Organon & Co.

organon.com

What Do They Do?

Sells prescription medicines for women’s health and other conditions, including biosimilars, to healthcare providers and medicine distributors.

How Do They Make Money?

Organon sells medicines to pharmacies, wholesalers, hospitals and other healthcare buyers; customers pay for the products when ownership passes to them.

revenue

Segment	Share	How money arrives
Nexplanon/Implanon NXT Sold outright	15% FY2022: 14%	Sold outright
Follistim AQ Sold outright	4.3% FY2022: 3.7%	Sold outright
NuvaRing	1.5% FY2022: 3.6%
Ganirelix Acetate Injection	1.6% FY2022: 2.0%
Marvelon/Mercilon	2.0% FY2022: 1.8%
Jada	1.2% FY2022: 0.3%
Other Women's Health	2.8% FY2022: 2.2%
Renflexis Sold outright	4.0% FY2022: 3.7%	Sold outright
Hadlima Sold outright	3.7% FY2022: 0.3%	Sold outright
Ontruzant	1.6% FY2022: 2.0%
Brenzys	1.3% FY2022: 1.2%
Other Biosimilars	0.5%
Atozet Sold outright	5.2% FY2022: 7.4%	Sold outright
Zetia Sold outright	5.5% FY2022: 6.0%	Sold outright
Cozaar/Hyzaar Sold outright	3.5% FY2022: 5.2%	Sold outright
Vytorin	1.6% FY2022: 2.1%
Rosuzet	0.4% FY2022: 1.2%
Other Cardiovascular	2.0% FY2022: 2.4%
Singulair Sold outright	4.1% FY2022: 6.7%	Sold outright
Nasonex Sold outright	4.2% FY2022: 4.2%	Sold outright
Dulera	2.5% FY2022: 2.9%
Clarinex	2.0% FY2022: 2.0%
Other Respiratory	0.8% FY2022: 1.0%
Arcoxia Sold outright	4.3% FY2022: 3.9%	Sold outright
Fosamax	2.3% FY2022: 2.5%
Diprospan	2.4% FY2022: 2.0%
Vtama	2.1% FY2022: 0.0%
Other Non-Opiod Pain, Bone and Dermatology Sold outright	4.8%	Sold outright
Propecia	1.9% FY2022: 2.0%
Emgality	2.8%
Proscar	1.6% FY2022: 1.6%
Other Sold outright	5.4% FY2022: 5.3%	Sold outright
Other	1.3% FY2022: 2.4%

Who Are Their Customers?

Organon sells medicines to hospitals, clinics, government agencies, pharmacies and managed healthcare providers, and also sells through wholesalers, retailers and third-party distributors or agents in smaller markets.

Do Revenues Turn Into Profits?

Yes. It kept 3 cents of every revenue dollar as net income in FY2025 and turned 9 cents into free cash flow.

Operating income, FY2025

20% of revenue

▼ −17% vs FY2024 ($1.5B, 23%)

Net income, FY2025

3% of revenue

▼ −78% vs FY2024 ($864M, 13%)

Free cash flow, FY2025

9% of revenue

▼ −30% vs FY2024 ($764M, 12%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −2%; vs $1.6B in Q2 FY2025
Net income: ▼ −26%; vs $145M in Q2 FY2025

Nexplanon/Implanon NXT share of revenue vs 15.1% in Q2 FY2025

Flat. Revenue was $6.2B in FY2025, about the same as the $6.3B of FY2021.

Jada divestiture Jada was included in the older women’s health portfolio; the latest report says Organon divested the Jada System to Laborie.

Expanded biosimilars portfolio The latest report includes Tofidence and newer oncology biosimilars Bildyos and Bilprevda in the portfolio, beyond the products described in the older report.

Revenue over time

Nexplanon/Implanon NXT Follistim AQ NuvaRing Ganirelix Acetate Injection Marvelon/Mercilon Jada Other Women's Health Renflexis Hadlima Ontruzant Brenzys Other Biosimilars Atozet Zetia Cozaar/Hyzaar Vytorin Rosuzet Other Cardiovascular Singulair Nasonex Dulera Clarinex Other Respiratory Arcoxia Fosamax Diprospan Vtama Other Non-Opiod Pain, Bone and Dermatology Propecia Emgality Proscar Other Other Aybintio Emgality/Rayvow Other Non-Opioid Pain, Bone and Dermatology

$10B$5B$0

100%50%0%

FY2021 FY2022 FY2023 FY2024 FY2025

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