At a glance
Organon & Co is worth $3.62B, about 19 times its fiscal 2025 earnings. Revenue fell 2.9% to $6.22B in fiscal 2025, with 3.0% kept as profit; over 5 years it has grown 1.0% a year. It pays a 0.58% dividend yield, and returned $1.11B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +108.6% over the past year with dividends reinvested and −14.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 39.5% in the 2022 bear market (S&P 500: 24.5%), and is still below its earlier high.
The business in plain English
Organon & Co. is a global healthcare company with more than 70 products. Its stated focus is health needs that affect women uniquely, disproportionately or differently. It sells in more than 140 countries and territories to drug wholesalers, retailers, hospitals, government agencies and managed-care groups. These include pharmacy benefit managers, which run drug plans for insurers and employers. It operates six factories, in Belgium, Brazil, Indonesia, Mexico, the Netherlands and the UK.
Revenue was $6.2 billion in 2025. The largest group, established brands, brought in $3.7 billion. These are heart, lung, skin and non-opioid pain treatments, including Emgality and Vtama cream. Many of these brands lost market exclusivity years ago and face generic rivals. Women's health added $1.8 billion, about 28%. It is led by the Nexplanon arm implant, the NuvaRing contraceptive ring and the fertility drug Follistim AQ. Biosimilars added $691 million, about 11%. A biosimilar is a near-copy of a complex biologic drug that is already approved. Hadlima, a version of Humira, is one example.
About 74% of 2025 revenue came from outside the U.S. By region, Europe and Canada supplied 26%, the U.S. 25.8%, Latin America, the Middle East, Russia and Africa 17.2%, Asia Pacific and Japan 16.1%, and China 13.3%. In January 2026, Organon sold its Jada postpartum bleeding device to Laborie for up to $465 million to help cut debt.
Price history
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OGN +108.6% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By geography
| Europe and Canada | $1.62B | 26% |
| U.S. | $1.60B | 25.8% |
| Latin America, Middle East, Russia, and Africa | $1.07B | 17.2% |
| Asia Pacific and Japan | $1.00B | 16.1% |
| China | $829.0M | 13.3% |
| Other | $93.0M | 1.5% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $1.57B, down 1.7% from a year earlier, and net income was $164.0M (+2.5%).
- For fiscal 2025, revenue was $6.22B (-2.9% year over year; -1.0% a year from FY2020 to FY2025) with a 3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | -1.0% weak |
|---|---|
| Free cash flow margin | 8.7% watch |
| Return on equity (FY2025) | 24.9% good |
| Return on assets (FY2025) | 1.5% weak |
| Net cash (cash minus debt) | $-7.10B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $6.53B | $2.16B | $2.03B |
| FY2021 | $6.30B | $1.35B | $1.97B |
| FY2022 | $6.17B | $917.0M | $662.0M |
| FY2023 | $6.26B | $1.02B | $548.0M |
| FY2024 | $6.40B | $864.0M | $764.0M |
| FY2025 | $6.22B | $187.0M | $538.0M |
Valuation snapshot
| Market value | $3.62B |
|---|---|
| P/E ratio | 19.1 |
| Dividend yield | 0.58% |
Rank among 1514 US companies
Market value at each year end
Organon’s market value went from $7.72B at the end of 2021 to $3.62B on Oct 28, 2026, down 53%; since the end of 2025 it is up 94%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $3.62B | +94.1% |
| 2025 | $1.86B | -51.5% |
| 2024 | $3.84B | +4.2% |
| 2023 | $3.69B | -48.1% |
| 2022 | $7.10B | -8.0% |
| 2021 | $7.72B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| OGN price data to Oct 28, 2026 | +93.2% | +108.6% | +1.1% | -14.4% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +93.3% |
| 2025 | -50.7% |
| 2024 | +9.9% |
| 2023 | -45.1% |
| 2022 | -5.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 22.2% over that stretch · deepest drop along the way 39.5%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 1 open-market purchases ($353K) and 1 sales ($200K).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 6, 2026 | Lynette Holzbaur SVP and Corporate Controller | buy | $353K |
| Aug 5, 2026 | Juliana Papa Drinane Head of Mfg & Supply | sell | $200K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 11.9% | Mar 31, 2025 |
| Pentwater Capital Management LP | 6.9% | Jun 30, 2026 |
| Vanguard Portfolio Management | 5.77% | Jun 30, 2026 |
| Vanguard Capital Management | 5.26% | Mar 31, 2026 |
ETFs with the most weight in OGN
| CSD Invesco S&P Spin-Off ETF | 3.6% |
| XPH SPDR S&P Pharmaceuticals ETF | 3.55% |
| FTXH First Trust Nasdaq Pharmaceuticals ETF | 2.44% |
| PSCH Invesco S&P SmallCap Health Care ETF | 2.29% |
| IHE iShares U.S. Pharmaceuticals ETF | 1.47% |
| SIXS ETC 6 Meridian Small Cap Equity ETF | 1.03% |
| DES WisdomTree U.S. SmallCap Dividend Fund | 1.03% |
| ROSC Hartford Multifactor Small Cap ETF | 0.9% |
What could go wrong
- Heavy debt limits flexibility. As of June 30, 2026, Organon had about $8.6 billion of debt and $1.1 billion of cash. Loan covenants, or lender-imposed rules, restrict some actions, including dividends. The debt-reduction plan may fall short.
- Weak financial controls and internal investigation. Organon found material weaknesses, meaning gaps in its checks on financial reporting. It also completed an Audit Committee internal investigation. Fixing the problems has been costly and could bring more expense, lawsuits, or inaccurate or late reports.
- Leadership in transition. In its annual report filed February 24, 2026, Organon said interim CEO Joseph Morrissey was leading while a committee sought a permanent chief. Failing to hire and keep senior leaders could hurt the business.
- A few products drive profits. A handful of key products, such as the Nexplanon implant, produce much of the profit and cash flow. When patents and market exclusivity expire, sales usually drop fast. Many older brands already face generics.
- Biosimilars depend on outside partners. Organon relies on Samsung Bioepis, Henlius and Biothera to develop and make its biosimilars. These products also carry their own regulatory risks. Problems at a partner could disrupt supply or launches.
- Drug pricing, tariffs and currency swings. About 74% of 2025 revenue came from outside the U.S., so a stronger dollar can shrink reported sales. Tariffs, trade limits and drug-pricing reforms in the U.S. and abroad could also cut profits.
Recent events
- Investor presentation or announcement
- Investor presentation or announcement
- Shareholder vote results
- Other company announcement
- Executive or board change; Shareholder vote results
- Quarterly results released
- Major agreement signed; Executive or board change; Investor presentation or announcement
- Other company announcement
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Organon pays a dividend, but it was cut sharply in 2025, and it has no streak of annual increases. Dividends per share held at $1.12 from 2022 through 2024. They then fell to $0.34 as the company lowered its payout to free cash for debt repayment. The 2025 payout used about 47% of earnings and 16% of free cash flow (cash left after running and investing in the business). The yield was 0.58% as of October 28, 2026. Organon repurchased no shares from 2021 through 2025. Its share count rose 3.6% between August 2021 and July 2026. Loan terms can also restrict future dividends.
The shares have been volatile. In the 2022 bear market they fell 39.5% from peak to trough, and they had not regained that high by October 28, 2026. They lost 45.1% in 2023 and 50.7% in 2025, then rose 93.2% in 2026 through October 28. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Organon make money?
Organon makes money selling prescription medicines and related products in more than 140 countries and territories. Its 2025 revenue was $6.2 billion. Established brands such as Emgality and Vtama brought in $3.7 billion. Women's health products such as the Nexplanon implant and NuvaRing added $1.8 billion. Biosimilars such as Hadlima added $691 million. Buyers include drug wholesalers, retailers, hospitals, government agencies and pharmacy benefit managers. About 74% of 2025 revenue came from outside the U.S.
Did Organon cut its dividend?
Yes. Organon paid $1.12 per share a year from 2022 through 2024, then $0.34 per share in 2025. The cut came after it lowered its payout ratio (the share of earnings paid as dividends) to put more cash toward debt. The yield was 0.58% as of October 28, 2026. The company says it cannot guarantee the timing, amount or payment of future dividends. Covenants in its loan agreements can also restrict what it pays.
How much debt does Organon have?
Organon had about $8.6 billion of total debt and $1.1 billion of cash and investments as of June 30, 2026. That is net debt (debt minus cash) of about $7.4 billion. Shareholders' equity was about $1.0 billion. To reduce debt, the company lowered its dividend, cut costs and pursued product sales. One was the January 2026 sale of the Jada device to Laborie for up to $465 million. Organon warns that its plan to reduce debt may not succeed.
Who is the CEO of Organon?
As of Organon's annual report filed February 24, 2026, the interim CEO was Joseph Morrissey, formerly head of manufacturing and supply. Former board chair Carrie S. Cox was interim executive chair. The changes were connected to matters in the report's controls section, and the company also disclosed material weaknesses in its financial reporting controls. A search committee was evaluating candidates for a permanent CEO. Organon filed notices of executive or board changes on April 27 and June 11, 2026, so its latest SEC filings will confirm who leads it.
How has Organon stock performed?
Organon stock has swung widely. As of October 28, 2026, its price was up 93.2% for 2026 to date and up 108.6% over one year. Over five years it was down 54% in total, or about 14.4% a year. It lost 45.1% in 2023 and 50.7% in 2025. In the 2022 bear market it fell 39.5% from peak to trough, and its deepest fall from a high was 82.7%. These are share-price returns.