By Denny Jacob
Organon shares tumbled 18% in premarket trading after the company cut its dividend and issued weaker quarterly results compared with the prior year.
Shares were trading around $10.60. The stock was down 13% on the year as of Wednesday's close.
The Jersey City, N.J., pharmaceutical company cut its quarterly dividend to 2 cents a share, down from the prior 28 cents a share. Chief Executive Kevin Ali said the company reset its capital-allocation priorities to accelerate its progress toward deleveraging.
Organon logged net income of $87 million on revenue of $1.51 billion in the first quarter, down from $201 million in net income on $1.62 billion in revenue in the prior-year period.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
May 01, 2025 09:09 ET (13:09 GMT)
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