Organon & Co
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Yellow here stands for earnings and oversight risk, not for a solvency risk. Against red sits the documented position: revenue stable between $6,174 million and $6,403 million since 2021 across more than 140 countries, $700 million of operating cash flow in 2025, an Altman Z-score of 5.40, a Piotroski score of 7 out of 9, $1,116 million of cash and equity that has climbed back from minus $1,508 million to plus $903 million. Too much is missing for green: net income down from $1,351 million to $187 million, an equity ratio of roughly 7 percent against $8,553 million of debt, channel loading at Nexplanon across six quarters documented by the Audit Committee, an open SEC investigation, internal controls judged not effective at December 31, 2024 and 2025, and a core product whose U.S. rod patent expires in 2027. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Organon shows up in the turnaround scanner because the stock trades far below its all-time high, the balance sheet is healing and the price has been rising — but the rise comes from a cash offer, not from the business. Since April 26, 2026 Sun Pharma has been paying $14.00 per share, shareholders approved on July 23, 2026, and only regulators remain. Alongside that, the SEC filings document channel loading at Nexplanon across six quarters, internal controls judged not effective two years running, an open SEC investigation and a core product whose U.S. patent lapses in 2027. Anyone buying today is no longer acquiring a company but the spread between the share price and the offer — plus the risk that closing fails. Not investment advice.
Takeover status
A signed merger agreement dated April 26, 2026 for $14.00 per share in cash with committed financing; the special meeting approved it on July 23, 2026 by 192,776,552 votes to 2,573,118. Only regulatory clearances remain outstanding, with an outside date of January 26, 2027.
Earnings power
Net income fell from $1,351 million (2021) to $187 million (2025), weighed down by a $301 million goodwill impairment on the U.S. reporting unit. In the first quarter of 2026, $81 million of the $213 million in pre-tax income came from the Jada divestiture, and interest expense of $111 million stands against $146 million of net income.
Balance sheet
Visible healing: equity from minus $1,508 million (December 31, 2021) to plus $903 million (March 31, 2026), an Altman Z-score of 5.40, cash of $1,116 million and an undrawn revolver. But the equity ratio is only about 7 percent against $8,553 million of long-term debt, roughly $3.6 billion of which matures in 2028.
Governance and oversight
The Audit Committee investigation documented channel loading at Nexplanon across six quarters between 2022 and 2025; the SEC has been investigating since the voluntary self-disclosure of October 26, 2025. Internal control over financial reporting was judged not effective at December 31, 2024 and December 31, 2025; class actions and two derivative suits are pending.
Core product and patent position
Nexplanon contributed $921 million in 2025, roughly 15 percent of revenue, but fell 19 percent to $201 million in the first quarter of 2026 (U.S. from $176 million to $127 million). The U.S. rod patent expires in 2027, a Xiromed generic application is pending — and management's own projections show group revenue falling back to $6,470 million in 2030.
Level of the offer
The $14.00 sits above the adviser's discounted cash flow range ($6.80 to $13.90 per share as of April 24, 2026), above analyst targets ($5.00 to $12.00) and above the premia paid analysis ($8.60 to $11.50) — but within the range of comparable pharma deals ($13.40 to $15.30) and, at roughly 6.3 times adjusted EBITDA, industry-standard rather than generous.
Worth Noting
Hook: in-house stock scanner "Turnaround Candidates", U.S. selection, rank 36 of 60 hits, turnaround check 6 of 8, measured July 27, 2026 (list computed July 26, 2026). The scanner page only shows the 25 strongest hits, so Organon does not appear on it. The lists are recalculated daily; rank and score are a snapshot.
Cross-check on the mandatory pillar "at least 50 percent below the all-time high": our data set carries minus 59.01 percent on a distribution-adjusted basis. The price history confirms the order of magnitude: highest close $39.36 on March 2, 2022 against a $13.52 close on July 24, 2026 — minus 65.7 percent on the raw price. Not a figure misplaced by a factor of 1,000.
Takeover check before writing: no Form 15, no Form 25, no Schedule 14D-9; the stock was still listed on the NYSE at the data date. The transaction is a Delaware merger approved by shareholder vote, not a tender offer.
Data date: Form 10-K for 2025 filed February 24, 2026, Form 10-K for 2024 filed February 28, 2025, Form 10-Q for March 31, 2026 filed May 4, 2026, Forms 10-Q for September 30, 2025, June 30, 2025 and March 31, 2025, Form DEFM14A filed June 17, 2026, Forms 8-K dated February 20, April 27, April 30, July 17 and July 23, 2026; metrics and price history July 24 to 27, 2026.
Not to be confused: Organon & Co. (NYSE: OGN) is not the Dutch Organon company that existed before the Schering-Plough and Merck acquisitions, nor is it the same as Merck & Co., from which it was spun off in 2021. The buyer, Sun Pharmaceutical Industries Limited, is listed in India, not in the United States.
The quality rating in this analysis judges the company, not the entry point. A scanner rank is an invitation to research, not a buy signal.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at OGN since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 5.70 $ to 13.80 $ · Last price: 13.70 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Drug Manufacturers - General
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Organon & Co OGN | 3.6 | 14.7 | 8.4 | 53.4 | 18.7 | -2.9 | 32.1 |
| Eli Lilly and Company LLY | 1,027.6 | 44.4 | 24.9 | 83.4 | 49.4 | 44.7 | 52.6 |
| Johnson & Johnson JNJ | 629.2 | 33.1 | 19.7 | 68.1 | 27.4 | 6.1 | 56.0 |
| AbbVie Inc ABBV | 460.3 | 137.7 | 26.6 | 72.8 | 32.2 | 8.6 | 23.3 |
| Merck & Company Inc MRK | 351.0 | 43.5 | 27.9 | 75.9 | 38.6 | 1.2 | 86.7 |
| Amgen Inc AMGN | 203.6 | 27.0 | 14.0 | 71.9 | 33.8 | 9.9 | 42.1 |
| Novo Nordisk A/S NVO | 187.9 | 10.6 | 9.7 | 82.0 | 42.5 | 6.4 | -23.4 |
| Gilead Sciences Inc GILD | 187.1 | 21.1 | 111.6 | 79.6 | 39.3 | 2.4 | 37.7 |
| Pfizer Inc PFE | 162.4 | 22.2 | 15.5 | 74.7 | 31.6 | -1.7 | 23.0 |
| Median of companies shown | 203.6 | 27.0 | 19.7 | 74.7 | 33.8 | 6.1 | 37.7 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2017 | 10,500 | 3,272 | 1,801 | 7.11 | 3,419 | – | – |
| 2018 | 9,777 | 2,706 | 2,153 | 8.51 | 3,687 | 6,348 | 10,494 |
| 2019 | 7,777 | 3,847 | 3,218 | 12.71 | 2,767 | 7,035 | 10,548 |
| 2020 | 6,532 | 2,847 | 2,160 | 8.52 | 2,187 | 5,486 | 10,109 |
| 2021 | 6,304 | 1,915 | 1,351 | 5.33 | 2,458 | -1,508 | 10,681 |
| 2022 | 6,174 | 1,705 | 917 | 3.59 | 858 | -892 | 10,955 |
| 2023 | 6,263 | 1,327 | 1,023 | 3.99 | 799 | -70 | 12,058 |
| 2024 | 6,403 | 1,486 | 864 | 3.33 | 939 | 472 | 13,101 |
| 2025 | 6,216 | 1,285 | 187 | 0.72 | 700 | 752 | 12,867 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.42 | -80.30 | 1,592 | -0.40 | 6.80 | 390 | 258 |
| 2025: Q1 | 0.33 | -57.20 | 1,513 | -6.70 | 5.80 | 75 | -22 |
| 2025: Q2 | 0.56 | -26.10 | 1,594 | -0.80 | 9.10 | 220 | 181 |
| 2025: Q3 | 0.61 | -55.60 | 1,602 | 1.30 | 10.00 | 264 | 149 |
| 2025: Q4 | -0.79 | -287.90 | 1,507 | -5.30 | -13.60 | 141 | 96 |
| 2026: Q1 | 0.56 | 66.60 | 1,460 | -3.50 | 10.00 | 225 | 188 |
| 2026: Q2 | 0.40 | -28.60 | 1,558 | -2.30 | 6.90 | 107 | 65 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 1 of our scanner strategies — each hit links to the scanner.
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 3.34 | 3.30 – 3.37 | 6,169 | -8.9% | 2 |
| 12/31/2027 | 3.62 | 3.41 – 3.82 | 6,324 | 8.4% | 6 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly -6.6% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $498.0M |
|---|---|
| Market cap | $3.59B |
| Free cash flow in year ten | $251.9M |
| Terminal value as a share of market value | 37.0% |
For comparison: over the past five years free cash flow shrank by 22.4% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Organon setzt nach eigener Darstellung KI-Lösungen einschließlich generativer KI im Konzern ein und stützt kritische Abläufe auf Software mit KI-Bestandteilen; ein eigenes KI-Produkt verkauft der Pharmakonzern nicht, und eine Bedrohung des Geschäftsmodells durch KI beschreiben die Berichte nicht.
View the full file — quotes, sources, reviewed filings
„AI-based solutions, including generative AI, are increasingly being used in the pharmaceutical industry, including by us, and we expect to use other systems and tools that incorporate AI-based technologies in the future."
KI-gestützte Lösungen, einschließlich generativer KI, werden in der Pharmaindustrie zunehmend eingesetzt, auch von uns, und wir gehen davon aus, künftig weitere Systeme und Werkzeuge mit KI-Technologien zu nutzen.
10-K · 2026-02-24 · View SEC filing
„We depend on sophisticated software applications (including AI), complex information technology systems, computing infrastructure and cloud service providers (collectively, “IT systems”) to conduct critical operations."
Wir sind für den Betrieb kritischer Abläufe auf hochentwickelte Softwareanwendungen (einschließlich KI), komplexe IT-Systeme, Rechen-Infrastruktur und Cloud-Dienstleister angewiesen (zusammen „IT-Systeme“).
10-K · 2025-02-28 · View SEC filing
Filings Reviewed: 10-K 2026-02-24 · 10-Q 2026-05-04 · 10-Q 2025-11-10 · 10-Q 2025-08-06 · 10-Q 2025-05-02 · 10-K 2025-02-28
Rated on July 27, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 0.2%
- More than 10% revenue growth is expected for the coming year 1.6%
- Share count grows by less than 3% a year 0.7%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 5.7%
- Gross margin at 40% or higher and without meaningful erosion 54.1%
- Goodwill from acquisitions does not grow faster than revenue 32.3%
- Net debt below twice EBITDA 6.4 x EBITDA
- Operating cash flow covers the profits of the last three years 364 m
- Return on capital at 15% or higher, or up versus two years ago 12.3%
- Insiders hold at least 10% or are net buyers 0.5%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
3/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% -6.3%
- Exp. sales growth 3Y > 5% 0.9%
- EBIT growth 10Y > 5% -11.0%
- Exp. EBIT growth 3Y > 5% 124.5%
- Net debt < 4x EBIT 6.4x
- EBIT positive, 10Y straight 9
- Max. EBIT decline < 50% 66.6%
- Return on equity > 15% –
- ROCE > 15% 12.3%
- Expected return > 10% 158.2%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 11, 2026 | Arjona Ferreira Juan Camilo | Head of R&D & CMO | Other | 4,134 | 13.62 | 56,305 |
| Aug 11, 2026 | Arjona Ferreira Juan Camilo | Head of R&D & CMO | Other | 11,519 | 0.00 | – |
| Aug 5, 2026 | Drinane Juliana Papa | Head of Mfg & Supply | Sell | 14,761 | 13.57 | 200,307 |
The company
About the Company
Organon & Co. entwickelt und liefert Lösungen für die Frauengesundheit durch verschreibungspflichtige Therapien und Medizinprodukte in den USA, Europa, Kanada, Japan, dem übrigen asiatisch-pazifischen Raum, China, Lateinamerika, dem Nahen Osten, Russland, Afrika und international.
- Employees
- 10,000
- Headquarters
- Jersey City, NJ
- Address
- 30 Hudson Street, 07302 Jersey City, United States
- Phone
- 551 430 6900
- Website
- organon.com
- IPO Date
- 06/02/2021
- ISIN
- US68622V1061
Management
| Name | Title | Birth Year |
|---|---|---|
| Carrie Smith Cox | Executive Chair of the Board | 1959 |
| Joseph T. Morrissey Jr. | Chief Executive Officer | 1965 |
| Matthew M. Walsh C.F.A. | Executive VP & CFO | 1967 |
| Rachel A. Stahler | Executive VP, Chief Information Officer and Chief Digital & Growth Officer | 1976 |
| Kirke Weaver | Executive VP, General Counsel & Corporate Secretary | 1973 |
| Juan Camilo Arjona Ferreira M.D. | Executive VP, Head of Research & Development and Chief Medical Officer | 1971 |
| Jennifer Halchak | Head of Investor Relations | – |
| Daniel Karp | Chief Strategy Officer & Head of Corporate Development | 1978 |
| Aaron Falcione | Executive VP & Chief Human Resources Officer | 1971 |
| Vittorio Nisita | Executive VP and Head of Enterprise Services & Solutions | 1968 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.