• Merck's version of AbbVie, specializing in women's health and established medicines.
• Like Viatris, but spun out from Merck with a strong emphasis on women's health and biosimilars.

• Nexplanon/Implanon NXT: A long-acting reversible contraceptive implant that prevents pregnancy for up to three years.
• NuvaRing: A combined hormonal contraceptive vaginal ring used to prevent pregnancy.
• Follistim AQ/Puregon: A fertility treatment used to stimulate egg production in women and sperm production in men.
• Renflexis: A biosimilar used to treat various autoimmune diseases, including rheumatoid arthritis, Crohn's disease, and ulcerative colitis.
• Ontruzant: A biosimilar used to treat certain types of HER2-positive breast cancer and gastric cancer.
• Established Brands: A diverse portfolio of legacy pharmaceutical products addressing various therapeutic areas, including cardiovascular, respiratory, dermatology, and non-opioid pain management.

Organon (OGN) Major Customers

Organon (OGN), as a pharmaceutical company, primarily sells its products to a concentrated number of large drug wholesalers. These wholesalers then distribute the products to pharmacies, hospitals, governmental agencies, and physicians. Therefore, Organon's major direct customers are other companies.

According to Organon's financial filings, the following three major drug wholesalers account for a significant portion of its U.S. net sales:

• AmerisourceBergen Corporation (Symbol: ABC)
• Cardinal Health, Inc. (Symbol: CAH)
• McKesson Corporation (Symbol: MCK)

• Merck & Co., Inc. (MRK)

Joe Morrissey, Interim Chief Executive Officer

Joe Morrissey was appointed Interim Chief Executive Officer of Organon in October 2025. Prior to this role, he served as the company's Executive Vice President and Head of Manufacturing and Supply.

Matthew Walsh, Chief Financial Officer

Matthew Walsh is responsible for the development and execution of Organon's financial strategy, focusing on driving profitability, shareholder value, and financial integrity. Before joining Organon, he held executive leadership positions as Executive Vice President and CFO at Allergan plc and Catalent, Inc. During his tenure at Allergan, he served until the company's sale to Abbvie in 2020. At Catalent, where he worked from 2008 to 2018, he oversaw the company's successful completion of the largest healthcare IPO of 2014. Earlier in his career, Mr. Walsh was President, CFO, and Acting CEO at Escala Group, Inc., and held various finance and leadership roles, including CFO, at GenTek, Inc. He has served on the board of directors of Certara, Inc., a public company provider of software and consulting services to the life sciences industry, since 2020, and was previously a board member of Multicolor Corporation.

Juan Camilo Arjona Ferreira, M.D., Executive Vice President and Head of Research & Development and Chief Medical Officer

Dr. Juan Camilo Arjona Ferreira serves as Organon's Executive Vice President and Head of Research & Development and Chief Medical Officer.

Rachel Stahler, Chief Digital & Growth Officer

Rachel Stahler is Organon's Chief Digital & Growth Officer, where she leads Business Technology for the company.

Deborah Telman, General Counsel and Head of Corporate Governance

Deborah Telman holds the position of General Counsel and Head of Corporate Governance for Organon.

Organon & Co. (OGN) faces several significant risks to its business operations and financial stability:

1. High Debt Burden: A critical financial risk for Organon is its substantial debt load, which is a legacy of its spin-off and subsequent acquisitions. As of September 30, 2025, the company's total debt stood at approximately $8.83 billion. This high leverage significantly constrains strategic flexibility and makes the company vulnerable to rising interest rates, as a considerable portion of profits must be allocated to interest payments. Some analysts rate Organon's financial strength as poor, with a low interest coverage ratio, and an Altman Z-Score indicating potential financial distress.
2. Reliance on Established Brands and Generic Competition: Organon's core business relies heavily on its Established Brands portfolio, which is highly susceptible to generic competition and government pricing policies. This ongoing erosion of older products leads to persistent pricing pressure and declining margins, making it challenging to maintain top-line stability. For instance, the Women's Health franchise, a key focus area, experienced a revenue decline in Q3 2025, largely due to a significant decrease in U.S. sales of the contraceptive implant, Nexplanon.
3. Legal and Regulatory Risks, including Wholesaler Sales Practices: Organon has recently faced scrutiny and legal challenges, notably an investigation into improper wholesale sales practices for its Nexplanon product. This investigation found that certain U.S. wholesalers were allegedly asked to purchase more Nexplanon than needed at various times to meet revenue expectations. These findings led to a significant drop in Organon's stock price and the resignation of its CEO, highlighting concerns about internal control over financial reporting and potential class-action lawsuits.

The escalating and intensifying competition within the biosimilar market, driven by a growing number of new entrants and increasing pricing pressure, poses a clear emerging threat. Organon's biosimilar portfolio, which includes products like Hadlima (adalimumab-bwwd), Renflexis (infliximab), Ontruzant (trastuzumab), and Brenzys (etanercept), faces continuous market share erosion and pricing pressure as more biosimilar competitors launch their versions of these blockbuster biologics. This trend is particularly evident with the numerous biosimilar launches for adalimumab in 2023, significantly increasing market fragmentation and pricing pressure for all participants, including Organon.

Organon (OGN) operates in three main product categories: Women's Health, Biosimilars, and Established Brands. The addressable market sizes for these categories are as follows:

• Women's Health:
  • Globally, the women's health market was estimated at USD 49.33 billion in 2024 and is projected to reach USD 68.53 billion by 2030, growing at a compound annual growth rate (CAGR) of 5.1% from 2025 to 2030.
  • In North America, the market size was USD 18.00 billion in 2019.
• Biosimilars:
  • The global biosimilars market size was USD 34.43 billion in 2024 and is predicted to increase to approximately USD 175.99 billion by 2034, expanding at a CAGR of 17.78% from 2025 to 2034.
  • In North America, the biosimilars market size accounted for USD 7.51 billion in 2024 and is expected to reach around USD 37.64 billion by 2034.
  • The European biosimilars market size was USD 13.16 billion in 2024 and is projected to be worth around USD 64.82 billion by 2034.
  • Specifically for the Humira biosimilar market in the U.S., it is potentially worth USD 18 billion by 2025.
• Established Brands: null

Organon (OGN) is anticipated to drive future revenue growth over the next two to three years through several key strategies:

1. Expansion and Performance of the Biosimilars Portfolio: Organon expects continued strong growth from its biosimilars, notably Hadlima, which demonstrated significant year-over-year growth in Q2 2025. The company also plans to launch a denosumab biosimilar in late 2025, pending FDA approval, and a biosimilar for Perjeta in the European Union and Latin America in 2026, followed by the U.S. market. These launches and the ongoing performance of existing biosimilars are projected to be significant revenue contributors.
2. Growth in Key Women's Health Products and Strategic Investments: While the Women's Health segment saw a slight decline in Q3 2025, Organon's fertility business experienced 15% constant currency growth in Q2 2025, and Nexplanon is on track to achieve at least $1 billion in revenue in 2025. The company is actively pursuing future growth opportunities in women's health biopharma, supported by capital freed up from debt reduction and the recent divestment of its JADA System, which is expected to close in Q1 2026. This strategic focus aims to enhance and expand its portfolio within women's health.
3. Increased Uptake and Market Penetration of VTAMA: VTAMA (tapinarof) cream, a recently launched product for atopic dermatitis, has shown strong sequential and year-over-year revenue growth. Organon is making new investments in direct-to-consumer marketing, telehealth, and its sales force to further drive its uptake and market penetration. VTAMA is considered an important product for offsetting the loss of exclusivity of other products, such as Atozet, and is expected to contribute significantly to revenue growth.

Share Repurchases

• Organon has not reported any significant share repurchases over the last 3-5 years.
• The 5-Year Share Buyback Ratio for Organon was -0.40% as of June 2025, indicating no share buybacks or potential share issuance.

Share Issuance

• Organon was spun off from Merck on June 2, 2021, with Merck shareholders receiving one-tenth of a share of Organon common stock for every Merck common share outstanding.

Outbound Investments

• Organon completed the acquisition of Dermavant Sciences in October 2024 for $1.2 billion, enhancing its dermatology portfolio with VTAMA (tapinarof) cream.
• In March 2021, Organon acquired Alydia Health for $215 million, which developed a medical device for postpartum hemorrhage.
• Organon acquired Forendo Pharma for $75 million in November 2021, adding a clinical-stage compound for endometriosis.
• In November 2025, Organon announced an agreement to divest its JADA System for up to $465 million to Laborie.

Capital Expenditures

• Organon's capital expenditure for the trailing twelve months ended June 2025 was €-318.07 million (approximately $340 million).
• Capital expenditures in 2021 and 2022 primarily reflected investments in new capital projects aimed at establishing Organon as an independent company.
• The company estimated continued investment in new capital projects in 2023, particularly related to information technology, for ongoing projects to stand up Organon.