Organon &

OGN

Drug Manufacturers - General · Healthcare

Price

$13.52

+0.03 (+0.22%)

Market Cap

$3.55B

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

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)

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.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-3.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+64.7% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$366M/ year

↓ Declining (-22% vs prior year)

5.9% of revenue

Below sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

0.6%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$1.1B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Organon &'s revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

53.6%

Healthy — 53.6% gross margin

Operating Margin

18.2%

Healthy — 18.2% operating margin

ROCE

2.8%

Weak — 2.8% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-2.1%

Shrinking sales (-2.1% YoY)

EPS YoY

-67.4%

Earnings shrinking (-67.4% YoY)

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

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

346%

Turns 346% of profit into real cash

FCF Margin

10.0%

Modest free cash flow (10.0%)

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

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Stability

Debt / Equity

9.49

Heavy debt load (9.49)

Interest Cover

2.41x

Tight — interest eats into profit (2.4x)

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

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Valuation

P/E Ratio (TTM)

14.2x

Attractive valuation — P/E 14.2

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

P/E vs Forward

+10.7

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (14.2 → 3.6)

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Dividends

Dividend Yield

0.59%

Small dividend — 0.59% yield

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

Dividend Growth

-90.7%

Dividend cut (-90.7% YoY) — warning sign

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