Organon &

OGN

Drug Manufacturers - General · Healthcare

Price

$13.75

+0.01 (+0.07%)

Market Cap

$3.61B

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Weak

Cash Flow

Strong

Stability

Weak

Valuation

Strong

Dividends

Weak

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Share count rising — dilution

+2.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 253.6M (2021) → 260.8M (2025)

Winston Score History

The full picture

Organon & Co. is a pharmaceutical company that makes and sells medicines focused on women's health, biosimilars, and established branded drugs. Its women's health products include contraceptives like Nexplanon and fertility treatments, while its biosimilars are lower-cost copies of complex biologic drugs. The company was spun off from Merck in 2021 and sells products in more than 140 countries.

Organon earns money by selling prescription drugs to hospitals, pharmacies, and healthcare providers around the world. A large share of revenue comes from older, off-patent branded medicines that still hold strong recognition in international markets, particularly in emerging economies where generic competition is less intense. The biggest risk the company faces is the gradual revenue erosion of its legacy branded portfolio as those products age, and its ability to offset that decline depends heavily on growing its biosimilars business and launching new women's health products.

Politician Trades

1 trades / 12mo

0 Congressional buys and 1 sell on OGN in the last 12 months.

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Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

54.4%

Healthy — 54.4% gross margin

Profit after running costs

Operating Margin

20.7%

Excellent — 20.7% operating margin

Return on the money invested

ROCE

12.4%

Good — 12.4% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

-2.5%

Shrinking sales (-2.5% YoY)

Profit growth

EPS YoY

-70.8%

Earnings shrinking (-70.8% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

353%

Turns 353% of profit into real cash

Spare cash per sale

FCF Margin

8.1%

Modest free cash flow (8.1%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

8.50

Heavy debt load (8.50)

Covers its interest

Interest Cover

2.53x

Tight — interest eats into profit (2.5x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

17.4x

Fair value — P/E 17.4

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+13.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (17.4 → 3.6)

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Dividends

Dividend

Dividend Yield

0.58%

Small dividend — 0.58% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

-86.7%

Dividend cut (-86.7% YoY) — warning sign

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