Company Reports

Narrow-moat Alcon reported strong first-quarter earnings that came in above our expectations. Total sales of $2.5 billion were up 5%, or 7% in constant currencies year over year, and margins showed a nice recovery. Healthy demand, pricing, and trade-ups buoyed sales with minor offsets from unfavorable foreign exchange headwinds. After updating our model, we maintain our fair value estimate of $70 (CHF 62) per share as impacts from our adjustments were too minor to move our valuation.

Alcon is one of the leading visioncare companies in the world. Following nine years as a Novartis subsidiary, it was spun off as a public company in April 2019. Alcon operates in two segments: visioncare and surgical.

Narrow-moat Alcon reported fourth-quarter earnings that were better than our expectations. Total sales of $2.4 billion were up 8.3% year over year thanks to a strong performance from the ocular health and equipment business. After ticking up our near-term assumptions and accounting for time value of money impacts, we raised our fair value estimate to $70 per share from $64.

Alcon is one of the leading visioncare companies in the world. Following nine years as a Novartis subsidiary, it was spun off as a public company in April 2019. Alcon operates in two segments: visioncare and surgical.

Alcon is one of the leading visioncare companies in the world. Following nine years as a Novartis subsidiary, it was spun off as a public company in April 2019. Alcon operates in two segments: visioncare and surgical.