Organon & Co.
OGN evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for OGN—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · OGN
Organon & Co. is a global healthcare company focused on women's health, biosimilars, and established medicines, with a pipeline including tapinarof for pediatric psoriasis and a Phase 3 readout expected in late 2026.
Key risk: High debt leverage
BioSniper Score
Based on 5 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 1 pipeline candidate · 22 clinical trials · 2 catalysts for Organon & Co..
Organon & Co. is a global healthcare company focused on women's health, biosimilars, and established medicines, with a pipeline including tapinarof for pediatric psoriasis and a Phase 3 readout expected in late 2026.
- Cash and equivalents of $1,132.0M as of 2026-06-30 [sec].
- Total revenue of $1,558.0M and net income of $108.0M for the quarter ended 2026-06-30 [sec].
- Shareholders' equity of $752.0M and total debt of $8,627.0M as of 2026-06-30 [sec].
- Discontinued clinical development programs for OG-6219 and OG-7191 in 2025 [sec_mda · as of 2026-07-31].
- Restructuring costs of $31 million incurred in the first half of 2026 to streamline R&D [sec_mda · as of 2026-07-31].
What works
- Growing acceptance of biosimilars represents a significant opportunity as many biologics lose exclusivity over the next decade [sec_mda · as of 2026-02-24].
- Favorable policies across major markets are improving access to fertility and maternal care, supporting the women's health segment [sec_mda · as of 2026-02-24].
- The company has historically generated positive cash flow from operations, providing a foundation for funding operations and strategic initiatives [sec_mda · as of 2025-08-06].
What to weigh
- High debt load of $8,627.0M as of 2026-06-30, with shareholders' equity of only $752.0M, indicating significant leverage [sec].
- Pricing pressures globally, including government regulations and managed care group rules, could impact revenue and margins [sec_mda · as of 2026-07-31].
- Restructuring costs of $31 million in the first half of 2026 and discontinuation of two pipeline candidates (OG-6219, OG-7191) reflect ongoing portfolio optimization challenges [sec_mda · as of 2026-07-31].
- Exposure to macroeconomic and geopolitical risks, including tariffs, trade sanctions, and regional conflicts, could disrupt operations [sec_mda · as of 2026-07-31].
From the filings
Quoted directly from source documents.
Discontinued clinical development programs for OG-6219 and OG-7191 in 2025
“During 2025, we discontinued the clinical development programs for investigational candidates OG-6219 and OG-7191.”
SEC MD&A · July 31, 2026
Restructuring costs of $31 million in first half of 2026
“For the six months ended June 30, 2026, we incurred restructuring costs of $31 million related to our 2026 restructuring initiatives to streamline and optimize our research and developmen”
SEC MD&A · July 31, 2026
Catalyst timeline
- 2026-10-01 · Phase3_Topline · tapinarof — Phase 3 Topline: A Phase 3 Study of Tapinarof for the Treatment of Plaque Psoriasis in Pediatric Subjects — Topline results from a Phase 3 study evaluating tapinarof in pediatric plaque psoriasis will be a key pipeline milestone.
- 2027-08-01 · Phase3_Topline — Phase 3 Topline: A Randomized, Double-Blind, Vehicle-Controlled (Period 1) and Open-Label (Period 2) Phase 3 Study to — Another Phase 3 topline readout is expected, though the specific indication is not fully detailed in the available data.
Risks & what to watch (4)›
Key risks
- High debt leverage — Total debt of $8,627.0M vs. shareholders' equity of $752.0M as of 2026-06-30, indicating significant financial leverage [sec].
- Pricing and reimbursement pressures — Pricing pressures globally from managed care groups, government laws, and international reference pricing could reduce revenue [sec_mda · as of 2026-07-31].
- Pipeline discontinuations — Discontinued two clinical candidates (OG-6219, OG-7191) in 2025, reducing future growth prospects [sec_mda · as of 2026-07-31].
- Macroeconomic and geopolitical exposure — Risks from tariffs, trade sanctions, regional conflicts, and inflation could disrupt supply chains and operations [sec_mda · as of 2026-07-31].
What to watch
- Phase 3 topline data for tapinarof in pediatric plaque psoriasis expected around 2026-10-01 [catalyst].
- Execution of restructuring initiatives and their impact on R&D efficiency and costs [sec_mda · as of 2026-07-31].
- Revenue trends in biosimilars and women's health segments amid competitive and pricing pressures [sec_mda · as of 2026-02-24].
- Debt reduction progress given the high leverage ratio [sec].
Sources: SEC filings · SEC MD&A · Generated August 29, 2026 · How we verify sources →
Run Organon & Co. through your own thesis
Use the pipeline, catalyst, financial, FDA, and market facts on this page as inputs to a protocol you control.
Your protocol can:
- Turn available Organon & Co. facts into screen rules or deeper checks
- Show cited findings, blockers, and unresolved evidence together
- Save the logic and rerun it as the company evidence changes
Evidence & data
Score breakdownBased on 5 of 6 signals · derived from public data
Profitable (positive operating cash flow)
D/E 12.10 · 3% dilution
No tracked pipeline phase
1 candidate
2 upcoming, next in ~32d
1 buy · 1 sell (180d)
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
610
Total value held
$1.29B
| Holder | Shares | Value |
|---|---|---|
| blackrock, inc. | 31,717,028 | $190.0M |
| vanguard capital management llc | 23,474,036 | $140.6M |
| vanguard portfolio management llc | 21,846,036 | $130.9M |
| state street corp | 9,956,774 | $59.6M |
| millennium management llc | 7,081,535 | $42.4M |
| eversource wealth advisors, llc | 130,011 | $41.8M |
| kahn brothers group inc | 5,536,993 | $33.2M |
| canada pension plan investment board | 5,011,100 | $30.0M |
| geode capital management, llc | 4,759,337 | $28.5M |
| private management group inc | 4,374,108 | $26.2M |
Showing top 10 of 610 institutional holders of Organon & Co.. Open the full 13F history after sign-in.
Short Interest
as of May 21, 2026- % of float
- 8.4%
- Days to cover
- 1.2
- Shares short
- 19,493,725
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
OGN short interestGovernance
Frequently asked questions
What is the AI investment thesis for Organon & Co.?
Organon & Co. is a global healthcare company focused on women's health, biosimilars, and established medicines, with a pipeline including tapinarof for pediatric psoriasis and a Phase 3 readout expected in late 2026.
What is Organon & Co.'s next catalyst?
Organon & Co.'s next tracked catalyst is a Phase3_Topline event — "Phase 3 Topline: A Phase 3 Study of Tapinarof for the Treatment of Plaque Psoriasis in Pediatric Subjects" — expected October 1, 2026.
Who is the CEO of Organon & Co.?
Mr. Joseph T. Morrissey Jr. is the chief executive officer of Organon & Co. (OGN).
Where is Organon & Co. headquartered?
Organon & Co. (OGN) is headquartered in Jersey City, NJ, United States.
What therapeutic areas does Organon & Co. focus on?
Organon & Co. develops therapies across Oncology, Immunology, Cardiovascular, Pain, Dermatology, Reproductive.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.