during increase was this you bridge year-over-year Slide in the that fourth Ex-FX solid the of on X, revenue main Beginning Kevin. clearly can see the you, X% driver volume growth. quarter revenue Thank
impact as procurement all the Round $XX product quarters, Volume-based for included our million and NuvaRing LOE about the China well VBP Fertility, of largest almost fourth as had in the quarter extent, from the the quarter in in X solid lesser U.S. of was Japan. competition the volume was loss July generic to and Atozet Round in China, was growth this a primarily EZETROL, and X, to the included in Established which was very related period. or drove Partially that fourth was reflects implementation Brands VBP HYZAAR. implementation about in which which ongoing to X% during Biosimilars and prior million and REMERON exclusivity, $XX of of growth offsetting solid which volume
mainly offsetting certain pricing price brands a subject had we where the XXXB from markets negligible actions the channel is in is voluntary discounts price NEXPLANON impact back in price those actions peel and took due which to to We inherently pressure in fourth portfolio subject to quarter, biosimilars, the significant reductions in established in and mandatory competition. to
In Supply Other, have quarter. impact a exchange during manufacturing And contract captured lastly, spin-off. on the been arrangements the with revenue the foreign had and translation we declining lower-margin we since de that had Merck minimis fourth
at currency. year about X% Slide fiscal just for fourth driven NuvaRing on Atozet Japan. Now $X.X ongoing the competition XX. U.S. in turning Revenue extent, for full the generic full the XXXX year mainly LOE like by the approximately the was $XX up impact million, and to quarter, LOE was for and, a billion, of to constant lesser was year in
year approximately Ezetrol, impacting X, $XX I REMERON related as and from in X just the was China implementations Round Full discussed. of to and million impact HYZAAR, VBP
that services. $XX the the Moving health are approximately Biosimilars full by in and globally the commercial and of price. and erosion driven and insurers in fertility for portfolio to saw the Fertility, reimbursing particularly million dynamics pretty Brands, Established price systems We equally year Within Fertility. familiar increasingly on U.S., was
also thus fertility increased and year, competition. X% was we and about for approximately $XXX for volume our volume products growth market opportunity across multiple growth Volume has higher and the year expanding price million or the than is This last saw the franchises.
strong volume Jada. from well we In as growth from as Women's had Fertility Health,
Our growth see Established volume outstripped in XXXX. Biosimilar products pricing also continued strong pressure to during Brands, demand. And
XX% had foreign see U.S. generated our the can translation, points in XXX exchange financial is you of than reporting of finally, of we a revenue function being And which approximate basis the headwind more outside
let's turn performance by franchise. to Now
those As has to over and the we areas about most been next our near-term where hold. comments convention, the ended to what may slides we future my year I'll the target relevant modeling as X think your
forego decision the in Women's The NEXPLANON's on our price start list instead XX. in NEXPLANON reflected Health So take early in with XXXX. let's result and to normal of in mid-XXXX increase Slide opting The decision that is to quarter. for performance price fourth
in Specifically, also pull during the forward of price XXXX, demand results, full that year we fourth normally buy-in have during we quarter the would or didn't you a see In protection period. resolved. NEXPLANON's tender see markets the some in fast-growing international more participation Africa Asia well impact that of since limited and in as constraints supply have been like Mexico the as
single a collective would NEXPLANON those growth for headwinds on to that to return doesn't scenario indicate math it's envision the that strong in high The hard in us XXXX. digits
first year, dynamic helped next about because that a XXXX was growth the light by just strong discussed. we of that QX that strong quarter the of relatively for primarily first a quarter, phasing was be XXXX buy-in following I of will think As quarter XXXX
timing increase rates for volatility commercially with of to periods, aligned the NEXPLANON's care our growth in health And each customers the year-on-year are we resetting from a reporting U.S. quarter. list and expect less By revenue see financial NEXPLANON, price perspective, in we in future peers better
there and were expected, we as quarter fourth strong a had Fertility X drivers.
was onboarding driver increased a PBM primarily the new in to demand U.S., first significant The and customer. tied
buy-in and with commercial a result a arrangement The driver spin-off Merck. of was second a related exiting larger actually onetime as temporary
is U.S. nature, volume normalize. the quarter levels in the these lightest likely as first be for the of inventory that drivers XXXX to in Fertility, were the year Given onetime of
benefit the select launches continued also well will recovery latter part in in as China from in as markets We the expected of year.
Turning favorable out, If currency. fourth the back in a to which year represented strong sector biosimilars at meet by deliveries public Biosimilars very quarter, and That about we to had on for fourth half Slide fourth quarter. ONTRUZANT the of in XX. growth XX% helped timing of demand. Brazil the that up XX% were Biosimilars in timing was quarter Biosimilars constant the
portfolio robust U.S. the its and in uptake the as of the continued after XXXX, Brazil will the strong supported even U.S., be on to entering the growth in key of in drivers performance In in Renflexis market, such Canada markets continue year by Biosimilars and Hadlima seventh
Turning Slide to XX.
supply challenges As Kevin second of mentioned, Ex-FX. for for in well Established as the Brands a grew Performance impacts to and the injectable year as was row products economic steroid able in the VBP several of for interruptions stemming growth offset X% volume partially from X% a across earlier The by pressure. over just portfolio, by growth driven under the X% price this roughly offset market year currency little the constant full action the was taken in year. China
Established an performance for approximately expect ex-exchange year on XXXX We Brands flat within basis. franchise full
key to year where and the Slide items for turn P&L and let's full we Now line non-GAAP XX, show performance. metrics fourth quarter
and to of in measures release reference, your in For the financial presentation. financials the and are appendix included press this our GAAP the slides non-GAAP reconciliations
cost goods and the profit, excluding gross slides. to can be onetime For we of which purchase accounting related seen in are from our amortization items spin-off, sold, appendix
talk of was year. of first, the exchange injectable market cost fourth a mix, XXXX. product a move offset quarter action gross XXXX the sold we the fourth in quarter translation when then quarter steroid to foreign the to than fourth the within comparison year-over-year XXXX quarter and goods XX.X% certain compared on XX.X% and more of of favorable full took in extent The to let's products. lesser with So margin Adjusted unfavorable fourth the impact we'll of about
was was R&D down expense in X% expense expense Non-GAAP operating by X%. down SG&A down and quarter. was the total
million. the hedge that in improvement: investment year quarter the were losses debt this key driver lower of fourth prior portion by about designated net the fourth XX% to compared from with the period exchange of XXX%. is as euro-denominated $XX a also increased of quarter XXXX, we One Foreign our in
As a of our fully report to debt our thus improve comprehensive reported overall FX from all dampen quality result, and now exchange else are should losses earnings, the income, volatility within other losses gains gains on euro we able unrealized and of and which foreign equal.
was $X.XX fourth share culminated diluted Non-GAAP per $X.XX of XX.X% compared $XXX $XXX in in with compared quarter or the million with adjusted of fourth net or in in XXXX of XXXX. XX.X% XXXX. margin factors share an These income EBITDA quarter million the per diluted adjusted
Higher higher quarter of EBITDA rate more in in million $XX year-over-year interest year than offset tax the increase a a fourth and non-GAAP expense. this
While for tax I'm million quarter fourth a speaking the a holiday a terminated, a was in fourth December, valuation the to item was $XXX million. In terms benefit by a non-GAAP giving That allowance that tax the amount GAAP in rise [indiscernible] to million there in tax local mentioned. here, was for of quarter. $XXX offset $XXX net net income GAAP of asset deferred
adjusted XXXX, due reflects decrease of costs. inflationary gross year-over-year full lesser year margin XXXX. and The materials cost for higher exchange sales margin was XX.X% to translation labor, full in impacts gross to post-COVID extent, a foreign distribution-related and year higher XX.X% with For mix, compared on adjusted and product
R&D full XXXX. total compared offset XX% and The year-over-year R&D. with year Adjusted spend gross driven year-over-year expenses for comparability by that spend. of the Higher margin. by lower promotional EBITDA were lower of selling margin XXXX mostly adjusted R&D a was lower was result year for decrease was IP And XX.X% full the
net per interest compared of XXXX dollar-denominated with increased net million $X per is prior loan. billion R&D was debt $X.XX year. U.S. in amortization decline for in $X.X financing with prepayments XXXX. higher in to $X.XX voluntary in year company's The income associated primarily million rates or the on income interest expense due share accelerated of capitalized $X.X Adjusted billion and or with diluted of associated share against year-over-year IP costs was diluted R&D $XXX the term XXXX only There IP full
XX. to Slide Turning
costs had free system. to The the at look net flow guided cash progress we year cash We as make above the a upside million by free continued flow. was take of before $XXX toward November. driven the the position onetime to new range ERP which our stabilization we of is our in that implementation with global of ended working Let's capital
spin-related cash $XXX we Onetime full million investment favorable to generation the the to. have Organon. $XXX thesis XXXX, charges is Free been the of obviously for million year totaled guiding flow slightly important to
for So XXXX. let's line about these talk what items look like could
Cash that for unusually XXXX, substantially fairly certain which go due of various in as non-U.S. well will anticipated cash low largely XXXX, trigger payments up settlements higher payment taxes relative to tax as the an jurisdictions year taxes. cash taxes will in was to
grows, full by continued typical reduction to U.S. working use lower this and assumes this second capital expected million towards ERP expense be quarter capital Interest offset interest expansion reflects gradual likely business global XXXX. as working capital $XXX Working rates implementation last year. is partially progresses be our than will our in of the a completion as during about bit in which work short-term year, down of no the guidance
these of EBITDA our XXXX. billion net Given costs guide free spin-related the flow of put $X range for components cash before us in onetime would adjusted XXXX, for
about lower XXXX. then again, XX% an reduction in even to in XXXX. spin-related expect costs a onetime And than XXXX, reduction see in We significant larger
be And costs beyond expect de to we spin-related minimis. XXXX, onetime
not on slide, see related. onetime are can You any catch-all additional onetime a costs, for which spin-off an line costs other that for is reporting item this line
that For of first settlement $XX of litigation. the installment XXXX, payments in the MICROSPHERIX million the $XX represents annual X million
we continue Going restructuring, optimizing may include line supply related from network forward, activities separate costs that in item to as those Merck. other manufacturing related this costs to items well our and as as to appear
with while total when from By that until million on end talking activities sourcing redefine Merck dollars MSA strategy supply a now XXXX order efficiencies. hundred our focusing and magnitude, delivering Organon chains will of terminate. to of fit-for-purpose our appropriate will last enable to about are the a These of move we're few
they given be not substantial are any they're improving because to will over accretive likely time. year and productivity, at margin be aimed in gross investments These
Slide net the ended leverage, Turning which a leverage quarter on improvement third XX. is X.Xx over significant to We net end. our ratio year at
In addition year. of EBITDA last cash the the strong flow, dropped low fourth QX to we quarter
in by million. our end euro-denominated of However, euro $XXX debt the the the about strength the of year the at value increased translated
about As the down Xx XXXX, quarter-by-quarter net EBITDA ending net we higher XXXX come the anticipated just half, of think that year could phasing suggests the ratio the under in first in back the half tick leverage and leverage.
Now turning to where highlight $X.X XXXX items of revenue range to XX, billion. guidance on the guidance billion Slide $X.X XXXX we our driving
LOE. with Beginning
expect to the well million XXXX as year in been We U.S., have in the as Atozet, for a exclusivity the from went where is in This million $XX $XX an for approximate lose Japan later and LOE which EU year impact provision in full this XXXX. primarily generic a we will DULERA since XXXX. expecting
to Turning VBP.
in as million $XX to range year $XX million of EZETROL lap lower the than XXXX and we for full saw expect be XXXX, from REMERON HYZAAR's and impact we VBP in inclusion. what to We impact the
the Our year. could later XX Fosamax assumes include implementation Round of range that in the also
VBP. end the gone approximately of will By XX% we have XXXX, of portfolio the expect through
really we with percentage $XXX range the the to normal expect percentage We be price from for more that's pretty $XXX X low X.X range saw the impact our business. to in of this would XXXX. in we points in million impact what X.X is expect of points compared And and million the about to
Fertility, million we from now and the as Reyvow And growth volume Lilly's of $XXX to expect China of Biosimilars the Retail NEXPLANON, latest for coming most of Europe. approximately with Jada, pillars, $XXX our well addition growth Emgality as in million volume, and
rates, spot the XX points be percentage factors X.X full over growth to could guidance result in represents in And $X.X a million range basis currency Together, constant headwind revenue midpoint. of revenue which a billion bit to $XX $X.X FX these current at finally, to million year billion, based on to XXX $XXX points. revenue FX or XXXX of
of That's would third we consistent delivering growth revenue our January, year our constant back with that JPM guide provided low single-digit it currency at and in be growth. consecutive
our with on our operating to currency of revenue Reiterating leverage. in components We've that margin margin, XXXX a deliver potential P&L guidance other adjusted around range. constant incorporated EBITDA comments objective Moving Slide is combines growth Kevin's to this XX. into
an about EBITDA talk gross and that we're XX% gross delivered a let's margin margin of guide. XX.X% the adjusted So guiding components to for adjusted in of perspective, From we adjusted XXXX. margin XXXX, range XX% to
time, this Over improve to the I optimization through network aim we efforts in part discussed. metric
deliver productivity come to operating internationally, launches expenses. adjusted be achieved efforts but management EBITDA to offset broadly growth we will will by SG&A, from Jada pickup XACIATO, these So will need expansion, margin for product largely cost In expansion have across and like HADLIMA investments the company.
half half revenue. company-wide As implement be better cost likely we savings. think first the about as in those Margins spread phasing second to butter the for compared the year, peanut you can will probably we
midpoint that represent the would year-over-year million R&D, improvement. range of For $XX a about
R&D Now not any because to include does this forecast, number IP payments R&D in are IP hard XXXX. of estimate
which development payments denosumab our with partner, none and and primarily to Biosimilar assets XXXX in individual would related of pertuzumab Shanghai Henlius, in are milestone Potential X the be materially.
interest a should On be XXXX interest on bit lower below-the-line items, lower expense rates balances year-on-year. in based current debt and
Just a would by XXXX in our Any guide to Fed upside guidance. expense expense short-term cuts interest during assumes the create no movement rate interest rates. reminder that our
international we to ticks of respect most implementation dealing a tax, With the the of that's ERP Depreciation Pillar bit like X. to companies, up implementation our are with system. year, related and this
up. that As of other to a effective result rate and impacts, tax our we go expect
full that together increase will XX.X%. tax range we XX.X% effective our with low, our of of several to few X guiding the to next tax over our rate rate non-GAAP would XXXX, that first public was tax XXXX effective benefited a In as rate tax holiday. termination XX% higher. from with our been termination, which a X the we years Pillar of a and benefit, the of The have beginning points Absent company, because about impact for implementation are years XXXX,
XXXX and in these to the U.S. is would the rate become as GILTI material we more start Beyond increase a increase fully realized. impacts in see when rates
that end also some deliver In improvement $X free growth. of flow cash it and bottom before onetime margin optimistic approximately was and we're third to billion can consecutive closing, accompanied we revenue constant XXXX, a strong year currency by items. line on of a That's
With that, call now let's turn over to Q&A. the
