Embecta (EMBC) said Tuesday that the company has decided to discontinue its insulin patch pump program and initiate an organizational restructuring plan for expected annualized cost savings of $60 million to $65 million.

The company expects to incur costs of $35 million to $45 million in fiscal 2025 related to its restructuring plan, consisting of $25 million to $30 million for planned workforce reductions and other associated costs from the discontinuation, and $10 million to $15 million for asset impairments and write-offs.

Embecta said that these preliminary estimates may be revised after the completion of an ongoing analysis of the restructuring plan.

The company expects to complete the restructuring plan during the first half of fiscal 2025.