Organon (NYSE:OGN) reported better-than-expected earnings for the third quarter on Monday.
The company posted third-quarter adjusted earnings of $1.01 per share on Monday, beating the consensus estimate of 94 cents. The global healthcare company reported quarterly sales of $1.602 billion, beating the Wall Street estimate of $1.56 billion.
Organon lowered its fiscal sales guidance from $6.275 billion-$6.375 billion to $6.20 billion-$6.25 billion, below the consensus of $6.289 billion.
“I am humbled to be working alongside our talented team during this pivotal time for Organon,” said Joe Morrissey, Organon’s Interim Chief Executive Officer. “We are harnessing the company’s many strengths, including a diverse portfolio that we expect will generate more than $900 million in free cash flow before one-time costs this year. We also remain committed to exercising cost discipline and reducing our debt burden proactively, where possible. These actions will create additional balance sheet capacity, positioning us to pursue future growth opportunities in women’s health and further our mission to deliver impactful medicines and solutions for a healthier every day.”
Organon shares fell 3.4% to trade at $7.44 on Tuesday.
These analysts made changes to their price targets on Organon following earnings announcement.
- Morgan Stanley analyst Terence Flynn maintained Organon with an Equal-Weight rating and lowered the price target from $10 to $9.
- JP Morgan analyst Chris Schott maintained the stock with an Underweight rating and cut the price target from $14 to $12.
Considering buying OGN stock? Here’s what analysts think:
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