Mar. 23 at 5:07 AM
$OGN - Deep dive into Organon, the Merck spinoff carrying
$8.6B in debt on a
$1.6B market cap.
Merck created Organon in 2021 by bundling older drugs, a women's health franchise, and a biosimilars business. The stock is down 75% since the IPO.
The growth story is real though. Nexplanon (
$921M, just got a 5-year label). Hadlima biosimilar (+60% YoY). Vtama in dermatology (
$128M in year one). And a distribution network across 140+ countries.
The problem:
$3.6B in debt matures in 2028, and the company needs everything to go right to clear that wall... starting with finding a CEO to lead the company.
Full breakdown: https://www.theinvestmentlog.com/posts/ogn/2026-03-23