For the year ending 2025-12-31, OGN had -$101M decrease in cash & cash equivalents over the period. $538M in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net income from continuing operations | - | - | 1,023 | 917 |
| Net income | 187 | 864 | - | - |
| Depreciation | 156 | 132 | 120 | 96 |
| Amortization | 205 | 145 | 116 | 116 |
| Impairment of assets | 9 | 0 | 0 | 9 |
| Acquired in-process research and development and milestones | 6 | 81 | 8 | 107 |
| Contingent consideration | - | 11 | - | - |
| Accretion and changes in fair value in contingent consideration | 50 | - | - | - |
| Deferred income tax expense (benefit) | 63 | -160 | -485 | -18 |
| Stock-based compensation | 77 | 105 | 101 | 75 |
| Unrealized foreign exchange (gain) loss | 21 | 2 | -40 | 18 |
| Gain on debt repurchase | 73 | - | - | - |
| Impairment of goodwill | 301 | - | - | - |
| Other | -87 | -41 | -31 | -26 |
| Accounts receivable | -79 | -383 | 212 | 123 |
| Inventories | 13 | 131 | 230 | 220 |
| Other current assets | 32 | 236 | 10 | 43 |
| Trade accounts payable | -217 | -157 | 163 | -237 |
| Accrued and other current liabilities | -142 | -101 | 102 | 172 |
| Due from/due to related party | - | - | 0 | 0 |
| Income taxes payable | -61 | -65 | 16 | 7 |
| Other | -139 | -29 | -16 | 8 |
| Net cash flows provided by operating activities from continuing operations | - | - | 799 | 858 |
| Net cash flows provided by operating activities | 700 | 939 | - | - |
| Capital expenditures | 162 | 175 | 251 | 196 |
| Proceeds from sale of property, plant and equipment | 1 | 4 | 1 | 7 |
| Acquired in-process research and development and milestones | 30 | 71 | 8 | 107 |
| Dermavant acquisition, net of cash acquired | 75 | 166 | - | - |
| Purchase of product rights and asset acquisition | 124 | 105 | 2 | 124 |
| Net cash flows used in investing activities from continuing operations | - | - | -260 | -420 |
| Net cash flows used in investing activities | -390 | -513 | - | - |
| Proceeds from debt | 1,055 | 1,186 | 80 | 0 |
| Repayments of debt | 1,513 | 1,197 | 338 | 108 |
| Payment of long-term debt issuance costs | 0 | 38 | 0 | 0 |
| Proceeds from short-term borrowings from merck & co, inc | - | - | - | 0 |
| Repayments of short-term borrowings from merck & co., inc., net | - | - | 0 | 0 |
| Net consideration paid to merck & co. inc. in connection with the separation | - | - | 0 | 0 |
| Net transfers to merck & co., inc | - | 0 | 0 | 24 |
| Employee withholding taxes related to stock-based awards | 15 | 22 | 17 | 11 |
| Dividend payments | 88 | 297 | 294 | 290 |
| Net cash flows used in financing activities from continuing operations | - | - | -569 | -433 |
| Net cash provided by (used in) operating activities | - | - | 0 | 0 |
| Net cash used in investing activities | - | - | - | 0 |
| Net cash used in financing activities | - | - | 0 | 0 |
| Net cash flows used in discontinued operations | - | - | 0 | 0 |
| Net cash flows used in financing activities | -561 | -368 | - | - |
| Effect of exchange rate changes on cash and cash equivalents | 150 | -76 | 17 | -36 |
| Effect of exchange rate changes on cash and cash equivalents from discontinued operations | - | - | - | 0 |
| Net decrease in cash and cash equivalents | -101 | -18 | -13 | -31 |
| Cash and cash equivalents, beginning of period | 675 | 693 | 706 | 737 |
| Cash and cash equivalents, end of period | 574 | 675 | 693 | 706 |
Organon & Co. (OGN)
Organon & Co. (OGN)