OGN NYSE Russell 1000 Earnings call
Organon & Co. (OGN) · Q4 2025 results and valuation
Share price: $13.89 · 2026-11-11
Results Q4 2025 vs Q3 2025 · previous quarter · published 12 Feb 2026 and 10 Nov 2025
Net income turned to a loss from a profit last quarter. Management sounded cautious, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
Turned loss
Net income vs Q3 2025
Outlook given
Net income -205.0M vs 160.0M
Revenue −5.9%
2 · How management spoke
Cautious
Among the least upbeat of all company calls
Answers to analysts: restrained, in line with the script.
Similar to last call.
3 · What stood out
Guidance
The company expects manufacturing separation activities to cost approximately $100 million in 2026.
Valuation
Is Organon & Co. undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
The projected cash flow doesn't cover the debt, so the price is far above the model's fair value.
Current price
$13.89
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+8.1% for 10 yrs
Fair value / share
$-4.57
Buy below
$-3.43
Price vs fair value
n/a
Price vs buy-below price
n/a
Read between the lines
-
Guidance
The company expects revenue and adjusted EBITDA this year to be in line with 2025 levels.
Source quote
“As we look across the portfolio, we expect revenue and adjusted EBITDA this year to be very much in line with 2025, which means at a high level...”
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Figure
Organon delivered $6.2 billion in revenue and $1.9 billion of adjusted EBITDA in 2025.
Source quote
“In 2025, Organon delivered $6.2 billion in revenue and $1.9 billion of adjusted EBITDA.”
-
Fading
The established brands portfolio showed stability as management aims to keep that segment of the business flat or within low single-digit growth.
Source quote
“Apart from that, the rest of the established brands portfolio is showing the stability that those products have demonstrated over long... We'll see what sort of allergy season we have with some of the other dynamics I've spoken about are more longer term in nature. But we've always said about the established brands business, it is a business that we felt, if managed very tightly, we could keep about flat or maybe very, very low single-digit...”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q4 2025. Ring: Q3 2025.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Net loss for the fourth quarter of 2025 includes a noncash goodwill impairment of $301 million or $1.16 per share related to the decline in the company's stock price and...”
“Performance was driven by Hadlima, which grew 61% ex FX globally for the full year, reflecting the strong clinical profile of Hadlima and the effectiveness of our pricing strategy as...”
“The year-over-year decline in the fourth quarter 2025 adjusted EBITDA margin was primarily driven by the lower adjusted gross margin that was partially offset by a 5% reduction in non-GAAP...”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2025-12-31)
| Metric | Q4 2025period end 2025-12-31 | Q3 2025period end 2025-09-30 | Change | Q4 2024 | YoY |
|---|---|---|---|---|---|
| Revenue | 1.51B | 1.60B | −5.9% | 1.59B | −5.3% |
| Gross profit | 741.0M | 857.0M | −13.5% | 896.0M | −17.3% |
| Operating income | -148.0M | 243.0M | Turned loss | 129.0M | Turned loss |
| Net income | -205.0M | 160.0M | Turned loss | 109.0M | Turned loss |
| EPS | -0.78 | 0.61 | Turned loss | 0.41 | Turned loss |
| P/E today 17.6 | 10.0 | 5.6 | +4.4 | 4.5 | +5.5 |
Topics
Most discussed now
- Government policy-related access restrictions have impacted planned parenthood and federally qualified health centers where Nexplanon has a…
- It should be at a fairly significantly lower level than what Organon & is talking about this year.
Faded since Q3 2025
- Dropped Organon & is somewhat constrained in its ability to go after those, and that's one of the reasons why it has been...
- Dropped A lot of the truly exciting things in Women's Health are preclinical or generally speaking, much earlier in the development...
- Dropped Organon & is already in, when you look at the Established Brands business, it is already in a pretty broad range of therapeutic...
- Fading Beyond the statements today and the information in its filings, Organon & will not be taking questions on the investigation.
Latest announcements
Official filings, newest first.
- Regulation FD disclosure · SEC 8-K
- Shareholder vote results · SEC 8-K
- Other events · SEC 8-K
- Director or officer change; Shareholder vote results · SEC 8-K
- Results of operations · SEC 8-K
- Material agreement; Director or officer change; Regulation FD disclosure · SEC 8-K
- Other events · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K