$OGN
Organon & Co.

2023 Q4 Form 10-Q Financial Statement

#000182182523000013 Filed on November 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $1.598B $1.519B
YoY Change 7.61% -1.17%
Cost Of Revenue $666.0M $612.0M
YoY Change 12.12% 11.07%
Gross Profit $932.0M $907.0M
YoY Change 4.6% -8.01%
Gross Profit Margin 58.32% 59.71%
Selling, General & Admin $422.0M $538.0M
YoY Change -10.21% 22.27%
% of Gross Profit 45.28% 59.32%
Research & Development $132.0M $137.0M
YoY Change -7.04% 7.87%
% of Gross Profit 14.16% 15.1%
Depreciation & Amortization $60.00M $61.00M
YoY Change 15.38% 7.02%
% of Gross Profit 6.44% 6.73%
Operating Expenses $554.0M $675.0M
YoY Change -9.48% 19.05%
Operating Profit $378.0M $232.0M
YoY Change 35.48% -44.63%
Interest Expense -$146.0M $134.0M
YoY Change -3.31% 24.07%
% of Operating Profit -38.62% 57.76%
Other Income/Expense, Net
YoY Change
Pretax Income $104.0M $80.00M
YoY Change -6.31% -71.63%
Income Tax -$442.0M $22.00M
% Of Pretax Income -425.0% 27.5%
Net Earnings $546.0M $58.00M
YoY Change 405.56% -74.45%
Net Earnings / Revenue 34.17% 3.82%
Basic Earnings Per Share $0.23
Diluted Earnings Per Share $2.13 $0.23
COMMON SHARES
Basic Shares Outstanding 255.6M shares 255.6M shares
Diluted Shares Outstanding 256.3M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $693.0M $414.0M
YoY Change -1.84% -17.03%
Cash & Equivalents $693.0M $414.0M
Short-Term Investments
Other Short-Term Assets $756.0M $802.0M
YoY Change 1.2% 3.62%
Inventory $1.315B $1.186B
Prepaid Expenses
Receivables $1.744B $1.648B
Other Receivables $0.00 $0.00
Total Short-Term Assets $4.508B $4.050B
YoY Change 14.68% 12.75%
LONG-TERM ASSETS
Property, Plant & Equipment $1.183B $1.096B
YoY Change 16.21% 20.97%
Goodwill $4.603B $4.603B
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.058B $702.0M
YoY Change 96.29% 5.41%
Total Long-Term Assets $7.550B $6.962B
YoY Change 7.49% 1.71%
TOTAL ASSETS
Total Short-Term Assets $4.508B $4.050B
Total Long-Term Assets $7.550B $6.962B
Total Assets $12.06B $11.01B
YoY Change 10.07% 5.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.314B $1.067B
YoY Change 16.08% 3.79%
Accrued Expenses $1.389B $1.255B
YoY Change 16.92% 16.74%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $9.000M $8.000M
YoY Change 12.5% 0.0%
Total Short-Term Liabilities $2.918B $2.491B
YoY Change 16.16% 7.0%
LONG-TERM LIABILITIES
Long-Term Debt $8.751B $8.646B
YoY Change -1.73% -0.52%
Other Long-Term Liabilities $412.0M $421.0M
YoY Change 0.24% -4.54%
Total Long-Term Liabilities $9.163B $9.067B
YoY Change -1.64% -0.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.918B $2.491B
Total Long-Term Liabilities $9.163B $9.067B
Total Liabilities $12.13B $11.60B
YoY Change 2.54% 1.23%
SHAREHOLDERS EQUITY
Retained Earnings $443.0M -$16.00M
YoY Change -233.84% -95.82%
Common Stock $28.00M $3.000M
YoY Change 833.33% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$70.00M -$589.0M
YoY Change
Total Liabilities & Shareholders Equity $12.06B $11.01B
YoY Change 10.07% 5.51%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $546.0M $58.00M
YoY Change 405.56% -74.45%
Depreciation, Depletion And Amortization $60.00M $61.00M
YoY Change 15.38% 7.02%
Cash From Operating Activities $397.0M $261.0M
YoY Change 48.69% -17.67%
INVESTING ACTIVITIES
Capital Expenditures $79.00M $55.00M
YoY Change 21.54% -134.38%
Acquisitions
YoY Change
Other Investing Activities -$2.000M $0.00
YoY Change -150.0% -100.0%
Cash From Investing Activities -$81.00M -$55.00M
YoY Change 32.79% -74.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -77.00M -78.00M
YoY Change -6.1% 1.3%
NET CHANGE
Cash From Operating Activities 397.0M 261.0M
Cash From Investing Activities -81.00M -55.00M
Cash From Financing Activities -77.00M -78.00M
Net Change In Cash 239.0M 128.0M
YoY Change 92.74% 374.07%
FREE CASH FLOW
Cash From Operating Activities $397.0M $261.0M
Capital Expenditures $79.00M $55.00M
Free Cash Flow $318.0M $206.0M
YoY Change 57.43% -56.81%

Facts In Submission

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Background and Nature of Operations<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Organon &amp; Co. ("Organon" or the "Company") is a global health care company with a focus on improving the health of women throughout their lives. Organon develops and delivers innovative health solutions through a portfolio of prescription therapies and medical devices within women's health, biosimilars and established brands (the "Organon Products"). Organon has a portfolio of more than 60 medicines and products across a range of therapeutic areas. The Company sells these products through various channels including drug wholesalers and retailers, hospitals, government agencies and managed health care providers such as health maintenance organizations, pharmacy benefit managers and other institutions. The Company operates six manufacturing facilities, which are located in Belgium, Brazil, Indonesia, Mexico, the Netherlands and the United Kingdom. Unless otherwise indicated, trademarks appearing in italics throughout this document are trademarks of, or are used under license by, the Organon group of companies.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company's operations include the following product portfolios:</span></div><div style="text-align:justify;text-indent:45pt"><span><br/></span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%;padding-left:14.5pt">Women's Health</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">: Organon's women's health products are sold by prescription primarily in two therapeutic areas, contraception, with key brands such as </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Nexplanon®</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> (etonogestrel implant) (sold as </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Implanon NXT</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">™ in some countries outside the United States) and </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">NuvaRing® </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(etonogestrel / ethinyl estradiol vaginal ring), and fertility, with key brands such as </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Follistim AQ®</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> (follitropin beta injection) (marketed in most countries outside the United States as </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Puregon</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">™). </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Nexplanon</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> is a long-acting reversible contraceptive, which is a class of contraceptives that is recognized as one of the most effective types of hormonal contraception available to patients with a low long-term average cost. Other women’s health products include the </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Jada</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">® System, which is intended to provide control and treatment of abnormal postpartum uterine bleeding or hemorrhage when conservative management is warranted and a license from Daré Biosciences for the global commercial rights to </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Xaciato</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">™ (clindamycin phosphate vaginal gel, 2%), an FDA-approved medication for the treatment of bacterial vaginosis ("BV") in females 12 years of age and older. In October 2023, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Xaciato </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">was launched in the United States.</span></div><div><span><br/></span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.5pt">Biosimilars</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">: Organon's current portfolio spans across immunology and oncology treatments. Organon's oncology biosimilars have been launched in more than 20 countries and Organon's immunology biosimilars have been launched in five countries. All five biosimilars in Organon's portfolio have launched in Canada, and three biosimilars;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"> Ontruzant® </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(trastuzumab-dttb), </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Renflexis® </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(infliximab-abda) and </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Hadlima™</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> (adalimumab-bwwd) have been launched in the United States.</span></div><div><span><br/></span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.5pt">Established Brands</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">: Organon has a portfolio of established brands, which generally are beyond market exclusivity, including leading brands in cardiovascular, respiratory, dermatology and non-opioid pain management. A number of Organon's established brands lost exclusivity years ago and have faced generic competition for some time.</span></div>
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us-gaap Basis Of Accounting
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Basis of Presentation<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying unaudited financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and disclosures required by GAAP for complete consolidated financial statements are not included herein. The results of operations of any interim period are not necessarily indicative of the results of operations for the full year. In the Company's opinion, all adjustments necessary for a fair statement of these interim statements have been included and are of a normal and recurring nature. All intercompany transactions and accounts within Organon have been eliminated. These interim statements should be read in conjunction with the audited financial statements and notes thereto included in Organon's Annual Report on Form 10-K for the year ended December 31, 2022.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of Estimates</span></div><div style="text-align:justify;text-indent:45pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The presentation of these Condensed Consolidated Financial Statements and accompanying notes in conformity with U.S. GAAP require management to make estimates and assumptions that affect the amounts reported, as further described in the Annual Report on Form 10-K for the year ended December 31, 2022. Accordingly, actual results could differ materially from management's estimates and assumptions.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company was impacted by COVID-19 during the first half of 2023, specifically, in the Company's operations in China. The Company does not anticipate a continued impact from COVID-19. The assessment of certain accounting matters and specifically its effect on the Company's results require consideration of forecasted financial information in the context of the </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">information reasonably available to the Company as of September 30, 2023 and through the date of this report which are difficult to predict.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Recently Adopted Accounting Standards </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">In March 2020, the FASB issued ASU 2020-04, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">, optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting and subsequently issued clarifying amendments. The guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform. The optional guidance is effective upon issuance and can be applied on a prospective basis at any time between January 1, 2020 and December 31, 2022; the sunset date was subsequently deferred to December 31, 2024 based on the amendment issued in December 2022 under ASU 2022-06, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Reference Rate Reform (Topic 848)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">. The Company applied this guidance to our Senior Credit Agreement, as amended on June 30, 2023. The impact to the Consolidated Financial Statements as a result of the application of the reference rate reform guidance is not material. See Note 11 "Long-Term Debt" for additional details.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">In October 2021, the FASB issued ASU 2021-08, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">, guidance to improve the accounting for contract assets and contract liabilities from acquired revenue contracts with customers in a business combination. The guidance addresses diversity in practice and inconsistency related to the recognition of an acquired contract liability, payment terms and their effect on subsequent revenue recognized by an acquirer. The guidance became effective for the Company on January 1, 2023 and its amendments will be applied prospectively to business combinations occurring on or after the effective date of the guidance. The adoption of this guidance did not have an impact on the Company's Consolidated Financial Statements for prior acquisitions; however, the impact in future periods will be dependent upon the contract assets and contract liabilities acquired in future business combinations.</span></div>
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<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of Estimates</span></div><div style="text-align:justify;text-indent:45pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The presentation of these Condensed Consolidated Financial Statements and accompanying notes in conformity with U.S. GAAP require management to make estimates and assumptions that affect the amounts reported, as further described in the Annual Report on Form 10-K for the year ended December 31, 2022. Accordingly, actual results could differ materially from management's estimates and assumptions.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company was impacted by COVID-19 during the first half of 2023, specifically, in the Company's operations in China. The Company does not anticipate a continued impact from COVID-19. The assessment of certain accounting matters and specifically its effect on the Company's results require consideration of forecasted financial information in the context of the </span></div>information reasonably available to the Company as of September 30, 2023 and through the date of this report which are difficult to predict.
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CY2023Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false

Files In Submission

Name View Source Status
0001821825-23-000013-index-headers.html Edgar Link pending
0001821825-23-000013-index.html Edgar Link pending
0001821825-23-000013.txt Edgar Link pending
0001821825-23-000013-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
ogn-20230930.htm Edgar Link pending
ogn-20230930.xsd Edgar Link pending
ogn09302023-exhibit311.htm Edgar Link pending
ogn09302023-exhibit312.htm Edgar Link pending
ogn09302023-exhibit321.htm Edgar Link pending
ogn09302023-exhibit322.htm Edgar Link pending
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ogn-20230930_cal.xml Edgar Link unprocessable
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ogn-20230930_pre.xml Edgar Link unprocessable
ogn-20230930_htm.xml Edgar Link completed
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report.css Edgar Link pending
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ogn-20230930_lab.xml Edgar Link unprocessable
ogn-20230930_def.xml Edgar Link unprocessable