Group 1 - The Conservative Income Portfolio targets value stocks with high margins of safety and aims to reduce volatility through well-priced options [1] - The Enhanced Equity Income Solutions Portfolio is designed to generate yields of 7-9% while minimizing volatility [1] - Trapping Value and Preferred Stock Trader collaborate to provide income-generating portfolios and a bond ladder, focusing on capital preservation [3] Group 2 - Organon (NYSE: OGN) has been followed and traded by the company for a long time, with similarities noted to VTRS [2] - The Covered Calls Portfolio aims for lower volatility income investing with an emphasis on capital preservation [2] - The fixed income portfolio focuses on acquiring securities with high income potential and significant undervaluation compared to peers [2]

Sales Performance - Worldwide sales for the three months ended March 31, 2025, were $1.5 billion, a decrease of 7% compared to 2024, negatively impacted by approximately 3% or $44 million due to unfavorable foreign exchange rates [98]. - Sales in the United States increased by 11% to $412 million for the three months ended March 31, 2025, compared to $371 million in 2024 [98]. - International sales decreased by 12% to $1.1 billion for the three months ended March 31, 2025, compared to $1.25 billion in 2024 [98]. - Nexplanon sales increased by 13% to $248 million for the three months ended March 31, 2025, driven by increased demand and favorable pricing in the United States [102][103]. - NuvaRing sales declined by 43% to $22 million for the three months ended March 31, 2025, due to ongoing generic competition and increased government discount rates in the United States [104]. - Follistim AQ sales increased by 49% to $69 million for the three months ended March 31, 2025, due to a one-time buy-in and favorable discount rates in the United States [106]. - Hadlima sales reached $47 million during the three months ended March 31, 2025, reflecting continued ramp-up since its July 2023 launch in the United States [108][109]. - Atozet's loss of exclusivity negatively impacted sales by approximately $63 million during the three months ended March 31, 2025 [99]. - Ontruzant sales declined 54% to normalized levels in Brazil and lower demand in the U.S. for the three months ended March 31, 2025 [110]. - Brenzys sales decreased 39% due to the timing of international tenders in Brazil for the same period [110]. - Atozet sales fell 42% primarily due to loss of exclusivity in France and Spain, with expectations of continued decline in 2025 [112]. - Combined sales of Zetia and Vytorin decreased 4%, driven by demand decrease and pricing pressure in international markets [113]. - Cozaar and Hyzaar sales declined 18% due to decreased demand in China and Japan, along with mandatory price reductions in Japan [114]. - Singulair sales decreased 24% due to lower respiratory infections in China and reduced demand in Japan [115]. Financial Overview - Gross profit decreased 12% to $841 million for the three months ended March 31, 2025, impacted by unfavorable pricing and decreased sales [120]. - Research and development expenses decreased 14% to $96 million, primarily due to reduced clinical study activity [124]. - Restructuring costs increased to $86 million, with expected annual savings of approximately $200 million from cost-saving initiatives [126]. - Cash and cash equivalents as of March 31, 2025, were $547 million, with working capital increasing to $1.76 billion [131][132]. Market and Risk Management - No changes to market risk were reported for the quarter ended March 31, 2025 [142]. - For detailed market risk exposure, refer to the Annual Report on Form 10-K for the year ended December 31, 2024 [142]. - Recently issued accounting standards are discussed in Note 2 of the Condensed Consolidated Financial Statements [141]. Corporate Developments - The acquisition of Tofidence from Biogen includes an upfront payment of $51 million and potential milestone payments of up to $45 million based on net sales [96].

Core Insights - Organon reported $1.51 billion in revenue for Q1 2025, a year-over-year decline of 6.7% and an EPS of $1.02 compared to $1.22 a year ago [1] - The revenue fell short of the Zacks Consensus Estimate of $1.52 billion, resulting in a surprise of -0.73%, while the EPS exceeded expectations by 14.61% [1] Revenue Breakdown - Revenue from Established Brands-International-Respiratory-Dulera was $10 million, below the estimated $12.32 million, reflecting a -23.1% change year-over-year [4] - Revenue from Established Brands-International-Respiratory-Clarinex was $34 million, slightly below the estimate of $34.23 million, showing a -5.6% change year-over-year [4] - Revenue from Women's Health-International-NuvaRing was $16 million, below the estimated $17.23 million, representing a -27.3% change year-over-year [4] - Revenue from Women's Health-U.S.-NuvaRing was $6 million, compared to the estimated $8.12 million, indicating a -62.5% year-over-year change [4] - Revenue from Women's Health-Nexplanon/Implanon NXT was $248 million, exceeding the estimate of $234.36 million, with a +12.7% change year-over-year [4] - Revenue from Women's Health-Follistim AQ was $69 million, surpassing the estimate of $55.63 million, reflecting a +50% change year-over-year [4] - Total revenue from Established Brands was $887 million, below the estimated $918.89 million, showing an -11.4% change year-over-year [4] - Total revenue from Biosimilars was $141 million, slightly below the estimate of $144.88 million, representing a -17.1% change year-over-year [4] - Total revenue from Women's Health was $463 million, exceeding the estimate of $435.11 million, with a +9.7% change year-over-year [4] - Total revenue from Other was $22 million, below the estimated $25.18 million, indicating a -24.1% change year-over-year [4] - Revenue from Women's Health-NuvaRing was $22 million, below the estimated $24.64 million, reflecting a -42.1% change year-over-year [4] - Revenue from Biosimilars-Renflexis was $57 million, slightly above the estimate of $53.74 million, showing a -17.4% change year-over-year [4] Stock Performance - Shares of Organon have returned -12.2% over the past month, compared to the Zacks S&P 500 composite's -0.7% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Organon (OGN) came out with quarterly earnings of $1.02 per share, beating the Zacks Consensus Estimate of $0.89 per share. This compares to earnings of $1.22 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 14.61%. A quarter ago, it was expected that this pharmaceutical company would post earnings of $0.86 per share when it actually produced earnings of $0.90, delivering a surprise of 4.65%.Over the last four quarters, the com ...

Financial Performance - Revenue for Q1 2025 was $1.513 billion, a decrease of 7% as reported and 4% ex-FX, compared to $1.622 billion in Q1 2024[13, 53] - Adjusted EBITDA was $484 million, representing a 32% Adjusted EBITDA margin[13] - Adjusted diluted EPS was $1.02[13] - Free Cash Flow was $71 million, improved from $6 million in Q1 2024[30] Segment Performance - Women's Health franchise grew by 12% ex-FX, with total revenue of $463 million[17, 20] - Nexplanon is on track to achieve over $1 billion in revenue in 2025[20] - Biosimilars revenue was $141 million, a decrease of 15% ex-FX[21] - Established Brands revenue was $887 million, a decrease of 8% ex-FX[25] Geographic Performance - The U S represents approximately 27% of total Organon revenue[15] - Approximately 75% of FY sales are generated ex-US[15] Guidance and Outlook - Full year 2025 revenue guidance is unchanged at $6 125 billion-$6 325 billion[42] - The company anticipates a foreign exchange translation headwind of approximately $200 million, but there is potential upside at current rates[42]

Financial Data and Key Metrics Changes - The first quarter results showed a 4% constant currency revenue decline year-over-year, primarily due to the loss of exclusivity of Atozed in Europe [20] - Adjusted gross margin was 61.7%, down from 62.1% in the same quarter last year, reflecting unfavorable pricing impacts [25] - Adjusted EBITDA margin for the first quarter was 32%, about 150 basis points better than expected [26] - Free cash flow before one-time costs was $146 million, an improvement from the prior year [27] Business Line Data and Key Metrics Changes - The women's health franchise grew 12% excluding exchange, driven by Nexplanon, which was up 14% [10] - Fertility products experienced nearly 26% global growth, with U.S. sales increasing by 70% [12] - Jada grew 20% in the quarter, with significant adoption among major birthing hospitals [13] - Biosimilars showed mixed results, with HEDLEMA growing 57% while Ontrazont and REMFLEXIS continued to decline [14] Market Data and Key Metrics Changes - Approximately 75% of revenue is generated outside the U.S., with Europe and Canada contributing about 25% and China about 13% [7] - The U.S. market is primarily supplied by European manufacturing, with limited exposure to tariffs in 2025 [6][9] Company Strategy and Development Direction - The company is focusing on deleveraging, aiming for a net leverage ratio below four by year-end 2025 [5][30] - A strategic shift has been made to redirect dividend funds towards debt reduction, allowing for nearly $200 million in potential savings [5] - The company plans to pursue business development opportunities while maintaining lower leverage [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving revenue targets for VITAMA, citing strong market signals and positive feedback from healthcare providers [43] - The macroeconomic environment remains uncertain, but the company has limited exposure to current tariff policies [6][66] - Future growth is expected to be driven by the successful launch of new products and ongoing operational efficiency improvements [39] Other Important Information - The company anticipates $200 million in annual savings from restructuring initiatives [5] - Onetime costs related to the spin-off are expected to be zero in 2025, with a focus on improving operating expense efficiency [27][28] Q&A Session Summary Question: Confidence in VITAMA sales target and access issues - Management is confident in reaching the $150 million sales target for VITAMA due to strong market uptake and effective managed care strategies [43] Question: Priorities regarding deleveraging and business development - The focus is currently on deleveraging, with future opportunities for business development as leverage decreases [46] Question: Future business development deal frequency and size - The company has a broad definition of women's health and is open to various deal sizes, focusing on those that align with strategic goals [53] Question: Capital allocation and share buyback considerations - Share buybacks are currently a lower priority compared to managing leverage and growth opportunities [68] Question: Impact of tariffs on future operations - The company has minimal exposure to tariffs in 2025 and is well-positioned to navigate potential future changes [66][76] Question: Nexplanon generic competition and FDA issues - Management is confident in the strength of Nexplanon's patents and the regulatory challenges faced by potential generic competitors [85][90]

Financial Data and Key Metrics Changes - The first quarter results showed a 4% constant currency revenue decline year over year, primarily due to the loss of exclusivity of Atozed in Europe [21] - Adjusted gross margin was 61.7%, down from 62.1% in the same quarter last year, reflecting unfavorable pricing impacts [25] - Adjusted EBITDA margin for the first quarter was 32%, about 150 basis points better than expected [27] - Free cash flow before one-time costs was $146 million, an improvement from the prior year [28] Business Line Data and Key Metrics Changes - The women's health franchise grew 12% excluding exchange, driven by Nexplanon, which was up 14% [10] - Fertility business grew nearly 26% globally, with U.S. growth of 70% [12] - Jada grew 20% in the quarter, with significant adoption in U.S. birthing hospitals [13] - Biosimilars showed mixed results, with HEDLEMA growing 57% while Ontrazont and REMFLEXIS continued to decline [14] Market Data and Key Metrics Changes - Revenue composition: approximately 75% from outside the U.S., with Europe and Canada contributing about 25% and China about 13% [7] - The U.S. market is primarily supplied by European manufacturing, with limited exposure to current tariff policies [6][9] Company Strategy and Development Direction - The company is focusing on deleveraging, aiming for a net leverage ratio below four by year-end 2025 [5][31] - A shift in capital allocation priorities has been made to increase retention ratio and support business development opportunities [39] - The company plans to continue pursuing compelling business development opportunities while maintaining lower leverage [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving revenue targets for VITAMA, citing strong market feedback and access initiatives [43] - The macroeconomic environment remains uncertain, but the company has limited exposure to current tariff policies [6][64] - Management emphasized the importance of deleveraging in response to investor concerns about leverage in a volatile market [72] Other Important Information - The company has reset its dividend payout to redirect funds towards debt reduction, allowing for nearly $200 million in prospective dividend payments to be used for deleveraging [5] - The restructuring initiatives are expected to yield approximately $200 million in annual savings [4] Q&A Session Summary Question: Confidence in VITAMA sales target and access issues - Management is confident in achieving the sales target due to strong market signals and effective access strategies [43][44] Question: Priorities regarding deleveraging and business development - The focus is currently on deleveraging, with business development opportunities being considered as leverage improves [46] Question: Capital allocation and share buybacks - Share buybacks are a lower priority compared to managing leverage and growth, especially while leverage remains above four times [66] Question: Nexplanon generic threat and FDA status - Management is confident in the strength of Nexplanon's patent and the regulatory challenges faced by potential generics [82][87] Question: Breakdown of anticipated one-time costs for 2025 - Estimated one-time costs include $150 million for manufacturing separation and $200 million for restructuring initiatives [80]

Exhibit 99.1 (614) 314-8094 Kate Vossen (732) 675-8448 Media Contacts: Karissa Peer Investor Contacts: Jennifer Halchak (201) 275-2711 Renee McKnight (551) 204-6129 Organon Reports Results for the First Quarter Ended March 31, 2025 Company af irms full year 2025 financial guidance, resets dividend payout to strengthen capital structure 1 · Guidance ranges for full year 2025 revenue and Adjusted EBITDA margin are affirmed; company expects to generate over $900 million of free cash flow before one-time costs ...

Core Insights - Analysts expect Organon (OGN) to report quarterly earnings of $0.92 per share, reflecting a year-over-year decline of 24.6% and revenues of $1.54 billion, down 4.9% from the previous year [1] - There has been a downward revision of 1.7% in the consensus EPS estimate over the last 30 days, indicating a reconsideration of initial forecasts by analysts [1][2] Revenue Estimates - Revenue from Women's Health for Nexplanon/Implanon NXT is projected at $236.63 million, showing a year-over-year increase of 7.6% [4] - The consensus estimate for Biosimilars Total revenue is $153.47 million, indicating a decline of 9.7% from the year-ago quarter [4] - Revenue for Women's Health from NuvaRing is estimated at $25.26 million, reflecting a significant decrease of 33.5% year-over-year [4] - Revenue from Women's Health for Follistim AQ is expected to be $55.48 million, marking a year-over-year increase of 20.6% [5] - U.S. revenue for Nexplanon/Implanon NXT is projected at $165.06 million, indicating a growth of 7.9% from the previous year [5] - Geographic Revenue from the U.S. is expected to reach $407.08 million, suggesting a year-over-year increase of 9.7% [6] - Revenue from Women's Health for U.S. NuvaRing is forecasted at $8.12 million, indicating a substantial decline of 49.2% from the year-ago quarter [6] - Revenue from Women's Health for U.S. Follistim AQ is estimated at $18.97 million, reflecting a significant increase of 72.4% year-over-year [6] - Revenue from Established Brands in the U.S. for Respiratory- Other is projected at $7.68 million, indicating a year-over-year increase of 9.8% [7] - Geographic Revenue from Other International is expected to be $25.18 million, reflecting a decline of 13.2% from the prior-year quarter [7] - Revenue from Established Brands International for Non-Opioid Pain, Bone and Dermatology- Other is estimated at $68.21 million, suggesting a slight increase of 0.3% year-over-year [8] - Revenue from Established Brands International for Non-Opioid Pain, Bone and Dermatology- Diprospan is projected at $30.94 million, indicating a year-over-year increase of 6.7% [8] Stock Performance - Over the past month, Organon shares have declined by 15.9%, compared to a 4.3% decline in the Zacks S&P 500 composite [8]

Organon (OGN) closed at $12.20 in the latest trading session, marking a +0.66% move from the prior day. The stock trailed the S&P 500, which registered a daily gain of 0.74%. Elsewhere, the Dow gained 0.05%, while the tech-heavy Nasdaq added 1.26%.The pharmaceutical company's shares have seen a decrease of 16.76% over the last month, not keeping up with the Medical sector's loss of 7.7% and the S&P 500's loss of 4.77%.Investors will be eagerly watching for the performance of Organon in its upcoming earnings ...