Organon (OGN)
Market Price (5/20/2026): $13.43 | Market Cap: $3.5 BilSector: Health Care | Industry: Pharmaceuticals
Organon (OGN)
Market Price (5/20/2026): $13.43Market Cap: $3.5 BilSector: Health CareIndustry: Pharmaceuticals
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.4%, FCF Yield is 17% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14% Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Oncology Treatments, Show more. | Trading close to highsDist 52W High is 0.0% Weak multi-year price returns2Y Excs Rtn is -74%, 3Y Excs Rtn is -106% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 213% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.1%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.1%, Rev Chg QQuarterly Revenue Change % is -3.5% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 89% Key risksOGN key risks include [1] a substantial debt burden threatening its financial stability, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.4%, FCF Yield is 17% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Oncology Treatments, Show more. |
| Trading close to highsDist 52W High is 0.0% |
| Weak multi-year price returns2Y Excs Rtn is -74%, 3Y Excs Rtn is -106% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 213% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.1%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.1%, Rev Chg QQuarterly Revenue Change % is -3.5% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 89% |
| Key risksOGN key risks include [1] a substantial debt burden threatening its financial stability, Show more. |
Qualitative Assessment
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Organon (OGN) stock has gained about 60% since 1/31/2026 because of the following key factors:
1. Definitive Agreement for Acquisition by Sun Pharmaceutical Industries Limited.
The primary driver of Organon's stock appreciation was the announcement on April 26, 2026, that Sun Pharmaceutical Industries Limited would acquire the company in an all-cash transaction. This news provided a concrete exit strategy for shareholders and a new, significantly higher valuation for the company.
2. Substantial Acquisition Premium and Market Response.
The acquisition offer of $14.00 per share represented a considerable premium over Organon's recent trading prices. For instance, the stock had been trading as low as $5.69 in March 2026, and around $6.80 following disappointing Q4 2025 earnings reported in February 2026. This premium immediately propelled the stock upwards, with shares trading at approximately $13.1750 by April 27, 2026, contributing to the significant gain over the specified period.
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1. Definitive Agreement for Acquisition by Sun Pharmaceutical Industries Limited.
The primary driver of Organon's stock appreciation was the announcement on April 26, 2026, that Sun Pharmaceutical Industries Limited would acquire the company in an all-cash transaction. This news provided a concrete exit strategy for shareholders and a new, significantly higher valuation for the company.
2. Substantial Acquisition Premium and Market Response.
The acquisition offer of $14.00 per share represented a considerable premium over Organon's recent trading prices. For instance, the stock had been trading as low as $5.69 in March 2026, and around $6.80 following disappointing Q4 2025 earnings reported in February 2026. This premium immediately propelled the stock upwards, with shares trading at approximately $13.1750 by April 27, 2026, contributing to the significant gain over the specified period.
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Stock Movement Drivers
Fundamental Drivers
The 57.8% change in OGN stock from 1/31/2026 to 5/19/2026 was primarily driven by a 221.8% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 5192026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.51 | 13.42 | 57.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,301 | 6,163 | -2.2% |
| Net Income Margin (%) | 8.0% | 4.0% | -49.8% |
| P/E Multiple | 4.4 | 14.2 | 221.8% |
| Shares Outstanding (Mil) | 260 | 260 | -0.2% |
| Cumulative Contribution | 57.8% |
Market Drivers
1/31/2026 to 5/19/2026| Return | Correlation | |
|---|---|---|
| OGN | 57.8% | |
| Market (SPY) | 6.3% | 24.3% |
| Sector (XLV) | -4.4% | -7.1% |
Fundamental Drivers
The 100.1% change in OGN stock from 10/31/2025 to 5/19/2026 was primarily driven by a 470.5% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 5192026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.71 | 13.42 | 100.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,281 | 6,163 | -1.9% |
| Net Income Margin (%) | 11.1% | 4.0% | -64.2% |
| P/E Multiple | 2.5 | 14.2 | 470.5% |
| Shares Outstanding (Mil) | 260 | 260 | -0.2% |
| Cumulative Contribution | 100.1% |
Market Drivers
10/31/2025 to 5/19/2026| Return | Correlation | |
|---|---|---|
| OGN | 100.1% | |
| Market (SPY) | 8.2% | 21.2% |
| Sector (XLV) | 3.0% | 2.5% |
Fundamental Drivers
The 4.9% change in OGN stock from 4/30/2025 to 5/19/2026 was primarily driven by a 272.4% change in the company's P/E Multiple.| (LTM values as of) | 4302025 | 5192026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.79 | 13.42 | 4.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,403 | 6,163 | -3.7% |
| Net Income Margin (%) | 13.5% | 4.0% | -70.4% |
| P/E Multiple | 3.8 | 14.2 | 272.4% |
| Shares Outstanding (Mil) | 258 | 260 | -1.0% |
| Cumulative Contribution | 4.9% |
Market Drivers
4/30/2025 to 5/19/2026| Return | Correlation | |
|---|---|---|
| OGN | 4.9% | |
| Market (SPY) | 33.8% | 15.5% |
| Sector (XLV) | 6.7% | 19.4% |
Fundamental Drivers
The -37.3% change in OGN stock from 4/30/2023 to 5/19/2026 was primarily driven by a -73.1% change in the company's Net Income Margin (%).| (LTM values as of) | 4302023 | 5192026 | Change |
|---|---|---|---|
| Stock Price ($) | 21.41 | 13.42 | -37.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,174 | 6,163 | -0.2% |
| Net Income Margin (%) | 14.9% | 4.0% | -73.1% |
| P/E Multiple | 5.9 | 14.2 | 139.2% |
| Shares Outstanding (Mil) | 254 | 260 | -2.3% |
| Cumulative Contribution | -37.3% |
Market Drivers
4/30/2023 to 5/19/2026| Return | Correlation | |
|---|---|---|
| OGN | -37.3% | |
| Market (SPY) | 83.3% | 25.4% |
| Sector (XLV) | 16.0% | 31.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| OGN Return | -7% | -4% | -45% | 10% | -51% | 88% | -50% |
| Peers Return | 28% | 11% | 7% | 13% | 22% | 5% | 118% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 97% |
Monthly Win Rates [3] | |||||||
| OGN Win Rate | 50% | 50% | 50% | 50% | 42% | 60% | |
| Peers Win Rate | 53% | 57% | 47% | 52% | 53% | 52% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| OGN Max Drawdown | - | -40% | -64% | -36% | -61% | -41% | |
| Peers Max Drawdown | -21% | -24% | -26% | -22% | -27% | -17% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: VTRS, PFE, ABBV, AMGN, LLY.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/19/2026 (YTD)
How Low Can It Go
| Event | OGN | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -47.7% | -9.5% |
| % Gain to Breakeven | 91.3% | 10.5% |
| Time to Breakeven | 172 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -23.3% | -24.5% |
| % Gain to Breakeven | 30.4% | 32.4% |
| Time to Breakeven | 88 days | 427 days |
In The Past
Organon's stock fell -6.4% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 6.8% gain to breakeven.
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| Event | OGN | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -47.7% | -9.5% |
| % Gain to Breakeven | 91.3% | 10.5% |
| Time to Breakeven | 172 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -23.3% | -24.5% |
| % Gain to Breakeven | 30.4% | 32.4% |
| Time to Breakeven | 88 days | 427 days |
In The Past
Organon's stock fell -6.4% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 6.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Organon (OGN)
Organon & Co., a health care company, develops and delivers health solutions through a portfolio of prescription therapies in the United States and internationally. Its women's health portfolio comprises contraception and fertility brands, such as Nexplanon/Implanon, a long-acting reversible contraceptive. The company's biosimilars portfolio consists of three immunology products, such as Brenzys, Renflexis, and Hadlima, as well as two oncology products, including Ontruzant and Aybintio. It also offers cardiovascular products, consisting of several cholesterol-modifying medicines under the Zetia, Ezetrol, Vytorin, Inegy, Rosuzet, and Zocor brands; Cozaar and Hyzaar for the treatment of hypertension; respiratory products for various treatments to control and prevent symptoms caused by asthma under the Singulair, Dulera, Zenhale, and Asmanex brand names; and Singulair, Nasonex, Clarinex, and Aerius for treating seasonal allergic rhinitis. In addition, the company provides dermatology products under the Diprosone and Elocon brand; bone health portfolio, including Fosamax brand name; non-opioid pain management products under the Arcoxia, Diprospan, and Celestone brand names; Proscar for the treatment of symptomatic benign prostatic hyperplasia; and Propecia for the treatment of male pattern hair loss. The company sells its products primarily to drug wholesalers and retailers, hospitals, and government agencies, as well as managed health care providers, such as health maintenance organizations, pharmacy benefit managers, and other institutions. Organon & Co. was incorporated in 2020 and is based in Jersey City, New Jersey.
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Here are 1-2 brief analogies for Organon (OGN):
- Imagine a Procter & Gamble for prescription drugs, managing a broad portfolio of well-known, established pharmaceutical brands across various therapeutic areas.
- Think of it as a Unilever for established pharmaceutical assets, focusing on maximizing the value of familiar prescription therapies and growing in key segments like women's health and biosimilars.
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- Nexplanon/Implanon: Long-acting reversible contraceptives.
- Brenzys, Renflexis, Hadlima: Immunology biosimilar products.
- Ontruzant, Aybintio: Oncology biosimilar products.
- Zetia, Ezetrol, Vytorin, Inegy, Rosuzet, Zocor: Cholesterol-modifying medicines.
- Cozaar, Hyzaar: Medications for treating hypertension.
- Singulair, Dulera, Zenhale, Asmanex: Respiratory products for asthma management.
- Singulair, Nasonex, Clarinex, Aerius: Medications for treating seasonal allergic rhinitis.
- Diprosone, Elocon: Dermatology products.
- Fosamax: A bone health medication.
- Arcoxia, Diprospan, Celestone: Non-opioid pain management products.
- Proscar: A treatment for symptomatic benign prostatic hyperplasia.
- Propecia: A treatment for male pattern hair loss.
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Major Customers of Organon (OGN)
Organon & Co. sells its products primarily to other companies and organizations within the healthcare supply chain, rather than directly to individuals. Based on the company description, its major customers are:
- Drug wholesalers
- Retailers (e.g., pharmacies)
- Hospitals
- Government agencies
- Managed health care providers (including Health Maintenance Organizations, Pharmacy Benefit Managers, and other institutions)
The provided company description does not list specific names of individual customer companies within these categories. Therefore, specific public company symbols for individual customer entities cannot be provided.
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- Samsung Bioepis
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Joseph Morrissey, Interim Chief Executive Officer
Joseph Morrissey was appointed Interim Chief Executive Officer in January 2026. Prior to this role, he served as Organon's Executive Vice President and Head of Manufacturing & Supply for over four years. Morrissey spent more than 30 years of his career at Merck & Co., Inc., where he held significant leadership positions including Senior Vice President of Merck's Animal Health Global Manufacturing and Supply (2017-2021) and Senior Vice President and leader of Global Human Health Pharmaceutical Manufacturing (2014-2016).
Matthew Walsh, Chief Financial Officer
As Chief Financial Officer, Matthew Walsh is responsible for developing and executing Organon's financial strategy, focusing on profitability, shareholder value, and financial integrity to advance the company's vision as a leading women's health company. He has served as CFO in several public companies, including Executive Vice President and CFO at Allergan plc and Catalent, Inc., before joining Organon. Walsh's career also includes finance and leadership positions at Escala Group and GenTek, as well as corporate development roles in the chemical and banking industries. He is a CFA® Charterholder and serves on the Board of Certara, Inc., a public company, and was previously a board member of Multicolor Corporation. He holds a B.S. in chemical engineering and an M.B.A. from Cornell University.
Juan Camilo Arjona Ferreira, M.D., Head of Research & Development and Chief Medical Officer
Dr. Juan Camilo Arjona Ferreira serves as the Head of Research & Development and Chief Medical Officer at Organon. In this role, he is responsible for leading the advancement of the company's differentiated portfolio.
Rachel Stahler, Chief Digital and Growth Officer
Rachel Stahler is Organon's Chief Digital and Growth Officer. She is also identified as leading Business Technology for the company.
Kirke Weaver, General Counsel and Corporate Secretary
Kirke Weaver holds the position of General Counsel and Corporate Secretary at Organon.
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-
Loss of Exclusivity and Competition for Established Brands
Organon relies on a portfolio of established prescription therapies, including well-known brands such as Zetia, Singulair, Fosamax, and Cozaar. Many of these products are mature and may face or have already faced the expiration of patent protection or market exclusivity. The subsequent entry of generic and biosimilar competitors can lead to significant price erosion and a substantial decline in sales for these key revenue-generating products, akin to a "patent cliff" scenario. This risk is amplified by the fact that a significant portion of the company's offerings falls into this category. -
Intense Competition and Pricing Pressure in the Biosimilars Market
Organon's biosimilars portfolio, which includes products like Brenzys, Renflexis, Hadlima, Ontruzant, and Aybintio, is a key strategic area for the company. However, the global biosimilars market is characterized by intense competition from numerous pharmaceutical companies, leading to aggressive pricing strategies and continuous pressure on market share. This competitive environment can limit the profitability and growth potential of Organon's biosimilar offerings, requiring significant investment in market access and commercialization to maintain competitiveness. -
Reliance on a Mature Product Portfolio Without a Robust Novel Pipeline
The company's description emphasizes its portfolio of existing prescription therapies and biosimilars, with less focus on a pipeline of novel drug candidates or significant investment in de novo drug discovery and development. While Organon aims to "develops and delivers health solutions," its listed assets are predominantly established brands or biosimilars. This strategic focus may indicate a potential lack of significant future growth drivers from innovative new products, making the company more susceptible to declines in its existing portfolio due to competition or changing market dynamics if not offset by successful business development or internal innovation.
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Organon & Co. (OGN) operates in several key healthcare markets. The addressable markets for its main products and services are sized as follows:
- Women's Health:
- Contraception (Nexplanon/Implanon): The global contraceptive market was estimated at approximately USD 31.18 billion in 2024 and is projected to reach about USD 44.04 billion by 2030. The global long-acting contraception (LARC) market was estimated at USD 3.94 billion in 2025 and is expected to reach USD 6.41 billion by 2032. The contraceptive devices market, which includes implants like Nexplanon, is expected to reach US$ 45.65 billion by 2033 from US$ 28.22 billion in 2025.
- Fertility brands: The global infertility drugs market was estimated at USD 4.18 billion in 2025 and is predicted to increase to approximately USD 7.50 billion by 2035.
- Biosimilars:
- Adalimumab biosimilars (Hadlima): The global adalimumab biosimilar market was valued at USD 897.85 million in 2025 and is expected to reach USD 8.1 billion by 2035. In 2026, the global adalimumab, infliximab, and etanercept biosimilars market is projected to be USD 5.47 billion.
- Infliximab biosimilars (Renflexis): The global infliximab biosimilar market was valued at USD 3.5 billion in 2023 and is projected to reach USD 7.8 billion by 2032.
- Etanercept biosimilars (Brenzys): The global adalimumab, infliximab, and etanercept biosimilars market is expected to grow to USD 8.05 billion by 2030.
- Trastuzumab biosimilars (Ontruzant): The global trastuzumab biosimilars market size was estimated at $6.9 billion in 2025 and is projected to reach $24.48 billion in 2030.
- Bevacizumab biosimilars (Aybintio): The global bevacizumab biosimilars market was valued at $1.64 billion in 2025 and is expected to reach $2.42 billion in 2030. Another source states the global bevacizumab biosimilar market size was approximately USD 3.2 billion in 2023 and is projected to reach around USD 14.7 billion by 2032.
- Cardiovascular Products:
- Cholesterol-modifying medicines (Zetia, Vytorin, etc.): The global dyslipidemia drugs market was valued at approximately USD 15 billion in 2023 and is projected to reach around USD 22 billion by 2032.
- Hypertension (Cozaar, Hyzaar): The global anti-hypertensive drugs market was estimated at USD 25.88 billion in 2025 and is projected to reach USD 35.32 billion by 2033.
- Respiratory Products:
- Asthma and COPD (Singulair, Dulera, Zenhale, Asmanex): The global asthma and COPD drugs market was calculated at USD 43.49 billion in 2025 and is predicted to increase to approximately USD 92.39 billion by 2035.
- Allergic Rhinitis (Singulair, Nasonex, Clarinex, Aerius): The global allergic rhinitis drugs market was valued at USD 14.58 billion in 2025 and is predicted to increase to approximately USD 21.61 billion by 2035.
- Dermatology Products (Diprosone, Elocon): The global topical corticosteroids market was valued at USD 4.06 billion in 2024, is estimated to reach USD 4.27 billion in 2025, and is projected to reach USD 6.36 billion by 2033.
- Bone Health (Fosamax): The global osteoporosis treatment market is estimated to be valued at USD 15.57 billion in 2025 and is expected to reach USD 21.06 billion by 2032.
- Non-opioid Pain Management (Arcoxia, Diprospan, Celestone): The global non-steroidal anti-inflammatory drugs (NSAIDs) market was estimated at USD 22.58 billion in 2024 and is projected to reach USD 31.29 billion by 2030.
- Proscar (Benign Prostatic Hyperplasia): The global benign prostatic hyperplasia treatment market was valued at USD 13.0 billion in 2025 and is estimated to reach USD 18.9 billion by 2034.
- Propecia (Male Pattern Hair Loss): The global androgenetic alopecia market was valued at USD 2.81 billion in 2023 and is expected to reach USD 5.76 billion by 2032. The global hair loss treatment for men market size was valued at USD 190 million in 2024 and is projected to grow to USD 259 million by 2032.
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Organon (OGN) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies and product areas:
- Continued Growth in the Women's Health Portfolio, Led by Nexplanon and Recent Launches: Organon's Women's Health segment, particularly its long-acting reversible contraceptive Nexplanon, is a significant driver of revenue growth. Analysts project approximately 8% growth for Nexplanon, with expectations for it to achieve at least $1 billion in revenue in 2025. The company is also expanding its women's health offerings with recently launched products like Jada (for postpartum hemorrhage) and Xaciato (for bacterial vaginosis), which are expected to become meaningful revenue contributors. Organon is committed to addressing unmet needs across a woman's entire lifespan, focusing on conditions unique to women.
- Expansion and Commercialization of the Biosimilars Portfolio: Organon's biosimilars segment has shown strong performance, with a 22% growth rate in constant currency for Q2 2024 and 17% growth in Q3 2024. Key products like Hadlima (adalimumab biosimilar), launched in the U.S. in 2023, are significant contributors to this growth. The company continues to benefit from the success of other immunology biosimilars such as Renflexis and Aybintio, and new product launches like denosumab and tocilizumab assets are further bolstering this portfolio.
- Strategic Business Development and Acquisitions to Broaden Product Offerings: Organon is actively pursuing business development and external innovation to enhance its product portfolio and market reach. Notable acquisitions include Alydia Health, a medical device company focused on postpartum hemorrhage, and Forendo Pharma, which brought the investigational endometriosis treatment (OG-6219) into its pipeline. Additionally, the acquisition of Dermavant and its key asset Vtama (tapinarof) is expected to contribute significantly to Organon's dermatology portfolio, with potential sales of $150 million in 2025.
- Geographic Expansion and Increased Penetration in International Markets: Organon has a substantial global footprint, with a significant portion of its revenue generated outside the U.S. The company aims to capitalize on its established brands in international markets by selectively increasing commercial spend. Strong performance has been observed in various regions, including China and Latin America, the Middle East, Russia, and Africa. Initiatives such as the Women's Health Accelerator Program, expanding into the Middle East, Turkey, and Africa (META) region, underscore Organon's commitment to international growth.
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Capital Allocation Decisions (2021-2025)
Share Repurchases
Organon has not reported any share repurchases over the last 3-5 years. The company has stopped buying shares from the market, prioritizing debt reduction.Share Issuance
Organon's number of outstanding shares has shown a slight increase over the last few years. In 2021, the company had 253.55 million shares outstanding, which increased to 254.36 million in 2022, 255.61 million in 2023, 257.54 million in 2024, and 259.98 million in 2025. Specific dollar amounts for these issuances were not provided.Outbound Investments
- Organon completed the acquisition of Dermavant for $1.2 billion in September 2024.
- In 2021, Organon made three acquisitions, including Alydia Health in June and Forendo Pharma.
- Organon acquired the US rights to Tofidence, a tocilizumab biosimilar, from Biogen in April 2025. The company also acquired the Oss Bio-Tech manufacturing facility from Merck for $25 million in the third quarter of 2025.
Capital Expenditures
- Organon's capital expenditures were $192 million in 2021, $196 million in 2022, $251 million in 2023, and $175 million in 2024.
- For 2025, capital expenditures are estimated at $180.7 million.
- Historically, capital expenditures have represented approximately 2-3% of the company's revenue.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Organon Stock Up 28% in One Day, Now Is Not The Time To Buy The Stock | 04/11/2026 | |
| Organon Stock (+8%): Sun Pharma Bid Rumors Spark an M&A Chase | 01/21/2026 | |
| Organon Earnings Notes | 12/31/2026 | |
| null | 10/28/2025 | |
| Organon (OGN) Operating Cash Flow Comparison | 08/08/2025 | |
| Organon (OGN) Revenue Comparison | 08/08/2025 | |
| Organon (OGN) EBITDA Comparison | 08/08/2025 | |
| ARTICLES | ||
| Small Cap Stocks Trading At 52-Week High | 05/16/2026 | |
| Organon Stock (+8%): Sun Pharma Bid Rumors Spark an M&A Chase | 01/21/2026 | |
| Organon Stock To $7? | 10/28/2025 | |
| Organon Stock Fell 23% in a Day, What Now? | 10/28/2025 |
Trade Ideas
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| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 04302026 | GEHC | GE HealthCare Technologies | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | IQV | IQVIA | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | UHS | Universal Health Services | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | ABT | Abbott Laboratories | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | ZBIO | Zenas BioPharma | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
Research & Analysis
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Peer Comparisons
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 119.71 |
| Mkt Cap | 162.3 |
| Rev LTM | 50,020 |
| Op Inc LTM | 13,038 |
| FCF LTM | 9,040 |
| FCF 3Y Avg | 5,217 |
| CFO LTM | 11,370 |
| CFO 3Y Avg | 10,753 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.3% |
| Rev Chg 3Y Avg | 1.9% |
| Rev Chg Q | 6.9% |
| QoQ Delta Rev Chg LTM | 1.6% |
| Op Inc Chg LTM | 22.5% |
| Op Inc Chg 3Y Avg | 10.4% |
| Op Mgn LTM | 26.4% |
| Op Mgn 3Y Avg | 22.7% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 23.6% |
| CFO/Rev 3Y Avg | 19.0% |
| FCF/Rev LTM | 14.7% |
| FCF/Rev 3Y Avg | 13.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 162.3 |
| P/S | 3.6 |
| P/Op Inc | 17.5 |
| P/EBIT | 14.5 |
| P/E | 21.2 |
| P/CFO | 14.4 |
| Total Yield | 5.7% |
| Dividend Yield | 2.9% |
| FCF Yield 3Y Avg | 5.5% |
| D/E | 0.4 |
| Net D/E | 0.3 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 6.4% |
| 3M Rtn | -3.0% |
| 6M Rtn | 1.9% |
| 12M Rtn | 29.9% |
| 3Y Rtn | 63.2% |
| 1M Excs Rtn | 3.4% |
| 3M Excs Rtn | -9.1% |
| 6M Excs Rtn | -6.1% |
| 12M Excs Rtn | 7.0% |
| 3Y Excs Rtn | -18.9% |
FDA Approved Drugs Data
Expand for More| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| NDA215272 | VTAMA | tapinarof | cream | 5232022 | -18.4% | -32.0% | -41.9% | -33.9% | -57.1% |
| NDA215650 | XACIATO | clindamycin phosphate | gel | 12072021 | 26.0% | 31.1% | -6.6% | -56.9% | -44.1% |
| NDA205641 | ASMANEX HFA | mometasone furoate | aerosol, metered | 4252014 | |||||
| NDA200153 | LIPTRUZET | atorvastatin calcium | tablet | 5032013 | |||||
| NDA022518 | DULERA | formoterol fumarate | aerosol, metered | 6222010 | |||||
| NDA021529 | IMPLANON | etonogestrel | implant | 7172006 | |||||
| NDA021313 | CLARINEX-D 12 HOUR | desloratadine | tablet, extended release | 2012006 | |||||
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Nexplanon/Implanon NXT | 963 | 830 | |||
| Atozet | 473 | 519 | |||
| Other | 443 | 440 | 146 | ||
| Singulair | 359 | 404 | |||
| Zetia | 317 | 322 | |||
| Other Non-Opioid Pain, Bone and Dermatology | 295 | 275 | |||
| Nasonex | 276 | 266 | |||
| Renflexis | 274 | 278 | |||
| Arcoxia | 270 | 257 | |||
| Cozaar/Hyzaar | 243 | 281 | |||
| Follistim AQ | 237 | 262 | |||
| Dulera | 203 | 194 | |||
| Other Women's Health | 158 | 147 | |||
| Fosamax | 151 | 159 | |||
| Hadlima | 142 | 44 | |||
| Ontruzant | 141 | 155 | |||
| Diprospan | 139 | 91 | |||
| Marvelon/Mercilon | 134 | 134 | |||
| Other Cardiovascular | 133 | 139 | |||
| Clarinex | 127 | 136 | |||
| NuvaRing | 115 | 176 | |||
| Propecia | 111 | 125 | |||
| Ganirelix Acetate Injection | 109 | 110 | |||
| Vytorin | 108 | 129 | |||
| Emgality/Rayvow | 107 | 0 | |||
| Proscar | 95 | 97 | |||
| Brenzys | 77 | 73 | |||
| Jada | 61 | 43 | |||
| Other Respiratory | 53 | 64 | |||
| Rosuzet | 49 | 70 | |||
| Other Biosimilars | 28 | ||||
| Vtama | 12 | 0 | |||
| Aybintio | 43 | ||||
| Biosimilars | 481 | 424 | 330 | ||
| Established Brands | 3,874 | 4,268 | 4,647 | ||
| Women’s Health | 1,673 | 1,612 | 1,555 | ||
| Total | 6,403 | 6,263 | 6,174 | 6,304 | 6,532 |
Price Behavior
Price Behavior
| Market Price | $13.42 | |
| Market Cap ($ Bil) | 3.5 | |
| First Trading Date | 05/14/2021 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $9.27 | $8.62 |
| DMA Trend | up | up |
| Distance from DMA | 44.7% | 55.7% |
| 3M | 1YR | |
| Volatility | 104.5% | 70.4% |
| Downside Capture | 96.45 | 123.08 |
| Upside Capture | 301.55 | 139.51 |
| Correlation (SPY) | 22.1% | 19.1% |
OGN Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.28 | 1.84 | 1.88 | 1.38 | 0.99 | 0.95 |
| Up Beta | -2.27 | -1.27 | -0.75 | 0.85 | 0.43 | 0.75 |
| Down Beta | 43.25 | 3.67 | 3.41 | 1.20 | 0.98 | 0.85 |
| Up Capture | 764% | 553% | 414% | 344% | 99% | 71% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 15 | 20 | 28 | 61 | 120 | 358 |
| Down Capture | -683% | 110% | 160% | 81% | 127% | 107% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 7 | 23 | 36 | 62 | 127 | 388 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with OGN | |
|---|---|---|---|---|
| OGN | 50.0% | 70.3% | 0.85 | - |
| Sector ETF (XLV) | 12.7% | 14.7% | 0.60 | 13.3% |
| Equity (SPY) | 25.0% | 12.1% | 1.55 | 18.9% |
| Gold (GLD) | 40.0% | 26.8% | 1.23 | 16.7% |
| Commodities (DBC) | 49.4% | 18.5% | 2.03 | -0.9% |
| Real Estate (VNQ) | 9.7% | 13.4% | 0.45 | 19.0% |
| Bitcoin (BTCUSD) | -25.6% | 41.9% | -0.59 | 12.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with OGN | |
|---|---|---|---|---|
| OGN | -13.4% | 49.1% | -0.12 | - |
| Sector ETF (XLV) | 5.6% | 14.6% | 0.20 | 34.1% |
| Equity (SPY) | 14.2% | 17.0% | 0.65 | 28.7% |
| Gold (GLD) | 19.3% | 18.0% | 0.87 | 13.2% |
| Commodities (DBC) | 11.0% | 19.4% | 0.45 | 8.1% |
| Real Estate (VNQ) | 4.0% | 18.8% | 0.11 | 32.2% |
| Bitcoin (BTCUSD) | 9.4% | 55.6% | 0.38 | 10.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with OGN | |
|---|---|---|---|---|
| OGN | -6.9% | 49.1% | -0.12 | - |
| Sector ETF (XLV) | 9.5% | 16.5% | 0.46 | 34.1% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 28.7% |
| Gold (GLD) | 13.0% | 16.0% | 0.67 | 13.2% |
| Commodities (DBC) | 8.4% | 17.9% | 0.38 | 8.1% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.21 | 32.2% |
| Bitcoin (BTCUSD) | 67.2% | 66.9% | 1.06 | 10.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/30/2026 | -0.7% | 0.5% | |
| 2/12/2026 | -8.2% | -2.2% | -17.2% |
| 11/10/2025 | 13.7% | 11.1% | 6.2% |
| 8/5/2025 | -13.1% | -6.8% | 1.9% |
| 5/1/2025 | -26.9% | -32.3% | -28.5% |
| 2/13/2025 | 11.0% | 6.7% | 6.1% |
| 10/31/2024 | 4.7% | -11.9% | -9.9% |
| 8/6/2024 | -7.6% | -3.6% | 11.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 8 | 9 |
| # Negative | 11 | 12 | 10 |
| Median Positive | 9.0% | 7.5% | 11.6% |
| Median Negative | -8.2% | -8.5% | -16.7% |
| Max Positive | 13.8% | 13.4% | 14.8% |
| Max Negative | -26.9% | -32.3% | -28.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/04/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/26/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 2/12/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 6.20 Bil | ||||||
| 2026 Adjusted EBITDA | 1.90 Bil | ||||||
| 2026 Nominal revenue growth | 0.0% | ||||||
| 2026 FX translation impact | 75.00 Mil | ||||||
| 2026 Ex-FX revenue growth | -1.5% | ||||||
| 2026 Interest | 500.00 Mil | ||||||
| 2026 Depreciation | 140.00 Mil | ||||||
| 2026 Effective non-GAAP tax rate | 27.5% | 28.5% | 29.5% | ||||
| 2026 Fully diluted weighted average shares outstanding | 265.00 Mil | ||||||
Prior: Q3 2025 Earnings Reported 11/10/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Revenue | 6.20 Bil | 6.22 Bil | 6.25 Bil | -1.6% | Lowered | Guidance: 6.33 Bil for 2025 | |
| 2025 Nominal revenue growth | -3.2% | -2.8% | -2.4% | 133.3% | -1.6% | Lowered | Guidance: -1.2% for 2025 |
| 2025 Ex-FX revenue growth | -3.7% | -3.4% | -3.1% | 655.6% | -3.0% | Lowered | Guidance: -0.45% for 2025 |
| 2025 Adjusted EBITDA margin | 31.0% | -1.6% | -0.5% | Lowered | Guidance: 31.5% for 2025 | ||
| 2025 Free Cash Flow | 900.00 Mil | ||||||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Holzbaur, Lynette | SVP and Corporate Controller | Direct | Buy | 5072026 | 13.35 | 26,448 | 353,080 | 705,548 | Form |
| 2 | Cox, Carrie Smith | Executive Chair | IRA | Buy | 11132025 | 7.67 | 65,400 | 501,755 | 597,419 | Form |
| 3 | Cox, Carrie Smith | Direct | Buy | 5152025 | 8.07 | 12,469 | 100,591 | 100,591 | Form | |
| 4 | Falcione, Aaron | Chief Human Resources Officer | Direct | Buy | 5072025 | 8.77 | 5,500 | 48,235 | 552,279 | Form |
| 5 | Weaver, Kirke | Gen. Counsel & Corp. Secy. | Direct | Buy | 5072025 | 9.21 | 8,045 | 74,054 | 483,161 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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