Embecta makes and sells insulin injection devices — primarily pen needles and syringes — used by people with diabetes to self-administer insulin. Pen needles account for roughly 73% of revenue, syringes about 15%, with safety versions of both products and contract manufacturing making up the remainder. Because insulin-dependent patients inject multiple times per day, every day, pen needles are a true consumable that generates highly recurring, predictable demand. Embecta sells primarily through distributors, who supply retail pharmacies, hospitals, and institutional channels. In the US, Embecta holds preferred positions on major pharmacy formularies and Medicare Part D plans. Internationally, Embecta distributes across more than 100 countries through national distributors. Embecta was spun off from Becton Dickinson in 2022 and has spent the years since building its own ERP, distribution, and shared services infrastructure — a process substantially completed in FY25. One ongoing dependency is cannula supply: BD retained all cannula production and related IP, and Embecta sources 100% of its cannulas from BD under a supply agreement through 2032, a relationship that has compressed gross margins since the spinoff. Embecta is working to qualify alternative suppliers. Looking ahead, Embecta sees GLP-1 therapies as a growth opportunity, since drugs like semaglutide are administered via pen injectors that require pen needles. Embecta is collaborating with 30+ pharma partners on co-packaging pen needles with generic GLP-1 drugs, with commercial launches expected in several markets in 2026.