Organon & Co. (OGN) Earnings
Organon & Co. is expected to report next earnings on August 4, 2026 (in NaN days), with a consensus EPS estimate of $0.87. OGN has beaten EPS estimates in 5 of its last 12 reported quarters (average surprise -3.9% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $0.83 | $0.71 | -14.5% | $1.5B | -1.9% |
| Feb 12, 2026 | $0.73 | $0.63 | -13.7% | $1.5B | +0.5% |
| May 1, 2025 | $0.89 | $1.02 | +14.6% | $1.5B | -1.5% |
| Feb 13, 2025 | $0.92 | $0.90 | -2.2% | $1.6B | -0.0% |
| Oct 31, 2024 | $0.90 | $0.87 | -3.3% | $1.6B | +1.2% |
| May 2, 2024 | $0.97 | $1.22 | +25.8% | $1.6B | +3.5% |
| Feb 15, 2024 | $0.80 | $0.88 | +10.0% | $1.6B | +3.3% |
| Nov 2, 2023 | $1.04 | $0.87 | -16.3% | $1.5B | -3.9% |
| May 4, 2023 | $1.18 | $1.08 | -8.5% | $1.5B | -2.4% |
| Feb 16, 2023 | $0.85 | $0.81 | -4.7% | $1.5B | -2.5% |
| Nov 3, 2022 | $1.12 | $1.32 | +17.9% | $1.5B | +1.5% |
| Aug 4, 2022 | $1.16 | $1.25 | +7.8% | $1.6B | +3.4% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q4 FY2025 · February 12, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Lowered dividend payout ratio in 2025 to apply funds to debt reduction. Divested Jada system for ~$390 million net proceeds to reduce net debt. Achieved over $200 million in cost savings in 2025, offsetting investments in growth drivers. Discontinued early-stage clinical programs and limited spend to support existing products. Expect revenue and adjusted EBITDA in 2026 to be in line with 2025, with revenue flat on constant currency pro forma Jada divestiture and adjusted EBITDA of ~$1.9 billion.
Guidance
- Expect revenue of about $6.2 billion and adjusted EBITDA of about $1.9 billion in 2026. Revenue expected to be flat on constant currency pro forma Jada divestiture with FX tailwind offsetting Jada revenue loss. Adjusted gross margin expected to be 75-100 basis points lower in 2026 due to higher COGS from foreign exchange translation on inventory. SG&A as % of sales in mid-20% area, R&D spend in mid-single-digit area. Interest expense estimated at ~$500 million in 2026. Q1 margin likely to be lowest of the year.
Segment performance
### Women's Health - Fourth quarter: Down 16% ex FX; full year: Down 2%. Nexplanon sales decreased 20% ex FX in Q4 2025 and 4% full year, impacted by U.S. policy, channel changes, and transition to 5-year label. Fertility business declined 6% ex FX in Q4 2025, grew 8% ex FX full year 2025, but faces competitive headwinds in 2026. ### Biosimilars - Driven by Hadlima growing 61% ex FX globally full year 2025. New denosumab biosimilars launched, Tofidence acquired. Expected flat to modest growth in 2026 with Hadlima and new assets offsetting declines in mature assets. ### Established Brands - Revenue declined 5% ex FX in Q4 2025 and full year 2025, impacted by loss of exclusivity of Atozet and montelukast guideline changes. Expected to return to flat performance in 2026 with contributions from Vtama and Emgality. ### Jada System - Delivered $74 million in 2025, divested in January 2026, representing a 120 basis point headwind to consolidated revenue in 2026
Risks & headwinds
- Channel behavior issues with Nexplanon, including U.S. policy-related access restrictions, channel changes, and transition to 5-year label. Competitive environment in fertility in 2026. Impact of loss of exclusivity and pricing headwinds. Uncertainties in legal proceedings, tax impacts, and GAAP vs non-GAAP financial measure uncertainties.
Analyst Q&A
Q: How can we know a comprehensive review has been taken given previous limited scope investigations?
A: Carrie Cox stated they can't provide additional color at this point regarding the specific issue.
Q: What's the status of the FDA's draft guidance on biosimilars and its impact?
A: Joseph Morrissey said it would be more incremental, with Organon's strategy of picking right partners and growing Hadlima and denosumab biosimilars.
Q: How is the Nexplanon contribution to 2026 guidance and what about the 5-year label launch?
A: Matthew Walsh said Nexplanon contribution to 2026 guidance is roughly flat with 2025, with ex U.S. growth offsetting U.S. headwinds, and the 5-year label beneficial long-term.
Q: How is the $275 million cost savings absorbed and about Nexplanon's REMS program?
A: Matthew Walsh said some savings redirected to revenue growth, and Juan Camilo Ferreira said confident in recertifying prescribers with the REMS program's window.
Q: Thoughts on operating costs/margins over time and Nexplanon headwind duration?
A: Matthew Walsh said need to continue streamlining OpEx, and the 5-year label headwind is most pronounced in 2026, likely lower in 2027.
Q: Update on permanent CEO search and denosumab biosimilar go-to-market?
A: Carrie Cox said no public update on CEO search; Matthew Walsh said denosumab biosimilar peak revenues expected to be ~$100 million over 5 years.