Organon & Co. (NYSE:OGN), a pharmaceutical company, disclosed on Monday that board member Martha E. McGarry has resigned effective immediately. The announcement, made through a filing with the U.S. Securities and Exchange Commission on December 6, 2024, stated that McGarry's departure from the board and her role on the Talent Committee was not due to any disagreement with the company's operations, policies, or practices.
McGarry's resignation was communicated to the board on December 4, 2024. The filing did not elaborate on the reasons behind her decision to step down, nor did it indicate any immediate plans for a replacement on the board or the Talent Committee. Organon & Co., headquartered in Jersey City, NJ, is known for its focus on pharmaceutical preparations and operates under the organization name 03 Life Sciences.
In other recent news, Organon, a global healthcare company, has seen significant developments in its operations. The FDA has extended the review period for Organon's supplemental New Drug Application (sNDA) for VTAMA® cream, intended for treating atopic dermatitis, to March 12, 2025.
This extension was prompted by the FDA's request for additional data, considered a major amendment to the sNDA. Despite this delay, Organon anticipates VTAMA will generate approximately $125 million in revenue for the full year 2025.
In financial developments, Organon reported a third-quarter revenue of $1.6 billion, marking a 5% growth. This increase was driven by a 6% rise in the women's health franchise and a 17% surge in biosimilars. The company raised its full-year revenue guidance and projects growth from its recent acquisition of Dermavant.
Adjusted EBITDA for the period reached $459 million, with a 29% margin, and free cash flow nearing $700 million year-to-date. Despite some challenges, Organon revised its adjusted EBITDA margin guidance for 2024 to 30%-31% due to increased expenses and a less favorable product mix.
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