Organon & Co. · NYSE:OGN
Organon & — Q3 2025 Earnings Presentation
22 slides from Organon &'s earnings presentation, Nov 10, 2025
Slide 1: Third Quarter 2025 Earnings
Organon Third Quarter 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: Third quarter 2025 highlights
Third quarter 2025 highlights • Revenue of $1.6 billion • Diluted EPS of $0.61; Adj. Diluted EPS of $1.01 • Adj. EBITDA of $518 million, representing 32.3% Adjusted EBITDA margin • Full-year revenue range revised to $6.200B - $6.250B; Adjusted EBITDA margin guidance revised to ~31.0% See Slides 18-2
Slide 5: Revenue pull-forward analysis
Revenue pull-forward analysis Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Implied Q4 2025 Total Revenue $1,582 $1,592 $1,513 $1,594 $1,602 $1,490 -$1,540 (in mil) Estimated pull- ~5 ~15 ~17 ~15 ~17 0 forward (1) ~(5) ~(15) ~(17) ~(15) ~(17) Estimated net pull-forward ~5 ~10 ~2 ~(2) ~2 ~ (17) Estimated p
Slide 6: Women's Health
Women’s Health • Year-to-date franchise growth of 3% despite U.S. policy initiatives affecting Nexplanon Act Ex-FX 2025 2024 Act Ex-FX Revenues $ mil Q3-25 Q3-24 VPY VPY YTD YTD VPY VPY Nexplanon ® (contraception) 223 243 (8)% (9)% 711 704 1% 1% Marvelon / Mercilon (contraception) 31 29 5% 4% 103 10
Slide 7: General Medicines: Biosimilars
General Medicines: Biosimilars • Hadlima growth driving better than expected YTD performance • Recent launch of Bildyos / Bilprevda Act Ex-FX 2025 2024 Act Ex-FX Revenues $ mil Q3-25 Q3-24 VPY VPY YTD YTD VPY VPY Renflexis ® 70 72 (2)% (1)% 190 210 (9)% (9)% Hadlima ® 63 40 57% 57% 159 98 62% 63% On
Slide 8: General Medicines: Established Brands
General Medicines: Established Brands • Vtama, Emgality partially offsetting Atozet LOE and underperformance of Respiratory portfolio Act Ex-FX 2025 2024 Act Ex-FX Revenues $ mil Q3-25 Q3-24 VPY VPY YTD YTD VPY VPY Cardiovascular 307 331 (7)% (10)% 864 1,039 (17)% (17)% Respiratory 184 237 (22)% (24
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 1% as reported $ mil (1)% at constant 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 L
Slide 10: Strong YTD Adj. EBITDA margin; SG&A ramps in Q4
Strong YTD Adj. EBITDA margin; SG&A ramps in Q4 All numbers presented on non-GAAP basis Actual Actual Q3-25 Q3-24 2025 YTD 2024 YTD except revenue and IPR&D (1) VPY VPY Revenue 1,602 1,582 1% 4,709 4,811 (2)% Cost of sales 636 606 5% 1,826 1,832 —% Adjusted Gross profit 966 976 (1)% 2,883 2,979 (3)%
Slide 11: Expect more than $900M FY FCF before one-time costs
Expect more than $900M FY FCF before one-time costs YTD Sept. YTD Sept. Year-over-year improvement (USD millions) 2025 2024 driven by: Adjusted EBITDA $ 1,524 $ 1,510 • Lower interest rates Less: Net cash interest expense (276) (292) Less: Cash taxes (194) (152) • Active working capital Less: Change
Slide 12: Net leverage ratio ~4.2x at September 30, 2025
Net leverage ratio ~4.2x at September 30, 2025 ~ ~ ~ ~ ~ (2) (3) (1) Debt figures are net of discounts and unamortized fees of, $97 million and $86 million as of December 31, 2024 and September 30, 2025, respectively. (2) Principal pay-down includes repurchase and cancellation of $242 million of Org
Slide 13: Full-year 2025 guidance
Full-year 2025 guidance Provided on a non-GAAP basis, except Prior Guidance as of Current Guidance revenue August 5, 2025 Revenue $6.275B - $6.375B $6.200B - $6.250B Nominal revenue growth (2.0%) - (0.4%) (3.2%) - (2.4%) FX translation impact ~$50M headwind ~ $35M - $45M tailwind Ex-FX revenue growt
Slide 14: Q&A
Q&A “ii ORGANON”
Slide 15: Appendix
Appendix O “i ORGANON’
Slide 16: Volume
Volume (3.2%) to (2.4%), reported (3.7%) to (3.1%) at constant currency $ mil $6,200 - $6,250 ~ ~ ~ ~ ~ ~ ~50-70 bps tailwind (1) (2) (3) (1) LOE = Loss of Exclusivity (2) VBP = Value Based Procurement (3) “Other” includes manufacturing sales to third parties. 16
Slide 17: Franchise performance
Franchise performance Q3 Q3 Actual Ex-FX YTD YTD Actual Ex-FX $ millions 2025 2024 VPY VPY 2025 2024 VPY VPY Women’s Health 429 440 (3)% (4)% 1,354 1,312 3% 3% General Medicines: Biosimilars(1) 196 165 19% 19% 510 499 2% 3% General Medicines: Established Brands(1) 956 951 1% (3)% 2,778 2,915 (5)% (5
Slide 18: GAAP Gross Profit Adjusted for: Spin-related costs
Reconciliation of GAAP Reported to Non-GAAP Adjusted Metrics ($ in millions) Q3 2025 Q3 2024 2025 YTD 2024 YTD GAAP Gross Profit $ 857 $ 923 $ 2,572 $ 2,819 Adjusted for: Spin-related costs (1) — — — 6 Manufacturing network costs (2) 39 14 101 39 Stock-based compensation 4 4 12 13 Amortization 52 35
Slide 19: Reconciliation of GAAP Reported to Non-GAAP Adjusted Metrics
Reconciliation of GAAP Reported to Non-GAAP Adjusted Metrics ($ in millions, except per share amounts) Q3 2025 Q3 2024 2025 YTD 2024 YTD GAAP Research and development expenses $ 84 $ 111 $ 275 $ 339 Adjusted for: Spin-related costs (1) — (2) — (5) Manufacturing network costs (2) (2) — (8) — Stock-ba
Slide 20: GAAP Net Income to Adjusted EBITDA
GAAP Net Income to Adjusted EBITDA Unaudited, $ in millions Q3 2025 Q3 2024 2025 YTD 2024 YTD GAAP Reported Net Income $ 160 $ 359 $ 392 $ 755 Depreciation (1) 37 32 102 93 Amortization 52 35 155 102 Interest expense 128 126 383 388 Income tax expense (benefit) 83 (152) 181 (77) EBITDA (Non-GAAP) $
Slide 21: Geographic revenue performance
Geographic revenue performance Actual Ex-FX 2025 2024 Actual Ex-FX $ mil Q3-25 Q3-24 VPY VPY YTD YTD VPY VPY United States 406 398 2% 2% 1,232 1,156 7% 7% Europe and Canada 417 436 (4)% (10)% 1,212 1,343 (10)% (11)% Asia Pacific and Japan 251 260 (3)% (5)% 752 806 (7)% (7)% Latin America, Middle Eas
Slide 22: Broad and diverse portfolio
Broad and diverse portfolio Women’s Health Biosimilars Established Brands TM TM Number of products 13 7 57 22 Emgality is a trademark of Eli Lilly and Company (used under license).