Organon & Co. Outlines 2026 Outlook, Highlights Biosimilar Growth

Company expects flat revenue and EBITDA in 2026 as it works to stabilize sales, maintain profitability, and continue deleveraging.

Published on Feb. 13, 2026

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Organon & Co. (NYSE:OGN) outlined a 2026 outlook broadly in line with 2025 results, highlighting efforts to stabilize revenue, hold profitability steady, and continue deleveraging, while also fielding investor questions around product-specific headwinds and its biosimilars strategy.

Why it matters

As a newly independent company, Organon's ability to maintain financial stability and execute on its strategic priorities will be closely watched by investors. The company's performance in key areas like women's health, established brands, and its growing biosimilars business will be important indicators of its long-term viability.

The details

Organon reported $6.2 billion in 2025 revenue and $1.9 billion of adjusted EBITDA. Revenue declined 3% year-over-year, though the company's biosimilar franchise, led by HADLIMA, performed better than expected. Growth contributors in 2025 included Vtama, Emgality, the fertility business, and new biosimilar launches. However, the company faced headwinds from the loss of exclusivity for Atozet and challenges with Nexplanon access and SINGULAIR guidelines. For 2026, Organon expects flat revenue and EBITDA, with growth in biosimilars and some products offsetting continued LOE impacts and pricing pressure.

  • Organon delivered $6.2 billion in 2025 revenue and $1.9 billion of adjusted EBITDA.
  • In Q4 2025, Organon reported a net loss of $205 million, including a $301 million non-cash goodwill impairment.
  • Organon ended 2025 with net leverage of approximately 4.3x and expects to reach net leverage below 4x by the end of 2026.
  • Organon divested the JADA System in January 2026, generating $390 million in net proceeds to support deleveraging.

The players

Organon & Co.

A global healthcare company that was established as an independent, publicly traded entity following its spin-off from Merck & Co in June 2021. Organon focuses on delivering therapeutic solutions across women's health, biosimilars, and established brands.

Joe Morrissey

Interim CEO of Organon & Co.

Matt Walsh

CFO of Organon & Co.

Juan Camilo Arjona Ferreira

Head of R&D at Organon & Co.

Carrie Cox

Board Chair of Organon & Co.

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