Why Shares of Organon Fell 15% Thursday
Shares of Organon (NYSE: OGN) fell 15% on Thursday. The pharmaceutical company, which focuses on women's health therapies, established medicines, and biosimilars, reported fourth-quarter and full-year numbers that came in below analysts' consensus expectations. The stock ended the session at $24.87, down by almost 30% over the past year. Its 52-week low was $22.88, and its 52-week high was $39.48.
Organon, which was spun off from Merck in 2021, disappointed investors with its full-year and fourth-quarter results.
In the fourth quarter, the company's revenue of $1.48 billion was down 7% year over year, and its net income of $108 million was down 46.5%. While sales of Organon's biosimilars rose 13% in the quarter to $134 million, sales of its established brands fell 14% to $888 million. Revenues from its women's health segment were up 4% to $433 million, thanks in large part to growth in sales from the contraceptive Nexplanon.
Source Fool.com
