OGNOrganon & Co.

Pharmaceutical Preparations

Revenue: $6.2B; 2.9% YoY
Operating margin: —
EBITDA: —
Market cap: $3.6B
Employees: 4,000; $2M revenue each
Net debt / EBITDA: —; $7.1B net debt
AI in 10-K: 2.3; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
374% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
13% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
31% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$2M · 87th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.3 per 10K words · 60th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.6B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$655K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$6.3B	$6.2B	$6.3B	$6.4B	$6.2B	2.9%
Net income	$1.4B	$917M	$1.0B	$864M	$187M	78%
Operating cash flow	$2.2B	$858M	$799M	$939M	$700M	25%
Capex	$192M	$196M	$251M	$175M	$162M	7.4%
Stock-based comp	$59M	$75M	$101M	$105M	$77M	27%
Dividends	$145M	$290M	$294M	$297M	$88M	70%

Deal filings

Filed	Form	Acquirer	Price	Premium
Jun 17, 2026	DEFM14A	Sun Pharmaceutical Holdings USA, Inc.	$14.00	—
Jun 1, 2026	PREM14A	Sun Pharmaceutical Holdings USA, Inc.	$14.00	—

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $855K · 2
Open-market sells, 12 mo: $200K · 1
Net: $655K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	2368	15636
FY2024	—	—	4805	12975
FY2023	—	—	4371	12639
FY2022	—	—	7965	12052
FY2021	—	—	8372	11488