Becton, Dickinson and Company (BDX) Investor Presentation - Slideshow

Company Overview - Embecta is a pure-play diabetes company with leadership in insulin delivery, built on ~100 years of established brand loyalty[10] - The company has unmatched global manufacturing infrastructure and know-how, with geographically diverse sales and distribution network[10] - Embecta produces approximately 76 billion units annually across 3 world-class facilities, reaching ~30 million people with diabetes (PWD) annually[33] - The company's pro forma fiscal year 2021 (PF FY'21) revenue was $116 billion, with an adjusted EBITDA margin of ~41%[33] Market and Growth Opportunities - The global diabetes landscape is growing, with an estimated 537 million people with diabetes in 2021, projected to reach 783 million by 2045, a 46% increase[19] - The global cost of diabetes is significant, accounting for $966 billion, or 10%, of global health expenditures[20] - The insulin delivery market is estimated to be a $6-$8 billion market, with injections accounting for ~95% of patients[87] - Embecta aims to reinvest in R&D and M&A to pursue global growth opportunities, spanning organic opportunities[13] Financial Position - Embecta has a stable, recurring, geographically diversified revenue base, with a healthy margin profile[66] - The company has a history of generating positive cash flow from operations and has modest leverage at spin[66] - Pro-forma FY'21 net leverage is approximately 28x, with a cash balance of $265 million[106] - The company targets a dividend payout ratio of ~20% of GAAP net income[106]