Karissa Peer Investor Contacts: Jennifer Halchak (614) 314-8094 Kate Vossen (732) 675-8448 (201) 275-2711 Edward Barger (267) 614-4669 Organon reports results for the third quarter ended

Organon reports results for the third quarter

ended September 30, 2021

Jersey City, N.J., November 11, 2021 - Organon (NYSE: OGN)

(the "company"), today announced its results for the third quarter and year to date ended September 30, 2021.

Organon also announced that its Board of Directors declared a quarterly

dividend of $0.28 for each issued and outstanding share of the company's common stock. The dividend is payable on December 16,

2021 to stockholders of record at the close of business on November 22, 2021.

"Just months after becoming a standalone company, we are delivering

on what we set out to do. Our year to date results are very much in line with expectations, and with good visibility into the remainder

of the year, we are affirming our financial guidance," said Kevin Ali, Organon's CEO. "Importantly, we have also been disciplined

in actioning business development opportunities that have been in the works well prior to spin. Including today's announcement regarding

the proposed acquisition of Forendo Pharma, we have executed three transactions in the last six months, demonstrating our commitment to

advance innovation in large, underserved markets, which women's health has lacked for decades."

Third quarter 2021 revenue

represents manufacturing sales to the company's former parent company and other third parties and pre-spin allocated revenue hedge

Total net revenue was $1,600 million for the third quarter of 2021,

a decrease of 1% as-reported and 3% excluding the impacts of foreign currency (ex-FX), compared with the third quarter of 2020.

Women's Health declined 10% as-reported and 11% ex-FX in the

third quarter 2021 compared with the third quarter of 2020, driven primarily by a 17% ex-FX decline in NUVARING (etonogestrel/ethinyl

estradiol vaginal ring) which continues to be impacted by generic competition, and also NEXPLANON (etonogestrel implant), which declined

8% ex-FX in the third quarter 2021. In September 2020, there was short-lived resurgence in patient well visits that positively impacted

third quarter 2020 NEXPLANON sales, which is a physician-administered product. Throughout the current year, well visits in the US continue

to be suppressed by the COVID-19 pandemic, hampering NEXPLANON sales. The decline in the company's contraception portfolio was partially

offset by the fertility franchise, led by FOLLISTIM , AQ Cartridge (follitropin beta injection) which grew 18% ex-FX, and was positively

impacted by a combination of COVID-19 recovery and increased demand.

Biosimilars revenue grew 41% as-reported and 39% ex-FX in the third

quarter 2021 compared with third quarter 2020, driven by continued demand growth in the US for RENFLEXIS (infliximab-abda), since

its launch in 2017 as well as growth in Canada. The biosimilars portfolio also benefited from the continued uptake of ONTRUZANT (trastuzumab-dttb)

in the US since the July 2020 launch in the US, as well as strong performance in Brazil, partially offset by a decrease in the EU

reflecting increasing competitive pressures and tenders lost.

Established Brands represents a broad portfolio of well-known medicines,

which are generally beyond market exclusivity, including leading brands in cardiovascular, respiratory, dermatology and non-opioid pain

management, and for which generic competition varies by market. Revenue for Established Brands was down 6% as-reported and down 8% ex-FX

in the third quarter of 2021. Excluding the impact of loss of exclusivity (LOE), Established Brands revenue was down 4% ex-FX. During

the quarter, retail expansion in China grew 20% and partially offset impacts from decreases in the hospital channel due to Volume Based

Procurement (VBP). The portfolio impacts from LOE as well as VBP were partially offset by a 3% ex-FX increase in respiratory medicines.

SINGULAIR (montelukast) was up 20% ex-FX due to higher volume and recovery from the COVID-19 pandemic in China, despite its exposure

to VBP, and NASONEX (mometasone) was up 13% ex-FX due to higher demand in China and favorable performance in Russia, partially offset

by generic competition in Japan.

Third quarter 2021 profitability

Tables 4,5 and 6 for reconciliations of GAAP to non-GAAP measures

operations includes Merck Retained Products

Gross margin was 61.9% as-reported and 64.9% on an adjusted basis in

the third quarter of 2021 compared with 66.8% as-reported and 68.6% on an adjusted basis in the third quarter of 2020. The year-over-year

decrease reflects costs of standing up Organon as an independent company, including certain costs related to manufacturing agreements

between the company and its former parent company, which have lower gross margin percentages compared to third party product sales and

purchases. Those manufacturing agreements had an approximate 180 basis point negative impact to gross margins.

Adjusted EBITDA margin was 39.8% in the third quarter of 2021 compared

with 46.6% in the third quarter of 2020, which reflects costs incurred to establish Organon as a stand alone entity.

Net income from continuing operations for the third quarter of 2021

was $323 million, or $1.27 per diluted share, compared with $560 million, or $2.21 per diluted share, in the third quarter of 2020. Non-GAAP

Adjusted net income from continuing operations was $424 million, or $1.67 per diluted share, compared with $604 million, or $2.38 per

diluted share, in 2020.

Today, Organon's Board of Directors declared a quarterly dividend

of $0.28 for each issued and outstanding share of the company's common stock. The dividend is payable on December 16, 2021 to

stockholders of record at the close of business on November 22, 2021.

As of September 30, 2021, cash and cash equivalents were $1,008

million, and debt was $9,298 million, resulting in net debt of $8,290 million.

Full year guidance - all guidance provided on a Non-GAAP

Organon does not provide GAAP financial measures on a forward-looking

basis because the company is unable to predict with reasonable certainty and without unreasonable effort, the ultimate outcome of legal

proceedings, unusual gains and losses, and acquisition-related expenses. These items are uncertain, depend on various factors, and could

be material to Organon's results computed in accordance with GAAP.

The company affirmed all financial guidance, and narrowed the ranges

for revenue and Adjusted EBITDA margin. The financial guidance is presented on a non-GAAP basis and is proforma as if Organon was a standalone

company for the entire year.

Guidance provided in connection with the spin-off and unlikely to be a recurring component of the company's

Organon will host a conference call at 8:30 a.m. Eastern Time

today to discuss its third quarter 2021 financial results. To listen to the event and view the presentation slides via webcast, join

from the Organon Investor Relations website at https://www.organon.com/investor-relations/. 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: http://www.directeventreg.com/registration/event/2594964.

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.

Organon is a global healthcare company formed in June 2021 through

a spin-off from Merck (NYSE: MRK) known as MSD outside of the United States and Canada, to focus on improving the health of women throughout

their lives. "Here for her health", the company has a portfolio of more than 60 medicines and products across a range of therapeutic

areas. Led by the reproductive health portfolio coupled with an expanding biosimilars business and stable franchise of established medicines,

Organon's products produce strong cash flows that will support investments in future growth opportunities in women's health.

In addition, Organon is pursuing opportunities to collaborate with biopharmaceutical innovators looking to commercialize their products

by leveraging its scale and presence in fast growing international markets.

Organon has a global footprint with significant scale and

geographic reach and world-class commercial capabilities. The company's approximately 9,000 employees conduct business in more than

140 countries and territories. Organon's headquarters are located in Jersey City, New Jersey.

Non-GAAP financial measures

Non-GAAP results, such as Adjusted EBITDA, Adjusted Net Income, and

Adjusted Diluted EPS, are presented only as a supplement to the company's financial statements based on GAAP. Non-GAAP financial

information is provided to enhance understanding of the company's financial performance, but none of these non-GAAP financial measures

are recognized terms under GAAP, and non-GAAP measures should not be considered in isolation from, or as a substitute analysis for, the

company's results of operations as determined in accordance with GAAP. Definitions and reconciliations of non-GAAP

measures to the most directly comparable GAAP measures are provided

within the schedules attached to this release. The company uses non-GAAP measures in its operational and financial decision making, and

believes that it is useful to exclude certain items in order to focus on what it regards to be a more meaningful representation of the

underlying operating performance of the business. The company also believes that investors may find non-GAAP financial measures useful

for the same reasons, although investors are cautioned that non-GAAP financial measures are not a substitute for GAAP disclosures. The