Organon & Co.

OGN

$13.78

+0.04%

N/A+$0.01

Healthcare

Drug Manufacturers - General

NYSE

Active Trading

Organon & Co., a global pharmaceutical enterprise, is dedicated to developing and delivering a wide array of prescription therapies. Its women's health ...

Supply Chain of OGN

Upstream

Foundry, packaging, memory, wafers, components, and input vendors.

Upstream

Samsung Bioepis Co., Ltd.

Various API & Raw Material Suppliers

Samsung Biologics Co., Ltd.

Merck & Co., Inc.

NYSE:MRK

Transition Services & Supply Agreement provider — supplies certain APIs, intermediates, and finished products under post-spinoff manufacturing and supply agreements; also provides R&D, IT, and supply chain services

Samsung Bioepis Co., Ltd.

Unconfirmed

Biosimilar development and biologics manufacturing partner — produces Hadlima (adalimumab), Renflexis (infliximab), and other biosimilars for commercialization by Organon in the US and select markets

Eli Lilly and Company

NYSE:LLY

Upstream partnership via commercialization agreement — Lilly manufactures Emgality and RAYVOW migraine medicines; Organon acts as exclusive distributor and promoter in Europe

Various API & Raw Material Suppliers

Suppliers of active pharmaceutical ingredients, excipients, packaging materials, and medical device components for Organon's own manufacturing at six sites. Sources include global API manufacturers across Europe, India, China, and the US procured through competitive bidding and managed via Coupa procurement platform

Samsung Biologics Co., Ltd.

KRX:207940

Parent company of Samsung Bioepis; capabilities include large-scale biologic drug substance and drug product manufacturing (cell culture, purification, fill-finish). Owns Samsung Bioepis (acquired full control from Biogen in 2022)

Downstream

Customers, distributors, OEMs, and channels that absorb output.

Downstream

McKesson Corporation

Cencora, Inc. (formerly AmerisourceBergen)

Cardinal Health, Inc.

Eli Lilly and Company

Government Agencies & Institutional Buyers

Anda, Inc.

McKesson Corporation

NYSE:MCK

Authorized drug wholesaler distributing Organon's pharmaceutical products to retail pharmacies, hospitals, and clinics across the US

Cencora, Inc. (formerly AmerisourceBergen)

NYSE:COR

Authorized drug wholesaler distributing Organon's pharmaceutical products across the US healthcare supply chain

Cardinal Health, Inc.

NYSE:CAH

Authorized drug wholesaler distributing Organon's pharmaceutical products across the US

Eli Lilly and Company

NYSE:LLY

Commercialization/co-marketing partner — Organon is the sole distributor and promoter of Lilly's migraine medicines (Emgality, RAYVOW) across Europe, expanded to 11 additional markets in August 2024

Government Agencies & Institutional Buyers

Direct and indirect sales to government healthcare programs (e.g., Medicare, Medicaid, VA), hospitals, clinics, fertility centers, and managed healthcare organizations across ~140 countries

Proxies

Public comparables and monitoring names used as representatives for the analysis.

Proxies

Viatris Inc.

Bayer Aktiengesellschaft

Pfizer Inc.

Samsung Biologics Co., Ltd.

Viatris Inc.

NASDAQ:VTRS

Bayer Aktiengesellschaft

ETR:BAYN

Direct competitor in women's health, particularly long-acting contraception (Mirena IUD competes with Nexplanon). Bayer's pharma division provides a public-market proxy for the women's health therapeutic segment.

Pfizer Inc.

NYSE:PFE

Has an established brands portfolio, biosimilars business, and a substantial product portfolio. Pfizer's Upjohn spin-off (now Viatris) mirrors Organon's spin-off model. Also a biosimilars competitor.

Samsung Biologics Co., Ltd.

KRX:207940

Parent of Samsung Bioepis, Organon's critical biosimilar manufacturing partner. Organon's biosimilars segment performance is directly tied to Samsung Bioepis' manufacturing and regulatory capabilities. Also serves as a bellwether for CDMO/biosimilar capacity in the industry.

Geographic

Region-level exposures that can distort the supply network.

Geographic

United States

Europe

South Korea

McKesson Corporation

Cencora, Inc.

Cardinal Health, Inc.

Eli Lilly and Company

EU government healthcare systems and agencies

Samsung Bioepis / Samsung Biologics

United States

Revenue concentration and regulatory risk

McKesson CorporationNYSE:MCKAuthorized drug wholesaler

Cencora, Inc.NYSE:CORAuthorized drug wholesaler

Cardinal Health, Inc.NYSE:CAHAuthorized drug wholesaler

Europe

Manufacturing concentration and regulatory dependency

Eli Lilly and CompanyNYSE:LLYCommercialization agreement for migraine medicines in Europe

EU government healthcare systems and agenciesInstitutional procurement across European markets

South Korea

Single-source biologic manufacturing dependency

Samsung Bioepis / Samsung BiologicsKRX:207940Sole biosimilar manufacturing partner; all Organon biosimilars manufactured by Samsung Bioepis

Concentration

Customer, supplier, or partner concentration exposures that can distort the supply network.

Customer

Critical

Heavy reliance on three major US drug wholesalers (McKesson, Cencora, Cardinal Health) that control ~98% of the US pharmaceutical distribution market. Loss of any one relationship would materially impair US revenue generation.

Manufacturing

High

Biosimilars franchise is fully dependent on Samsung Bioepis as sole manufacturing and development partner. Samsung Bioepis explored acquiring Organon in 2025 before Sun Pharma's bid; an ownership change could disrupt the partnership. Only 6 owned manufacturing sites globally, creating single-point-of-failure risks at each location.

Product

High

Nexplanon (etonogestrel implant) generated $963M in 2024, representing ~15% of total revenue and ~53% of Women's Health segment. Any disruption to manufacturing (hormonal implant production requires specialized sterile capabilities) or regulatory issue would materially impact revenue.

Other

Medium

Merck remains a critical upstream supplier under Transition Services and Manufacturing Supply Agreements post-spinoff. While these agreements have defined terms, any supply disruption or renegotiation could affect product availability for key portfolio items still sourced from Merck.

Revenue mix

How the target's revenue mix translates into supply-chain leverage and dependency.

Women's Health

28.0%

$1.8B

Drives demand for hormonal API manufacturing (etonogestrel, follitropin beta, etc.), medical device components, and specialized sterile manufacturing at Oss (NL) and Heist (BE) sites. Nexplanon ($963M in 2024) is the anchor product. Supply chain requires specialized hormone synthesis and implant device manufacturing.

Established Brands

61.0%

$3.9B

Largest revenue contributor; portfolio of ~49 legacy products (Arcoxia, Fosamax, Clarinex, etc.). Requires diversified API sourcing, high-volume oral solid dosage manufacturing at Cramlington (UK), and broad wholesale distribution. Mature, cash-flow-generating segment with less supply chain complexity but high volume.

Biosimilars

11.0%

$0.7B

Highest-growth segment (+19% in Q3 2025). Products include Hadlima (adalimumab), Renflexis (infliximab), Ontruzant (trastuzumab). Manufactured by Samsung Bioepis under partnership; Organon handles commercialization. Supply chain reliant on single-source partnership with Samsung Bioepis for biologic drug substance, creating concentration risk. Cold-chain logistics required.

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