- Second quarter 2023 revenue of $1,608 million
- Second quarter 2023 diluted earnings per share of $0.95 and
non-GAAP Adjusted diluted earnings per share of $1.31
- Adjusted EBITDA of $530 million
- Board of Directors declares quarterly dividend of $0.28 per
share
- Full year 2023 financial guidance ranges updated:
- Revenue range narrowed to $6.25 billion to $6.45 billion,
primarily reflecting current foreign currency exchange rates
- Adjusted EBITDA margin range now 31.5%-33.0% to incorporate
current visibility on IPR&D (in-process research and
development) and milestones
Organon (NYSE: OGN) today announced its results for the second
quarter ended June 30, 2023.
"During the second quarter of 2023, Organon continued to build
on its track record, delivering solid volume growth across all
regions and franchises. The Women's Health and Biosimilars
franchise revenue grew 10% and 15% excluding the impact of foreign
currency ("ex-FX"), respectively, and Established Brands continued
to demonstrate stability," said Kevin Ali, Organon's CEO. "Further,
on July 1st we launched Hadlima™ (adalimumab-bwwd) in the United
States - so far our biggest commercial launch in the U.S. as a
standalone company. Hadlima is emerging as one of a few biosimilars
offerings earning commercial success so far. We are encouraged by
our early traction and remain confident in our strategy, the
attributes of our product and our collaborator's capabilities to
deliver reliable supply."
Second Quarter 2023
Revenue
in $ millions
Q2 2023
Q2 2022
VPY
VPY ex-FX
Women’s Health
$
438
$
408
8%
10%
Biosimilars
135
119
14%
15%
Established Brands
995
1,018
(2)%
—%
Other (1)
40
40
(2)%
(1)%
Revenues
$
1,608
$
1,585
1%
4%
(1) Other includes manufacturing
sales to Merck & Co., Inc., Rahway, NJ, USA and other third
parties.
For the second quarter of 2023, total revenue was $1,608
million, an increase of 1% as-reported and an increase of 4%
excluding the impact of foreign currency (ex-FX), compared with the
second quarter of 2022.
Women’s Health revenue increased 8% on an as-reported basis, and
increased 10% ex-FX in the second quarter of 2023 compared with the
second quarter of 2022 driven primarily by a 12% ex-FX increase in
Nexplanon® (etonogestrel implant), a long-acting reversible
contraceptive. The Women's Health franchise also benefited from 17%
ex-FX growth in the fertility portfolio during the quarter due to
COVID-19 recovery in China as well as strong demand in the LAMERA
region and in the U.S. Growth in the Women's Health franchise was
partially offset by a 3% ex-FX decrease of NuvaRing®
(etonogestrel/ethinyl estradiol vaginal ring) which continues to be
impacted by generic competition.
Biosimilars revenue increased 14% as-reported and 15% ex-FX in
the second quarter of 2023, compared with the second quarter of
2022 primarily driven by Renflexis® (infliximab-abda) which grew
20% ex-FX due to continued demand and strong volume growth in
United States and Canada. Growth in the biosimilars franchise was
partially offset by a 7% ex-FX decline in Ontruzant®
(trastuzumab-dttb) primarily related to ongoing competitive
pressures in Europe. On July 1, 2023, the company launched Hadlima,
a biosimilar to Humira (adalimumab) (a trademark of AbbVie
Biotechnology Ltd.) in the United States. Organon already markets
Hadlima in Canada and Australia.
Established Brands revenue decreased 2% as-reported and was flat
ex-FX in the second quarter of 2023, despite the negative impact
from Volume Based Procurement (VBP) initiatives in China and the
year over year impact of the company's market action taken in the
first quarter of 2023 on select injectable steroids, Diprospan™
(bethamethasone), and Celestone Chronodose™ (bethamethasone), and
Celestone Soluspan™ (bethamethasone). Offsetting factors included
an 18% ex-FX year over year increase in Atozet™ (ezetimibe and
atorvastatin calcium) which was driven by increased demand in the
EUCAN region, as well as 23% ex-FX growth in Arcoxia™ (etoricoxib)
which was driven by increased volume in the LAMERA region. Year to
date, the Established Brands portfolio has grown 1% ex-FX, as 2%
volume growth has offset an approximate 1% decline in price across
the portfolio. The company continues to expect the Established
Brands franchise to achieve flat revenue growth for the full year
2023.
Second Quarter 2023
Profitability
in $ millions, except per share
amounts
Q2 2023
Q2 2022
VPY
Revenues
$
1,608
$
1,585
1%
Cost of sales
640
588
9%
Gross profit
968
997
(3)%
Non-GAAP Adjusted gross profit (1)
1,012
1,047
(3)%
Adjusted EBITDA (1,2)
530
512
4%
Net income
242
234
3%
Non-GAAP Adjusted net income (1)
336
319
5%
Diluted Earnings per Share (EPS)
0.95
0.92
3%
Non-GAAP Adjusted diluted EPS (1)
1.31
1.25
5%
Acquired in-process research &
development (IPR&D) and milestones
—
97
NM
Per share impact to diluted EPS from
acquired IPR&D and milestones
—
(0.30)
NM
Q2 2023
Q2 2022
Gross margin
60.2%
62.9%
Non-GAAP Adjusted gross margin (1)
62.9%
66.1%
Adjusted EBITDA margin (1,2)
33.0%
32.3%
(1) See Tables 4 and 5 for
reconciliations of GAAP to non-GAAP financial measures
(2) Adjusted EBITDA and Adjusted
EBITDA margin include $97 million in the second quarter of 2022
related to acquired IPR&D and milestones, no such expense was
incurred in the second quarter of 2023
Gross margin was 60.2% as-reported and 62.9% on an adjusted
basis in the second quarter of 2023 compared to 62.9% as-reported
and 66.1% on an adjusted basis in the second quarter of 2022. The
year-over-year decline in gross margin is primarily due to product
mix as well as employee-related costs and distribution related
costs, which increased as a result of inflationary pressures in
2023.
Adjusted EBITDA margin was 33.0% in the second quarter of 2023
compared to 32.3% in the second quarter of 2022. The increase in
Adjusted EBITDA margin was primarily a result of $97 million of
IPR&D and milestones in the second quarter of 2022; no such
costs were incurred in the second quarter of 2023.
Net income for the second quarter of 2023 was $242 million, or
$0.95 per diluted share, compared with $234 million, or $0.92 per
diluted share, in the second quarter of 2022. Non-GAAP Adjusted net
income was $336 million, or $1.31 per diluted share, compared with
$319 million, or $1.25 per diluted share, in 2022. The year over
year increase in net income was a result of higher Adjusted EBITDA
compared with the second quarter of 2022 as well as a tax benefit
in the second quarter of 2023 related to earnings outside of the
U.S., partially offset by higher interest expense associated with
the company's variable rate debt.
Capital Allocation
Today, Organon’s Board of Directors declared a quarterly
dividend of $0.28 for each issued and outstanding share of the
company's common stock. The dividend is payable on September 14,
2023, to stockholders of record at the close of business on August
18, 2023.
As of June 30, 2023, cash and cash equivalents were $326
million, and debt was $8.7 billion.
Full Year Guidance
Organon does not provide GAAP financial measures on a
forward-looking basis because the company cannot predict with
reasonable certainty and without unreasonable effort, the ultimate
outcome of legal proceedings, unusual gains and losses, the
occurrence of matters creating GAAP tax impacts, and
acquisition-related expenses. These items are uncertain, depend on
various factors, and could be material to Organon’s results
computed in accordance with GAAP.
The company is updating its full year 2023 guidance ranges
previously provided on May 4, 2023. The range for full year 2023
revenue is narrowed to $6.25 billion to $6.45 billion, which
primarily reflects current foreign currency exchange rates. The
range for full year Adjusted EBITDA margin is now 31.5% to 33.0% to
incorporate the company's current visibility of IPR&D and
milestone expenses expected to be incurred in 2023. Organon's
financial guidance does not assume an estimate for future IPR&D
and milestone payments for business development transactions not
yet executed.
Full year 2023 financial guidance is presented below on a
non-GAAP basis.
Previous guidance as of May 4,
2023
Current guidance
Revenues
$6.150B - $6.450B
$6.250B-$6.450B
Adjusted gross margin
Low-mid 60% range
Unchanged
SG&A (as % of revenue)
Mid 20% range
Unchanged
R&D (as % of revenue)
Upper single-digit
Unchanged
Adjusted EBITDA margin
31.0%-33.0%
31.5%-33.0%
Interest
~$515 million
~$525 million
Depreciation
~$130 million
~$120 million
Effective non-GAAP tax rate
19.0% - 21.0%
17.5% - 19.5%
Fully diluted weighted average shares
outstanding
~257 million
Unchanged
Webcast Information
Organon will host a conference call at 8:30 a.m. Eastern Time
today to discuss its second quarter 2023 financial results. To
listen to the event and view the presentation slides via webcast,
join from the Organon Investor Relations website at
https://www.organon.com/investor-relations/events-and-presentations/.
A replay of the webcast will be available approximately two hours
after the conclusion of the live event on the company’s website.
Institutional investors and analysts interested in participating in
the call must register in advance by clicking on this link:
https://conferencingportals.com/event/jgIqShwa
Following registration, participants will receive a confirmation
email containing details on how to join the conference call,
including dial-in information and a unique passcode and registrant
ID. Pre-registration will allow participants to bypass an operator
and be placed directly into the call.
About Organon
Organon is a global healthcare company formed to focus on
improving the health of women throughout their lives. Organon
offers more than 60 medicines and products in women’s health in
addition to a growing biosimilars business and a large franchise of
established medicines across a range of therapeutic areas.
Organon’s existing products produce strong cash flows that support
investments in innovation and future growth opportunities in
women’s health and biosimilars. In addition, Organon is pursuing
opportunities to collaborate with biopharmaceutical innovators
looking to commercialize their products by leveraging its scale and
presence in fast growing international markets.
Organon has a global footprint with significant scale and
geographic reach, world-class commercial capabilities, and
approximately 10,000 employees with headquarters located in Jersey
City, New Jersey.
For more information, visit http://www.organon.com and connect
with us on LinkedIn, Instagram, Twitter and Facebook.
Cautionary Note Regarding Non-GAAP
Financial Measures
This press release contains “non-GAAP financial measures,” which
are financial measures that either exclude or include amounts that
are correspondingly not excluded or included in the most directly
comparable measures calculated and presented in accordance with
U.S. generally accepted accounting principles (“GAAP”).
Specifically, the company makes use of the non-GAAP financial
measures Adjusted EBITDA, Adjusted gross margin, Adjusted gross
profit, Adjusted net income, and Adjusted diluted EPS, which are
not recognized terms under GAAP and are presented only as a
supplement to the company’s GAAP financial statements. This press
release also provides certain measures that exclude the impact of
foreign exchange. We calculate foreign exchange by converting our
current-period local currency financial results using the prior
period average currency rates and comparing these adjusted amounts
to our current-period results. The company believes that these
non-GAAP financial measures help to enhance an understanding of the
company’s financial performance. However, the presentation of these
measures has limitations as an analytical tool and should not be
considered in isolation, or as a substitute for the company’s
results as reported under GAAP. Because not all companies use
identical calculations, the presentations of these non-GAAP
measures may not be comparable to other similarly titled measures
of other companies. You should refer to Table 4 and Table 5 of this
press release for relevant definitions and reconciliations of
non-GAAP financial measures contained herein to the most directly
comparable GAAP measures.
In addition, the company’s full-year 2023 guidance measures
(other than revenue) are provided on a non-GAAP basis because the
company is unable to reasonably predict certain items contained in
the GAAP measures. Such items include, but are not limited to,
acquisition related expenses, restructuring and related expenses,
stock-based compensation, the ultimate outcome of legal
proceedings, unusual gains and losses, the occurrence of matters
creating GAAP tax impacts and other items not reflective of the
company's ongoing operations.
The company uses non-GAAP financial measures in its operational
and financial decision making, and believes that it is useful to
exclude certain items in order to focus on what it regards to be a
more meaningful representation of the underlying operating
performance of the business.
Cautionary Note Regarding
Forward-Looking Statements
Except for historical information, this press release includes
“forward-looking statements” within the meaning of the safe harbor
provisions of the U.S. Private Securities Litigation Reform Act of
1995, including, but not limited to, statements about management’s
expectations about Organon’s future financial performance and
prospects. Forward-looking statements may be identified by words
such as “expects,” “intends,” “anticipates,” “plans,” “believes,”
“seeks,” “estimates,” “will” or words of similar meaning. These
statements are based upon the current beliefs and expectations of
the company’s management and are subject to significant risks and
uncertainties. If underlying assumptions prove inaccurate or risks
or uncertainties materialize, actual results may differ materially
from those set forth in the forward-looking statements.
Risks and uncertainties include, but are not limited to, an
inability to fully execute on our product development and
commercialization plans within the United States or
internationally; changes in tax laws or other tax guidance which
could adversely affect our cash tax liability, effective tax rates,
and results of operations and lead to greater audit scrutiny; an
inability to execute on our business development strategy or
realize the benefits of our planned acquisitions; efficacy, safety,
or other quality concerns with respect to marketed products,
including market actions such as recalls, withdrawals, or declining
sales; political and social pressures, or regulatory developments,
that adversely impact demand for, availability of, or patient
access to contraception or fertility products; general economic
factors, including recessionary pressures, interest rate and
currency exchange rate fluctuations; general industry conditions
and competition; the impact of the ongoing COVID-19 pandemic and
emergence of variant strains; the impact of pharmaceutical industry
regulation and health care legislation in the United States and
internationally; global trends toward health care cost containment;
technological advances; new products and patents attained by
competitors; challenges inherent in new product development,
including obtaining regulatory approval; the company’s ability to
accurately predict its future financial results and performance;
manufacturing difficulties or delays; financial instability of
international economies and sovereign risk; difficulties developing
and sustaining relationships with commercial counterparties;
dependence on the effectiveness of the company’s patents and other
protections for innovative products; and the exposure to
litigation, including patent litigation, and/or regulatory
actions.
The company undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future events or otherwise. Additional factors that could cause
results to differ materially from those described in the
forward-looking statements can be found in the company’s filings
with the Securities and Exchange Commission ("SEC"), including the
company’s Annual Report on Form 10-K for the year ended December
31, 2022, available at the SEC’s Internet site (www.sec.gov).
TABLE 1
Organon & Co.
Condensed Consolidated Statement of Income (Unaudited, $ in
millions except shares in thousands and per share amounts)
Three Months Ended June 30,
Six Months Ended June 30,
2023
2022
2023
2022
Revenues
$
1,608
$
1,585
$
3,146
$
3,152
Costs, Expenses and Other
Cost of sales
640
588
1,220
1,149
Selling, general and administrative
451
423
886
794
Research and development
128
106
257
202
Acquired in-process research and
development and milestones
—
97
8
97
Restructuring costs
—
—
4
—
Interest expense
132
98
264
195
Exchange losses (gains)
2
(21
)
11
(25
)
Other expense, net
1
7
7
11
1,354
1,298
2,657
2,423
Income Before Income Taxes
254
287
489
729
Taxes on income
12
53
70
147
Net Income
242
234
419
582
Earnings per Share:
Basic
$
0.95
$
0.92
$
1.64
$
2.29
Diluted
$
0.95
$
0.92
$
1.64
$
2.28
Weighted Average Shares Outstanding:
Basic
255,341
254,018
254,869
253,802
Diluted
255,953
255,156
256,064
255,105
TABLE 2
Organon & Co. Sales
by top products (Unaudited, $ in millions)
Three Months Ended June 30,
Six Months Ended June 30,
2023
2022
2023
2022
U.S.
Int’l
Total
U.S.
Int’l
Total
U.S.
Int’l
Total
U.S.
Int’l
Total
Women’s Health
Nexplanon/Implanon NXT
$
159
$
56
$
214
$
134
$
61
$
195
$
272
$
107
$
380
$
250
$
116
$
366
Follistim AQ
26
44
70
23
35
58
52
73
125
52
66
119
NuvaRing
17
23
40
22
20
42
33
47
80
38
45
83
Ganirelix Acetate Injection
4
29
34
6
25
32
11
53
63
14
47
61
Marvelon/Mercilon
—
29
29
—
31
31
—
67
67
—
54
54
Other Women's Health (1)
27
25
52
29
22
51
53
52
105
56
47
103
Biosimilars
Renflexis
60
11
70
51
8
59
114
18
132
93
12
105
Ontruzant
12
21
33
12
23
35
25
29
54
19
38
57
Brenzys
—
13
13
—
14
14
—
32
32
—
28
28
Aybintio
—
12
12
—
9
9
—
22
22
—
19
19
Hadlima
—
7
7
—
2
2
—
12
12
—
8
8
Established Brands
Cardiovascular
Zetia
2
89
90
2
99
101
4
169
173
5
195
200
Vytorin
1
37
38
3
32
35
3
65
67
5
68
73
Atozet
—
143
143
—
122
122
—
271
271
—
240
240
Rosuzet
—
17
17
—
16
16
—
35
35
—
38
38
Cozaar/Hyzaar
2
69
71
2
91
92
4
152
156
10
176
186
Other Cardiovascular (1)
1
41
41
1
45
46
1
81
82
2
83
85
Respiratory
Singulair
3
77
80
3
89
92
5
194
199
5
216
222
Nasonex
—
64
64
—
58
58
—
133
133
9
123
133
Dulera
38
10
48
36
12
47
76
18
95
67
21
88
Clarinex
1
38
39
1
34
35
2
77
79
2
70
73
Other Respiratory (1)
13
6
19
11
11
22
25
12
37
23
22
45
Non-Opioid Pain, Bone and Dermatology
Arcoxia
—
72
72
—
61
61
—
143
143
—
121
121
Fosamax
1
44
44
1
39
40
1
81
82
2
79
81
Diprospan
—
12
12
—
31
31
—
27
27
—
63
63
Other Non-Opioid Pain, Bone and
Dermatology (1)
2
67
71
5
71
76
7
127
133
8
137
145
Other
Proscar
—
24
25
—
26
26
1
51
52
1
50
50
Propecia
2
35
36
2
33
35
4
66
69
3
63
66
Other (1)
2
81
84
7
74
82
4
156
162
15
149
164
Other (2)
(2
)
41
40
—
40
40
—
79
79
1
78
76
Revenues
$
371
$
1,237
$
1,608
$
351
$
1,234
$
1,585
$
697
$
2,449
$
3,146
$
680
$
2,472
$
3,152
Totals may not foot due to
rounding. Trademarks appearing above in italics are trademarks of,
or are used under license by, the Organon group of companies.
(1) Includes sales of products
not listed separately. Revenues from Marvelon™ and Mercilon™ were
previously reported as part of Other Women's Health. Revenue from
an arrangement for the sale of generic etonogestrel/ethinyl
estradiol vaginal ring is included in Other Women's Health.
(2) Other includes manufacturing
sales to Merck & Co., Inc., Rahway, NJ, USA and other third
parties.
TABLE 3
Organon & Co. Sales
by geographic area (Unaudited, $ in millions)
Three Months Ended June 30,
Six Months Ended June 30,
2023
2022
2023
2022
Europe and Canada
$
467
$
443
$
867
$
880
United States
371
351
697
680
Asia Pacific and Japan
261
291
585
604
China
234
244
459
480
Latin America, Middle East, Russia and
Africa
234
216
448
425
Other (1)
41
40
90
83
Revenues
$
1,608
$
1,585
$
3,146
$
3,152
(1) Other includes manufacturing
sales to Merck & Co., Inc., Rahway, NJ, USA and other third
parties.
TABLE 4
Reconciliation of GAAP
Reported to Non-GAAP Adjusted Information (Unaudited, $ in
millions except per share amounts)
Three Months Ended June 30,
2023
GAAP
Spin related Costs(1)
Restructuring
Stock-based Compensation
Amortization
Other(1)
Non-GAAP Adjusted
Revenues
$
1,608
$
1,608
Cost of sales
640
(10
)
—
(4
)
(30
)
—
596
Gross profit
968
1,012
Gross margin
60.2
%
62.9
%
Selling, general and administrative
451
(44
)
—
(17
)
—
—
390
Research and development
128
(3
)
—
(4
)
—
—
121
Acquired in-process research and
development and milestones
—
—
—
—
—
—
—
Restructuring costs
—
—
—
—
—
—
—
Interest expense
132
—
—
—
—
—
132
Exchange losses
2
—
—
—
—
—
2
Other expense (income), net
1
(4
)
—
—
—
—
(3
)
1,354
1,238
Income before income taxes
254
370
Taxes on income
12
13
—
4
5
—
34
Net income
$
242
$
336
Earnings per share - Diluted
$
0.95
$
1.31
(1) Represents one-time costs.
Spin-related includes costs from the separation of Merck & Co.,
Inc., Rahway, NJ, US and Other primarily includes inventory step-up
amortization and legal reserves.
Three Months Ended June 30,
2022
GAAP
Spin related Costs(1)
Restructuring
Stock-based Compensation
Amortization
Other(1)
Non-GAAP Adjusted
Revenues
$
1,585
$
1,585
Cost of sales
588
(6
)
—
(3
)
(28
)
(13
)
538
Gross profit
997
1,047
Gross margin
62.9
%
66.1
%
Selling, general and administrative
423
(28
)
—
(13
)
—
—
382
Research and development
106
(3
)
—
(3
)
—
—
100
Acquired in-process research and
development and
97
—
—
—
—
—
97
Restructuring costs
—
—
—
—
—
—
—
Interest expense
98
—
—
—
—
—
98
Exchange gains
(21
)
—
—
—
—
—
(21
)
Other expense (income), net
7
(8
)
—
—
—
—
(1
)
1,298
1,193
Income before income taxes
287
392
Taxes on income
53
10
—
3
4
3
73
Net income
$
234
$
319
Earnings per share - Diluted
$
0.92
$
1.25
(1) Represents one-time costs.
Spin-related includes costs from the separation of Merck & Co.,
Inc., Rahway, NJ, US and Other primarily includes inventory step-up
amortization and legal reserves.
TABLE 4 (Continued)
Reconciliation of GAAP
Reported to Non-GAAP Adjusted Information (Unaudited, $ in
millions except per share amounts)
Six Months Ended June 30,
2023
GAAP
Spin related Costs(1)
Restructuring
Stock-based Compensation
Amortization
Other(1)
Non-GAAP Adjusted
Revenues
$
3,146
$
3,146
Cost of sales
1,220
(20
)
—
(8
)
(59
)
(2
)
1,131
Gross profit
1,926
2,015
Gross margin
61.2
%
64.0
%
Selling, general and administrative
886
(90
)
—
(32
)
—
(1
)
763
Research and development
257
(6
)
—
(7
)
—
—
244
Acquired in-process research and
development and milestones
8
—
—
—
—
—
8
Restructuring costs
4
—
(4
)
—
—
—
—
Interest expense
264
—
—
—
—
—
264
Exchange losses
11
—
—
—
—
—
11
Other expense (income), net
7
(10
)
—
—
—
—
(3
)
2,657
2,418
Income before income taxes
489
728
Taxes on income
70
26
1
8
11
—
116
Net income
$
419
$
612
Earnings per share - Diluted
$
1.64
$
2.39
(1) Represents one-time costs.
Spin-related includes costs from the separation of Merck & Co.,
Inc., Rahway, NJ, US and Other primarily includes inventory step-up
amortization and legal reserves.
Six Months Ended June 30,
2022
GAAP
Spin related Costs(1)
Restructuring
Stock-based Compensation
Amortization
Other(1)
Non-GAAP Adjusted
Revenues
$
3,152
$
3,152
Cost of sales
1,149
(10
)
—
(6
)
(56
)
(14
)
1,063
Gross profit
2,003
2,089
Gross margin
63.5
%
66.3
%
Selling, general and administrative
794
(53
)
—
(23
)
—
—
718
Research and development
202
(6
)
—
(5
)
—
(1
)
190
Acquired in-process research and
development and
97
—
—
—
—
—
97
Restructuring costs
—
—
—
—
—
—
—
Interest expense
195
—
—
—
—
—
195
Exchange gains
(25
)
—
—
—
—
—
(25
)
Other expense (income), net
11
(14
)
—
—
—
—
(3
)
2,423
2,235
Income before income taxes
729
917
Taxes on income
147
14
—
5
9
3
178
Net income
$
582
$
739
Earnings per share - Diluted
$
2.28
$
2.90
(1) Represents one-time costs.
Spin-related includes costs from the separation of Merck & Co.,
Inc., Rahway, NJ, US and Other primarily includes inventory step-up
amortization and legal reserves.
TABLE 5
Organon & Co.
Reconciliation of GAAP Income Before Income Taxes to Adjusted
EBITDA (Unaudited, $ in millions)
Three Months Ended June 30,
Six Months Ended June 30,
2023
2022
2023
2022
Income before income taxes
$
254
$
287
$
489
$
729
Depreciation
28
22
56
47
Amortization
30
28
59
56
Interest expense
132
98
264
195
EBITDA
$
444
$
435
$
868
$
1,027
Restructuring costs
—
—
4
—
One-time costs (1)
61
58
129
98
Stock-based compensation
25
19
47
34
Adjusted EBITDA
$
530
$
512
$
1,048
$
1,159
Adjusted EBITDA margin
33.0
%
32.3
%
33.3
%
36.8
%
(1) One-time costs primarily
include costs incurred in connection with the spin-off of Organon,
inventory step up adjustments and legal reserves.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230808112874/en/
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