Company estimates $51 million of milestone expense in the third quarter
JERSEY CITY, N.J.--(BUSINESS WIRE)--Organon (NYSE: OGN), a global healthcare company with a focus on women’s health, will release its third quarter 2024 financial results on October 31, 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 $51 million of milestone expense in the third quarter of 2024, representing an impact of approximately $0.16 to both GAAP and non-GAAP earnings per share. Of the anticipated milestone expense in the quarter, $50 million relates to a denosumab biosimilar candidate which is progressing under the company’s license agreement with Shanghai Henlius Biotech, Inc.
As previously disclosed, Organon does not forecast IPR&D (in process research and development) or milestones due to the level of uncertainty and ability to forecast the timing of such achievements. As such, these milestones, as well as any future IPR&D and milestones are not contemplated in the company’s financial guidance provided on August 6, 2024. Organon’s third 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 Third 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/Q4I58511172
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 an independent global healthcare company with a mission to help improve the health of women throughout their lives. Organon’s diverse portfolio offers more than 60 medicines and products in women’s health, biosimilars, and a large franchise of established medicines across a range of therapeutic areas. In addition to Organon’s current products, the company invests in innovative solutions and research to drive future growth opportunities in women’s health and biosimilars. In addition, Organon is pursuing opportunities to collaborate with biopharmaceutical partners and innovators looking to commercialize their products by leveraging its scale and agile presence in fast growing international markets.
Organon has geographic scope with significant 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).
Contacts
Organon Media Contacts:
Karissa Peer
(614) 314-8094
Kate Vossen
(732) 675-8448
Organon Investor Contacts:
Jennifer Halchak
(201) 275-2711
Renee McKnight
(551) 204-6129
