Miljan Živković/iStock via Getty Images Investment Overview Organon ( OGN ), the New Jersey-headquartered global healthcare company, reported its Q4 and full-year 2025 earnings earlier today, and somewhat predictably, results appear to have disappointed the market. The stock is down >10% at the time of writing, priced at $6.8, and the market cap stands at ~$1.78bn. First, let's consider the below ...
Miljan Živković/iStock via Getty Images Investment Overview Organon ( OGN ), the New Jersey-headquartered global healthcare company, reported its Q4 and full-year 2025 earnings earlier today, and somewhat predictably, results appear to have disappointed the market. The stock is down >10% at the time of writing, priced at $6.8, and the market cap stands at ~$1.78bn. First, let's consider the below overview of Organon's business, as shared in today's earnings press release : With a portfolio of over 70 products across Women’s Health and General Medicines, which includes biosimilars, Organon focuses on addressing health needs that uniquely, disproportionately or differently affect women, while expanding access to essential treatments in over 140 markets. Now, let's consider the company's earnings overview shared in the same release: Full year 2025 revenue of $6.2 billion, down 3% on both an as-reported basis and at constant currency Full year 2025 diluted earnings per share of $0.72 and non-GAAP Adjusted diluted earnings per share of $3.66 Full year 2025 Adjusted EBITDA of $1.91 billion inclusive of $6 million of IPR&D, representing a 30.7% Adjusted EBITDA margin The company expects to deliver approximately $6.2 billion of revenue and approximately $1.9 billion of Adjusted EBITDA for the full year 2026, both measures in-line with full year 2025 performance. In Q4, revenues fell by ~5% year-on-year, to $1.51bn. Women's Health revenues fell by 15%, to $398m, and established brands revenues fell by 2%, to $913m, while biosimilars revenues increased by 11%, to $181m. Net loss amounted to $205m in Q4, or $0.79 per share, although on an adjusted basis a profit of $165m was reported, or $0.63 per share. Across the full year, Women's Health revenues fell by 1%, to $1.75bn, established brands revenues fell by 4%, to $3.7bn, and biosimilars revenues grew by 4%, to $691m. Net income of $187m, or $0.72 per share, was down by 78%, while adjusted net income of $954m, or $3.66 per sh...