OGN 10-K & 10-Q changes, risk factors and insider trading

You should carefully consider the following risks and other information in this Annual Report on2025 Form 10-K in evaluating usthe Company and deciding whether to invest in our Common Stock. Any of the following risks could materially and adversely affect our results of operations, financial condition and the price of our Common Stock.

The following is a summary of the principal risks that could significantly and negatively affect our business, prospects, financial conditions,condition, or operating results. For a more complete discussion of the material risks facing our business, please see below:

•We have limited in-house discovery and limited cash to pursue early research capabilities and willany continueexpansion to rely on future acquisitions, partnerships and collaborations to expandof our innovative pipeline and early discovery and research capabilities,capabilities through future external acquisitions, partnerships and collaborations, which may limit our ability to discover or develop new products or expand our existing products into new markets to replace the sales of products that lose patent protection and therefore we may not be able to maintain our current levels of profitability.protection.

•Our growth could be limited by the scope of our intellectual property licenses for certain women’s health care products.licenses.

•We may experience difficulties identifyingin connection with future acquisitionacquisitions, opportunitiesdivestitures orand completingother suchstrategic transactions.actions. Even if we complete such transactions,completed, we may have difficulty integrating or otherwise realizing the benefits of such acquisitions.transactions.

•WeOur research and development of new pharmaceutical product candidates or medical devices going forward will be limited, and for those development projects we elect to pursue we and/or our partners may fail to adequately demonstrate the safety and efficacy of any of our product candidates in pre-clinical studies and clinical trials, which would prevent or delay development, regulatory approval or clearance,marketing authorization and commercialization of our product candidates.

•Our amended and restated bylaws designate the Court of Chancery of the State of Delaware as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, and the United States federal district courts as the exclusive forum for claims under the Securities Act of 1933, as amended (the “Securities Act”),Act, which could limit our stockholders’ ability to obtain what such stockholders believe to be a favorable judicial forum for disputes with us or our directors, officers or employees.

We make statements in this Annual Report on2025 Form 10-K, and we may from time to time make other written reports and oral statements, regarding our outlook or expectations for financial, business or strategic matters regarding or affecting us that are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, all of which are based on management’s current expectations and are subject to risks and uncertainties which change over time and may cause results to differ materially from those set forth in the statements. One can identify these forward-looking statements by their use of words such as “anticipates,” “expects,” “plans,” “will,” “estimates,” “forecasts,” “projects,” “believes,” “would,” “potentially,” “intends,” “seeks,” “future,” “might,” “likely,” “target,” “predict,” “continue,” “should,” and other words of similar meaning, or negative variations of any of the foregoing. One can also identify them by the fact that they do not relate strictly to historical or current facts. Such forward-looking statements include, but are not limited to, statements relating to our growth and acquisition strategies, financial results, product development, product approvals, product potential and development programs. One must carefully consider any such statement and should understand that many factors could cause actual results to differ materially from our forward-looking statements. These factors may be based on inaccurate assumptions and are subject to a broad variety of other risks and uncertainties. No forward-looking statement can be guaranteed and actual future results may vary materially. The factors described in Part I.I, Item 1A. Risk Factors of this report2025 Form 10-K or otherwise described in our filings with the SEC,SEC provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations expressed in our forward-looking statements, including, but not limited to:

•the failure of any supplier to provide substances, materials, or services as agreedagreed, or otherwise meet their obligations to us;

•any failure by us to retain market exclusivity tofor Nexplanon or to obtain an additional period of exclusivity in the United States for Nexplanon subsequent to the expiration of the rod patents in 2027;

•restructuring or other disruptions at the FDA, the SEC and other U.S. and comparable foreign government agencies;

•pricing pressures globally, including rules and practices of managed care groups, judicial decisions and governmental laws and regulations related to or affecting Medicare, Medicaid and health carehealthcare reform, pharmaceutical reimbursementpricing and reimbursement, access to our products, international reference pricing, including MFN drug pricing, and other pricing inrelated generalinitiatives and policy efforts;

•efficacy, safety or other quality concerns with respect to our marketed products, whether or not scientifically justified, leading to product recalls, withdrawalswithdrawals, labeling changes or declining sales;

•future actions of third-parties, including significant changes in customer relationships or changes in the behavior and spending patterns of purchasers of health carehealthcare products and services, including delaying medical procedures, rationing prescription medications, reducing the frequency of physician visits and forgoing health carehealthcare insurance coverage;

•lost market opportunity resulting from delays and uncertainties in clinical trials and the approval or clearance process of the US FDA and other regulatory authorities;

•changes in accounting pronouncements promulgated by standard-setting or regulatory bodies, including the Financial Accounting Standards Board and the SEC, that are adverse to us; and

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations is intended to assist the reader in understanding our financial condition and results of operations for the years ended December 31, 20242025 and 20232024 and should be read in conjunction with our Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K to enhance the understanding of our results of operations, financial condition and cash flows. Additionally, this section should be read in connection with Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2023,2024, filed with the SEC andon February 28, 2025 (the “Original 2024 Form 10-K”), as amended by Amendment No. 1 thereto, filed on November 10, 2025 (“Amendment No. 1” and, together with the Original 2024 Form 10-K, the “Prior Form 10-K”), which are available on the SEC’s website at www.sec.gov,www.sec.gov. whichThe Prior Form 10-K includes a discussion regarding our financial condition and results of operations for the years ended December 31, 20232024 and 2022.2023.

We are a global healthcare company with a primary focus on improving the health of women throughout their lives. We develop and deliver innovative health solutions through a portfolio of prescription therapies and medical devices within our women’s health, biosimilarshealth and establishedgeneral brands.medicines portfolios. We have a portfolio of more than 70 medicines and products across a range of therapeutic areas. We sell these products through various channels including drug wholesalers and retailers, hospitals, government agencies and managed health carehealthcare providers such as health maintenance organizations, pharmacy benefit managers and other institutions. We operate six manufacturing facilities,facilities which are located in Belgium, Brazil, Indonesia, Mexico,around the Netherlands and the United Kingdom. Unless otherwise indicated, trademarks appearing in italics throughout this document are trademarks of, or are used under license by our companies.world.

•Generic Competition: Except for Emgality, RayvowEmgality and Vtama, our established brands products are beyond market exclusivity. Although these products continue to represent a valuable opportunity to generate significant operating profit relative to low promotional and development expenses, they are subject to competition from generic versions of these products. For instance, we have been negatively impacted bysince late 2024 from the September 2024 LOE for Atozet,Atozet in France, Spain and Japan, and we expect those negativethese impacts to continue or intensify in 2025.2026 driven by increased competition and further price erosion. In addition, Nexplanon is anthe important Organonlargest brand we commercialize that continues to have good market exclusivity,exclusivity; especiallyhowever, in the United States. This complex drug-device combination has different components with different patent exclusivities. In the United States, patents claiming key aspects of the Nexplanon applicator will expire in 2030 and patents for the Nexplanon rod will expire in late 2027. Patents for the majorityOutside of countries where Nexplanon is commercialized outside the United StatesStates, willwe expirehave betweenlost exclusivity in Nexplanon in certain markets beginning in 2025 and 2026.will continue to lose market exclusivity in other geographies in the near future. See Note 18 “Contingencies—Other Matters” to the Consolidated Financial Statements in this report.2025 Form 10-K.

•Historical Shift Towards Long-Acting Reversible Contraceptives: Daily contraceptive pills are by far the largest contraception market segment, with almost half of all women choosing a hormonal contraceptive electing this particular method. However, the Long-Actinglong-acting Reversiblereversible Contraceptives (“LARC”)contraceptives market, including Nexplanon, is expected to continue to be an important and large segment of the overall contraceptive market. Despite an increasingly diverse market of contraception methods (including the over-the-counter birth control pill), payors, providers, and patients continue to believe in the benefits of long-acting and highly effective options such as Nexplanon. Nexplanon is available for prescription under controlled distribution once the healthcare provider has completed a clinical training program (“CTP”) demonstrating safe and effective insertion and removal of Nexplanon. During the recent label update in January 2026, the FDA expanded the duration of use for Nexplanon from three years to five years, and also enhanced the CTP program by adding a Risk Evaluation and Mitigation Strategy (REMS) program, which contains additional proactive measures to certify healthcare providers in the proper insertion and removal of Nexplanon.

•Increased Access to Fertility Solutions: With the global trend toward declining birthrates, governments and payors are implementing favorable policies across major markets that, in turn, improve access to carefertility and drivesmaternal growth for infertility therapies.care.

•Growing Acceptance of Biosimilars: The market for biologics continues to experience strong growth trends. Given the high cost of many of these biologics treatments, biosimilars are a potentially more affordable alternative and represent a significant opportunity for patients, providers, and payors once a biologics product loses patent protection. Moreover, a significant number of biologics are expected to lose exclusivity over the next decade, representing a large opportunity for more biosimilar approvals.

Worldwide sales were $6.4$6.2 billion for the year ended December 31, 2024,2025, ana increasedecrease of 2%,3%, compared to 2023.2024. Worldwide sales during the year ended December 31, 20242025 were negativelypositively impacted by approximately 1%,$36 million, or $77approximately million,1%, due to unfavorablefavorable foreign exchange.exchange rates.

Excluding the impact of foreign exchange,exchange rates, sales increasesdecreases for the year ended December 31, 2024,2025, primarily reflect thelower performancesales of:

•Atozet, primarily due to LOE in France, Spain and Japan and the timing of tenders in the Latin America region,Japan, partially offset by increased demand in certainAsia marketsPacific, Latin America and the product launch in Europe, prior to LOE in September 2024China;

LOE negatively impacted sales of certain of our products by approximately $57$197 million during the year ended December 31, 2024,2025, based on the decrease in sales volume periodcompared overto period,2024. whichThis was primarily driven by the LOE of Atozet in France, Spain,Spain and Japan and Rosuzet in Japan. VBP in China had aan $13 million negativeimmaterial impact on our sales during the year ended December 31, 2024.2025. WeHowever, we expect VBP to continue to negatively impact our establishedgeneral brandsmedicines product portfolio for the next several quarters.

Except as set forth below, thereThere have been no material changes in our risk factors from those disclosed in Item 1A. Risk Factors, in our Annual Report on Form 10-K for the year ended December 31, 2025.2025 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2026.

Some statements and disclosures in this document are forward-looking statements. Forward-looking statements include all statements that do not relate solely to historical or current facts and can be identified by the use of words such as “may,” “believe,” “will,” “expect,” “project,” “potential,” “possible,” “probable,” “outcome,” “likely,” “could,” “should,” “estimate,” “anticipate,” “plan,” “intend,” “would,” “future,” “target,” “seek,” “continue,” and other words of similar meaning, or negative variations of any of the foregoing. These forward-looking statements are based on our current plans and expectations and are subject to a number of risks and uncertainties that could cause our plans and expectations, including actual results, to differ materially from the forward-looking statements. Risks and uncertainties that may affect our future results include, but are not limited to, uncertainties as to the timing of the completionproposed of the pending merger (the “merger”)transaction with Sun Pharmaceutical Industries Limited (together with its subsidiaries and/or associated companies, “Sun Pharma”); the risk that the mergerproposed transaction may not be completed on the anticipated terms in a timely manner or at all; the failure to satisfy any of the conditions to the consummation of the merger, including receiving, on a timely basis or otherwise, the minimum vote required by our stockholders to approve the merger; the possibility that competing offers or acquisition proposals for Organon will be made; the possibility that any or all of the variousremaining conditions to the consummation of the mergerproposed transaction may not be satisfied or waived, including the failure to receive any required regulatory approvals from any applicable governmental entities (or any conditions, limitations or restrictions placed on such approvals); the occurrence of any event, change or other circumstance that could give rise to the termination of the definitive agreement, including in circumstances whichthat would require us to pay a termination fee; the effect of the announcement or pendency of the mergerproposed transaction on our ability to retain and hire key personnel, our ability to maintain relationships with our customers, suppliers and others with whom we do business, or our operating results and business generally; risks related to diverting management’s attention from our ongoing business operations; the risk that stockholder litigation in connection with the mergerproposed transaction may result in significant costs of defense, indemnification and liability; certain restrictions during the pendency of the mergerproposed transaction that may impact our ability to pursue certain business opportunities or strategic transactions; the risk that any announcements relating to the mergerproposed transaction could have adverse effects on the market price of our common stock, including if the mergerproposed transaction is not consummated; risks that the benefits of the mergerproposed transaction are not realized when and as expected; expanded brand and class competition in the markets in which we operate; trade protection measures and import or export licensing requirements, including the direct and indirect impacts of tariffs (including pharmaceutical sector tariffs), trade sanctions or similar restrictions by the United States or other governments; changes in U.S. and foreign federal, state and local governmental funding allocations including the timing and amounts allocated to our customers and business partners; the impact of global business, political and macroeconomic conditions, including inflation, interest rate fluctuations, recessionary pressures, foreign currency exchange rates, volatile market conditions, and instability in the global banking system; global events, such as regional conflicts in the Middle East and elsewhere; our ability to remediate the material weaknesses in internal control over financial reporting and the related costs and management resources, as well as our ability to maintain effective internal control over financial reporting and disclosure controls and procedures in the future; our ability to access the public securities and other capital and credit markets in accordance with our financial plans, the cost of such capital, and overall condition of the capital and credit markets; actions that may be taken by credit rating agencies that could negatively affect either our access to or terms of financing or our financial condition and liquidity; our ability to meet our revenue and growth expectations and outlook; our ability to hire and/or retain members of our senior management (including a permanent CEO) and other key employees; the failure of any supplier to provide substances, materials, or services as agreed, or otherwise meet their obligations to us; the increased cost of supply, manufacturing, packaging, and operations; difficulties developing and sustaining relationships with commercial counterparties; competition from generic products as our products lose patent protection; any failure by us to retain market exclusivity for Nexplanon or to obtain an additional period of exclusivity in the United States for Nexplanon subsequent to the expiration of the rod patents in 2027; the success of our efforts to adapt our business and sales strategies to address the changing market and regulatory landscape in order to achieve our business objectives and remain competitive; restructurings or other disruptions at the U.S. Food and Drug Administration (“FDA”), the SEC and other U.S. and comparable foreign government agencies; difficulties in connection with future strategic transactions, including as a result of the impact of macroeconomic or geopolitical developments; pricing pressures globally, including rules and practices of managed care groups, judicial decisions and governmental laws and regulations related to or affecting Medicare, Medicaid and healthcare reform, pharmaceutical pricing and reimbursement, access to our products, international reference pricing, including Most-Favored-Nation drug pricing, and other pricing-related initiatives and policy efforts; the impact of higher selling and promotional costs; changes in government laws and regulations in the United States and other jurisdictions, including laws and regulations governing the research, development, approval, clearance, manufacturing, supply, distribution, and/or marketing of our products and related intellectual property, environmental regulations, and the enforcement thereof affecting our business; efficacy, safety or other quality concerns with respect to our marketed products, whether or not scientifically justified, leading to product recalls, withdrawals, labeling changes, or declining sales; delays or failures to demonstrate adequate efficacy and safety of our product candidates in pre-clinical and clinical trials, which may prevent or delay the development, approval, clearance, or commercialization of our product candidates; reduced research and development investment and increased reliance on fewer research and development programs for new products to generate future revenue and replace existing products that come to the end of their market life cycle; future actions of third-parties, including significant changes in customer relationships or changes in the behavior and spending patterns of purchasers of healthcare products and services, including delaying medical procedures, rationing prescription medications, reducing the frequency of physician visits and forgoing healthcare insurance coverage; legal factors, such as product liability claims, stockholder litigation, governmental investigations, and patent disputes; lost market opportunity resulting from delays and uncertainties in clinical trials and the approval or clearance process of the FDA and other regulatory authorities; the failure by us or our third party collaborators and/or their suppliers to fulfill our or their regulatory or quality obligations, which could lead to a delay in regulatory approval or commercial marketing of our products; cyberattacks on, or other failures, accidents, or security breaches of, our or third-party providers’ information technology systems, which could disrupt our operations and those of third parties upon which we rely; increased focus on privacy issues in countries around the world, including the United States, the European Union, and China, and a more difficult legislative and regulatory landscape for privacy and data protection that continues to evolve with the potential to directly affect our business, including recently enacted laws in a majority of states in the United States requiring security breach notification; changes in tax laws including changes related to the taxation of foreign earnings; the impact of any future pandemic, epidemic, or similar public health threat on our business, operations and financial performance; changes in accounting pronouncements promulgated by standard-setting or regulatory bodies, including the Financial Accounting Standards Board and the SEC, that are adverse to us; volatility of commodity prices, fuel, and shipping rates that impact the costs and/or ability to supply our products; and other factors discussed in our most recently filed Annual Report on Form 10-K10-K, Quarterly Report on Form 10-Q, and subsequent filings, including those discussed in the “Business,” “Risk Factors,” “Cautionary Statement Regarding Forward-Looking Statements” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of those reports.

On February 19, 2026, we entered into an exclusive license agreement with Sebela for the global rights to Miudella,Miudella®, a hormone-free copper intrauterine device (“IUD”) that was approved by the FDA on February 24, 2025.2025 and is estimated to launch commercials sales in the United States in late 2026. Under the terms of the agreement, we will paypaid $27.5 million atin closing,June 2026, with potential sales-based milestone payments of up to $505 million, as well asand tiered double-digit royalties based on net sales. TheIn transactionthe closingsecond is subject to regulatory approvals and FDA approvalquarter of alternate2026, supplythe chainCompany entitiesrecognized foran Miudella,intangible andasset otherof customary$27.5 closing conditions. There can be no assurance that such regulatory approvals and other closing conditions will be received or satisfied.million.

In January 2026, we divested the Jada System to Laborie for an aggregate payment of up to $465 million, comprised of consideration of $440 million, subject to certain closing adjustments, plus potential contingent consideration payments of up to $25 million based on the achievement of certain 2026 net sales targets. Approximately 100 Company employees transferred to Laborie as part of this transaction.

Upon the closing of the divestiture, we recognized a net gain on the sale of the Jada System of $81 million recognized in Other expense (income) expense,, net in the Condensed Consolidated Statement of Income asfor ofthe Marchsix 31,months ended June 30, 2026.

Worldwide sales were $1.5$1.6 billion for the three months ended MarchJune 31,30, 2026, a decrease of 4%,2%, compared to 2025. Worldwide sales during the three months ended March 31, 2026 were positively impacted by approximately $76$42 million,million or approximately 5%,3%, due to favorable foreign exchange rates.

Excluding the impact of foreign exchange rates, sales decreases for the three months ended MarchJune 31,30, 2026,2026 primarily reflect the lower sales of:

•Ontruzant, due to increased competition in international markets and lower tendered volume from Brazil’s Ministry of Health when compared with the same period in 2025.2025;

TheThis foregoing decreaseperformance was partially offset by sales increases for the three months ended MarchJune 31,30, 2026 in:

•Hadlima, due to stronger demand in the United States and increased demand in Puerto Rico;

Loss of exclusivity (“LOE”) negatively impacted sales of certain of our products by approximately $4$6 million and $10 million during the three and six months ended MarchJune 31,30, 2026, respectively, based on the decrease in sales volume of those products compared to 2025. Volume-based procurement (“VBP”) in China negatively impacted sales by approximately $2$5 million and $7 million during the three and six months ended MarchJune 31,30, 2026.2026, respectively. We expect VBP to continue to negatively impact our general medicines product portfolio for the next several quarters.

Due to changing market conditions, including ongoing conflicts,regional conflicts in the Middle East and elsewhere, new and evolving U.S. and international tariffs, U.S. tax law changes and regulatory uncertainty that impact our business, as well as the pharmaceutical industry, we have been and will continue to adapt our business and sales strategies to address this changing landscape in order to achieve our business objectives and remain competitive. Such strategies may include implementing or continuing to assess product discount programs and wholesaler inventory levels under the relevant agreements or waivers of their terms for certain key products.

Highlights of the sales of our products for the three and six months ended MarchJune 31,30, 2026 and 2025 are provided below. See Note 5 “Product and Geographic Information” to the Condensed Consolidated Financial Statements for further details on sales of our products.

Worldwide sales of Nexplanon, a single-rod subdermal contraceptive implant, declined 19%4% and 12% for the three and six months ended MarchJune 31,30, 2026, compared to 2025, respectively, primarily due to decreased physician demand in the United States following the five-year label approval as reinsertions have been delayed and there has been uncertainty around federal funding. We estimate that expanding use from the new label will begin to favorably offset the reinsertion headwind beginning in the second half of 2026. In 2025, we submitted a similar application for a five-year duration period of use to the EU and UK Health Authorities. The application for five-year duration was approved for the UK in April, 2026. The EU application is currently under review, with potential approval in 2027, subject to health authority review and approval. Outside of the U.S., sales declinedwere duepositively to the timing of shipments in selective emerging markets, partially offsetimpacted by increased demand and access in Brazil.Brazil, which we expect to continue for the remainder of 2026.

Worldwide sales of NuvaRing, a vaginal contraceptive product, increaseddeclined 10%4% for the three months ended MarchJune 31,30, 2026, compared to 2025, due to decreased demand in various international markets, partially offset by lower discount rates in the United States. Sales of NuvaRing, increased 2% for the six months ended June 30, 2026, compared to 2025, due to the favorable impact of foreign exchange and lower discount rates in the United States.States, offset by decreased demand in various international markets.

Worldwide sales of Marvelon™¹ (desogestrel and Mercilon,ethinyl estradiol pill) and Mercilon™¹ (desogestrel and ethinyl estradiol pill), combined oral hormonal daily contraceptive pills not approved or marketed in the United States, but available in certain countries outside the United States, declined 34%4% and 20% for the three and six months ended MarchJune 31,30, 2026, compared to 2025, respectively, as a result of decreased demand and market contraction in China and the timing of shipments in Asia Pacific. In the second quarter of 2026, we received regulatory approval in Japan for Mercilon Combination Tablets, a low-dose estrogen-progestin (LEP) product for the treatment of dysmenorrhea.

Worldwide sales of Follistim AQ, a fertility treatment, declined 12%19% and 16% for the three and six months ended MarchJune 31,30, 2026, compared to 2025, respectively, as a result of competitive drivencompetitive-driven price reduction in the United StatesStates. partiallyWe offsetexpect bysales modestto marketcontinue growthto decline compared to 2025 for the remainder of the year, reflecting the material price decrease implemented in China.February 2025. We anticipate that year-over-year comparisons will stabilize once a furtherfull declineyear duehas toelapsed following the price reductionreduction, andassuming increasedno competitiveadditional landscapestructural price decreases occur in the U.S.interim.

In January 2026, we completed the sale of the Jada System to Laborie.Laborie and, thereafter, we were no longer actively selling the Jada System. As a result, worldwide sales of Jada, a device intended to provide control and treatment of abnormal postpartum uterine bleeding or hemorrhage when conservative management is warranted, significantly declined 66% for the three and six months ended MarchJune 31,30, 2026, compared to 2025.2025, respectively.

Renflexis is a biosimilar to Remicade2(infliximab) for the treatment of certain autoimmune conditions. Sales increased 1%4% and 2% for the three and six months ended MarchJune 31,30, 2026, compared to 2025, respectively, primarily due to favorable foreign exchange and increased demand in CanadaCanada, partially offset by the competitive pressure and unfavorable discount rates in the United States.

Hadlima is a biosimilar to Humira2 (adalimumab) for the treatment of certain autoimmune and autoinflammatory conditions. Sales increased 44%59% and 51% for the three and six months ended MarchJune 31,30, 2026, compared to 2025, respectively, due to stronger demand in the United States and increased demand in Puerto Rico. We have commercialization rights to Hadlima in countries outside of the European Union, South Korea, China, Turkey, and Russia. Hadlima is currently approved in the United States, Australia, CanadaCanada, and Israel.

Ontruzant is a biosimilar to Herceptin2 (trastuzumab) for the treatment of HER2-overexpressing breast cancer and HER2-overexpressing metastatic gastric or gastroesophageal junction adenocarcinoma. Sales for the three and six months ended MarchJune 31,30, 2026, compared to 2025, declined 71%,81% and 77%, respectively, due to increased competition in international markets and lower tendered volume from Brazil’s Ministry of Health when compared with the same period in 2025. We have commercialization rights to Ontruzant in all countries except in South Korea and China.

Brenzys is a biosimilar to Enbrel2 (etanercept) for the treatment of certain inflammatory diseases. Sales for the three and six months ended MarchJune 31,30, 2026, compared to 2025, increaseddeclined 39%,34% and 5%, respectively, as a result of the timing of prior year tendersshipments in Brazil. We have commercialization rights to Brenzys in countries outside of the United States, Europe, South Korea, China, and Japan.

Sales of Atozet,Atozet™¹ (ezetimibe and atorvastatin), a medicine for lowering LDL cholesterol, increaseddecreased 11%7% for the three months ended MarchJune 31,30, 2026 compared to 2025, due to unfavorable pricing in Europe, partially offset by increased demand in Korea. Sales of Atozet increased 1% for the six months ended June 30, 2026, compared to 2025, primarily due to favorable foreign exchange, increased demand in China, due to the product launch in 2025, and in Asia Pacific and Korea as well as volume uptake in certain countries in Europe, partially offset by unfavorable pricing in Europe.

Combined global sales of Zetia® (ezetimibe),Zetia, which is marketed as Ezetrol™ in most countries outside the United States; and Vytorin®of (ezetimibe / simvastatin),Vytorin, which is marketed as Inegy™ outside the United States, which are medicines for lowering LDL cholesterol, increased 1%16% and 8% for the three and six months ended MarchJune 31,30, 2026, compared to 2025, respectively, primarily driven by favorable foreign exchange and increased demand in China, partially offset by less tender volume and the timing of shipments in the Middle East.China.

Combined global sales of Cozaar® (losartan) and Hyzaar® (losartan / hydrochlorothiazide), which are medicines for the treatment of hypertension, increaseddeclined 4%10% and 3% for the three and six months ended MarchJune 31,30, 2026, compared to 2025, respectively, driven by favorable foreign exchange and increased demand in China, partially offset by decreased demand in various international markets.

Worldwide sales of Singulair, a once-a-day oral medicine for the chronic treatment of asthma and for the relief of symptoms of allergic rhinitis, declined 46%27% and 37% for the three and six months ended MarchJune 31,30, 2026, compared to 2025.2025, respectively. This decline during these periods was primarily attributable to decreased demand due to less favorable medical guidelines in certain international markets, most recently in China, as well as temporary supply constraints in Japan and mandatory price reductions in China and Japan.

Global sales of Nasonex,Nasonex® (mometasone furoate), an inhaled nasal corticosteroid for the treatment of nasal allergy symptoms, declined 9%12% and 10% for the three and six months ended MarchJune 31,30, 2026, compared to 2025, respectively, due to competitive pressure in various international markets.

Global sales of Dulera® (formoterol/fumarate dihydrate), which is also marketed as Zenhale™ in certain markets outside of the United States, a combination medicine for the treatment of asthma, declinedincreased 20%1% for the three months ended MarchJune 31,30, 2026, compared to 2025, primarily due to increasedthe discountfavorable rateimpact pressureof andforeign exchange, offset by decreased demand in the United States. Global sales of Dulera declined 10% for the six months ended June 30, 2026, compared to 2025, primarily due to decreased demand in the United States.