Organon & Co.
OGNNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $13.89 Prior regular-session close from the quote source.
- $13.86–$13.89 Regular-session low and high so far today.
- 1.9M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $5.69–$13.89 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own OGN if its global commercial platform can keep demand durable, repair gross-profit pressure, and use cash to de-risk the balance sheet faster than investors expect.
OGN price history
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Investment thesis
What must happen next
Organon’s global commercialization footprint keeps demand for its healthcare portfolio sufficiently sticky despite the natural erosion of mature pharmaceutical products.HoldingMateriality: High
Annual GAAP revenue remained in a narrow band over FY2021-FY2025: $6.304 billion in FY2021, $6.174 billion in FY2022, $6.263 billion in FY2023, $6.403 billion in FY2024, and $6.216 billion in FY2025. If this holds, the company has time to harvest cash and reinvest; if it breaks, leverage turns revenue erosion into equity risk.
Watch: Payers or national health systems materially restrict reimbursement or formulary access for key mature brands.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Annual GAAP revenue remained in a narrow band over FY2021-FY2025: $6.304 billion in FY2021, $6.174 billion in FY2022, $6.263 billion.
Open source ↗The portfolio must retain enough pricing power and product mix quality to prevent mature-product erosion from turning into sustained gross-profit compression.WeakeningMateriality: High
Annual GAAP gross profit was $3.313 billion in FY2025 on $6.216 billion of revenue, showing the business still produces substantial product-level profit. Stable revenue is not enough; owners need gross profit to hold so cash can service debt and fund reinvestment.
Watch: A shift toward lower-margin products, tender markets, or price-controlled geographies structurally lowers the portfolio’s economics.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Annual GAAP gross profit was $3.313 billion in FY2025 on $6.216 billion of revenue, showing the business still produces substantial.
Open source ↗Organon’s mature portfolio must keep converting earnings into operating cash flow so the company can fund reinvestment and reduce financial risk without relying on equity issuance.HoldingMateriality: Medium
Annual GAAP operating cash flow remained positive at $700 million in FY2025. For a leveraged mature-pharma company, cash conversion is the bridge between a stable business and per-share value creation.
Watch: Working-capital absorption from inventory builds, channel disruption, or slower payer collections consumes cash before accounting earnings deteriorate.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Annual GAAP operating cash flow remained positive at $700 million in FY2025.
Open source ↗The balance sheet makes execution discipline central to the equity case because high liabilities leave little margin for a prolonged profit downturn.StrengtheningMateriality: Medium
Total liabilities were $12.115 billion at FY2025 versus total assets of $12.867 billion. If leverage is managed down, equity holders can benefit disproportionately; if not, creditors and refinancing needs capture the economics.
Watch: Management prioritizes acquisitions, dividends, or other cash uses over debt reduction while profitability remains under pressure.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Total liabilities were $12.115 billion at FY2025 versus total assets of $12.867 billion.
Open source ↗A focused global commercialization workforce is a key operating capability; Organon must retain enough field reach and market-access expertise to defend products that no longer have blockbuster novelty.HoldingMateriality: Medium
The profile reports approximately 4,000 employees as of 2026-02-24. The company’s advantage is commercial execution more than scientific optionality; losing that capability would make the portfolio behave like a melting ice cube.
Watch: Salesforce attrition or cost cuts reduce physician, pharmacy, payer, or distributor coverage in important markets.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
The profile reports approximately 4,000 employees as of 2026-02-24.
Open source ↗
Full investment case & evidence
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Original research
Organon’s global commercialization footprint keeps demand for its healthcare portfolio sufficiently sticky despite the natural erosion of mature pharmaceutical products. If this holds, the company has time to harvest cash and reinvest; if it breaks, leverage turns revenue erosion into equity risk.
The portfolio must retain enough pricing power and product mix quality to prevent mature-product erosion from turning into sustained gross-profit compression. Stable revenue is not enough; owners need gross profit to hold so cash can service debt and fund reinvestment.
Organon’s mature portfolio must keep converting earnings into operating cash flow so the company can fund reinvestment and reduce financial risk without relying on equity issuance. For a leveraged mature-pharma company, cash conversion is the bridge between a stable business and per-share value creation.
The balance sheet makes execution discipline central to the equity case because high liabilities leave little margin for a prolonged profit downturn. If leverage is managed down, equity holders can benefit disproportionately; if not, creditors and refinancing needs capture the economics.
A focused global commercialization workforce is a key operating capability; Organon must retain enough field reach and market-access expertise to defend products that no longer have blockbuster novelty. The company’s advantage is commercial execution more than scientific optionality; losing that capability would make the portfolio behave like a melting ice cube.
All standing thesis claims
Original report summary
its global commercial platform can keep demand durable, repair gross-profit pressure, and use cash to de-risk the balance sheet faster than investors expect.
Bull case and bear case
Bull case and bear case for Organon & Co.
Where the evidence on Organon & Co. disagrees: Mixed on the latest evidence (Oct 15, 2026). Of its 5 thesis points, 1 strengthening, 3 holding and 1 weakening.
Bull case: what the evidence supports
Organon’s global commercialization footprint keeps demand for its healthcare portfolio sufficiently sticky despite the natural erosion of mature pharmaceutical products.
Organon’s mature portfolio must keep converting earnings into operating cash flow so the company can fund reinvestment and reduce financial risk without relying on equity issuance.
The balance sheet makes execution discipline central to the equity case because high liabilities leave little margin for a prolonged profit downturn.
A focused global commercialization workforce is a key operating capability; Organon must retain enough field reach and market-access expertise to defend products that no longer have blockbuster novelty.
Bear case: what the evidence questions
The portfolio must retain enough pricing power and product mix quality to prevent mature-product erosion from turning into sustained gross-profit compression.
Thesis-Break Engine
Thesis-break watch · Organon & Co.
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MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedRegulation FD disclosure.
Organon & Co. filed an SEC 8-K on 2026-07-31: Regulation FD disclosure. It is a dated development that tests the current thesis.
- MixedOther material event.
Organon & Co. filed an SEC 8-K on 2026-07-17: Other material event. It is a dated development that tests the current thesis.
- MixedDirector or principal officer change.
Organon & Co. filed an SEC 8-K on 2026-06-11: Director or principal officer change. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Payers or national health systems materially restrict reimbursement or formulary access for key mature brands.
- A shift toward lower-margin products, tender markets, or price-controlled geographies structurally lowers the portfolio’s economics.
- Working-capital absorption from inventory builds, channel disruption, or slower payer collections consumes cash before accounting earnings deteriorate.
- Management prioritizes acquisitions, dividends, or other cash uses over debt reduction while profitability remains under pressure.
- Salesforce attrition or cost cuts reduce physician, pharmacy, payer, or distributor coverage in important markets.
OGN news
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Financial statements
OGN income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
OGN: quick answers
- Have members of Congress traded OGN?
- Reports made public in the last 90 days disclose 1 trade in OGN by 1 filer: 0 purchases and 1 sale. They are filed under the STOCK Act by members of Congress, the President and senior officials. Every disclosed OGN trade