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Stock Analyst Note

Narrow-moat Alcon reported solid second-quarter earnings. Total sales of $2.5 billion were up 3.1%, or 6% constant currency, year over year driven by strong implantables and contact lenses performance. Despite a number of peers delivering disappointing results during the quarter partly due to a challenged macro environment and a soft consumer outlook, we attribute Alcon’s ability to reap volume wins and drive growth to its strong intangibles. We raise our fair value estimate to $75 (CHF 64) per share from $70 (CHF 62) driven by the time value of money and a slightly ticked-up 2025 expectation.
Stock Analyst Note

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.
Stock Analyst Note

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.

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