Financial Data and Key Metrics Changes - Organon generated $1.6 billion in revenue for Q2 2021, with an adjusted EBITDA of $627 million and adjusted earnings per share of $1.72 [6][7] - Revenue increased by 4.5% as reported but decreased by about 1% at constant currency exchange rates [19] - The impact of loss of exclusivity (LOE) during Q2 2021 was approximately $130 million, primarily due to Zetia's LOE in Japan and NuvaRing's LOE in the U.S. [19][43] Business Line Data and Key Metrics Changes - Women's health business grew by 19% as reported and 16% excluding foreign exchange (FX) [25] - Nexplanon sales increased by 39% excluding FX, benefiting from the return of patients to healthcare providers [25] - Fertility portfolio showed strength with FOLLISTIM growing by 40%, while NuvaRing experienced a 19% decline due to increased generic penetration [26] - Biosimilars grew by 43% as reported and 35% excluding FX, with RENFLEXIS and Ontruzant being the largest offerings [27][28] - Established brands revenue decreased by 4% as reported and 10% excluding FX, with a 2% decline in price expected over the intermediate term [29][30] Market Data and Key Metrics Changes - Asia-Pacific was the only region with a decline, driven by Zetia's LOE in Japan, while Europe and Canada showed strong double-digit growth [16] - The U.S. market benefited from the recovery from COVID-19 impacts and growth in fertility and biosimilars [16] - In China, total revenue across all business lines was $236 million, up 12% year-over-year, with retail channel growth contributing significantly [31] Company Strategy and Development Direction - Organon aims to create a better and healthier everyday for women, focusing on expanding its portfolio beyond contraception and fertility [5][8] - The company completed the acquisition of Alydia Health and announced a licensing agreement with ObsEva to address unmet needs in women's health [9][10] - The strategy includes a focus on life cycle management and organic growth, with a target of maintaining a low 20% payout of free cash flow for dividends [38][41] Management's Comments on Operating Environment and Future Outlook - Management remains confident in achieving low to mid-single-digit organic revenue growth, with women's health and biosimilars expected to deliver double-digit growth [6][7] - The ongoing impact of COVID-19 is anticipated to persist through the remainder of 2021, affecting patient visits and overall business performance [21][46] - The company is optimistic about the fertility market, particularly in China, where government policies are increasingly supportive [66] Other Important Information - Organon declared a quarterly dividend of $0.28 per share, reflecting the cash-generating power and sustainability of the business [7] - The company has a net debt of approximately $9.2 billion, with a target leverage ratio below 3.5 times net to adjusted EBITDA [36][40] Q&A Session Summary Question: Business development strategy in women's health - Management is exploring various opportunities and has identified around 140 assets for potential acquisition to address unmet needs in women's health [60] Question: Dividend growth outlook - The dividend is set at a low 20% of free cash flow, with expectations for growth in line with free cash flow increases [61] Question: COVID recovery impact on key products - There has been a recovery in fertility more than contraception, with significant growth in the fertility portfolio [64][66] Question: Revenue guidance variability - The progression of the pandemic and foreign exchange rates are key factors that could influence revenue guidance [71] Question: Competitive intensity in biosimilars - Despite competitive challenges, the biosimilars segment has shown strong growth, with expectations for continued performance [72] Question: Interchangeability of Humira biosimilar - Management believes that citrate-free and high-dose availability are more critical than interchangeability for the Humira biosimilar [93][96]

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________ Form 10-Q ________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission File No. 001-40235 Organon & Co. (Exact name of registrant as specified in its charter) Del ...