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Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The following is a summary of Organon’s total debt:

($ in millions)			March 31, 2025						December 31, 2024
Term Loan B Facility:
SOFR plus 225 bps term loan due 2031			$	1,543					$	1,543
EURIBOR plus 275 bps euro-denominated term loan due 2031 (€722 million in 2025 and €724 million in 2024)			779						755
4.125% secured notes due 2028			2,100						2,100
2.875% euro-denominated secured notes due 2028 (€1.25 billion)			1,348						1,304
5.125% notes due 2031			2,000						2,000
6.750% secured notes due 2034			500						500
7.875% notes due 2034			500						500
Revenue Interest Purchase and Sale Agreement (1)			169						165
NovaQuest Funding Agreement (1)			103						103
Other borrowings			7						7
Other (discounts and debt issuance costs)			(93)						(97)
Total principal long-term debt			$	8,956					$	8,880
Less: Current portion of long-term debt			20						20
Total Long-term debt, net of current portion			$	8,936					$	8,860

(1) Recognized at the amortized cost basis. The remaining principal is determined as the initial fair value less principal payments. As of March 31, 2025, the remaining principal of the revenue interest purchase and sale agreement (the “RIPSA”) the Company assumed in connection with its acquisition of Dermavant and the NovaQuest Co-Investment Fund VIII, L.P. (“NovaQuest”) debt is $156 million and $102 million, respectively.

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

Long-term debt was recorded at the carrying amount. The estimated fair value of long-term debt (including current portion) is as follows:

($ in millions)						Fair Value Measurement Level						March 31, 2025						December 31, 2024
Long-term debt						2						$	8,273					$	8,354
Long-term debt (RIPSA & NovaQuest)						3						272						268

Schedule of Maturities on Long-term Debt

The schedule of principal payments required on long-term debt for the next five years, exclusive of $14 million of accrued interest related to the RIPSA and NovaQuest debt, and thereafter are as follows:

($ in millions)
2025			$	6
2026			25
2027			62
2028			3,490
2029			9
Thereafter			5,443

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