Organon & Co. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Organon & Co. has filed its 2023 10-K report detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Organon & Co. (OGN) filed a Annual Report (10-K) with the SEC on February 26, 2024. Organon & Co. reported its 2023 fiscal year results on Form 10-K, filed on February 26, 2024. The filing covers the period ending December 31, 2023. Organon & Co. is classified under the SIC code 2834 for Pharmaceutical Preparations. The company's principal executive offices are located at 30 Hudson Street, Jersey City, NJ. The filing was made under the Securities Exchange Act of 1934.

Why It Matters

For investors and stakeholders tracking Organon & Co., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Organon & Co.'s financial health, strategic initiatives, and risk factors for investors and stakeholders. The detailed financial information within the report is crucial for understanding the company's performance, market position, and future outlook in the pharmaceutical sector.

Risk Assessment

Risk Level: — Organon & Co. shows moderate risk based on this filing. The company operates in the highly regulated pharmaceutical industry, facing risks related to drug development, market competition, and patent expirations, as detailed in its 10-K filing.

Analyst Insight

Review the detailed financial statements and risk factors in Organon & Co.'s 2023 10-K to assess its long-term growth prospects and potential challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period of report)
• 2024-02-26 — Filing Date (Date filed)
• 001-40235 — SEC File Number (SEC Filing identifier)
• 2834 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• Organon & Co. (company) — Filer name
• Merck And Co Inc (company) — Related entity in Net Investment
• 0001821825 (company) — Central Index Key
• 2834 (industry) — Standard Industrial Classification
• 30 Hudson Street (location) — Business Address
• Jersey City (location) — Business Address City
• NJ (location) — Business Address State
• 07302 (location) — Business Address Zip

FAQ

Industry Context

Organon & Co. operates within the pharmaceutical industry, specifically focusing on women's health, biosimilars, and established brands.

Regulatory Implications

The company is subject to regulations from bodies like the FDA and EMA, governing drug approval, manufacturing, and marketing.

What Investors Should Do

1. Analyze Organon & Co.'s revenue streams and growth drivers for its key product segments.
2. Evaluate the company's debt levels and liquidity position based on the balance sheet data.
3. Assess the identified risk factors and their potential impact on future financial performance.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-26: Filing Date — Date Organon & Co. submitted its 10-K to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for Organon & Co. as a standalone public company, providing a baseline for future comparisons.

Key Financial Figures

• $0.01 — nge on which registered Common Stock ($0.01 par value) OGN New York Stock Exchang
• $6.3 billion — ,068 In 2023, we recorded revenues of $6.3 billion. We operate on a global scale and our g
• $4.8 b — approximately 76% of 2023 revenues, or $4.8 billion, generated outside the United Sta
• $1.7 b — women's health portfolio accounted for $1.7 billion, or approximately 27%, of our tot
• $805 m — mately 27%, of our total revenues, with $805 million, or approximately 47%, generated
• $593 m — our biosimilars portfolio accounted for $593 million, or approximately 9%, of our tota
• $295 m — imately 9%, of our total revenues, with $295 million, or approximately 50%, generated
• $3.8 billion — nds portfolio contributed approximately $3.8 billion of our total revenues in 2023, with app
• $3.6 b — ues in 2023, with approximately 93%, or $3.6 billion, generated outside the United Sta
• $1.5 b — cardiovascular portfolio accounted for $1.5 billion, or approximately 23%, of our tot
• $1.1 b — our respiratory portfolio accounted for $1.1 billion, or approximately 17% of our tota
• $843 m — al revenues, with approximately 79%, or $843 million, generated outside the United Sta
• $782 m — ain management portfolios accounted for $782 million, or approximately 12%, of our tot
• $97 million — ith an enlarged prostate, accounted for $97 million of revenues in 2023. In addition, Prope
• $125 million — f male pattern hair loss, accounted for $125 million of revenues in 2023. Nearly all sales o

Filing Documents

• ogn-20231231.htm (10-K) — 2632KB
• ogn-12312023xexhibit1021.htm (EX-10.21) — 150KB
• ogn12312023-exhibit1038.htm (EX-10.38) — 81KB
• ogn12312023-exhibit211.htm (EX-21.1) — 89KB
• ogn-12312023xexhibit231.htm (EX-23.1) — 3KB
• ogn12312023-exhibit311.htm (EX-31.1) — 9KB
• ogn12312023-exhibit312.htm (EX-31.2) — 9KB
• ogn12312023-exhibit321.htm (EX-32.1) — 7KB
• ogn12312023-exhibit322.htm (EX-32.2) — 6KB
• ogn12312023-exhibit971.htm (EX-97.1) — 22KB
• image_0.jpg (GRAPHIC) — 8KB
• image_3.jpg (GRAPHIC) — 8KB
• ogn-20231231_g1.gif (GRAPHIC) — 95KB
• ogn-20231231_g10.gif (GRAPHIC) — 120KB
• ogn-20231231_g11.gif (GRAPHIC) — 22KB
• ogn-20231231_g12.gif (GRAPHIC) — 81KB
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• ogn-20231231_g16.jpg (GRAPHIC) — 25KB
• ogn-20231231_g17.jpg (GRAPHIC) — 94KB
• ogn-20231231_g2.gif (GRAPHIC) — 85KB
• ogn-20231231_g3.gif (GRAPHIC) — 259KB
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• ogn-20231231_g5.gif (GRAPHIC) — 79KB
• ogn-20231231_g6.gif (GRAPHIC) — 113KB
• ogn-20231231_g7.gif (GRAPHIC) — 162KB
• ogn-20231231_g8.gif (GRAPHIC) — 95KB
• ogn-20231231_g9.gif (GRAPHIC) — 106KB
• 0001628280-24-006733.txt (&nbsp;) — 18959KB
• ogn-20231231.xsd (EX-101.SCH) — 100KB
• ogn-20231231_cal.xml (EX-101.CAL) — 126KB
• ogn-20231231_def.xml (EX-101.DEF) — 452KB
• ogn-20231231_lab.xml (EX-101.LAB) — 1215KB
• ogn-20231231_pre.xml (EX-101.PRE) — 810KB
• ogn-20231231_htm.xml (XML) — 2601KB

Risk Factors

Item 1A. Risk Factors 16

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 34

Cybersecurity

Item 1C. Cybersecurity 34

Properties

Item 2. Properties 35

Legal Proceedings

Item 3. Legal Proceedings 35

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 35 Part II 35

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 35

[ Reserved ]

Item 6. [ Reserved ] 36

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 37

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 49

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 50

Changes in and Disagreements With Accountants on Accounting and Financial Disclosures

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosures 95

Controls and Procedures

Item 9A. Controls and Procedures 95

Other Information

Item 9B. Other Information 95

Disclosure Regarding Foreign Jurisdiction that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdiction that Prevent Inspections 95 Part III 96

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 96

Executive Compensation

Item 11. Executive Compensation 96

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 96

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 96

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 96 Part IV 96

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 96

Form 10-K Summary

Item 16. Form 10-K Summary 100

Signatures

Signatures 101 The following notations in this Annual Report on Form 10-K (this "2023 Form 10-K") have the meanings as set forth below: Indicates, in this 2023 Form 10-K, brand names of products, which are not available in the United States. Indicates brand names of products which are trademarks not owned by Organon. Specific trademark ownership information is included in the Exhibit Index at the end of this 2023 Form 10-K. -2- Table of Contents PART I

Business

Item 1. Business Overview Organon & Co. ("Organon," the "Company," "we," "our," or "us") is a global health care company with a focus on improving the health of women throughout their lives. We develop and deliver innovative health solutions through a portfolio of prescription therapies and medical devices within women's health, biosimilars and established brands. We have a portfolio of more than 60 medicines and products across a range of therapeutic areas. We sell these products through various channels including drug wholesalers and retailers, hospitals, government agencies and managed health care providers such as health maintenance organizations, pharmacy benefit managers and other institutions. We operate six manufacturing facilities, which are located in Belgium, Brazil, Indonesia, Mexico, the Netherlands and the United Kingdom. Unless otherwise indicated, trademarks appearing in italics throughout this document are trademarks of, or are used under license by, the Organon group of companies. Our operations include the following product portfolios: Women's Health : Our women's health products are sold by prescription primarily in two therapeutic areas, contraception, with key brands such as Nexplanon (etonogestrel implant) (sold as Implanon NXT in some countries outside the United States) and NuvaRing (etonogestrel / ethinyl estradiol vaginal ring), and fertility, with key brands such as Follistim AQ (follitropin beta injection) (marketed in most countries outside the United States as Puregon ). Nexplanon is a long-acting reversible contraceptive, and is in a class of contraceptives that is recognized as one of the most effective types of hormonal contraception available to patients with a low long-term average cost. Our other women's health products include the Jada System, which is intended to provide control and treatment of abnormal postpartum uterine bleeding or hemorrhage when conservative management is warranted, and a license from Dar Bioscienc

View Full Filing

View this 10-K filing on SEC EDGAR