However, patient visits have still not reached pre-pandemic levels and the company expects the ongoing negative impact to persist through 2021. Also, in-person patient visits to healthcare professionals demonstrated recovery during the quarter as COVID-19 restrictions were eased. Nexplanon is approved for three-years of efficacy however, in November 2020, OGN began studies to increase this to five years. Women’s Health grew 19% YOY (16% ex-FX) during the quarter, driven by growth in Nexplanon (etonogestrel implant), which grew 39% YOY ex-FX.For 2021E, management expects foreign currency translation to be a modest tailwind, considering year-to-date currency performance and the current level of spot rates. Given ~80% revenues derived outside the US, foreign exchange translation had a 550 basis points favourable impact on revenues. The negative impact of COVID-19 was ~$120 million ($100 million better than previous year period). (OGN) reported overall revenues of $1.6 billion, representing 4.5% YOY growth, primarily driven by 43% YOY jump in revenues from Biosimilars business and 19% YOY growth in revenues from Women’s Health business. Key highlights of the conference call (2Q21) Key Data and Top 5 Shareholders Spin-Off Research The spin-off was tax-free to the shareholders. Moreover, Merck continues to be part of the S&P 500 index and Organon has joined the S&P 500 Index. Merck continued to trade on the NYSE under the ticker MRK, while Organon was listed on the NYSE under the ticker OGN. Both the stocks commenced regular way trading from June 3, 2021. The distribution date for the spin-off was June 2, 2021. On May 14, 2021, Organon’s common stock started when issued trading under the ticker “OGN.WI”, while Merck (“MRK.WI”) started when-issued trading on May 27, 2021. The spin-off ratio was 1:10, implying each MRK shareholder received one share of Organon common stock for every ten shares of MRK‘s common stock. The record date for the spin-off was May 17, 2021. On May 7, 2021, MRK’s Board of Directors approved the spin-off of Organon. The company announced the details and timeline for the spin-off of Organon. Earlier, on March 17, 2021, Organon filed initial Form-10 with the SEC. had announced plans to spin-off Women’s Health, Legacy Brands and Biosimilars businesses into a new, independent, publicly traded company, ‘Organon & Co.’ On April 29, 2021, Organon filed an amended Form 10 with the SEC. On February 5, 2020, Merck MRK & Co., Inc. Non-GAAP Adjusted Diluted EPS of $1.72 (2Q20: $2.52) also comfortably beat consensus by 21.8%. consensus), leading to corresponding margin erosion (2Q21: 27.4%, 2Q20: 41.9%). Non-GAAP Adjusted net income from continuing operations decreased 32% YOY to $437 million (+18.3% vs. Adjusted EBITDA from continuing operations fell by 19% to $627 million (consensus: $572 million), while the corresponding margin contracted 1,154 bps to 39.3%. Non-GAAP Adjusted gross margin contracted 578 bps to 65.5% (consensus: 64.9%) on higher standalone costs and unfavorable mix of manufacturing agreements. fx) was partially offset by Established Brands LB (-4%, -10% excl. Revenue growth at Biosimilars (+43%, +35% excl. fx) reflecting the impact of loss of exclusivity on some products, but beat consensus by 5.2%. Total revenue of $1.6 billion grew by a modest 4.5% YOY (-1% excluding foreign currency impact or excl. On August 12, 2021, Organon (NYSE: OGN, $33.50, Market Capitalization: $8.5 billion) announced 2Q21 results. Organon look to expand to provide treatments for other conditions unique to women, about 80% of the new company's revenues will come from outside the U.S (Photo by Kena Betancur/VIEWpress) Corbis via Getty Images Organon start trading next thursday in New York on June 02 2021. NEW YORK, NY - JUNE 02: Exterior view of the New York Stock Exchange and Wall St.
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