Summary of Embecta (EMBC) FY Conference Call - June 10, 2025 Company Overview - **Company**: Embecta (formerly part of Becton Dickinson's diabetes care business) - **Revenue**: Approximately $1.1 billion - **Product Categories**: - Pen needles - Conventional syringes - Safety products for injections - **Geographic Revenue Distribution**: - 50% from the US - ~30% from Europe, Middle East, and Africa - ~20% from Asia Pacific (including China) - ~5% from Latin America - **Business Model**: Focused on single-use disposable products for diabetes management, with a stable and recurring revenue base [4][5][6] Financial Performance and Projections - **Historical Performance**: - Revenue growth from 2022 to 2024 was around 1.3% CAGR, exceeding initial expectations of flat growth [11] - Adjusted EBITDA margins improved to 31.4%, surpassing the target of 30% despite facing inflationary pressures [13] - **Future Projections (2025-2028)**: - Expected constant currency revenue CAGR remains flattish, with a target of low single-digit growth [15] - Projected cumulative free cash flow of at least $600 million from 2026 to 2028, with plans to reduce debt by $450 million to $500 million during this period [15][49] - **Challenges**: - Decline in conventional syringe business in the US, projected to drop from $90 million in 2019 to around $35 million by 2025 [18] - Impact of pharmacy closures affecting inventory purchases and revenue [38] Growth Opportunities - **GLP-1 Market**: - Identified as the single biggest growth opportunity, with expectations for multi-dose pen injectors to replace single-use auto injectors [30][31] - Anticipated market opportunity of at least $100 million by 2033, with potential revenue contributions starting as early as 2026 [32][33] - **New Product Revenue Streams**: - Entering distribution agreements for products like blood glucose monitors and insulin pumps to diversify offerings [35] Operational Insights - **Manufacturing and Supply Chain**: - Transitioning to a new ERP system and establishing independent distribution networks post-spin from Becton Dickinson [8][9] - Current gross margins around 63%, with expectations for slight declines due to tariffs and increased R&D expenses [40][41] - **Debt Management**: - Current net leverage at 3.7 times, with a goal to reduce it to around 2 times by 2028 [48][49] Market Dynamics - **Geographic Growth**: - Emerging markets expected to grow at mid-single digits, while US business projected to see low single-digit declines [26][27] - **Impact of Formulary Changes**: - Generally viewed as beneficial if they make insulin more affordable for patients [25] Conclusion - **Investor Sentiment**: - Positive reception post-Analyst Day, with a focus on cautious and achievable financial projections [54][55] - **Future Outlook**: - The company aims to leverage its free cash flow capabilities to enhance its product portfolio and maintain stable growth despite market challenges [10][55]

West Pharmaceutical Services (WST) FY Conference June 05, 2025 11:40 AM ET Speaker0 Okay. Thank you, everyone, for sticking with us here on Thursday and joining us for the WES management presentation. My name is Matt Larue. I cover WES and and life science tool space here at William Blair. Very pleased to have WES CEO, Eric Green, here with us today and John Sweeney from investor relations. So thank you both for for being here. Two quick things. The breakout is in the Maher Room. You can join us there after ...

-- Moderated discussion with preeminent obesity expert, Louis J. Aronne, MD, FACP and Mitchell Steiner, M.D., F.A.C.S, President, CEO, and Founder, of Veru -- MIAMI, FL, May 08, 2025 (GLOBE NEWSWIRE) -- Veru Inc. (NASDAQ: VERU), a late clinical stage biopharmaceutical company focused on developing innovative medicines for the treatment of cardiometabolic and inflammatory diseases, today announced the release of a Virtual Investor KOL segment featuring Louis J. Aronne, MD, FACP. As part of the segment, Mitch ...