Embecta (Nasdaq:EMBC) stock was down today after news of restructuring and mixed second-quarter results.
Shares of EMBC were down more than 8% to $12.12 apiece near the close of trading today.
While the company continues to work through the discontinuation of its insulin patch pump program — the plan for which it says is substantially completed — Embecta still expanded its product portfolio in the quarter. The company received purchase orders to co-package pen needles with potential generic GLP-1 drugs, according to a news release. Additionally, it continued making progress on expanding the availability of appropriately sized GLP-1 retail packaging for use with weekly injection therapies.
However, while Embecta restructures its setup as a result of the patch pump discontinuation, it initiated a separate restructuring plan. This aims to streamline the organization and optimize resources. The company didn’t disclose if the restructuring will result in another headcount reduction. Neither the New Jersey (where Embecta is headquartered) or Massachusetts (where its last layoffs took place) WARN programs currently list recent actions taken by the company.
We have more details on our sibling site Drug Delivery Business News.
