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 fourth quarter and full year ended

Organon reports results for the fourth quarter

and full year ended December 31, 2021

Nexplanon (etonogestrel

implant), fertility, biosimilars grew double digits for full year

Jersey City, N.J., February 17,

2022 - Organon (NYSE: OGN) today announced its results for the fourth quarter and full year ended December 31, 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 March 17, 2022

to stockholders of record at the close of business on February 28, 2022.

"In 2021 we delivered on our financial objectives across the board.

Organon has taken significant steps to advance our vision to become a leader in women's health through meaningful business development

that addresses areas of significant unmet need for women and society," said Kevin Ali, Organon's CEO. "We continue to balance

our growth objectives against our commitment to lower leverage, and in the fourth quarter we repaid $100 million of our term loans. Overall,

we are well positioned as we head into 2022."

Fourth quarter 2021 revenue

includes manufacturing sales to Merck & Co., Inc.("Merck") and other third parties, and allocated amounts from

pre-spin revenue hedging activities through the date of separation.

Total net revenue was $1,604 million for the fourth quarter of

2021, a decrease of 1%, both as-reported and excluding the impacts of foreign currency (ex-FX), compared with fourth quarter of

2020. Strong sales for Nexplanon, together with growth in biosimilars were offset by declines in Established Brands and

supply sales to Merck and other third parties.

Women's Health increased 6% both as-reported and ex-FX in the

fourth quarter 2021 compared with the fourth quarter of 2020 driven primarily by Nexplanon, which increased 37% ex-FX in the fourth

quarter 2021 compared with the fourth quarter of 2020. Nexplanon's growth in the quarter was due to increased demand in the

United States, as well as tenders won, which can be variable quarter to quarter. The increase in Women's Health was partially offset

by a decline in sales of Nuvaring (etonogestrel/ethinyl estradiol vaginal ring) which continues to be impacted by generic

Biosimilars revenue grew 15% as-reported and 14% ex-FX in the fourth

quarter 2021 compared with fourth quarter 2020, driven by continued growth in the United States for Renflexis (infliximab-abda)

and growth in Canada. The biosimilars portfolio also benefited from the continued uptake of Ontruzant (trastuzumab-dttb) in

the United States, partially offset by a decrease in the European Union, due to increasing competitive pressures, and Latin America, due

to the timing of tenders in Brazil.

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. In 2021, declines related to loss of exclusivity (LOE) moderated, and

in the fourth quarter the franchise was down 2% on both a nominal and constant currency basis. The decline in Established Brands during

the fourth quarter of 2021 compared to the fourth quarter of 2020 was primarily due to a terminated agreement in Korea for Rosuzet

(ezetimibe, rosuvastatin as calcium), loss of exclusivity for Zetia (ezetimibe) in Japan in June 2020, the negative impact

of Volume Based Procurement (VBP) in China, which was partially offset by growth in the retail channel and brands not impacted by VBP,

as well as growth of Atozet (ezetimibe and atorvastatin calcium trihydrate) and certain products in the respiratory and

non-opioid pain franchises.

Fourth quarter 2021 profitability

(*) See Tables 4,5 and 6 for reconciliations of GAAP

to non-GAAP measures.

Gross margin was 62.7% as-reported and 66.0% on an adjusted basis in

the fourth quarter of 2021 compared with 63.7% as-reported and 65.2% on an adjusted basis in the fourth quarter of 2020.

Adjusted EBITDA margin was 34.2% in the fourth quarter of 2021 compared

with 42.2% in the fourth quarter of 2020. The decline reflects costs incurred to establish Organon as a stand-alone entity.

Net income from continuing operations for the fourth quarter of 2021

was $202 million, or $0.79 per diluted share, compared with $376 million, or $1.48 per diluted share, in the fourth quarter of 2020. Non-GAAP

Adjusted net income from continuing operations was $349 million, or $1.37 per diluted share, compared with $494 million, or $1.95 per

diluted share, in 2020.

includes manufacturing sales to Merck and other third parties, and allocated amounts from pre-spin revenue hedging activities through

the date of separation.

Total net revenue was $6,304 million for full year 2021, a decrease

of 3% as-reported and 6% ex-FX, compared with 2020. The sales decline reflects decreases across certain markets within the Established

Brands business, primarily due to ongoing competition after loss of exclusivity. The overall sales decline was offset by higher sales

of Women's Health products, notably Nexplanon, Follistim AQ (follitropin beta injection) and ganirelix acetate injection

due to increasing demand, higher sales of biosimilars resulting from the continued uptake of Renflexis and Ontruzant in

the United States, and the favorable impact of foreign exchange.

Women's Health increased 4% as-reported and 2% ex-FX for full

year 2021 compared with 2020, driven by Nexplanon which increased 12% ex-FX in 2021. This was partially offset by a 21% ex-FX decline

in Nuvaring which continues to be impacted by generic competition, and by declining sales in the United States of the authorized

generic of Nuvaring. Follistim AQ (marketed in most countries outside the United States as Puregon ), a fertility

treatment, increased 19% ex-FX in 2021 compared with 2020, primarily due to volume growth, as well as recovery from the COVID-19 pandemic

in the United States and China.

Biosimilars revenue grew 28% as-reported and 25% ex-FX for full year

2021 compared with 2020, driven by continued growth in the United States for Renflexis and growth in Canada. The biosimilars portfolio

also benefited from the launch of Hadlima (adalimumab-bwwd) and Aybintio (bevacizumab) in certain ex-US markets

during the year, and the continued uptake of Ontruzant in the United States, partially offset by revenue declines in the European

Union due to increasing competitive pressures.

Revenue for Established Brands was down 10% as-reported and down 13%

ex-FX for the full year 2021, primarily driven by the impact of the loss of exclusivity of Zetia in Japan in June 2020. Excluding

the impact of the loss of exclusivity, Established Brands revenue was down 8% ex-FX. Additionally, during 2021, the Established Brands

portfolio in China was subject to the negative impact of the third round of VBP, the largest so far for Organon. The associated decline

was partially offset by growth in brands in the hospital channel not impacted by VBP, the partial recovery of the respiratory market as

well as growth in the retail segment which accounts for approximately 50% of the total sales of Established Brands in China.

Full year 2021 profitability

(*) See Tables 4,5 and 6 for reconciliations of GAAP

to non-GAAP measures.

Gross margin was 62.2% as-reported and 64.7% on an adjusted basis for

full year 2021 compared with 67.6% as-reported and 69.1% on an adjusted basis in 2020. The year-over-year decrease reflects costs of establishing

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.

Adjusted EBITDA margin was 37.7% for 2021 compared with 47.8% in 2020,

which reflects costs incurred to establish Organon as a stand-alone entity.

Net income from continuing operations for 2021 was $1,351 million,

or $5.31 per diluted share, compared with $2,256 million, or $8.90 per diluted share in 2020. Non-GAAP Adjusted net income from continuing

operations was $1,662 million, or $6.54 per diluted share, compared with $2,523 million, or $9.95 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 March 17, 2022 to stockholders

of record at the close of business on February 28, 2022.

As of December 31, 2021, cash and cash equivalents were $737 million,

and gross debt was $9,134 million, resulting in net debt of $8,397 million. Total debt as of December 31, 2021 reflects a discretionary

fourth quarter prepayment of $100 million on the company's term loans.

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