Organon & Co. · NYSE:OGN
Organon & — Q4 2025 Earnings Presentation
22 slides from Organon &'s earnings presentation, Feb 12, 2026
Slide 1: Fourth Quarter and Full Year 2025 Earnings
Organon Fourth Quarter and Full Year 2025 Earnings
Slide 2: Disclaimer statement
Disclaimer statement Cautionary Note Regarding Non-GAAP Financial Measures This presentation 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 calculat
Slide 3: Disclaimer statement, cont.
Disclaimer statement, cont. Cautionary Note Regarding Forward-Looking Statements Except for historical information, this presentation 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 no
Slide 4: Operational highlights
Operational highlights • Full year 2025 results ◦ Revenue of $6.2 billion ◦ Diluted EPS of $0.72; Adj. Diluted EPS of $3.66 ◦ Adjusted EBITDA of $1.9 billion, representing 30.7% Adjusted EBITDA margin • Expect to deliver full year 2026 results in-line with 2025 ◦ Approximately $6.2 billion in revenu
Slide 5: Women's Health
Women’s Health • For 2026, expect Nexplanon growth ex-U.S. to offset headwinds in U.S. • Divestiture of Jada® completed in January 2026 Act Ex-FX FY FY Act Ex-FX Revenues $ mil Q4-25 Q4-24 VPY VPY 2025 2024 VPY VPY Nexplanon® (contraception) 211 258 (18)% (20)% 921 963 (4)% (4)% Marvelon / Mercilon
Slide 6: General Medicines: Biosimilars
General Medicines: Biosimilars • Growth driven by Hadlima and launch of Tofidence and Bildyos / Bilprevda in the U.S. Act Ex-FX FY FY Act Ex-FX Revenues $ mil Q4-25 Q4-24 VPY VPY 2025 2024 VPY VPY Renflexis® 61 65 (5)% (5)% 251 274 (8)% (8)% Hadlima® 68 44 56% 56% 228 142 60% 61% Ontruzant® 19 34 (4
Slide 7: General Medicines: Established Brands
General Medicines: Established Brands • Growth in Emgality, Vtama partially offset LOE of Atozet and headwinds in respiratory portfolio Act Ex-FX FY FY Act Ex-FX Revenues $ mil Q4-25 Q4-24 VPY VPY 2025 2024 VPY VPY Cardiovascular 271 283 (4)% (6)% 1,135 1,323 (14)% (15)% Non-Opioid Pain, Bone & Derm
Slide 8: One-time gross-to-net adjustments exacerbated Q4 pricing headwind
One-time gross-to-net adjustments exacerbated Q4 pricing headwind (5)% as reported (8)% at constant $ mil currency ~ ~ (80) ~ ~ ~ ~ ~30 million related to one- time gross-to-net adjustments (1) (2) (3) (1) LOE = Loss of Exclusivity (2) VBP = Volume Based Procurement (3) “Other” includes manufacturin
Slide 9: Volume in Vtama, Emgality and Hadlima, offset by price and LOE headwinds
Volume in Vtama, Emgality and Hadlima, offset by price and LOE headwinds (3)% as reported (3)% at constant $ mil currency ~ ~ ~ ~ ~ ~ (1) (2) (3) (1) LOE = Loss of Exclusivity (2) VBP = Volume Based Procurement (3) “Other” includes manufacturing sales to third parties. Emgality is a trademark of Eli
Slide 10: Full year 2025: Op-ex cost containment offset gross margin pressure
Full year 2025: Op-ex cost containment offset gross margin pressure All numbers presented on non-GAAP basis Actual Actual Q4-25 Q4-24 FY 2025 FY 2024 except revenue and IPR&D (1) VPY VPY Revenue 1,507 1,592 (5)% 6,216 6,403 (3)% Cost of sales 653 627 4% 2,479 2,459 1% Adjusted Gross profit 854 965 (
Slide 11: Continued solid free cash flow generation
Continued solid free cash flow generation Full Year Full Year (USD millions) 2025 2024 Year-over-year improvement driven by: Adjusted EBITDA $ 1,907 $ 1,958 Less: Net cash interest expense (463) (486) • Lower interest rates, lower Less: Cash taxes (292) (293) debt balance Less: Change in net working
Slide 12: Net leverage ratio ~4.3x at December 31, 2025
Net leverage ratio ~4.3x at December 31, 2025 ~ ~ ~ ~ (2) (3) (1) Debt figures are net of discounts and unamortized fees of, $97 million and $81 million as of December 31, 2024 and December 31, 2025, respectively. (2) Principal pay-down includes repurchase and cancellation of $419 million of Organon
Slide 13: FY 2026 revenue drivers
FY 2026 revenue drivers ~(1.5%) at constant currency, $ mil ~flat as reported ~ ~ ~ ~ ~ ~ ~ (1) (2) (3) (1) LOE = Loss of Exclusivity (2) VBP = Value Based Procurement (3) “Other” includes manufacturing sales to third parties. 13
Slide 14: Full year 2026 guidance
Full year 2026 guidance Provided on a non-GAAP basis, except 2025 Full Year Actuals FY 2026 Guidance revenue Revenue $6.216B ~$6.2B Nominal revenue growth (3)% ~flat FX translation impact ~$35M ~75M Ex-FX revenue growth (3%) ~(1.5%) Adjusted gross margin 60.1% ~75-100 bps lower than 2025 SG&A 26.1%
Slide 15: Q&A
Q&A “iis ORGANON”
Slide 16: Appendix
Appendix O “i ORGANON’
Slide 17: Franchise performance
Franchise performance Q4 Q4 Actual Ex-FX FY FY Actual Ex-FX $ millions 2025 2024 VPY VPY 2025 2024 VPY VPY Women’s Health 398 466 (15)% (16)% 1,752 1,777 (1)% (2)% General Medicines: Biosimilars(1) 181 163 11% 11% 691 662 4% 5% General Medicines: Established Brands(1) 913 935 (2)% (5)% 3,691 3,849 (
Slide 18: Geographic revenue performance
Geographic revenue performance Actual Ex-FX FY FY Actual Ex-FX $ mil Q4-25 Q4-24 VPY VPY 2025 2024 VPY VPY Europe and Canada 405 420 (3)% (9)% 1,618 1,763 (8)% (10)% United States 372 416 (11)% (11)% 1,604 1,572 2% 2% Latin America, Middle East, Russia and 262 266 (2)% (7)% 1,072 1,034 4% 4% Africa
Slide 19: Reconciliation of GAAP Reported to Non-GAAP Adjusted Metrics
Reconciliation of GAAP Reported to Non-GAAP Adjusted Metrics ($ in millions) Q4 2025 Q4 2024 FY 2025 FY 2024 GAAP Gross Profit $ 741 $ 896 $ 3,313 $ 3,715 Adjusted for: Spin-related costs (1) — — — 6 Manufacturing network costs (2) 41 15 142 54 Stock-based compensation 2 4 14 17 Amortization 50 43 2
Slide 20: Reconciliation of GAAP Reported to Non-GAAP Adjusted Metrics
Reconciliation of GAAP Reported to Non-GAAP Adjusted Metrics ($ in millions, except per share amounts) Q4 2025 Q4 2024 FY 2025 FY 2024 GAAP Research and development expenses $ 91 $ 130 $ 366 $ 469 Adjusted for: Spin-related costs (1) — (6) — (11) Manufacturing network costs (2) (3) — (11) — Stock-ba
Slide 21: GAAP Net (Loss) Income to Adjusted EBITDA
GAAP Net (Loss) Income to Adjusted EBITDA Unaudited, $ in millions Q4 2025 Q4 2024 FY 2025 FY 2024 GAAP Reported Net (Loss) Income $ (205) $ 109 $ 187 $ 864 Depreciation (1) 39 33 141 126 Amortization 50 43 205 145 Interest expense 121 132 504 520 Income tax expense (benefit) 57 20 238 (57) EBITDA (
Slide 22: Broad and diverse portfolio
Broad and diverse portfolio General Medicines: General Medicines: Women’s Health Biosimilars Established Brands TM TM Number of products 13 7 51 22 Emgality is a trademark of Eli Lilly and Company (used under license).