That fairly like developing their and just providing through for an midst the Before amount independent call, to to solutions work I customers testament to and company. that of would has better up over colleagues to Embecta stand they we my the conclude X.X the gratitude of world have they've my all that been years immense as the incredibly is fulfilling express commitment past make to

for and interest in for our the in you all months thank you call. We again speaking to you your business. look with a forward Thank few attending

Operator

This you concludes for Thank participating you and today's now conference disconnect. call. may

Embecta (EMBC) 8 Aug 232023 Q3 Earnings call transcript