Embecta Corp (EMBC) 2025 Q4 法說會逐字稿

Welcome, ladies and gentlemen, to Embecta Corp's fiscal fourth-quarter 2025 earnings conference call. (Operator Instructions) Please note that this conference call is being recorded and a replay will be available on the company's website following the call. I would now like to hand the conference call over to your host today, Mr. Pravesh Khandelwal, Vice President of Investor Relations. Mr. Khandelwal, please go ahead.

女士們、先生們，歡迎參加 Embecta 公司 2025 財年第四季財報電話會議。（操作員說明）請注意，本次電話會議正在錄音，會議結束後，錄音回放將在公司網站上提供。現在我謹將電話會議交給今天的主持人，投資者關係副總裁普拉維什·坎德爾瓦爾先生。坎德爾瓦爾先生，請繼續。

Thank you, operator. Good morning, everyone, and welcome to Embecta's fiscal fourth-quarter 2025 earnings conference call. The press release and slides to accompany today's call and webcast replay details are available on the investor relations section of the company's website at www.embecta.com.

謝謝接線生。各位早安，歡迎參加 Embecta 2025 財年第四季財報電話會議。今天電話會議的新聞稿和幻燈片以及網路直播回放詳情可在公司網站 www.embecta.com 的投資者關係部分找到。

With me today are Dev Kurdikar, Embecta's President and Chief Executive Officer; and Jake Elguicze, our Chief Financial Officer.

今天陪同我的是 Embecta 的總裁兼執行長 Dev Kurdikar，以及我們的財務長 Jake Elguicze。

Before we begin, I would like to remind you that some of the matters discussed in the conference call will contain forward-looking statements regarding future events as outlined in our slides. Such statements are in fact forward-looking in nature and are subject to risks and uncertainties, and actual events or results may differ materially.

在會議開始之前，我想提醒各位，本次電話會議討論的一些事項將包含有關未來事件的前瞻性陳述，這些陳述已在我們的幻燈片中概述。此類聲明實際上具有前瞻性，存在風險和不確定性，實際事件或結果可能與預期有重大差異。

The factors that could cause actual results or events to differ materially include, but are not limited to, factors referenced in our press release today as well as our filings with the SEC which can be accessed on our website.

可能導致實際結果或事件與預期有重大差異的因素包括但不限於我們今天發布的新聞稿中提到的因素以及我們向美國證券交易委員會提交的文件（可在我們的網站上查閱）。

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

此外，我們將在本次電話會議上討論一些非GAAP財務指標，這些指標應被視為依照GAAP編制的財務指標的補充，而不是替代方案。我們的新聞稿和電話會議簡報中包含了這些非GAAP指標與可比較GAAP指標的調節表。

Our agenda for today's call is as follows. Dev will begin with an overview of Embecta's fiscal year 2025 performance and discuss progress across our strategic priorities. Jake will then review the financial results for the fourth quarter and full-year 2025 and share our preliminary thoughts for fiscal year 2026. Following these updates, we will open the call for questions.

我們今天電話會議的議程如下。Dev 將首先概述 Embecta 2025 財政年度的業績，並討論我們在各項策略重點方面所取得的進展。傑克隨後將回顧 2025 年第四季和全年的財務業績，並分享我們對 2026 財年的初步想法。在這些更新之後，我們將開放提問環節。

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

接下來，我想把電話交給我們的執行長德夫·庫爾迪卡爾。

Good morning and thank you for taking the time to join us. During fiscal year 2025, we achieved several key milestones. We made the decision to end our patch pump program, and we executed a restructuring plan aimed at enhancing our profitability and free cash flow. We completed the implementation of our own ERP system and operationalized a new distribution network and shared service capabilities in Latin America and India, marking the completion of a major complex multiyear standard program.

早安，感謝您抽出時間參加我們的活動。在 2025 財年，我們實現了幾個重要的里程碑。我們決定終止我們的補給泵計劃，並執行了一項旨在提高盈利能力和自由現金流的重組計劃。我們完成了自主研發的ERP系統的實施，並在拉丁美洲和印度建立了新的分銷網絡和共享服務能力，標誌著一項重大而複雜的多年標準計劃的完成。

With this, 100% of our revenue now flows through our systems and all TSAs and LSAs that we had at spin have been exited. We substantially completed our brand transition efforts in North America, with more than 95% of our US and Canadian revenue now converted to the Embecta brand. This was carefully managed to ensure continuity for customers and patients. And with this foundation in place, we have now commenced the next phase of the initiative globally.

這樣一來，我們 100% 的收入現在都透過我們的系統流動，我們在分拆時擁有的所有 TSA 和 LSA 都已退出。我們在北美的品牌轉型工作已基本完成，目前我們在美國和加拿大的營收已超過 95% 轉化為 Embecta 品牌。這項安排經過精心策劃，以確保客戶和患者的服務不受影響。有了這個基礎，我們現在已經在全球範圍內啟動了該計劃的下一階段。

Transition activities have already begun in certain international markets, and we expect to be significantly complete in most regions by the end of calendar year 2026.

在某些國際市場，過渡活動已經開始，我們預計到 2026 年底，大多數地區的過渡活動將基本完成。

Together, the completion of these separation and stand-up activities have freed up capacity which we are now devoting to initiatives that we anticipate will help transition the company towards long-term sustainable growth.

這些分離和重組活動的完成，釋放了我們目前致力於推動公司實現長期可持續成長的各項舉措的產能。

Supporting this goal, we advanced our GLP-1 strategy meaningfully during fiscal 2025. We are now collaborating with more than 30 pharmaceutical partners to co-package our pen needles with generic GLP-1 therapies. Several of these partners have already signed agreements and placed purchase orders, and our products are included in multiple GLP-1 partner-managed regulatory submissions expected to lead to commercial launches.

為了實現這一目標，我們在 2025 財年取得了顯著進展，並推進了 GLP-1 策略。我們目前正與 30 多家製藥合作夥伴合作，將我們的注射筆針頭與通用 GLP-1 療法進行聯合包裝。這些合作夥伴中已有幾家簽署了協議並下了採購訂單，我們的產品也已納入多個由 GLP-1 合作夥伴管理的監管申報文件中，預計將實現商業化上市。

Our generic GLP-1 partners are anticipating launches in Canada, Brazil, and India during calendar year 2026. And while we do not control the timing and content of the company's regulatory submissions nor the timing of their launches upon receiving regulatory approval, we are encouraged by their momentum and remain ready to support our partners by providing them with our pen needles.

我們的通用 GLP-1 合作夥伴預計將在 2026 年在加拿大、巴西和印度推出產品。雖然我們無法控制公司向監管機構提交申請的時間和內容，也無法控制公司在獲得監管批准後推出產品的時機，但我們對他們的發展勢頭感到鼓舞，並隨時準備通過向合作夥伴提供我們的注射筆針來支持他們。

In parallel, we are continuing to expand the availability of pen needles in consumer-friendly small packs for the Canadian and select European markets. These small packs are targeted specifically towards out-of- pocket customers like GLP-1 users.

同時，我們正在繼續擴大面向加拿大和部分歐洲市場的、以方便消費者使用的小包裝形式供應注射筆針。這些小包裝專門針對像 GLP-1 用戶這樣的自費客戶。

Taken together, we continue to believe that the use of our pen needles with GLP-1 represents at least $100 million annual revenue opportunity by 2033, and we anticipate that this will be a growing contributor to our results over the next several years.

綜上所述，我們仍然相信，到 2033 年，使用我們的注射筆針頭進行 GLP-1 治療至少能帶來 1 億美元的年收入機會，並且我們預計，在未來幾年，這將對我們的業績做出越來越大的貢獻。

We also initiated new product development programs for market-appropriate syringes and pen needles aimed at strengthening and expanding our portfolio with the goal to maintain our leadership position in our core product categories. These programs are important because we believe they will allow us to expand our reach into market segments that we do not significantly participate in.

我們還啟動了針對市場適用的注射器和注射筆針頭的新產品開發計劃，旨在加強和擴展我們的產品組合，以保持我們在核心產品類別中的領先地位。這些項目之所以重要，是因為我們相信它們將使我們能夠擴大業務範圍，進入我們尚未充分涉足的市場領域。

And we continue to prioritize financial discipline and debt reduction and throughout the year, we generated approximately $182 million in free cash flow and we paid down approximately $184 million of debt, exceeding our original fiscal year 2025 target of $110 million. With leverage now at 2.9 times net debt-to-adjusted EBITDA, we continue to create financial flexibility to invest in potential organic and inorganic opportunities that can reshape Embecta's long-term growth profile.

我們繼續優先考慮財務紀律和減少債務，在這一年中，我們產生了約 1.82 億美元的自由現金流，並償還了約 1.84 億美元的債務，超過了我們最初設定的 2025 財年 1.1 億美元的目標。目前槓桿率為淨債務與調整後 EBITDA 的 2.9 倍，我們將繼續創造財務靈活性，投資於可能重塑 Embecta 長期成長前景的潛在內生和外延成長機會。

In summary, fiscal year 2025 was a year of solid execution on multiple fronts while outlining and initiating a new strategic direction for the company.

總而言之，2025 財年是公司在多個方面穩步推進並制定和啟動新策略方向的一年。

From the standpoint of our financial results, we exceeded our previously provided fiscal year 2025 adjusted gross margin, adjusted operating margin, and adjusted EBITDA margin ranges while our adjusted diluted earnings per share was at the top end of our previously provided guidance range.

從財務表現來看，我們超額完成了先前公佈的 2025 財年調整後毛利率、調整後營業利潤率和調整後 EBITDA 利潤率預期範圍，而調整後攤薄每股收益也達到了此前公佈的預期範圍的上限。

As we move into fiscal year 2026, we remain focused on the priorities and the long-term financial targets outlined at our 2025 Analyst and Investor Day.

進入 2026 財年，我們將繼續專注於在 2025 年分析師和投資者日上提出的優先事項和長期財務目標。

Now let's review our revenue performance for the fourth quarter and full year. During the fourth quarter of fiscal year 2025, Embecta generated $264 million in revenue, reflecting a 7.7% decline year over year on an as reported basis or a 10.4% decline on an adjusted constant currency basis.

現在讓我們回顧一下第四季和全年的營收表現。在 2025 財年第四季度，Embecta 的營收為 2.64 億美元，以報告基準計算年減 7.7%，以調整後的固定匯率計算年減 10.4%。

Within the US, revenue for the quarter totaled $142 million reflecting a year over year decline of 15.2% on an adjusted constant currency basis. The year over year decline was primarily driven by an unfavorable comparison to the prior-year fiscal fourth quarter, which benefited from additional distributor orders that occurred because of the then looming US ports strike totaling approximately $10 million as well as the unwinding of the favorable order timing associated with the July 4th holiday that positively impacted our third quarter of 2025 results totalling approximately $7 million. Additionally, year over year price in the US was unfavorable by approximately $7 million primarily due to milestone payments made to a large US pharmacy customer.

在美國，該季度營收總計 1.42 億美元，以調整後的固定匯率計算，年減 15.2%。同比下降的主要原因是與上年同期相比較為不利，上年同期受益於由於當時美國港口罷工迫在眉睫而產生的額外分銷商訂單，總額約為 1000 萬美元，以及與 7 月 4 日假期相關的有利訂單時間的結束，這給我們 2025 年第三季度的業績帶來了約 700 萬美元的積極影響。此外，由於向美國大型藥局客戶支付了里程碑付款，美國的價格年減了約 700 萬美元。

Turning to our international business, revenue for the fourth quarter totaled $122 million representing an increase of 2.8% on a reported basis with a decline of 4% on an adjusted constant currency basis. This decline was anticipated and primarily due to lower volumes and year over year pricing headwinds within China. This was driven by heightened competitive intensity in China, fueled by the growing preference of local Chinese brands amidst an evolving US-China geopolitical and trade environment. This was partially offset by performance in other emerging markets.

再來看我們的國際業務，第四季營收總計 1.22 億美元，以報告匯率計算成長 2.8%，按調整後的固定匯率計算下降 4%。這一下滑在預料之中，主要原因是中國市場銷量下降以及年比價格走低。這是由於中國市場競爭加劇所致，而這種加劇又源自於中美地緣政治和貿易環境的變化，消費者越來越傾向選擇中國本土品牌。其他新興市場的表現部分抵消了這一影響。

While from a product family perspective, during the quarter, adjusted constant currency pen needle revenue declined approximately 13.9%, syringe declined by approximately 4.5%, safety products grew approximately 3.7%, and contract manufacturing revenue grew approximately 8.5%. The year over year decline in pen needle revenue was driven by the same factors that impacted our US and international results.

從產品系列的角度來看，本季經調整後的固定匯率筆針收入下降了約 13.9%，注射器下降了約 4.5%，安全產品增長了約 3.7%，合約製造收入增長了約 8.5%。注射筆收入年減的原因與影響我們在美國和國際市場表現的因素相同。

Turning to our syringe products, the decrease was primarily due to ongoing end market volume declines within the US. This trend is not new and has persisted over the past several years and is consistent with the decrease in prescriptions for insulin vials as compared with insulin pens. This decline was partially offset by improved pricing. Finally, our safety products grew 3.7%, primarily due to improved pricing.

就我們的注射器產品而言，銷售下降主要是由於美國終端市場銷售持續下滑所致。這種趨勢並非新鮮事，在過去幾年中一直持續存在，與胰島素筆相比，胰島素瓶處方量的減少是一致的。價格上漲部分抵銷了這一跌幅。最後，我們的安全產品成長了 3.7%，主要原因是價格有所改善。

For the full year, Embecta generated adjusted revenues of approximately $1.80 billion, which represented a decline of 3.9% on an adjusted constant currency basis. US revenues total $579.1 million which is a decrease of 4.6% on an adjusted constant currency basis. The year over year decline in the US was largely due to the aforementioned advanced distributor ordering that occurred in Q4 of fiscal 2024 associated with the potential port strike as well as the continued end market declines in syringe volumes.

全年來看，Embecta 的調整後營收約為 18 億美元，以調整後的固定匯率計算，下降了 3.9%。美國營收總計 5.791 億美元，以調整後的固定匯率計算下降 4.6%。美國較去年同期下降的主要原因是上述與潛在的港口罷工相關的 2024 財年第四季分銷商提前下單，以及注射器終端市場銷售的持續下降。

Meanwhile, international revenues totaled $501.3 million which equated a year over year adjusted constant currency decline of approximately 3.1%. The decline in international revenue was primarily due to lower revenue contribution from China.

同時，國際收入總計 5.013 億美元，以固定匯率計算，年減約 3.1%。國際收入下降主要是由於來自中國的收入貢獻減少。

Turning to our product family revenue performance. Globally, our pen needle revenue declined approximately 7.1%, totalling $784.1 million. Fiscal year 2025 pen needle revenue reflects the confluence of several transitory factors, including advanced distributor ordering in the prior year, lower China revenue, and pricing headwinds in certain markets.

接下來我們來看看產品系列的營收表現。全球範圍內，我們的注射筆針收入下降了約 7.1%，總計 7.841 億美元。2025 財政年度注射筆針收入反映了幾個暫時性因素的綜合影響，包括上一年經銷商提前下單、中國收入下降以及某些市場的價格逆風。

Turning to our syringe products, revenue grew year over year by 1.7%, primarily driven by improved pricing while our safety products grew 6.3% due to a combination of improved pricing and volume increases. Lastly, contract manufacturing revenue grew approximately 53.9% as compared to the prior year.

再來看我們的注射器產品，營收年增 1.7%，主要得益於價格的改善；而我們的安全產品收入成長了 6.3%，這得益於價格的改善和銷量的增加。最後，合約製造收入與去年相比成長了約 53.9%。

With that, let me turn the call over to Jake for him to review other financial highlights as well as to provide our preliminary financial guidance for fiscal year 2026. Jake?

接下來，我將把電話交給傑克，讓他回顧其他財務亮點，並提供我們對 2026 財年的初步財務預測。傑克？

Thank you, Dev, and good morning, everyone. Given the discussion that has already occurred regarding revenue, I will start my review of Embecta's fourth quarter financial performance at the gross profit line. GAAP gross profit and margin for the fourth quarter of fiscal 2025 totaled $158.5 million and 60%, respectively. This compared to $173.8 million and 60.7% in the prior-year period.

謝謝你，Dev，大家早安。鑑於之前已經就收入問題進行了討論，我將從毛利開始對 Embecta 第四季度的財務業績進行分析。2025 財年第四季 GAAP 毛利和毛利率分別為 1.585 億美元和 60%。相比之下，去年同期分別為 1.738 億美元和 60.7%。

While on an adjusted basis, our Q4 2025 adjusted gross profit and margin totaled $159.5 million and 60.6%. This compared to $178.3 million and 61.4% in the prior-year period. The year over year decline in adjusted gross profit and margin was primarily driven by the lower year over year volume and mix and price that Dev mentioned earlier as well as the negative impact of foreign currency translation. These headwinds were partially offset by manufacturing cost improvement programs, the favorable impact of net changes in profit and inventory adjustments, and lower freight costs.

經調整後，我們 2025 年第四季的調整後毛利和毛利率分別為 1.595 億美元和 60.6%。相比之下，去年同期分別為 1.783 億美元和 61.4%。經過調整後的毛利和毛利率較去年同期下降，主要是由於 Dev 前面提到的銷售量、產品組合和價格年減，以及外幣折算的負面影響。這些不利因素部分被製造成本改善計劃、淨利潤變化和庫存調整的有利影響以及較低的運費所抵消。

Turning to GAAP operating income and margin. During the fourth quarter, they were $56.5 million and 21.4%. This compared to $26.2 million and 9.2% in the prior-year period. While on an adjusted basis, our Q4 2025 adjusted operating income and margin totaled $66.7 million and 25.3%. This compared to $61.2 million and 21.1% in the prior-year period.

接下來我們來看GAAP下的營業收入和利潤率。第四季度，這兩個數字分別為 5,650 萬美元和 21.4%。相較之下，上年同期為 2,620 萬美元，成長率為 9.2%。經調整後，我們 2025 年第四季的調整後營業收入和利潤率分別為 6,670 萬美元和 25.3%。相較之下，上年同期為 6,120 萬美元，增幅為 21.1%。

The year over year increase in adjusted operating income is primarily due to lower R&D expenses associated with the discontinuation of our insulin patch pump program as well as lower year over year SG&A expenses due to the restructuring initiative we announced earlier this year, coupled with no TSA expenses within the current year. This was partially offset by lower revenue and gross profit as compared to the prior-year period.

調整後的營業收入年增率主要歸因於停止胰島素貼片幫浦專案相關的研發費用減少，以及由於我們今年稍早宣布的重組計劃而導致的銷售、一般及行政費用同比下降，再加上本年度沒有運輸安全管理局 (TSA) 費用。與去年同期相比，收入和毛利的下降部分抵消了上述影響。

Turning to the bottom line, GAAP net income and earnings per diluted share were $26.4 million and $0.45 during the fourth quarter of fiscal 2025, as compared to $14.6 million and $0.25 in the prior-year period. While on an adjusted basis, during the fourth quarter of fiscal 2025, net income and earnings per share were $29.4 million and $0.50 as compared to $25.9 million and $0.45 in the prior-year period.

再來看最終結果，2025 財年第四季 GAAP 淨收入和稀釋後每股收益分別為 2,640 萬美元和 0.45 美元，而去年同期分別為 1,460 萬美元和 0.25 美元。經調整後，2025 財年第四季淨收入和每股盈餘分別為 2,940 萬美元和 0.50 美元，而去年同期分別為 2,590 萬美元和 0.45 美元。

The increase in year over year adjusted net income and diluted earnings per share is primarily due to the adjusted operating profit drivers I just discussed as well as a reduction in interest expense. This was offset by an increase in our adjusted tax rate from approximately 9.5% in Q4 of 2024 to approximately 25% in Q4 of 2025.

經調整淨利和稀釋後每股盈餘較去年同期成長，主要歸功於我剛才討論的經調整營業利潤驅動因素以及利息支出的減少。但這被調整後的稅率從 2024 年第四季的約 9.5% 提高到 2025 年第四季的約 25% 所抵銷。

Lastly, from a P&L perspective, for the fourth quarter of 2025, our adjusted EBITDA and margin totaled approximately $89.9 million and 34.1% as compared to $73 million and 25.2% in the prior-year period.

最後，從損益表的角度來看，2025 年第四季度，我們的調整後 EBITDA 和利潤率總計約為 8,990 萬美元和 34.1%，而去年同期分別為 7,300 萬美元和 25.2%。

Turning to our full-year results. GAAP gross profit and margin for fiscal 2025 totaled $676.8 million and 62.6%, respectively. This compared to $735.2 million and 65.5% in the prior year. While on an adjusted basis, our 2025 gross profit and margin totaled $687.3 million and 63.7%. This compared to $740.7 million and 65.7% in the prior year.

接下來來看看我們的全年業績。2025 財年 GAAP 毛利和毛利率分別為 6.768 億美元和 62.6%。相比之下，前一年分別為 7.352 億美元和 65.5%。經過調整後，我們 2025 年的毛利和毛利率分別為 6.873 億美元和 63.7%。相比之下，前一年分別為 7.407 億美元和 65.7%。

The year over year decrease in adjusted gross profit and margin was primarily driven by lower year over year volume and mix and an unfavorable year over year impact from profit and inventory. This is partially offset by manufacturing cost improvement programs.

經調整後的毛利和毛利率較去年同期下降，主要是由於銷售量和產品組合年減，以及利潤和庫存年比受到不利影響。製造成本改進計劃可部分抵銷此影響。

Turning to GAAP operating income and margin, during 2025, they were $242.1 million and 22.4%. This compared to $166.8 million and 14.9% in the prior year. While on an adjusted basis, our 2025 adjusted operating income and margin totaled $337.7 million and 31.3%. This compared to $296.9 million and 26.3% in the prior-year period.

2025 年，以 GAAP 計算，營業收入和利潤率分別為 2.421 億美元和 22.4%。相比之下，前一年分別為 1.668 億美元和 14.9%。經過調整後，我們 2025 年的調整後營業收入和利潤率分別為 3.377 億美元和 31.3%。相較之下，去年同期為 2.969 億美元，增幅為 26.3%。

Similar to the comments relating to the fourth quarter, the year over year increase in adjusted operating income and margin is due to similar factors that impacted the fourth quarter. Those being the lower R&D expenses associated with the discontinuation of our insulin patch pump program as well as lower year over year SG&A expenses due to the restructuring initiative we announced earlier this year, coupled with a reduction in TSA expenses. This was partially offset by lower revenue and gross profit as compared to the prior year.

與第四季度相關的評論類似，調整後營業收入和利潤率的同比增長也是由於影響第四季度的類似因素造成的。這些因素包括：停止胰島素貼片幫浦專案帶來的研發費用降低；由於我們今年稍早宣布的重組計劃，銷售、一般及行政費用同比降低；以及運輸、安全和行政費用的減少。與前一年相比，收入和毛利的下降部分抵消了上述影響。

Turning to the bottom line, GAAP net income and earnings per diluted share was $95.4 million and $1.62 during fiscal 2025, which compared to $78.3 million and $1.34 in the prior year. While on an adjusted basis, net income and earnings per share were $173.9 million and $2.95 during fiscal 2025. This compared to $143.1 million and $2.45 in the prior year.

再來看最終結果，2025 財年 GAAP 淨收入和稀釋後每股收益分別為 9,540 萬美元和 1.62 美元，而前一年分別為 7,830 萬美元和 1.34 美元。經調整後，2025 財年淨收入和每股盈餘分別為 1.739 億美元和 2.95 美元。相較之下，前一年分別為 1.431 億美元和 245 萬美元。

Like my comments relating to the fourth quarter, the increase in year over year adjusted net income and diluted earnings per share is primarily due to the adjusted operating profit drivers I discussed as well as lower year over year interest expense resulting from a reduction in outstanding borrowings under our term loan fee facility as we continue to pay down debt. Somewhat offset by an increase in our adjusted tax rate from approximately 20% in 2024 to approximately 25% in 2025.

與我之前對第四季度的評論一樣，同比調整淨收入和稀釋後每股收益的增長主要歸功於我討論過的調整後營業利潤驅動因素，以及由於我們繼續償還債務，定期貸款費用安排下的未償借款減少而導致的同比利息支出下降。但由於我們的調整後稅率從 2024 年的約 20% 增加到 2025 年的約 25%，部分抵銷了上述影響。

Lastly, from a P&L perspective, during 2025, our adjusted EBITDA and margin totaled approximately $415.3 million and 38.5%. This compared to $353.4 million and 31.4% in the prior year.

最後，從損益表的角度來看，2025 年，我們調整後的 EBITDA 和利潤率總計約為 4.153 億美元和 38.5%。相比之下，前一年分別為 3.534 億美元和 31.4%。

Turning to the balance sheet and cash flow, during fiscal year 2025, we generated approximately $182 million in free cash flow. Additionally, during the year, we repaid approximately $184 million of outstanding debt and ended 2025 with a net leverage level of approximately 2.9 times as defined under our credit facility agreement compared to our covenant requirement of below 4.75 times.

從資產負債表和現金流量來看，在 2025 財年，我們產生了約 1.82 億美元的自由現金流。此外，本年度我們償還了約 1.84 億美元的未償債務，截至 2025 年底，我們的淨槓桿率約為 2.9 倍（根據我們的信貸安排協議定義），而我們的契約要求為低於 4.75 倍。

And finally, we recently executed an agreement with a third-party to sell certain intellectual property rights and long-lived assets associated with the discontinued patch pump program for $10 million. This transaction occurred subsequent to year end and therefore had no impact on our fiscal fourth quarter results.

最後，我們最近與第三方達成協議，以 1000 萬美元的價格出售與已停止的修補泵項目相關的某些智慧財產權和長期資產。該交易發生在年末之後，因此對我們第四財季的業績沒有影響。

That completes my prepared remarks on our fourth-quarter and full-year 2025 results. Next, I'd like to discuss our preliminary 2026 financial guidance and certain underlying assumptions.

我的關於公司2025年第四季和全年業績的發言稿到此結束。接下來，我想討論一下我們 2026 年的初步財務預期和一些基本假設。

Before I go into all the details surrounding our fiscal-year 2026 guidance, let me remind you that in May of 2025 at our Analyst and Investor Day, we laid out our long range plan through fiscal-year 2028. Those expectations included that our revenue growth CAGR would remain flattish on a constant currency basis from fiscal-year 2026 through 2028 with modest declines of approximately 1% to 2% in core injection and contract manufacturing revenue over the LRP period, offset by contributions from new revenue streams including GLP-1 opportunities and distributed product partnerships that were expected to build as we move through fiscal years 2026 through 2028.

在我詳細介紹我們 2026 財年的業績指引之前，請允許我提醒各位，在 2025 年 5 月的分析師和投資者日上，我們制定了到 2028 財年的長期計劃。這些預期包括：從 2026 財年到 2028 財年，我們的營收成長複合年增長率（CAGR）將以固定匯率為基礎保持平穩，核心注射和合約製造收入在 LRP 期間將小幅下降約 1% 至 2%，但新的收入來源（包括 GLP-1 機會和分銷產品合作夥伴關係下降財年期間逐步建立。

Additionally, the financial targets that we provided at our Analyst and Investor Day anticipated adjusted operating margin to be between 28% and 30% by fiscal 2028 as R&D expenses were expected to increase from 2025 levels as we support key value creation initiatives through 2028 while SG&A expenses were expected to remain flattish as compared to 2025 levels.

此外，我們在分析師和投資者日上提供的財務目標預計，到 2028 財年，調整後的營業利潤率將在 28% 至 30% 之間，因為研發費用預計將從 2025 年的水平增加，以支持我們在 2028 年之前的關鍵價值創造計劃，而銷售、一般及行政費用將與 2025 年的基本水平持平。

And despite the dynamic geopolitical and trade backdrop, I'm pleased to say that we believe our initial fiscal 2026 financial guidance is well aligned with the expectations established in our long range plan.

儘管地緣政治和貿易背景瞬息萬變，但我很高興地說，我們相信我們最初的 2026 財年財務指導與我們的長期計劃中製定的預期非常吻合。

Beginning with revenue, on an adjusted constant currency basis, we currently anticipate that our revenues will be flat to down 2% as compared to 2025 levels. At the high end of our constant currency revenue range, we have factored in modest volume declines within our core injection business, primarily related to syringe declines within the US that reduced contract manufacturing revenues contribute to approximately 50 basis points of the decline, that pricing is relatively flat year over year, and that the contribution from new revenue streams contribute positively by approximately 100 basis points.

首先來看收入，以調整後的固定匯率計算，我們目前預計，與 2025 年的水準相比，我們的收入將持平或下降 2%。在我們以固定匯率計算的收入範圍的高端，我們已經考慮到了核心注射業務的銷量小幅下降，這主要與美國注射器銷量的下降有關，合約製造收入的減少導致銷量下降約 50 個基點；價格同比相對持平；而新收入來源的貢獻則帶來了約 100 個基點的積極影響。

While at the low end of our range, we are assuming that volumes within our core injection business contribute to approximately 150 basis points of the decline, that reduced contract manufacturing revenues contribute to approximately 50 basis points of the decline, that pricing is relatively flat year over year, and that the contribution from new revenue streams is negligible.

雖然處於我們預測範圍的下限，但我們假設核心注射業務的銷量下降約佔總銷量的 150 個基點，合約製造收入減少約佔總銷量的 50 個基點，價格同比相對持平，而新收入來源的貢獻微乎其微。

Turning to our thoughts on FX, our initial guidance calls for a foreign currency tailwind of approximately 1.2% during 2026. This assumption is based on foreign exchange rates that were in existence in the early November time frame. Somewhat offsetting FX is an estimated 0.1% year over year headwind associated with the Italian payback measure, primarily driven by the favorable adjustment recognized in fiscal year 2025. On a combined basis, our as-reported revenue guidance calls for a range of between negative 0.9% to positive 1.1%, resulting in an initial revenue guide of between $1.71 billion and $1.93 billion.

關於外匯市場，我們初步預測，2026 年外匯市場將出現約 1.2% 的順風。這個假設是基於11月初的外匯匯率。匯率波動在一定程度上抵消了義大利償還措施帶來的約 0.1% 的同比不利影響，這主要是由於 2025 財年確認的有利調整所致。綜合來看，我們公佈的收入預期範圍為-0.9%至+1.1%，初步收入預期為17.1億美元至19.3億美元。

Turning to adjusted operating margin, our initial guidance range calls for a range of between 29% and 30% or lower by approximately 180 basis points at the midpoint as compared to 2025 levels.

就調整後的營業利潤率而言，我們最初的指導範圍是 29% 至 30%，或比 2025 年的水準降低約 180 個基點。

The expected decline at the midpoint is due to two factors contributing equally. First, adjusted gross margin is expected to decline due to increased cannula costs. While in terms of tariffs, based on current information, we expect incremental tariffs to have a negligible impact as compared to the prior year.

中點預期下跌是由兩個同等重要的因素造成的。首先，由於插管成本增加，預計調整後的毛利率將下降。就關稅而言，根據目前的訊息，我們預期與前一年相比，新增關稅的影響微乎其微。

And second, we anticipate R&D expense to approximate 2% of revenue as we continue to invest in the development of market-appropriate pen needles and syringes, and advance our efforts to qualify and onboard alternate cannula suppliers. SG&A as a percentage of revenue is expected to remain relatively consistent with fiscal 2025 levels.

其次，我們預計研發費用將佔收入的 2% 左右，因為我們將繼續投資開發適合市場的注射筆針頭和注射器，並推進我們對替代導管供應商的資格審查和引入工作。預計銷售、一般及行政費用佔收入的百分比將與 2025 財年的水平保持相對一致。

All total, our initial guidance range for adjusted operating margin aligns with the margin framework outlined in our Analyst and Investor Day and reflects our disciplined approach to balancing reinvestment for growth with sustained profitability as we advance through the next phase of our transformation.

總而言之，我們對調整後營業利潤率的初步指導範圍與我們在分析師和投資者日上概述的利潤率框架相一致，並反映了我們在推進下一階段轉型過程中，為實現持續盈利能力而進行再投資的嚴謹方法。

Moving to earnings. During 2026, our initial guidance calls for an adjusted diluted earnings per share range of between $2.80 and $3. And it's based on a weighted average diluted share amount of approximately 60 million shares.

接下來是獲利部分。2026 年，我們的初步預期是調整後的稀釋每股收益在 2.80 美元至 3 美元之間。這是基於約 6000 萬股的加權平均稀釋股份數量計算得出的。

Our initial adjusted earnings per share range includes an assumption that during 2026, we will repay approximately $150 million in debt and that our annual net interest expense will be approximately $93 million.

我們最初的調整後每股盈餘範圍包括以下假設：2026 年，我們將償還約 1.5 億美元的債務，而我們的年度淨利息支出約為 9,300 萬美元。

While from a tax perspective, our initial adjusted earnings per share range assumes that our adjusted tax rate will be approximately 23% as compared to approximately 25% in fiscal year 2025 due to tax planning initiatives we put in place, US tax reform, and lower interest expense.

從稅務角度來看，我們最初的調整後每股盈餘範圍假設我們的調整後稅率約為 23%，而由於我們實施的稅務規劃措施、美國稅務改革以及較低的利息支出，2025 財年的調整後稅率約為 25%。

And before I turn the call over to the operator, I'd like to highlight some considerations regarding the cadence of quarterly revenue expectations during 2026.

在將電話轉交給接線員之前，我想重點談談 2026 年季度收入預期節奏的一些考慮因素。

Moving forward, we may not provide any further commentary concerning the quarterly cadence of revenue on an ongoing basis. During fiscal year 2025, we generated approximately 48% of our adjusted revenue dollars during the first half of the year, with revenue split roughly evenly between the first and second fiscal quarters. During fiscal year 2026, we currently expect something similar to occur.

未來，我們可能不會再就季度營收節奏提供任何進一步的評論。在 2025 財年，我們上半年獲得了約 48% 的調整後收入，收入在第一財季和第二財季之間大致平均分配。我們目前預計在 2026 財年將會出現類似情況。

Finally, during fiscal 2026, we expect to generate between $180 million and $200 million in free cash flow, which includes using approximately $20 million of cash for capital expenditures, as well as approximately $30 million of cash on one-time spend, primarily focused on advancing the global brand transition program. Which remains on track to be substantially complete by the end of calendar year 2026.

最後，在 2026 財年，我們預計將產生 1.8 億美元至 2 億美元的自由現金流，其中包括將約 2,000 萬美元現金用於資本支出，以及將約 3,000 萬美元現金用於一次性支出，主要用於推進全球品牌轉型計畫。該項目仍有望在 2026 年底前基本完工。

Importantly, the free cash flow that we expect to generate during fiscal year 2026 keeps us firmly on pace with the commitment we outlined at our Analyst and Investor Day to generate approximately $600 million of cumulative free cash flow from fiscal 2026 through fiscal 2028. And demonstrates the strength of our cash generation model and reinforces our confidence in achieving our long-term deleveraging and investment objectives.

重要的是，我們預計在 2026 財年產生的自由現金流將使我們堅定地朝著我們在分析師和投資者日上提出的承諾邁進，即從 2026 財年到 2028 財年產生約 6 億美元的累計自由現金流。這證明了我們現金流模式的強大，並增強了我們實現長期去槓桿化和投資目標的信心。

That completes my prepared remarks. And at this time, I would like to turn the call over to the operator for questions. Operator?

我的發言稿到此結束。此時，我想把電話交給接線員，回答大家的問題。操作員？

(Operator Instructions)

（操作說明）

Marie Thibault, BTIG.

瑪麗·蒂博，BTIG。

Good morning. Thanks for taking the questions. Wanted to start here and see if I could learn a little bit more about the GLP-1 partnerships that you have. Can you just give us a little more detail on how many partners you have signed POs with? And anything on timing how they might be ordering ahead of any approvals that they get on their side, just so we can sort of get a little more detail on how this might impact fiscal year '26, of course, understanding that it's not being assumed in your revenue guidance.

早安.謝謝您回答問題。我想從這裡開始，看看能否多了解一些關於你們的 GLP-1 合作關係的資訊。您能否詳細說明您與多少家合作夥伴簽署了採購訂單？還有，關於他們在獲得批准之前如何下單的時間安排，我們能否了解更多細節，以便更好地了解這可能會對 2026 財年產生怎樣的影響？當然，我們理解這並沒有包含在你們的收入預期中。

Good morning, Marie. Thanks for the question. So we are in discussions with 30-plus potential GLP-1 entrants and as you'd remember, this is all about co-packaging of pen needles. They are moving through various stages of discussions. You can imagine, we go through quality agreements, we talk about MSAs.

早安，瑪麗。謝謝你的提問。所以我們正在與 30 多家潛在的 GLP-1 參賽企業進行討論，正如您所知，這一切都與注射筆針頭的聯合包裝有關。他們正在經歷討論的不同階段。你可以想像，我們會審核品質協議，我們會討論主服務協議（MSA）。

The orders that they provide, and a handful of them have already provided orders, and we've actually shipped product during 2025, much of the volume, I would say, is for their own development purposes as they work out what data they need beyond the data we supply for their regulatory submissions. Several of them have actually submitted to the regulatory authorities. Now, they control the timing and the content of the submissions. And these submissions, we believe, many of them will include specs that our product satisfies.

他們提供的訂單，其中一些已經下了訂單，而且我們實際上在 2025 年已經發貨，我認為大部分訂單量都是為了他們自己的開發目的，因為他們需要弄清楚除了我們為他們的監管申報提供的數據之外，他們還需要哪些數據。其中幾位已經向監管機構提交了申請。現在，他們控制著提交的時間和內容。我們相信，在這些提交的方案中，許多都會包含我們產品能夠滿足的規格要求。

Now, obviously, timing of commercial quantities is contingent on which one of them gets approval, and when they get approval. As you might have heard, publicly, generic GLP-1s could be available in calendar year 2026 in China, India, Brazil, and Canada. So there is obviously some uncertainty associated with timing. But overall, we are very, very pleased with the progress that we made in fiscal 2025. I mean, you might remember a year ago, we were just starting these discussions and the team has made tremendous progress, and we continue to remain confident in the assumptions that we had laid out or the estimates that we had laid out during the Analyst Day of this being over $100 million opportunity for us by 2033.

顯然，商業化生產的時間取決於哪一方獲得批准，以及何時獲得批准。您可能已經聽說，根據公開消息，仿製 GLP-1 藥物可能在 2026 年在中國、印度、巴西和加拿大上市。因此，時間安排上顯然存在一些不確定性。但總的來說，我們對 2025 財年的進展非常非常滿意。我的意思是，你可能還記得一年前，我們才剛開始這些討論，團隊已經取得了巨大的進展，我們仍然對我們在分析師日提出的假設或估計充滿信心，即到 2033 年，這將為我們帶來超過 1 億美元的機會。

And Marie, this is Jake. I'll just jump in regarding regarding guidance. I think the low end of our guidance range assumes really a negligible impact in terms of new revenue streams, mostly associated with with GLP-1s. While from a high end of our revenue guidance range, we assume that new revenue streams, again, mostly coming from GLP-1 additional revenue would contribute positively by about 1%.

瑪麗，這位是傑克。我來插一句關於指導方面的內容。我認為我們預期範圍的下限假設新收入來源（主要與 GLP-1 相關）的影響微乎其微。雖然我們預計收入將達到預期範圍的高端，但我們假設新的收入來源（主要來自 GLP-1 的額外收入）將貢獻約 1% 的正面收益。

So we feel very good about where this is all going. Dev mentioned that I think over the longer-term that we feel that this can be at least $100 million annual product revenue for Embecta through 2033, and we feel like we're well on our way towards achieving that.

所以我們對事情的發展方向感到非常樂觀。Dev提到，我認為從長遠來看，我們認為到2033年，Embecta的這款產品每年至少可以帶來1億美元的收入，而且我們感覺我們正在朝著這個目標穩步前進。

Okay. Thank you for that clarification, Jake, on the guidance as well. I guess I'll ask my follow-up here on China. You referred to it, at the beginning, some of the geopolitical tensions. What are you seeing on the ground in China in terms of consumer willingness to buy non-Chinese products? Of course, the product is made in China, but not a Chinese brand, I suppose. So any further updates on how that dynamic is playing out? And thanks for taking the questions.

好的。傑克，謝謝你對指導方針的澄清。我想在這裡問問關於中國的後續問題。您在開頭提到了一些地緣政治緊張局勢。您在中國實際觀察到的消費者購買非中國產品的意願如何？當然，這件產品是中國製造的，但我想應該不是中國品牌吧。那麼，關於這項動態的發展，還有什麼新的進展嗎？謝謝您回答問題。

Yeah, Marie, on that, first, let me just say China in Q4 2025 performed very close or almost exactly in line with our expectations. So our thoughts when we had formulated or revised our FY '25 guidance incorporated a significant year over year decline partially because of the pressures that you mentioned, partially because of some inventory rebalancing, and Q4 2025 played out exactly as we thought it would.

是的，瑪麗，關於這一點，首先我想說的是，中國在 2025 年第四季的表現非常接近或幾乎完全符合我們的預期。因此，我們在製定或修訂 2025 財年業績指引時，考慮到同比大幅下降，部分原因是您提到的壓力，部分原因是庫存重新平衡，而 2025 年第四季度的情況正如我們所料。

We've certainly taken steps to stabilize the situation including reorganizing our sales team. We've actually introduced a more price competitive pen needle. It also has a lower manufacturing cost. Our guidance for 2026 does incorporate some expectations around headwind in 2026 compared to 2025. But our current expectation is that it's going to be much less as compared to what we experienced in 2025.

我們已採取多項措施穩定局勢，包括重組銷售團隊。我們實際上推出了一款價格更具競爭力的筆針。它的製造成本也更低。我們對 2026 年的預測確實包含了與 2025 年相比，2026 年可能面臨的一些不利因素。但我們目前的預期是，與 2025 年的情況相比，這將要少得多。

As we all read in the press, I mean, the situation continues to evolve. But certainly, we are focused on controlling what we can control to stabilize the situation there as quickly as possible.

正如我們在媒體上看到的，情況仍在不斷變化。但可以肯定的是，我們正集中精力控制我們能夠控制的因素，以盡快穩定當地局勢。

Maybe just one final comment. Over the long-term, we still continue to believe that this is going to be an important market for us. The market itself is growing mid single-digits. As you know, we have strong commercial and manufacturing infrastructure in China. You've heard us referred to the development of a market-appropriate pen needle. In fact, that pen needle is being developed by our team in China. And I'm quite hopeful that it will serve a segment in China that we don't serve today.

最後再補充一點。從長遠來看，我們仍然相信這將是我們一個重要的市場。市場本身正以中等個位數的速度成長。如您所知，我們在中國擁有強大的商業和製造基礎設施。您已經聽說過我們致力於開發適合市場的注射筆針。事實上，那支筆針是由我們中國團隊正在研發的。我非常希望它能服務我們目前尚未涵蓋的中國市場。

As well as you asked about GLP-1s earlier, there are generic GLP-1 companies in China that have global aspirations that obviously we want to serve as well. So over the long-term, we still think it's going to be an important market for us, and we'll find a way to weather through the evolving landscape over there.

正如您之前問過的 GLP-1 藥物，中國有一些具有全球視野的仿製 GLP-1 藥物公司，我們當然也希望為他們提供服務。因此，從長遠來看，我們仍然認為這將是我們一個重要的市場，我們將找到一種方法來應對那裡不斷變化的市場環境。

Michael Polark, Wolfe Research.

邁克爾·波拉克，沃爾夫研究中心。

Good morning. Thank you for taking the questions. Two smaller ones for me. I'm interested in the cannula comments. You talked about increased costs there and an effort to source alternative suppliers. So maybe can you just unpack that for us a little bit? Why are the costs up? What does the opportunity set look like to find other sources to mitigate that (inaudible)? Thank you.

早安.感謝您回答這些問題。給我兩個小一點的。我對插管方面的評論很感興趣。您提到了那裡的成本增加以及尋找替代供應商的努力。所以，您能稍微解釋一下嗎？為什麼成本上漲了？尋找其他緩解措施的機會有哪些？（聽不清楚）？謝謝。

Good morning, Mike. Maybe I'll kick us off just as a reminder. So the entire supply of cannulas that we get is from our previous parent BD. And we have a cannula agreement with them to supply those cannulas that goes until 2032. So it's sole sourced from BD right now. and you can imagine that we do want to have an alternate supplier for cannula.

早上好，麥克。或許我會把我們踢出去，以示提醒。因此，我們獲得的全部插管供應都來自我們之前的母公司 BD。我們與他們簽訂了插管供應協議，該協議有效期至 2032 年。所以目前我們只從BD公司採購。您可以想像，我們當然希望有其他導管供應商。

Our team has been working on this for the last couple of years. We've identified a couple of alternate cannula suppliers. And the team has made significant progress, including running some trials with alternate cannulas and doing some development work. So I feel confident that certainly, we have a current supply of cannula to 2032. But the team is making remarkable progress, and I feel reasonably confident that we are going to have at least one alternate supplier here qualified, certainly, well before our current cannula agreement runs out.

我們的團隊過去幾年一直在研究這個問題。我們已經找到了幾個替代的插管供應商。該團隊取得了重大進展，包括使用替代插管進行了一些試驗和進行了一些研發工作。因此，我很有信心，我們目前的插管供應量肯定足夠用到 2032 年。但團隊正在取得顯著進展，我相當有信心，我們至少會找到一家合格的替代供應商，而且肯定會在我們目前的插管協議到期之前完成。

With that, obviously, that allows us an alternate supply with a different cost profile because since we became independent. The increase in cannula cost to us has been a significant contributor to the pressure we've faced on gross margin. Jake, anything you'd like to add?

顯然，這使我們能夠獲得成本結構不同的替代供應，因為自從我們獨立以來，情況就不同了。插管成本的增加對我們造成了毛利率方面的巨大壓力。傑克，你還有什麼要補充的嗎？

Yeah. Dev, so maybe to add a little bit more, Dev had mentioned what the margin profile of the company looked like at the gross margin line pre-spin as to where we were during, say, 2025 and exiting 2025. And pre-spin, our gross margins were right at spin, right around, let's call it 67%. This year, for 2025, our adjusted gross margins finished just under 64%.

是的。Dev，或許可以再補充一點，Dev 提到了公司在分拆前的毛利率狀況，以及我們在 2025 年和 2025 年底的情況。在調整之前，我們的毛利率在調整之後就差不多了，大概是，我們姑且稱之為 67%。今年，我們預測 2025 年的調整後毛利率將略低於 64%。

And really, Mike, the entirety of the decline over those years really came down to just increased cannula costs. So it really is important for us to find an alternate provider both from a risk mitigation standpoint, and you never want to be beholden to one sole source and then also to drive some price decreases in the future as well which we would certainly hope to do.

麥克，說真的，這些年來的下滑完全是因為插管成本上漲造成的。因此，從降低風險的角度來看，找到替代供應商對我們來說非常重要，因為我們永遠不想受制於單一供應商，而且這也有助於在未來降低價格，而我們也確實希望能夠做到這一點。

In terms of our fiscal 2026 guidance in relation to 2025, we talked about our adjusted operating margins being down about 180 basis points at the midpoint compared to 2025 levels. About half of that is in the gross margin line entirely due to increased cannula costs. And the other half of that is just increases in terms of R&D expense as we need to make some investments in order to come to market with an alternate cannula provider as well as some of those market-appropriate low-cost products for pen needles and syringes to service some of the emerging markets.

就我們 2026 財年相對於 2025 財年的業績指引而言，我們曾提到，與 2025 年的水平相比，我們調整後的營業利潤率中位數將下降約 180 個基點。其中約一半的增加完全是由於插管成本的增加，反映在毛利中。另一半則用於增加研發支出，因為我們需要進行一些投資，以便與替代導管供應商合作，並推出一些適合市場的低成本筆針和注射器產品，以服務一些新興市場。

Helpful color. For the follow-up, I wanted to ask on one of the comments about the fourth quarter performance. I heard price unfavorable year on year in the US, $7 million, mention of milestone payments to a large US pharmacy customer. And I just want to make sure I understand what you're saying there. The word milestone specifically tripped me up. So if you can add any color on that dynamic, I'd appreciate it. Thank you.

有用的顏色。作為後續問題，我想就其中一條關於第四季度業績的評論提問。我聽說美國的價格逐年不利，700萬美元，也提到要向美國大型藥局客戶支付里程碑款項。我只是想確認一下我是否理解了你剛才說的意思。「里程碑」這個詞尤其讓我困惑。所以，如果你能為這種動態增添一些色彩，我將不勝感激。謝謝。

Yeah, Mike. I'm happy to. Obviously, I won't talk about this specific contract, but our contracts with the US chains, there is a rebate level, right? There are sometimes marketing spend items that we contribute to marketing of our products. And finally, on achievement of certain volume levels, typically, there is an additional payment. And we often refer to them as milestone payments. At the end of the day, it all comes down to price, but depending upon the timing of the payments, it can lead to year over year unfavorability or favorability during the course of a quarter.

是的，麥克。我樂意。顯然，我不會談論這份具體的合同，但是我們與美國連鎖店簽訂的合同中，都有一定的返利，對吧？有時我們會撥出一些行銷資金用於產品行銷。最後，當銷售量達到一定水平時，通常會有額外的付款。我們通常稱它們為里程碑付款。歸根結底，一切都取決於價格，但根據付款時間的不同，可能會導致同比不利或季度有利。

Anthony Petrone, Mizuho Americas.

Anthony Petrone，瑞穗美洲公司。

Thanks and good morning, everyone. Happy early Thanksgiving here to everyone, teams, family. Maybe start on GLP-1 and the generic contracting phase, I'm wondering, Dev and/or Jake, if you could talk a little bit about how those contracts are going to be structured here. So typically, when we have drug device combination solutions, you're in the clinical phase; but if you get to market, you essentially get written into the drug master file and the instructions for use and that can be a multi-year contract.

謝謝大家，大家早安。提前祝大家、團隊、家人感恩節快樂！或許可以先從 GLP-1 和通用合約階段開始，Dev 和/或 Jake，我想請你們談談這些合約在這裡將如何建構。因此，通常情況下，當我們有藥物器械組合解決方案時，你處於臨床階段；但如果你成功上市，你基本上會被寫入藥物主文件和使用說明中，這可能是一份多年合約。

So how does contracting work with the generic GLP-1 providers in the clinical development phase and what will those look like once we get with success to a commercial phase? How long will they be? Will there be minimum quantities baked in? How do the economics work over, let's say, a medium term contract? And then I'll have a couple of follow-ups. Thanks.

那麼，在臨床開發階段，與通用 GLP-1 供應商的合約是如何運作的？一旦我們成功進入商業化階段，這些合約又會是什麼樣子？它們會持續多久？烘焙時會有最低數量限制嗎？如果簽訂的是中期合同，那麼其中的經濟效益是如何體現的呢？然後我也會提出幾個後續問題。謝謝。

Anthony, I don't want to get too far ahead of myself with respect to commercial quantities and commercial contracts until some of the generic manufacturers get approved. But let me at least provide additional color, right? So as we go through the contracting phase, you can imagine the early discussions and the initial discussions. We get NDAs in place. We get qualified as a vendor in our system that includes providing some data on a product from a quality standpoint. From a regulatory standpoint, we have quality agreements in place.

安東尼，在一些仿製藥生產商獲得批准之前，我不想在商業數量和商業合約方面操之過急。但至少讓我補充一些細節，對吧？因此，在簽訂合約階段，您可以想像早期的討論和初步的諮詢。我們簽署了保密協議。我們透過提供產品品質方面的數據，才能獲得我們系統認可的供應商資格。從監管角度來看，我們已經簽訂了品質協議。

Then we actually start talking about contracting, get a contract complete. But the commercial contract, I think we'll talk about once some of these drugs are commercial. The quantities that they are ordering now are really to do their own development work. And you can imagine, the way this is all going to play out is we will be supplying bulk pen needles to these manufacturers. They are going to co-package our pen needles with their pen injector. And then, they will be the ones to market that combined product to patients.

然後我們才真正開始討論簽訂合同，完成合約。但是商業合約的問題，我想我們會等到其中一些藥物上市後再討論。他們現在訂購的數量實際上是為了進行他們自己的研發工作。你可以想像，事情的最終結果就是我們將向這些製造商批量供應注射筆針頭。他們打算將我們的注射筆針頭與他們的注射筆一起包裝出售。然後，他們將負責把這種組合產品推向市場，並推銷給患者。

They also, as I think you implied, are going to be responsible for the regulatory submission for the whole package that includes the drug and the device. Certainly, we'll help with providing data. But they are responsible for that submission, and our pen needle will get specked in.

正如你所暗示的那樣，他們還將負責包括藥物和器械在內的整個方案的監管申報工作。當然，我們會協助提供數據。但他們要對提交的內容負責，而我們的筆針會被標記出來。

Now, obviously, once you are part of that combination, that imparts a level of stickiness to the product. But beyond that, since they are going to be doing the co-packaging, the co-packaging lines will be configured, if you will, to be accepting of our pen needles. And that provides some additional stickiness, if you will, to our product as part of that combined package.

顯然，一旦你成為這種組合的一部分，就會為產品帶來一定程度的黏性。但除此之外，由於他們將進行聯合包裝，所以聯合包裝生產線將會進行配置，以便能夠接受我們的筆針。這樣一來，作為組合方案的一部分，我們的產品就更具吸引力了。

But perhaps most importantly, I want to point out something that might seem obvious. We have a long history in demonstrating reliability of supply. And if you're a generic manufacturer that's introducing a generic GLP-1 drug, I would think that you would want your pen needle supplier to be somebody you can depend upon and has that long-demonstrated reliability of supply, not to mention our pen needles are already approved in markets where you would expect generic GLP-1s to launch.

但或許最重要的是，我想指出一些看似顯而易見的事。我們在供應可靠性方面有著悠久的歷史。如果你是一家仿製藥生產商，正在推出仿製 GLP-1 藥物，我想你會希望你的注射筆針供應商是值得信賴的，並且擁有長期可靠的供應記錄。更何況，我們的注射筆針已經在仿製 GLP-1 藥物即將上市的市場獲得了批准。

With respect to profitability, what I would also say is that these are, as I pointed, bulk pen needles. We don't expect to spend any significant CapEx in meeting this demand. And so we would expect there to be some incremental margin drop through as compared to our corporate averages of gross margin.

至於獲利能力方面，我還想說的是，正如我所指出的，這些是大量生產的鋼筆針。我們預計無需投入大量資本支出即可滿足此需求。因此，我們預計毛利率會比公司平均毛利率略有下降。

Obviously, I won't comment on on pricing. Maybe one final comment, because we've established these conversations now with generic drug companies, we are also expanding the conversation to work with them on potential supply supply of other devices that they may use. And I think on Analyst Day, I said, the nearest adjacent device to us would be a pen injector.

顯然，我不會對價格發表評論。最後補充一點，既然我們已經與仿製藥公司建立了這些對話，我們也正在擴大對話範圍，與他們合作，探討他們可能使用的其他設備的潛在供應問題。我覺得在分析師日那天，我說過，離我們最近的設備就是注射筆。

So I'm hopeful that supplying devices to generic drug companies for their generic GLP-1 drugs is just a start as we transition from pure injection delivery for insulin company to a broader based medical supplies company. Hopefully that was helpful, Anthony.

因此，我希望為仿製藥公司提供用於其仿製 GLP-1 藥物的設備只是一個開始，我們將從一家純粹的胰島素注射輸送公司轉型為一家業務更廣泛的醫療用品公司。希望這對你有幫助，安東尼。

Very helpful and provide some color as we think about the next few years ahead. And then the follow-up here will just be on capital deployment. You mentioned a little bit of CapEx here, but the leverage ratios are coming down. The company in the past has talked about potentially forging additional partnerships perhaps outside of GLP-1 or being focused a little bit on tuck-in M&A. So just a little bit to take the temperature on capital deployment outside of GLP-1 and the CapEx needs immediately. Do you see any tuck-in M&A opportunities over the next couple of years? Thanks.

這非常有幫助，也為我們思考未來幾年提供了一些參考。接下來，我們將重點放在資金部署。您提到了一些資本支出，但槓桿率正在下降。該公司過去曾談到可能在 GLP-1 之外建立更多合作夥伴關係，或稍微專注於補充性併購。所以，我們稍微了解一下 GLP-1 以外的資本部署狀況以及目前的資本支出需求。您認為未來幾年內會有任何併購機會嗎？謝謝。

Yeah. Thanks, Anthony. First, let me just say I'm very pleased with how our profitability metrics ended up with respect to our guidance. As you saw, we sort of exceeded the top end of our gross margin, adjusted the margin, adjusted operating margin, and that really allowed us to pay down significantly more debt in 2025 and brought our net leverage down, as you pointed out, to 2.9%.

是的。謝謝你，安東尼。首先，我想說，我對我們最終的獲利指標與預期相符的情況非常滿意。正如你所看到的，我們勉強超過了毛利率的上限，調整了毛利率和營業利潤率，這確實使我們能夠在 2025 年償還更多債務，並將淨槓桿率降至 2.9%，正如你所指出的那樣。

Our capital allocation plans remain unchanged from what I said on Investor Day. We think $600 million in free cash flow over the next three years, most of that will go to that debt paydown. We pay a dividend at this point. We are not considering changing that. And our highest priority still remains paying down debt. But as our leverage comes down, certainly, it's already below 3 and we drive it down further in 2026, we are very open to organic and inorganic investments.

我們的資本配置計劃與我在投資者日上所說的計劃保持不變。我們認為未來三年將有 6 億美元的自由現金流，其中大部分將用於償還債務。我們此時會派發股息。我們不考慮改變這一點。我們最重要的任務仍然是償還債務。但隨著我們的槓桿率下降（當然，目前已經低於 3），並且我們在 2026 年進一步降低槓桿率，我們對有機和非有機投資都非常開放。

And so M&A, obviously, by its very nature, is very opportunistic. We will continue to be alert and aware if such an opportunity arises. And we feel that it is going to be value accretive to our company and help transition the company towards long-term sustainable growth. We certainly will be ready to act on it.

因此，很顯然，併購本質上是非常機會主義的。我們將繼續保持警惕，一旦出現此類機會，我們將立即採取行動。我們認為這將為公司創造價值，並幫助公司實現長期永續成長。我們一定會做好準備採取行動。

Thank you again.

再次感謝。

(Operator Instructions)

（操作說明）

Travis Steed, Bank of America Securities.

特拉維斯·斯蒂德，美國銀行證券。

Hey. This is (inaudible), on for Travis. Thanks for taking the questions. I just wanted to ask a follow-up on in your prepared remarks, you mentioned selling certain intellectual properties of $10 million associated with the patch pump subsequent to your end, so I was just wondering if you could add any more details around this and what's baked into your assumptions moving forward that is associated with this?

嘿。這是（聽不清楚），請給崔維斯。謝謝您回答問題。我只是想就您事先準備好的發言稿再問一個後續問題。您提到，在您卸任後，您將出售與貼片泵相關的價值 1000 萬美元的某些智慧財產權。我想知道您是否可以就此補充更多細節，以及您對此有何後續假設？

(inaudible), thanks for the question. Yeah, we did sell certain IP and associated assets to a buyer for $10 million. We are pleased to be able to monetize these assets from the patch pump program that we discontinued about a year ago. I'll let Jake comment on -- this is a Q1 event really for 2026 for us, but I'll let Jake comment on how you should expect to see that run through the financials.

（聽不清楚），謝謝你的提問。是的，我們確實以 1000 萬美元的價格將某些智慧財產權和相關資產出售給了買家。我們很高興能夠將這些資產從我們大約一年前停止的補丁泵計劃中變現。我會讓傑克來評論——這實際上是我們 2026 年第一季的事件，但我會讓傑克來評論你應該如何看待它在財務上的表現。

(inaudible), it'll obviously be an increase to cash from a guidance standpoint. This isn't going to impact our our adjusted results that we provided guidance metrics for today. There'll be a gain most likely on the sale of these assets. And as a result of that, we're just going to normalize that for purposes of our adjusted operating margins or earnings per share.

（聽不清楚），從業績指引的角度來看，這顯然會增加現金流。這不會影響我們今天發布的調整後業績指引指標。出售這些資產很可能會獲利。因此，為了計算調整後的營業利潤率或每股盈餘，我們將對此進行正常化處理。

Okay. Thank you. And then, maybe just one follow-up on the pharmacy closures that you saw earlier this year and then you had the stocking dynamic in for July 4th ahead of the brand transition, so a lot of one-time benefits. Can you just speak to any more detail of how you saw that play out in the second half of '25 and maybe if there's any sort of visibility on that into 2026 on how the pharmacy volumes are moving forward. Thanks.

好的。謝謝。然後，也許可以跟進今年早些時候出現的藥店關閉事件，然後在品牌過渡之前，為 7 月 4 日的庫存動態做準備，所以有很多一次性的好處。您能否更詳細地談談您在 2025 年下半年觀察到的情況，以及 2026 年藥房業務量的發展趨勢，並給出一些預測？謝謝。

As you pointed out, earlier in the year, we had commented on planned stores closures, store closures at a major US pharmacy chain. We don't sell directly to the pharmacy chain. We sell to a third-party distributor that also serves other customers.

正如您所指出的，今年早些時候，我們曾評論過一家美國大型連鎖藥局計劃關閉門市的消息。我們不直接向連鎖藥局供貨。我們透過第三方分銷商銷售產品，該分銷商也服務於其他客戶。

But I think, as I said at that point, our product is medically necessary. So what happens is if a store closes, patients will shift to other chains, other sources to procure product. And as expected, we saw strength at some other chain outlets. And we incorporated our thoughts around what the impact of that closures will be into our 2026 guidance.

但我認為，正如我當時所說，我們的產品在醫療上是必要的。所以，如果一家商店倒閉了，患者就會轉向其他連鎖店或其他通路購買產品。正如預期的那樣，其他一些連鎖店的銷售也表現強勁。我們將這些停業可能產生的影響考量納入了 2026 年的指導方針中。

In the guidance that Jake went through, he talked about 100-basis-point range in the volume assumptions that includes our thoughts on what might happen with the US pharmacy volume as well.

在傑克所了解的指導意見中，他談到了銷售假設中 100 個基點的範圍，其中也包括我們對美國藥局銷售可能發生的情況的看法。

And maybe one just final point on how 2025 played out. We had started the year with the original guidance. And actually, as the year played out, we did see what I'll say China year over year headwinds that were not incorporated in our original guidance. But actually, the year played out, including the impact of store closures, with us being within the range of our original guidance had it not been for China.

最後，或許還有一點關於 2025 年的發展。年初時，我們一直遵循著最初的指導方針。事實上，隨著這一年的進行，我們確實看到了中國市場逐年出現的不利因素，而這些因素並未納入我們最初的預期之中。但實際上，這一年過去了，包括門市關閉的影響在內，如果不是因為中國市場，我們的業績本來可以達到最初的預期目標。

So I think the store closures are playing out as we thought they would, patients will move to other outlets, and we'll see strength. And we incorporated our thoughts in the '26 guidance. Thanks, Rachel.

所以我認為門店關閉的情況正如我們所預料的那樣，患者會轉移到其他門市，我們會看到市場回升。我們將這些想法融入了 2026 年的指導方針中。謝謝你，瑞秋。

Thank you so much.

太感謝了。

Thank you. I'm currently showing no further questions at this time. I'd now like to hand the call back over to Dev Kurdikar for closing remarks.

謝謝。目前我沒有其他問題要問。現在我把電話交還給德夫·庫爾迪卡爾，請他作總結發言。

As we close the call, I just want to express my sincere gratitude to all my colleagues at the company around the world. Fiscal 2025 represented a meaningful milestone as we completed the first phase of our strategic roadmap, standing up our core systems and infrastructure needed for the next stage of growth. And despite a complex trade and geopolitical backdrop, we continue to perform well and strengthen our operational foundation.

在通話結束之際，我只想向公司世界各地的所有同事表達我衷心的感謝。2025 財年是一個重要的里程碑，因為我們完成了策略路線圖的第一階段，建立了下一階段成長所需的核心系統和基礎設施。儘管貿易和地緣政治環境複雜，我們依然保持良好的業績，並不斷加強營運基礎。

We enter fiscal 2026 confident in the direction of the company. Our focus remains clear, maintaining leadership in our core categories, advancing our innovation programs, and delivering strong profitability and cash flow in order to execute on the commitments we outlined at our 2025 Analyst and Investor Day.

我們對公司的發展方向充滿信心，並以此展望2026財年。我們的目標依然明確，即保持核心品類的領先地位，推進創新計劃，並實現強勁的盈利能力和現金流，以履行我們在 2025 年分析師和投資者日上提出的承諾。

Thank you for calling in, for your interest in Embecta, and Happy Thanksgiving, all.

感謝您的來電，感謝您對Embecta的關注，祝大家感恩節快樂！

This concludes today's conference. Thank you for your participation. You may now disconnect.

今天的會議到此結束。感謝您的參與。您現在可以斷開連線了。