Alcon: targets confirmed, but Q2 disappoints

(CercleFinance.com) - On Wednesday, Alcon confirmed its FYN 2024 targets, although investors were disappointed by its performance in the past quarter, which weighed on its share price in Zurich.


This morning, the eye treatment specialist announced that its core operating profit had reached $491m in Q2, compared with the consensus of $506m.

The ophthalmology company's sales rose by 3% to a record $2.50bn, just below the consensus of $2.52bn.

Sales were up 6% at constant exchange rates.

Growth in implant systems far exceeded expectations, but performance in eye care weighed on growth, RBC analysts said.

For FY 2024, Alcon has confirmed its sales target of between $9.9bn and $10.1bn, i.e. up 7% to 9% at constant exchange rates.

Maintaining the 2024 guidance is a positive development, but the fact that quarterly sales and operating profit missed expectations, as well as the weaker-than-expected performance of medical equipment and eye care, pose an additional risk to the achievement of consensus estimates for this year, RBC worries.

In Zurich, Alcon shares were down almost 3% on Wednesday morning in the wake of this publication. However, the share has still risen by over 23% YTD.


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