ORGANON & CO

ogn
drug research
Author

Kevin Bird

Published

March 9, 2025

I have done a bit of research on Organon over the weekend and have found the following:

  1. Organon has three segments that they break the company into: Women’s Health, Biosimilar’s, and Established Brands.
    • Check out the Organon Brand Summary below for more information about these segments
    • Established Brands is the main money-maker
    • Biosimilars is the fastest growing segment
    • Women’s Health segment has respectable growth and is currently about half the size of established brands.
  2. Organon seems really good at selling drugs worldwide. That seems to be an area that they have success in. 75% of OGN’s revenue was recorded outside of the US
  3. Organon is the only biotech company so far that I have found that doesn’t have their pipeline easily findable on their homepage.
    • When I looked for their pipeline, I kept getting referred to the Our Focus page. This makes me think that they just didn’t actually do any of their own research, but I have found a few trials that seem to be from Organon’s pipeline so they must do some of their own research.
  4. I expect to continue to see Organon acquire new drugs and sales deals where they take over the distribution for other companies especially internationally
  5. While Organon’s Biosimilar segment doesn’t seem directly aligned with the vision of “A better and healthier ever day for every woman”, it will be a helpful tool to keep Organon profitable if the Established Brands segment starts to become less profitable.

OGN is currently struggling in the stock market, but it seems like a very stable company that has a lot of potential to keep delivering value to shareholders. OGN has $8.8b in debt which seems like a pretty high amount. If OGN deals with their current debt, it would give them a great position to build on top of. It seems like currently, if they have one bad year, they will have to sell something from their books.

Organon Brand Summary (2024)

1. Women’s Health

  • Total Revenue: $1.8 billion (28% of total revenue)
  • International Sales: $846 million (48% of segment revenue)
  • Main Markets:
    • U.S., China, Canada, Australia, Brazil, Mexico, European Union (EU), South America, Asia, Africa
  • Key Areas:
    • Contraception: Nexplanon, NuvaRing, Cerazette, Marvelon, Mercilon
    • Fertility: Follistim AQ (Puregon), Elonva, Ganirelix Acetate (Orgalutran)
    • Postpartum Hemorrhage: Jada
    • Bacterial Vaginosis: Xaciato

2. Biosimilars

  • Total Revenue: $662 million (10% of total revenue)
  • International Sales: $310 million (47% of segment revenue)
  • Main Markets:
    • U.S., Canada, EU, Australia, Brazil, Middle East
  • Key Areas:
    • Immunology Biosimilars:
      • Hadlima (Humira biosimilar) – Launched in U.S. (2023), pending interchangeability approval
      • Brenzys (Enbrel biosimilar) – Sold outside U.S. in Australia, Canada, Brazil, etc.
      • Renflexis (Remicade biosimilar) – U.S. and global markets
    • Oncology Biosimilars:
      • Ontruzant (Herceptin biosimilar) – U.S., Canada, EU, Australia
      • Aybintio (Avastin biosimilar) – EU, Canada

3. Established Brands

  • Total Revenue: $3.8 billion (majority international)
  • International Sales: $3.6 billion (92% of segment revenue)
  • Main Markets:
    • Primarily outside the U.S.: China, EU, Latin America, Middle East, Asia
  • Key Areas:
    • Cardiovascular: Zetia (Ezetrol), Vytorin (Inegy), Atozet, Rosuzet, Cozaar, Hyzaar
    • Respiratory: Singulair, Dulera (Zenhale), Asmanex, Nasonex, Clarinex (Aerius)
    • Dermatology & Bone Health: Vtama, Diprosone, Elocon, Fosamax
    • Non-Opioid Pain Management: Arcoxia, Diprospan, Celestone
    • Other Established Brands: Emgality (migraine), Proscar (BPH), Propecia (hair loss)