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Jun 30, 2023
Organon Q2 2023 Earnings Report
Organon's performance remained solid, marked by volume growth across all regions and franchises.
Key Takeaways
Organon reported a 1% increase in total revenue to $1,608 million for the second quarter of 2023, or a 4% increase excluding the impact of foreign currency. Women's Health and Biosimilars franchises grew 10% and 15% ex-FX, respectively, while Established Brands remained stable. Net income was $242 million, or $0.95 per diluted share, compared to $234 million, or $0.92 per diluted share, in the second quarter of 2022.
Total revenue reached $1,608 million, a 1% increase as-reported and a 4% increase ex-FX.
Women's Health revenue increased by 8% as-reported and 10% ex-FX, driven by Nexplanon and fertility portfolio growth.
Biosimilars revenue increased by 14% as-reported and 15% ex-FX, primarily driven by Renflexis.
Established Brands revenue decreased 2% as-reported but was flat ex-FX.
Forward Guidance
The company is updating its full year 2023 guidance ranges previously provided on May 4, 2023. The range for full year 2023 revenue is narrowed to $6.25 billion to $6.45 billion, which primarily reflects current foreign currency exchange rates. The range for full year Adjusted EBITDA margin is now 31.5% to 33.0% to incorporate the company's current visibility of IPR&D and milestone expenses expected to be incurred in 2023.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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