- Third quarter 2023 revenue of $1,519 million
- Third quarter 2023 diluted earnings per share of $0.23 and
non-GAAP Adjusted diluted earnings per share of $0.87
- Adjusted EBITDA of $447 million
- Board of Directors declares quarterly dividend of $0.28 per
share
- Full year 2023 financial guidance ranges updated:
- Revenue range narrowed and lowered to $6.15 billion to $6.25
billion
- Adjusted EBITDA margin range narrowed and lowered to 30.5% to
31.5%
Organon (NYSE: OGN) today announced its results for the third
quarter ended September 30, 2023.
"Since spin, we have given new life to Established Brands and
have expanded our pipeline in both Biosimilars and Women's Health,"
said Kevin Ali, Organon's CEO. "Year to date, all three of our
franchises have delivered growth on a constant currency basis. Over
the medium term, we expect to deliver mid-single digit revenue
growth with the power of our existing portfolio. As we move into
2024, we will be working to reduce leverage and continue to add
products that could enhance that growth profile."
Third Quarter 2023
Revenue
in $ millions
Q3 2023
Q3 2022
VPY
VPY ex-FX
Women’s Health
$
418
$
454
(8
)%
(7
)%
Biosimilars
142
129
10
%
10
%
Established Brands
935
915
2
%
3
%
Other (1)
24
39
(36
)%
(38
)%
Revenues
$
1,519
$
1,537
(1
)%
(1
)%
(1) Other includes manufacturing sales to
Merck & Co., Inc., Rahway, NJ, USA and other third parties.
For the third quarter of 2023, total revenue was $1,519 million,
a decrease of 1% on an as-reported basis as well as excluding
impact of foreign currency (ex-FX), compared with the third quarter
of 2022.
Women’s Health revenue decreased 8% on an as-reported basis, and
decreased 7% ex-FX in the third quarter of 2023 compared with the
third quarter of 2022 driven primarily by a 23% ex-FX decrease of
NuvaRing® (etonogestrel/ethinyl estradiol vaginal ring) which
continues to be impacted by generic competition. Together, the
company's fertility products declined 10% ex-FX in the third
quarter as unfavorable discount rates in the United States offset
growth in demand. Nexplanon® (etonogestrel implant) decreased 3%
ex-FX due unfavorable discount rates and a change in the
go-to-market model for the product. These factors were partially
offset by revenue from the Jada® system, which more than doubled
year over year.
Biosimilars revenue increased 10% on an as-reported basis as
well as ex-FX in the third quarter of 2023, compared with the third
quarter of 2022. Renflexis® (infliximab-abda) grew 15% ex-FX in the
third quarter due to continued demand and strong volume growth in
United States and Canada. Ontruzant® (trastuzumab-dttb) grew 34%
ex-FX in the third quarter compared to the prior year period driven
by the phasing of a tender in Brazil.
Established Brands revenue increased 2% as-reported and
increased 3% ex-FX in the third quarter of 2023, despite the impact
of Volume Based Procurement (VBP) initiatives in China. Growth in
the quarter was driven by Atozet™ (ezetimibe and atorvastatin
calcium), particularly in France, strong demand for Nasonex®
(mometasone) and favorable pricing for Dulera® (formoterol/fumarate
dihydrate) in the United States. Year to date, the Established
Brands franchise grew 1% ex-FX. The company expects the Established
Brands franchise to achieve flat to slightly better revenue growth
on a constant currency basis for the full year 2023.
Third Quarter 2023
Profitability
in $ millions, except per share
amounts
Q3 2023
Q3 2022
VPY
Revenues
$
1,519
$
1,537
(1
)%
Cost of sales
612
551
11
%
Gross profit
907
986
(8
)%
Non-GAAP Adjusted gross profit (1)
951
1,032
(8
)%
Adjusted EBITDA (1,2)
447
546
(18
)%
Net income
58
227
(74
)%
Non-GAAP Adjusted net income (1)
223
337
(34
)%
Diluted Earnings per Share (EPS)
0.23
0.89
(74
)%
Non-GAAP Adjusted diluted EPS (1)
0.87
1.32
(34
)%
Acquired in-process research &
development (IPR&D) and milestones
—
10
NM
Per share impact to diluted EPS from
acquired IPR&D and milestones
—
(0.04
)
NM
Q3 2023
Q3 2022
Gross margin
59.7
%
64.2
%
Non-GAAP Adjusted gross margin (1)
62.6
%
67.1
%
Adjusted EBITDA margin (1, 2)
29.4
%
35.5
%
(1)
See Tables 4 and 5 for reconciliations of
GAAP to non-GAAP financial measures
(2)
Adjusted EBITDA and Adjusted EBITDA margin
include $10 million in the third quarter of 2022 related to
acquired IPR&D and milestones, no such expense was incurred in
the third quarter of 2023
Gross margin was 59.7% as-reported and 62.6% on an adjusted
basis in the third quarter of 2023 compared with 64.2% as-reported
and 67.1% on an adjusted basis in the third quarter of 2022. The
year-over-year decline in gross margin is primarily due to foreign
exchange translation and inflationary manufacturing and
distribution costs. Product mix and pricing erosion were also
factors, but to a lesser extent.
EBITDA margin was 29.4% in the third quarter of 2023 compared
with 35.5% in the third quarter of 2022 primarily due to lower
Adjusted gross profit and to a lesser extent an increase in
non-GAAP SG&A expense and loss on foreign exchange
translation.
Net income for the third quarter of 2023 was $58 million, or
$0.23 per diluted share, compared with $227 million, or $0.89 per
diluted share, in the third quarter of 2022. Non-GAAP Adjusted net
income was $223 million, or $0.87 per diluted share, compared with
$337 million, or $1.32 per diluted share, in 2022. The year over
year decrease in net income was a result of a lower Adjusted
EBITDA, as well as higher interest expense.
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 December 14,
2023, to stockholders of record at the close of business on
November 13, 2023.
As of September 30, 2023, cash and cash equivalents were $414
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 August 8, 2023. The range for full year 2023
revenue is narrowed and lowered to $6.15 billion to $6.25 billion,
which primarily reflects current foreign currency exchange rates,
changes to the go-to-market model for Nexplanon, a slower uptake of
Hadlima™ (adalimumab-bwwd) and macroeconomic factors in China.
The range for full year Adjusted EBITDA margin is now 30.5% to
31.5% to reflect a lower gross margin stemming from the impacts of
foreign exchange on revenue, unfavorable product mix, and the
timing of manufacturing costs. 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 August
8, 2023
Current guidance
Revenues
$6.250B-$6.450B
$6.150B-$6.250B
Adjusted gross margin
Low-mid 60% range
Low 60% range
SG&A (as % of revenue)
Mid 20% range
Unchanged
R&D (as % of revenue)
Upper single-digit
Unchanged
Adjusted EBITDA margin
31.5%-33.0%
30.5%-31.5%
Interest
~$525 million
Unchanged
Depreciation
~$120 million
Unchanged
Effective non-GAAP tax rate
17.5%-19.5%
Unchanged
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 third 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/VfCOQYEG
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, X (formerly known as 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, including full-year 2023 guidance estimates and
predictions regarding other financial information and metrics,
franchise and product performance and strategy expectations for the
remainder of 2023 and for future periods, expectations regarding
the impact of VBP and developments in China. Forward-looking
statements may be identified by words such as "foresees" “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; an inability to adapt to the industry-wide trend
toward highly discounted channels; 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 and subsequent SEC filings, 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 September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Revenues
$
1,519
$
1,537
$
4,665
$
4,689
Costs, Expenses and Other
Cost of sales
612
551
1,832
1,700
Selling, general and administrative
538
440
1,424
1,234
Research and development
137
127
394
329
Acquired in-process research and
development and milestones
—
10
8
107
Restructuring costs
—
11
4
11
Interest expense
134
108
398
303
Exchange losses (gains)
14
4
25
(21
)
Other expense, net
4
4
11
15
1,439
1,255
4,096
3,678
Income Before Income Taxes
80
282
569
1,011
Taxes on income
22
55
92
202
Net Income
58
227
477
809
Earnings per Share:
Basic
$
0.23
$
0.89
$
1.87
$
3.19
Diluted
$
0.23
$
0.89
$
1.86
$
3.17
Weighted Average Shares Outstanding:
Basic
255,588
254,348
255,112
253,986
Diluted
256,349
255,067
256,162
255,094
TABLE 2
Organon & Co.
Sales by top products
(Unaudited, $ in millions)
Three Months Ended September
30,
Nine Months Ended September
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
$
146
$
74
$
220
$
151
$
78
$
229
$
418
$
181
$
599
$
401
$
194
$
595
Follistim AQ
22
32
54
27
33
60
74
105
179
79
100
179
NuvaRing
18
20
37
27
23
50
50
67
117
65
68
133
Ganirelix Acetate Injection
4
21
25
6
30
36
15
74
88
20
77
97
Marvelon/Mercilon
—
30
30
—
31
31
—
97
97
—
85
85
Jada
12
—
13
5
—
5
30
—
31
12
—
12
Other Women's Health (1)
16
22
39
19
23
42
52
74
126
68
70
138
Biosimilars
Renflexis
57
12
69
54
7
60
172
29
201
145
20
166
Ontruzant
11
28
40
15
14
29
36
57
93
35
52
87
Brenzys
—
13
13
—
24
24
—
45
45
—
52
52
Aybintio
—
12
12
—
10
10
—
34
34
—
29
29
Hadlima
2
6
8
—
6
6
2
18
20
—
14
14
Established Brands
Cardiovascular
Zetia
2
65
66
2
85
87
5
234
239
7
280
287
Vytorin
2
31
33
1
30
31
5
95
100
6
98
104
Atozet
—
126
126
—
109
109
—
397
397
—
350
350
Rosuzet
—
17
17
—
17
17
—
52
52
—
55
55
Cozaar/Hyzaar
3
65
68
2
68
70
8
217
225
11
244
256
Other Cardiovascular (1)
1
42
44
1
34
35
2
124
126
3
117
120
Respiratory
Singulair
3
88
91
3
92
94
8
282
290
8
308
316
Nasonex
—
54
55
—
49
49
—
187
188
9
173
182
Dulera
40
9
49
31
9
40
116
28
144
98
30
127
Clarinex
2
26
28
—
25
26
4
103
107
3
96
99
Other Respiratory (1)
17
9
25
11
10
21
42
20
61
34
32
66
Non-Opioid Pain, Bone and
Arcoxia
—
64
64
—
64
64
—
207
207
—
185
185
Fosamax
1
40
41
1
35
36
2
121
123
2
115
117
Diprospan
—
31
31
—
28
28
—
58
58
—
91
91
Other Non-Opioid Pain, Bone and
Dermatology (1)
4
70
74
2
63
65
11
196
207
10
200
210
Other
Proscar
—
25
25
—
26
27
1
76
77
1
76
77
Propecia
2
21
22
2
28
30
5
86
92
5
90
95
Other (1)
5
72
76
6
81
87
10
231
240
21
230
251
Other (2)
—
24
24
—
39
39
(1
)
103
102
—
115
116
Revenues
$
370
$
1,149
$
1,519
$
366
$
1,171
$
1,537
$
1,067
$
3,598
$
4,665
$
1,043
$
3,646
$
4,689
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 and
Jada 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
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Europe and Canada
$
392
$
363
$
1,259
$
1,243
United States
370
366
1,067
1,043
Asia Pacific and Japan
284
283
869
888
China
202
241
661
721
Latin America, Middle East, Russia, and
Africa
239
236
687
665
Other (1)
32
48
122
129
Revenues
$
1,519
$
1,537
$
4,665
$
4,689
(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 September 30,
2023
GAAP
Spin related Costs(1)
Restructuring
Stock-based Compensation
Amortization
Other(1)
Non-GAAP Adjusted
Revenues
$
1,519
$
1,519
Cost of sales
612
(10
)
—
(5
)
(29
)
—
568
Gross profit
907
951
Gross margin
59.7
%
62.6
%
Selling, general and administrative
538
(41
)
—
(18
)
—
(87
)
392
Research and development
137
(4
)
—
(4
)
—
—
129
Acquired in-process research and
development and milestones
—
—
—
—
—
—
—
Restructuring costs
—
—
—
—
—
—
—
Interest expense
134
—
—
—
—
—
134
Exchange losses
14
—
—
—
—
—
14
Other expense (income), net
4
(3
)
—
—
—
—
1
1,439
1,238
Income before income taxes
80
281
Taxes on income
22
16
—
4
5
11
58
Net income
$
58
$
223
Earnings per share - Diluted
$
0.23
$
0.87
(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, impairment charges and legal reserves.
Three Months Ended September 30,
2022
GAAP
Spin related Costs(1)
Restructuring
Stock-based Compensation
Amortization
Other(1)
Non-GAAP Adjusted
Revenues
$
1,537
$
1,537
Cost of sales
551
(8
)
—
(3
)
(32
)
(3
)
505
Gross profit
986
1,032
Gross margin
64.2
%
67.1
%
Selling, general and administrative
440
(33
)
—
(12
)
—
(17
)
378
Research and development
127
(2
)
—
(3
)
—
(1
)
121
Acquired in-process research and
development and
10
—
—
—
—
—
10
Restructuring costs
11
—
(11
)
—
—
—
—
Interest expense
108
—
—
—
—
—
108
Exchange gains
4
—
—
—
—
—
4
Other expense (income), net
4
(6
)
—
—
—
—
(2
)
1,255
1,124
Income before income taxes
282
413
Taxes on income
55
10
2
2
6
1
76
Net income
$
227
$
337
Earnings per share - Diluted
$
0.89
$
1.32
(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, impairment charges and legal reserves.
TABLE 4 (Continued)
Reconciliation of GAAP
Reported to Non-GAAP Adjusted Information
(Unaudited, $ in millions except
per share amounts)
Nine Months Ended September 30,
2023
GAAP
Spin related Costs(1)
Restructuring
Stock-based Compensation
Amortization
Other(1)
Non-GAAP Adjusted
Revenues
$
4,665
$
4,665
Cost of sales
1,832
(30
)
—
(13
)
(88
)
(2
)
1,699
Gross profit
2,833
2,966
Gross margin
60.7
%
63.6
%
Selling, general and administrative
1,424
(131
)
—
(50
)
—
(88
)
1,155
Research and development
394
(10
)
—
(11
)
—
—
373
Acquired in-process research and
development and milestones
8
—
—
—
—
—
8
Restructuring costs
4
—
(4
)
—
—
—
—
Interest expense
398
—
—
—
—
—
398
Exchange losses
25
—
—
—
—
—
25
Other expense (income), net
11
(13
)
—
—
—
—
(2
)
4,096
3,656
Income before income taxes
569
1,009
Taxes on income
92
42
1
12
16
11
174
Net income
$
477
$
835
Earnings per share - Diluted
$
1.86
$
3.26
(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, impairment charges and legal reserves.
Nine Months Ended September 30,
2022
GAAP
Spin related Costs(1)
Restructuring
Stock-based Compensation
Amortization
Other(1)
Non-GAAP Adjusted
Revenues
$
4,689
$
4,689
Cost of sales
1,700
(18
)
—
(9
)
(88
)
(17
)
1,568
Gross profit
2,989
3,121
Gross margin
63.7
%
66.6
%
Selling, general and administrative
1,234
(86
)
—
(35
)
—
(17
)
1,096
Research and development
329
(8
)
—
(8
)
—
(2
)
311
Acquired in-process research and
development and
107
—
—
—
—
—
107
Restructuring costs
11
—
(11
)
—
—
—
—
Interest expense
303
—
—
—
—
—
303
Exchange gains
(21
)
—
—
—
—
—
(21
)
Other expense (income), net
15
(20
)
—
—
—
—
(5
)
3,678
3,359
Income before income taxes
1,011
1,330
Taxes on income
202
24
2
7
15
4
254
Net income
$
809
$
1,076
Earnings per share - Diluted
$
3.17
$
4.22
(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, impairment charges and legal reserves.
TABLE 5
Organon & Co.
Reconciliation of GAAP Income
Before Income Taxes to Adjusted EBITDA
(Unaudited, $ in millions)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Income before income taxes
$
80
$
282
$
569
$
1,011
Depreciation
32
25
88
72
Amortization
29
32
88
88
Interest expense
134
108
398
303
EBITDA
$
275
$
447
$
1,143
$
1,474
Restructuring costs
—
11
4
11
One-time costs (1)
145
70
274
168
Stock-based compensation
27
18
74
52
Adjusted EBITDA
$
447
$
546
$
1,495
$
1,705
Adjusted EBITDA margin
29.4
%
35.5
%
32.0
%
36.4
%
(1) One-time costs primarily include costs
incurred in connection with the spin-off of Organon, inventory step
up adjustments, impairment charges and legal reserves.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231102429565/en/
Media Contacts: Karissa Peer (614) 314-8094
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