New York, Feb 23, 2026, 09:14 EST — Premarket action.
- Organon jumped roughly 7.8% in premarket trading after disclosing a women’s health licensing agreement.
- The company detailed upfront and milestone payments related to MIUDELLA, its hormone-free copper IUD.
- Investors have their eyes on Organon’s 2025 annual report filing, with a dividend record date landing Monday.
Organon & Co shares jumped roughly 7.8% in premarket action Monday, hitting $8.10.
Organon shares moved after the company said it had reached an exclusive licensing agreement for MIUDELLA, a hormone-free copper IUD developed by Sebela Pharmaceuticals for contraception. Under the terms, Organon is putting up $27.5 million at closing, and could hand over as much as $505 million more if certain sales milestones are hit, plus tiered double-digit royalties. The deal still needs to clear a U.S. antitrust review, and there are additional FDA-related hurdles tied to supply chain approvals. (Organon)
Why it matters now: Organon has been working to calm investors following questions about its reporting and internal controls. In a Feb. 20 filing, the company disclosed that its audit committee wrapped up an independent review focused on the timing of certain past biosimilar purchases from a supplier. The committee found no need for further action, saying it uncovered no sign of improper conduct or any reason to amend prior financial statements.
Organon’s balance sheet has been under the microscope, with investors watching the company’s debt-reduction push. Interim CEO Joe Morrissey pointed to moves in 2025 showing, in his words, “our commitment to improving the balance sheet,” after the company reported $8.64 billion in debt as of Dec. 31. Management also set a quarterly dividend at $0.02 per share, scheduled for payment on March 12 to shareholders on record at the Feb. 23 close. (Organon)
MIUDELLA isn’t on the market yet, so the agreement centers on future potential rather than any instant revenue jump. Organon said the device got its approval in February 2025, offering up to three years of pregnancy prevention. The company is positioning it as a move to strengthen its women’s health lineup.
With this licensing deal, Organon steps straight into a packed field for contraception—where factors like product design and how long the device lasts may weigh just as heavily as cost. Take CooperSurgical’s Paragard: the copper IUD is approved for use for up to 10 years. (CooperSurgical)
Traders are eyeing the early pop to see if it sticks once the New York Stock Exchange kicks off at 9:30 a.m. EST. The next thing: looking for real buying to materialize—beyond just the fast money crowd.
There’s a snag here. According to Organon, the MIUDELLA deal depends on regulatory hurdles and other conditions, and because the payout is tied to sales milestones, costs could rise if demand takes off. On the flip side, any holdups might mean shareholders end up waiting even longer for returns.
First up: Monday’s close—the record date tied to Organon’s declared dividend—followed by the payout on March 12. Next, attention shifts to the company’s 2025 Form 10-K filing. Investors are also waiting on more specifics about when MIUDELLA might clear its last regulatory barriers and debut commercially.
