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Drug manufacturers · Healthcare · Fiscal year ends Dec 31
Organon reported revenue of $6.2B in the fiscal year ended Dec 2025, down 2.9% from the year before. Operating income was $929M, an operating margin of 14.9%, and net income was $187M. Operating cash flow of $700M less capital expenditure of $162M left free cash flow of $538M. Net debt was $8.1B.
Ranks among the 78 drug manufacturers companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 6,304 | 6,174 | 6,263 | 6,403 | 6,216 |
| Cost of revenue | 2,382 | 2,294 | 2,515 | 2,688 | 2,903 |
| Gross profit | 3,922 | 3,880 | 3,748 | 3,715 | 3,313 |
| Research & development | 443 | 471 | 528 | 469 | 366 |
| Selling, general & admin | 1,668 | 1,704 | 1,893 | 1,760 | 1,721 |
| Operating incomederived: pre-tax income + interest | 1,787 | 1,544 | 1,200 | 1,327 | 929 |
| Interest expense | 258 | 422 | 527 | 520 | 504 |
| Pre-tax income | 1,529 | 1,122 | 673 | 807 | 425 |
| Income tax | 178 | 205 | −350 | −57.0 | 238 |
| Net income | 1,351 | 917 | 1,023 | 864 | 187 |
| Diluted EPS | 5.31 | 3.59 | 3.99 | 3.33 | 0.72 |
| Diluted shares | 254 | 255 | 256 | 259 | 261 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 737 | 706 | 693 | 675 | 574 |
| Receivables | 1,382 | 1,475 | 1,744 | 1,358 | 1,331 |
| Inventory | 915 | 1,003 | 1,315 | 1,321 | 1,406 |
| Current assets | 3,760 | 3,931 | 4,508 | 4,348 | 4,352 |
| Net PP&E | 973 | 1,018 | 1,183 | 1,168 | 1,303 |
| Goodwill | 4,603 | 4,603 | 4,603 | 4,680 | 4,153 |
| Total assets | 10,681 | 10,955 | 12,058 | 13,101 | 12,867 |
| Payables | 1,382 | 1,132 | 1,314 | 1,153 | 952 |
| Current liabilities | 2,597 | 2,512 | 2,918 | 2,718 | 2,390 |
| Short-term debt | 9.0 | 8.0 | 9.0 | 20.0 | 16.0 |
| Long-term debt | 9,125 | 8,905 | 8,751 | 8,860 | 8,628 |
| Total liabilities | 12,189 | 11,847 | 12,128 | 12,629 | 12,115 |
| Shareholders' equity | −1,508 | −892 | −70.0 | 472 | 752 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 2,160 | 858 | 799 | 939 | 700 |
| Capital expenditure | 192 | 196 | 251 | 175 | 162 |
| Free cash flow | 1,968 | 662 | 548 | 764 | 538 |
| Depreciation & amortisation | 92.0 | 96.0 | 120 | 132 | 156 |
| Stock-based compensation | 59.0 | 75.0 | 101 | 105 | 77.0 |
| Dividends paid | 145 | 290 | 294 | 297 | 88.0 |
| Dividend per share | 0.56 | 1.12 | 1.12 | 1.12 | 0.34 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −2.1% | 1.4% | 2.2% | −2.9% |
| Operating income growth (YoY) | – | −13.6% | −22.3% | 10.6% | −30.0% |
| EPS growth (YoY) | – | −32.4% | 11.1% | −16.5% | −78.4% |
| Gross margin | 62.2% | 62.8% | 59.8% | 58.0% | 53.3% |
| Operating margin | 28.3% | 25.0% | 19.2% | 20.7% | 14.9% |
| Net margin | 21.4% | 14.9% | 16.3% | 13.5% | 3.0% |
| Return on equityBlank when equity is negative | – | – | – | 183.1% | 24.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 22.1% | 18.3% | 13.1% | 12.8% | 8.9% |
| Free cash flow margin | 31.2% | 10.7% | 8.7% | 11.9% | 8.7% |
| Cash conversion (CFO ÷ net income) | 1.60x | 0.94x | 0.78x | 1.09x | 3.74x |
| Receivable days | 80 | 87 | 102 | 77 | 78 |
| Inventory days | 140 | 160 | 191 | 179 | 177 |
| Payable days | 212 | 180 | 191 | 157 | 120 |
| Interest cover | 6.93x | 3.66x | 2.28x | 2.55x | 1.84x |
| Debt ÷ equity | – | – | – | 18.8x | 11.5x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 8,397 | 8,207 | 8,067 | 8,205 | 8,070 |
| Current ratio | 1.45x | 1.56x | 1.54x | 1.60x | 1.82x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.