Organon To Report First Quarter 2024 Results and Host Conference Call on May 2, 2024

Rhea-AI Summary

Organon (NYSE: OGN) anticipates $15 million in milestone payments in the first quarter of 2024 related to the development of a denosumab biosimilar candidate. The company will release its first quarter financial results on May 2, 2024, with milestone payments expected to impact earnings per share. Organon does not typically forecast such payments due to uncertainty. Interested parties can access the webcast for the financial results on the company's website.

Company estimates $15 million of milestone payments in the first quarter

JERSEY CITY, N.J.--(BUSINESS WIRE)-- Organon (NYSE: OGN), a global healthcare company with a focus on women’s health, will release its first quarter 2024 financial results on May 2, 2024, prior to the company’s webcast and conference call scheduled for 8:30 a.m. EDT.

IPR&D and Milestones

Organon currently expects that it will record approximately $15 million of milestone payments in the first quarter of 2024, representing approximately $0.05 to both GAAP and non-GAAP earnings per share. The milestone payments relate to progress associated with the development of a denosumab biosimilar candidate and expect to be paid in accordance with certain agreements with Shanghai Henlius Biotech, Inc., one of Organon’s biosimilar collaborators.

As previously disclosed, Organon does not forecast IPR&D (in process research and development) or milestone payments due to the level of uncertainty and ability to forecast the timing of such achievements. As such, this payment, as well as any future IPR&D and milestone payments are not contemplated in the company’s financial guidance provided on February 15, 2024. Organon’s first quarter 2024 results have not been finalized and are subject to the company’s quarterly financial statement closing procedures. There can be no assurance that actual results will not differ from the preliminary estimates described herein.

Accessing First Quarter 2024 Financial Results Webcast:

Interested parties may access the live call via webcast on the Organon website at https://www.organon.com/investor-relations/events-and-presentations/. A replay of the webcast will be available approximately two hours after the conclusion of the live event on the company’s website.

Institutional investors and analysts interested in participating in the call must register in advance by clicking on this link: https://registrations.events/direct/Q4I58511

Following registration, participants will receive a confirmation email containing details on how to join the conference call, including dial-in information and a unique passcode and registrant ID. Pre-registration will allow participants to bypass an operator and be placed directly into the call.

About Organon

Organon is a global healthcare company formed to focus on improving the health of women throughout their lives. Organon offers more than 60 medicines and products in women’s health in addition to a growing biosimilars business and a large franchise of established medicines across a range of therapeutic areas. Organon’s existing products produce strong cash flows that support investments in innovation and future growth opportunities in women’s health and biosimilars. In addition, Organon is pursuing opportunities to collaborate with biopharmaceutical innovators looking to commercialize their products by leveraging its scale and presence in fast growing international markets.

Organon has a global footprint with significant scale and geographic reach, world-class commercial capabilities, and approximately 10,000 employees with headquarters located in Jersey City, New Jersey.

For more information, visit http://www.organon.com and connect with us on LinkedIn, Instagram, X (formerly known as Twitter) and Facebook.

Cautionary Note Regarding Forward-Looking Statements

The information above reflects management’s current intentions and expectations for the future with respect to Organon’s anticipated charges for milestone payments and the related impact to Organon’s GAAP and non-GAAP earnings per share, which constitute “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements are subject to a number of risks, assumptions, uncertainties and other factors, such as the completion of Organon’s quarter-end closing process, including review by management and the audit committee of the Organon’s board of directors, which could result in material changes to the preliminary estimates described herein. Organon undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Factors that could cause results to differ materially from those described in the forward-looking statements can be found in Organon’s filings with the Securities and Exchange Commission ("SEC"), including Organon’s most recent Annual Report on Form 10-K and subsequent SEC filings, available at the SEC’s Internet site (www.sec.gov).

View source version on businesswire.com: https://www.businesswire.com/news/home/20240408210237/en/

Organon Media Contacts:

Karissa Peer

(614) 314-8094

Kate Vossen

(732) 675-8448

Organon Investor Contacts:

Jennifer Halchak

(201) 275-2711

Alex Arzeno

(203) 550-3972

Source: Organon & Co.

What is the estimated amount of milestone payments Organon expects in the first quarter of 2024?

Organon anticipates approximately $15 million in milestone payments in the first quarter of 2024.

What is the impact of the milestone payments on earnings per share?

The milestone payments are expected to represent approximately $0.05 to both GAAP and non-GAAP earnings per share.

Who are Organon's biosimilar collaborators for the denosumab biosimilar candidate?

Organon has agreements with Shanghai Henlius Biotech, Inc., one of its biosimilar collaborators for the denosumab biosimilar candidate.

When will Organon release its first quarter 2024 financial results?

Organon will release its first quarter 2024 financial results on May 2, 2024.

Why does Organon not typically forecast IPR&D or milestone payments?

Organon does not forecast IPR&D or milestone payments due to the level of uncertainty and ability to forecast the timing of such achievements.

How can interested parties access the webcast for Organon's first quarter 2024 financial results?

Interested parties can access the live call via webcast on the Organon website at https://www.organon.com/investor-relations/events-and-presentations/.