# Organon & Co. (OGN)

> Source: Nexqual · https://nexqual.com/OGN · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Organon & Co. (OGN), nexqual.com/OGN" · informational, not investment advice.

**Price:** USD 13.75 (+0.00% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 13.75 · day 13.74–13.76 · 52w 5.69–13.83 · market cap $3.61B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $6.13B, net income $209M (3.4% margin), free cash flow $567M (SEC filings).
- Valuation: P/E 17.3x (avg 6.0x at the last 3 fiscal year-ends), net debt $7.42B.
- 1 of 80 tracked superinvestors hold OGN (13F, Q2 2026): 0 new, 0 added, 0 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $200K; 1 not under a Rule 10b5-1 plan ($200K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $353K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 3.40 on a 1–5 scale) (5 analysts), mean target USD 11.25 (range 8–14).
- Total return with dividends: 1Y +53.2% vs S&P 500 +14.9%; 5Y -53.0% vs S&P 500 +80.3%.
- Next earnings: 2026-11-09, EPS estimate USD 0.94, revenue estimate $1.58B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $6.30B | $6.17B | $6.26B | $6.40B | $6.22B | $6.13B |
| Gross profit | $3.92B | $3.88B | $3.75B | $3.71B | $3.31B | — |
| Net income | $1.35B | $917M | $1.02B | $864M | $187M | $209M |
| EPS (diluted) | $5.31 | $3.59 | $3.99 | $3.33 | $0.72 | — |
| Free cash flow | $1.97B | $662M | $548M | $764M | $538M | $567M |
| Gross margin | 62.2% | 62.8% | 59.8% | 58.0% | 53.3% | — |
| Net margin | 21.4% | 14.9% | 16.3% | 13.5% | 3.0% | 3.4% |
| Revenue growth | -3.5% | -2.1% | +1.4% | +2.2% | -2.9% | — |
| Cash + short-term investments | $737M | $706M | $693M | $675M | $574M | — |
| Total debt | $9.13B | $8.91B | $8.76B | $8.88B | $8.64B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 17.3x · P/S 0.6x · EV/Sales 1.8x · P/FCF 6.4x · P/B 3.6x · FCF yield 15.70% · Earnings yield 5.79% · Dividend yield (paid, TTM) 0.50% · Net debt $7.42B · EV $11.0B
P/E at fiscal year-ends: Dec 2025 10.0x, Dec 2024 4.5x, Dec 2023 3.6x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold OGN. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Kahn Brothers | Kahn Brothers Group | 5.88% | $33.2M | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-05 | Drinane Juliana Papa | Head of Mfg & Supply | 14,761 | $200K | 44.4% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $353K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-06 | Holzbaur Lynette | SVP and Corporate Controller | 26,448 | $353K | 13.35 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus Hold (mean 3.40 on a 1–5 scale), 5 analysts; mean target USD 11.25 (low 8, high 14).

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +53.2% | -53.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +53.4% | -14.0% |
| Volatility (annualized) | 62.5% | 45.6% |
| Max drawdown | -41.5% (Jan 2026→Mar 2026) | -82.2% (May 2022→Mar 2026) |

## Peers (Drug Manufacturers - General)
GRFS (Grifols, S.A.) USD 7.45 -0.67% · BIIB (Biogen Inc.) USD 253.84 +5.34% · SNY (Sanofi) USD 41.96 +2.42% · GSK (GSK plc) USD 51.21 +2.38% · BMY (Bristol-Myers Squibb Company) USD 63 +3.08% · PFE (Pfizer, Inc.) USD 30.42 +1.91%

## More
Full page: https://nexqual.com/OGN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in OGN's own 10-K filed 2026-02-24 (https://www.sec.gov/Archives/edgar/data/1821825/000162828026011125/ogn-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Merck (MRK) | "We also manufacture and package a range of products for third parties, including Merck & Co., Inc. ("Merck") at each of our six manufacturing sites pursuant to third-party contract manufacturing agreements." |
| Supplier | Samsung Bioepis | "•We rely on our commercialization agreements with Samsung Bioepis, Henlius and Biothera for the successful development and manufacture of our biosimilars products and expect to do so for the foreseeable future." |
| Supplier | Shanghai Henlius Biotech | "•We rely on our commercialization agreements with Samsung Bioepis, Henlius and Biothera for the successful development and manufacture of our biosimilars products and expect to do so for the foreseeable future." |
| Partner | Eli Lilly (LLY) | "We are party to a distribution agreement with Eli Lilly ("Lilly") for Emgality, a humanized monoclonal antibody calcitonin gene-related peptide ("CGRP") antagonist, that is indicated for the preventive treatment of migra…" |
| Partner | Claria Medical | "In 2023, we made a strategic investment in Claria Medical, Inc. ("Claria")." |
| Partner | BIOGEN INC. (BIIB) | "Under the terms of the agreement with Biogen, we paid an upfront payment of $51 million in July 2025, and are obligated to pay tiered royalty payments based on net sales and tiered annual net sales milestone payments of …" |
| Partner | Samsung Electronics | "For further information related to the Samsung Bioepis collaboration, see Note 16 "Samsung Collaboration" to the Consolidated Financial Statements included in this 2025 Form 10-K and the Samsung Bioepis Agreement, which …" |
| Partner | Bio-Thera Solutions | "Under the terms of the agreement with Biogen, we paid an upfront payment of $51 million in July 2025, and are obligated to pay tiered royalty payments based on net sales and tiered annual net sales milestone payments of …" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Nexplanon/Implanon NXT | $230.0M | 14.8% | -4.2% |
| Zetia | $96.0M | 6.2% | +29.7% |
| Other | $96.0M | 6.2% | +10.3% |
| Atozet | $80.0M | 5.1% | -7.0% |
| Hadlima | $79.0M | 5.1% | +58.0% |
| Other Non-Opiod Pain, Bone and Dermatology | $79.0M | 5.1% | -1.2% |
| Arcoxia | $69.0M | 4.4% | +9.5% |
| Renflexis | $65.0M | 4.2% | +3.2% |
| Follistim AQ | $59.0M | 3.8% | -20.3% |
| Nasonex | $58.0M | 3.7% | -12.1% |
| Emgality | $54.0M | 3.5% | +28.6% |
| Cozaar/Hyzaar | $50.0M | 3.2% | -10.7% |
| Singulair | $48.0M | 3.1% | -27.3% |
| Other Women's Health | $45.0M | 2.9% | +7.1% |
| Diprospan | $44.0M | 2.8% | +7.3% |
| Dulera | $41.0M | 2.6% | +0.0% |
| Propecia | $36.0M | 2.3% | +12.5% |
| Vtama | $35.0M | 2.2% | +12.9% |
| Marvelon/Mercilon | $32.0M | 2.1% | -3.0% |
| Clarinex | $30.0M | 1.9% | -11.8% |
| NuvaRing | $27.0M | 1.7% | -3.6% |
| Ganirelix Acetate Injection | $26.0M | 1.7% | -3.7% |
| Other Cardiovascular | $25.0M | 1.6% | -26.5% |
| Fosamax | $25.0M | 1.6% | -26.5% |
| Vytorin | $21.0M | 1.3% | -22.2% |
| Proscar | $20.0M | 1.3% | -9.1% |
| Bildyos/Bilprevda | $19.0M | 1.2% | — |
| Other Respiratory | $18.0M | 1.2% | +28.6% |
| Brenzys | $14.0M | 0.9% | -36.4% |
| Other | $14.0M | 0.9% | -39.1% |
| Other Biosimilars | $12.0M | 0.8% | +71.4% |
| Ontruzant | $6.0M | 0.4% | -80.6% |
| Rosuzet | $5.0M | 0.3% | -16.7% |
| Total revenue | $1.56B | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Int’l | $1.16B | 74.5% | -1.7% |
| — Europe and Canada (part of Int’l) | $432.0M | 27.7% | +3.1% |
| — Latin America, Middle East, Russia, and Africa (part of Int’l) | $269.0M | 17.3% | -5.6% |
| — Asia Pacific and Japan (part of Int’l) | $232.0M | 14.9% | -7.2% |
| — China (part of Int’l) | $208.0M | 13.4% | +2.0% |
| — Other (part of Int’l) | $19.0M | 1.2% | -13.6% |
| U.S. | $398.0M | 25.5% | -3.9% |
| Total revenue | $1.56B | 100% | — |

## Company outlook (8-K filed 2026-04-30)

- "The merger is expected to close in early 2027, subject to customary closing conditions, including receipt of required regulatory approvals and approval by Organon stockholders. ·"
- "In the U.S., sales of Nexplanon declined 28% primarily due to both decreased physician demand following the five-year label approval which as expected, has delayed reinsertions; and continued uncertainty around federal funding."
- "Private Securities Litigation Reform Act of 1995, including, but not limited to, statements relating to the merger, including the anticipated timing of completion thereof."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.94 | $1.05 | -10.5% | $1.58B | 4 |
| Next quarter (ends 2026-12-31) | $0.67 | $0.66 | +2.8% | $1.55B | 4 |
| Current fiscal year (ends 2026-12-31) | $3.42 | $3.62 | -5.6% | $6.17B | 6 |
| Next fiscal year (ends 2027-12-31) | $3.62 | $3.64 | -0.6% | $6.32B | 6 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-12-18 (includes earnings 2026-11-09): ±3.3%; last 8 reports averaged ±7.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-12-18 | 56 | 24.8% | ±3.3% |
| 2027-01-15 | 84 | 27.4% | ±10.2% |