Organon falls as CEO resigns after probe into contraceptive sales
Shares of healthcare firm Organon OGN.N fall 18.12% to $7.50 premarket
Co says Kevin Ali resigns as CEO; Joseph Morrissey to take over role on interim basis while board initiates search for a permanent replacement
An investigation found that certain wholesalers in the U.S. were asked to buy more Nexplanon, a birth control implant, than they needed to at the end of Q4 of 2022, Q3 and Q4 of 2024 and Q1-Q3 of 2025
The sales represented less than 1% of co's consolidated revenue for the year ended December 31, 2022, or December 31, 2024, as applicable but enabled OGN to meet expectations
In connection with the investigation, co has also terminated the employment of its Head of U.S. commercial and government affairs
Ali will not be entitled to severance or equity-related retirement benefits in connection with his resignation
OGN shares down ~38% YTD
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