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Spun off from Merck; sells women's-health drugs, biosimilars, and established off-patent medicines globally.
Spun off from Merck; sells women's-health drugs, biosimilars, and established off-patent medicines globally.
Earns from a few women's health brands, notably the Nexplanon contraceptive implant, and a large group of older medicines whose patents have expired and whose sales slowly erode as generics arrive. Biosimilars, near-copies of biologic drugs, come largely through a partnership with Samsung Bioepis. Spun off from Merck in 2021.
Moat: narrow (brand, distribution). Established global brand recognition helps sustain off-patent products despite generic competition.
Headquarters: Jersey City, New Jersey, US · Founded: 2021 · Employees: 10,000
Size Organon & (OGN) is a United States Health Care company (Pharmaceuticals: Major) with a market value of $3.64B, the 1405th largest of 3,117 United States companies the cockpit tracks. Shares closed at $13.87 on 6 Nov 2026.
Performance Over six months the shares gained 3.9%, against +4.1% for the median peer and -1.1% for the United States market (cap-weighted) — 10th lowest of 20 in its peer set.
Growth Revenue fell 3.2% over the last twelve months (peer median +9.8%); the operating margin is 19.6% (peer median 14.4%).
Valuation It trades at 4.0× forward earnings against a peer median of 21.8× (cheapest of 15).
Price implies For today's price to make sense, revenue must grow about -5% a year for seven years (Req g). Recent delivered growth is -1%, so the hurdle is -4 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.9 points above its cost of capital (7.5% WACC).
Credit Organon & has 3 bonds outstanding ($5.07B), rated BB by the agencies and trading like BBB+ at a weighted spread of 82 bp.
Short interest Short interest is 7.2% of the free float (15 Oct 2026).
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $6.10B | $6.22B | $6.40B | $6.26B | $6.17B |
| Revenue growth | — | -3% | +2% | +1% | — |
| Gross profit | $3.27B | $3.36B | $3.71B | $3.75B | $3.89B |
| EBITDA | $1.53B | $1.64B | $1.77B | $1.56B | $1.93B |
| Net income | $213M | $187M | $864M | $1.02B | $917M |
| Free cash flow | $675M | $538M | $764M | $548M | $662M |
| Capital expenditure | $108M | $192M | $246M | $259M | $303M |
| Total debt | $8.55B | $8.80B | $9.04B | $8.93B | $9.11B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Organon & OGN | $3.64B | +4% | -3% | 20% | 4.0× | -4.5% |
| Pfizer PFE | $168B | +14% | +1% | 26% | 10.4× | -4.3% |
| Viatris VTRS | $22.9B | +17% | +5% | 10% | 7.5× | 12.5% |
| Teva Pharmaceutical Industries Limited Sponsored ADR TEVA | $49.7B | +19% | -4% | 19% | 15.1× | 10.2% |
| Bayer BAYN.DE | $61.2B | +46% | -2% | 14% | 12.3× | 2.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | OGN | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.9% | +5.2% | 9th lowest of 21 |
| 6-month return | +3.9% | +4.1% | 10th lowest of 20 |
| Distance from 52-week high | -0.1% | -24.8% | highest of 21 |
| Revenue growth (TTM) | -3.2% | +9.8% | 4th lowest of 19 |
| Operating margin | 19.6% | 14.4% | 3rd highest of 17 |
| Forward P/E | 4.0× | 21.8× | cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | -4.5% | 3.9% | 4th least demanding of 15 |
| Growth delivered (Del g) | -1.0% | +11.3% | lowest of 15 |
| Hurdle (Req g minus delivered) | -3.5 pp | -11.9 pp | 5th most demanding of 15 |
| ROIC minus cost of capital | +3.9 pp | +7.6 pp | 7th lowest of 16 |
| EV / EBITDA | 7.0× | 19.7× | cheapest of 11 |
| Net debt / EBITDA | 4.6× | 1.0× | most indebted of 11 |
| Bond spread | 82 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Organon & OGN | United States | $3.64B | +4% | -3% | 20% | 4.0× | -4.5% | -1.0% |
| Simcere Pharmaceutical 2096.HK | Hong Kong | $3.63B | -7% | +27% | 18% | 14.3× | -2.8% | +10.6% |
| ACADIA Pharmaceuticals ACAD | United States | $3.66B | -5% | +12% | 8% | 21.5× | 16.7% | +19.4% |
| Suzhou Zelgen Biopharmaceuticals 688266.SS | China | $3.60B | -13% | +136% | 29% | 43.4× | 20.5% | +98.4% |
| Livzon Pharmaceutical 1513.HK | Hong Kong | $3.69B | -11% | -10% | 19% | 11.3× | -7.7% | +2.0% |
| Amylyx Pharmaceuticals AMLX | United States | $3.70B | +97% | +100% | n/a | n/a | n/a | n/a |
| Apeloa Pharmaceutical 000739.SZ | China | $3.73B | +18% | -16% | 10% | 25.1× | 6.3% | +4.5% |
| China Resources Pharmaceutical 3320.HK | Hong Kong | $3.74B | -11% | +8% | 4% | 6.0× | -5.3% | +7.8% |
| Parabilis Medicines PBLS | United States | $3.52B | n/a | n/a | n/a | n/a | n/a | n/a |
| Xenon Pharmaceuticals XENE | United States | $3.79B | +4% | -100% | n/a | n/a | n/a | n/a |
| Jiangsu Nhwa Pharmaceutical 002262.SZ | China | $3.47B | +2% | +3% | 19% | 19.6× | -2.2% | +12.0% |
| Santen Pharmaceutical 4536.T | Japan | $3.86B | +17% | -1% | 16% | 15.6× | -5.2% | +3.2% |
| Zhejiang Huahai Pharmaceutical 600521.SS | China | $3.86B | +8% | +10% | 12% | 22.1× | 7.3% | +5.9% |
| Viking Therapeutics VKTX | United States | $3.42B | -17% | n/a | n/a | n/a | n/a | n/a |
| Laboratorios Farmaceuticos Rovi ROVI.MC | Spain | $3.89B | +15% | +3% | 20% | 22.3× | 1.5% | +12.1% |
| Shanghai Henlius Biotech 2696.HK | Hong Kong | $3.41B | -37% | +33% | 12% | 23.8× | 15.2% | +61.4% |
| Tarsus Pharmaceuticals TARS | United States | $3.38B | +12% | +86% | -10% | n/a | 31.9% | +159.5% |
| Piramal Pharma PPLPHARMA.NS | India | $3.37B | +30% | +9% | 3% | 159.9× | n/a | n/a |
| Wockhardt WOCKPHARMA.NS | India | $3.35B | +19% | +26% | 13% | n/a | 56.9% | +4.2% |
| Liquidia LQDA | United States | $3.97B | +5% | +2,234% | 37% | 32.9× | 0.7% | +192.5% |
| Siegfried SFZN.SW | Switzerland | $3.98B | -10% | +4% | 16% | 17.8× | n/a | n/a |
Organon & has 3 bonds outstanding with $5.07B face value. The agencies rate it BB; its bonds trade like BBB+. Weighted yield 4.92%, a spread of 82 bp over government bonds.