- Second-quarter 2026 sales of
$2.8 billion , up 8% on a reported basis, or up 7% constant currency1 (cc), versus second-quarter 2025 - Returned
$538 million to shareholders through dividends and share repurchases on a year-to-date basis - Updated full-year guidance - raised core operating margin and core diluted EPS growth
Ad Hoc Announcement Pursuant to Art. 53 LR
"Our team delivered strong second-quarter results and executed well across the business," said
Second-quarter and first-half 2026 key figures |
| Three months ended |
| Six months ended | ||||
|
| 2026 |
| 2025 |
| 2026 |
| 2025 |
Net sales ($ millions) |
| 2,782 |
| 2,577 |
| 5,467 |
| 5,028 |
Operating margin (%) |
| 0.4 |
| 9.6 |
| 5.5 |
| 14.2 |
Diluted earnings per share ($) |
| 0.00 |
| 0.35 |
| 0.39 |
| 1.06 |
Core results (non-IFRS measure)2 |
|
|
|
|
|
|
|
|
Core operating margin (%) |
| 20.6 |
| 19.1 |
| 20.9 |
| 19.9 |
Core diluted earnings per share ($) |
| 0.84 |
| 0.76 |
| 1.69 |
| 1.50 |
Cash flows ($ millions) |
|
|
|
|
|
|
|
|
Net cash flows from operating activities |
|
|
|
|
| 928 |
| 889 |
Free cash flow (non-IFRS measure)3 |
|
|
|
|
| 693 |
| 681 |
| 1. | Constant currency (cc) is a non-IFRS measure. An explanation of non-IFRS measures can be found in the 'Non-IFRS measures as defined by the Company' section. | |
| 2. | Core results, such as core gross margin, core operating income, core operating margin and core diluted EPS, are non-IFRS measures. An explanation of non-IFRS measures can be found in the 'Non-IFRS measures as defined by the Company' section. | |
| 3. | Free cash flow is a non-IFRS measure. An explanation of non-IFRS measures can be found in the 'Non-IFRS measures as defined by the Company' section. |
Second-quarter and first-half 2026 results
Reported net sales for the second quarter of 2026 were
The following table highlights net sales by segment for the second quarter and first half of 2026:
|
| Three months ended |
| Change % |
| Six months ended |
| Change % | ||||||||
($ millions unless indicated otherwise) |
| 2026 |
| 2025 |
| $ |
| cc1 (non-IFRS measure) |
| 2026 |
| 2025 |
| $ |
| cc1 (non-IFRS measure) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Surgical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Implantables |
| 466 |
| 456 |
| 2 |
| 1 |
| 904 |
| 876 |
| 3 |
| 1 |
Consumables |
| 825 |
| 777 |
| 6 |
| 5 |
| 1,594 |
| 1,489 |
| 7 |
| 5 |
Equipment/other |
| 279 |
| 222 |
| 26 |
| 25 |
| 532 |
| 421 |
| 26 |
| 24 |
Total Surgical |
| 1,570 |
| 1,455 |
| 8 |
| 7 |
| 3,030 |
| 2,786 |
| 9 |
| 7 |
Vision Care |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contact lenses |
| 726 |
| 692 |
| 5 |
| 5 |
| 1,464 |
| 1,380 |
| 6 |
| 4 |
Ocular health |
| 486 |
| 430 |
| 13 |
| 12 |
| 973 |
| 862 |
| 13 |
| 11 |
Total Vision Care |
| 1,212 |
| 1,122 |
| 8 |
| 7 |
| 2,437 |
| 2,242 |
| 9 |
| 7 |
Net sales |
| 2,782 |
| 2,577 |
| 8 |
| 7 |
| 5,467 |
| 5,028 |
| 9 |
| 7 |
Net sales by segment
Second quarter
Surgical
Surgical net sales were
- Implantables net sales were
$466 million , an increase of 2%. Excluding favorable currency impacts of 1%, Implantables net sales increased 1% constant currency. This growth was driven by an increase in IOLs of 2% constant currency, primarily driven by the strong performance of PanOptix Pro and reflecting competitive pressures, partially offset by lower sales in surgical glaucoma.
- Consumables net sales were
$825 million , an increase of 6%. Excluding favorable currency impacts of 1%, Consumables net sales increased 5% constant currency. Growth was driven by procedural growth and price increases with continued softness in the cataract market.
- Equipment/other net sales were
$279 million , an increase of 26%. Excluding favorable currency impacts of 1%, Equipment/other net sales increased 25% constant currency. This growth was led by recent equipment launches, including the Unity platform.
Vision Care
Vision Care net sales were
- Contact lenses net sales were
$726 million , an increase of 5% on a reported and constant currency basis. This growth reflects product innovation and price increases, partially offset by declines in legacy products.
- Ocular health net sales were
$486 million , an increase of 13%. Excluding favorable currency impacts of 1%, Ocular health net sales increased 12% constant currency. Growth was led by our portfolio of dry eye products, including Tryptyr and Systane.
First half
Surgical
Surgical net sales were
- Implantables net sales were
$904 million , an increase of 3%. Excluding favorable currency impacts of 2%, Implantables net sales increased 1% constant currency. This growth was driven by an increase in IOLs of 2% constant currency, primarily driven by the strong performance of PanOptix Pro and reflecting competitive pressures, partially offset by lower sales in surgical glaucoma.
- Consumables net sales were
$1.6 billion , an increase of 7%. Excluding favorable currency impacts of 2%, Consumables net sales increased 5% constant currency. Growth was driven by procedural growth and price increases with continued softness in the cataract market.
- Equipment/other net sales were
$532 million , an increase of 26%. Excluding favorable currency impacts of 2%, Equipment/other net sales increased 24% constant currency. This growth was led by recent equipment launches, including the Unity platform.
Vision Care
Vision Care net sales were
- Contact lenses net sales were
$1.5 billion , an increase of 6%. Excluding favorable currency impacts of 2%, Contact lenses net sales increased 4% constant currency. This growth reflects product innovation and price increases, partially offset by declines in legacy products.
- Ocular health net sales were
$973 million , an increase of 13%. Excluding favorable currency impacts of 2%, Ocular health net sales increased 11% constant currency. Growth was led by our portfolio of dry eye products, including Tryptyr and Systane.
Operating income
Second quarter
Operating income in the current year period was offset by the decision to discontinue the IOL programs acquired from
Operating income was
Adjustments to arrive at core operating income in the current year period were
Core operating income was
First half
Operating income was
Adjustments to arrive at core operating income in the current year period were
Core operating income was
Taxes
Second quarter
There was a reported tax benefit of
Core tax expense was
First half
Reported tax expense was
Core tax expense was
Diluted earnings per share
Second quarter
Diluted earnings per share of
First half
Diluted earnings per share of
Cash flow highlights
Net cash flows from operating activities amounted to
Capital allocation
The Company returned
On a year-to-date basis through the second quarter, the Company has returned
Alcon continues to expect to fund the program through cash generated from operations. The program is subject to customary safe harbor conditions and authorization of the Swiss Takeover Board. The timing and total amount of share repurchases and cancellations will depend upon a variety of factors. The program is expected to be completed over a three-year period, but may be suspended or discontinued at any time.
Further information (including official publications in English, German and French) is available at https://investor.alcon.com/stock-information/share-repurchase-history/default.aspx.
2026 outlook
The Company updated its 2026 outlook as per the table below.
2026 outlook4 | as of May | as of August | Comments |
Net sales growth vs. prior year (cc)1 (non-IFRS measure) | +5% to +7% | +5% to +7% | Maintained |
Core operating margin2 change vs. prior year (cc)1 (non-IFRS measure) | +70 to +170 bps | +90 to +190 bps | Increased |
Core diluted EPS2 growth vs. prior year (cc)1 (non-IFRS measure) | +10% to +13% | +12% to +15% | Increased |
This outlook assumes the following:
- Aggregated markets grow approximately 3% to 4%
- The Company expects a full-year tariff impact, net of mitigating actions and refunds, of approximately
$40 million to$90 million , which is expected to pressure cost of net sales. This estimate assumes that the tariffs currently applicable to Alcon's business remain in effect through year-end, includingU.S . import tariff rates of approximately 10% to 12.5%. This also reflects an anticipated refund of approximately$60 million from theU.S . government in the third quarter of 2026. Approximately two-thirds of the refund benefit is expected to be reinvested in the business. - Exchange rates as of the end of
July 2026 prevail through year-end - As of the end of July the expected currency impact to:
- Net sales growth is +90 basis points
- Core operating margin rate is +10 basis points
- Core diluted EPS growth is +170 basis points
- Non-operating expense5 for FY 2026 is expected to be between
$200 and$220 million - The core effective tax rate6 for FY 2026 is expected to be approximately 20%
- Capital expenditures are expected to be mid-single digits as a percentage of sales
- Approximately 488 million weighted-averaged diluted shares7
| 4. | The forward-looking guidance included in this press release cannot be reconciled to the comparable IFRS measures without unreasonable effort, because we are not able to predict with reasonable certainty the ultimate amount or nature of exceptional items in the fiscal year. Refer to the section 'Non-IFRS measures as defined by the Company' for more information. | ||
| 5. | Non-operating income & expense includes interest expense, other financial income & expense and share of loss from associated companies. | ||
| 6. | Core effective tax rate, a non-IFRS measure, is the applicable annual tax rate on core taxable income. For additional information, see the explanation regarding reconciliation of forward-looking guidance in the 'Non-IFRS measures as defined by the Company' section. | ||
| 7. | The estimated share count used in the Company's guidance excludes any potential benefit from future share repurchase activity. |
Other Notable Accomplishments
- Earned MedTech Breakthrough’s 2026 Best Practice Management Solution award for Alcon’s Adi Digital Ecosystem, recognizing its role in modernizing cataract surgery workflows by connecting inventory management, online ordering and clinic-to-OR coordination.
- Showcased Alcon’s thought leadership at the 2026
American Society of Cataract and Refractive Surgery (ASCRS) Annual Meeting inWashington, D.C. , with more than 60 scientific presentations and peer-to-peer educational symposia highlighting the company’s clinical and technology innovation.
- Advanced ophthalmic innovation through Alcon’s partnership with ARVO, a global association for eye and vision researchers. The 2026 Live Eye Pitch Event spotlights emerging eye and vision research and connects the winner to
Alcon Seed Fund diligence for potential investment.
- Celebrated more than 30 years of Alcon WaveLight innovation, reinforcing three decades of precision engineering, bold innovation and commitment to advancing quality eye care.
- Announced a non-exclusive collaboration with RxSight to jointly develop adjustable presbyopia-correcting intraocular lenses, combining Alcon’s PCIOL optical designs with RxSight’s post-operative light-adjustable technology to help surgeons fine-tune visual outcomes after cataract surgery.
- Engaged nearly 5,200 employees in Alcon in Action, the company’s annual global volunteer initiative, supporting communities across 32 countries through health, nutrition, housing and environmental initiatives.
- Earned global recognition as an employer of choice, including honors from Forbes,
Ethisphere and theHuman Rights Campaign .
- Expanded
Alcon Cares' impact through$23.4 million of product donations year-to-date, supporting medical missions, patient assistance and disaster relief programs, while placing donated equipment across 12 charitable care initiatives globally.
Webcast and Conference Call Instructions
The Company will host a conference call on
The Company's second-quarter 2026 press release, interim financial report and supplemental presentation materials can be found online through Alcon's Investor Relations website, or by clicking on the link:
Cautionary Note Regarding Forward-Looking Statements
This press release contains, and our officers and representatives may from time to time make, certain “forward-looking statements” within the meaning of the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “intend,” “commitment,” “look forward,” “maintain,” “plan,” “goal,” “seek,” “target,” “assume,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding our 2026 outlook, liquidity, revenue, revenue growth, gross margin, operating margin, core operating margin, core operating margin growth, effective tax rate, foreign currency exchange movements, tariff impact, nonoperating expenses, earnings per share, earnings per share growth, operating cash flow, free cash flow, our plans and decisions relating to various capital expenditures, capital allocation priorities and other discretionary items such as our market growth assumptions, our social impact and sustainability plans, targets, goals and expectations, and generally, our expectations concerning our future performance.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties and risks that are difficult to predict such as: cybersecurity breaches and technology failures that could disrupt operations; our ability to effectively manage the risks associated with transformational information technology changes such as the ethical use of artificial intelligence and disruptive technologies and the migration to cloud-based platforms; compliance with data privacy, identity protection and information security laws, particularly with the increased use of artificial intelligence; the impact of a disruption in our global supply chain, including the effect of tariffs, or important facilities, particularly when we single-source or rely on limited sources of supply; our reliance on outsourcing key business functions; the increasingly challenging economic, political and legal environment in
Additional factors are discussed in our filings with the
Intellectual Property
This report may contain references to our proprietary intellectual property. All product names appearing in italics or ALL CAPS are trademarks owned by or licensed to
Non-IFRS measures as defined by the Company
Alcon uses certain non-IFRS metrics when measuring performance, including when measuring current period results against prior periods, including core results, percentage changes measured in constant currency, EBITDA, free cash flow and net (debt)/liquidity.
Because of their non-standardized definitions, the non-IFRS measures (unlike IFRS measures) may not be comparable to the calculation of similar measures of other companies. These supplemental non-IFRS measures are presented solely to permit investors to more fully understand how Alcon management assesses underlying performance. These supplemental non-IFRS measures are not, and should not be viewed as, a substitute for IFRS measures.
Core results
Alcon core results, including core operating income and core net income, exclude all amortization and impairment charges of intangible assets, excluding software, all fair value adjustments to contingent considerations from acquisitions, other than changes due to the time value of money, product discontinuation charges, net gains and losses on fund investments and equity securities valued at fair value through profit and loss ("FVPL"), fair value adjustments of financial assets in the form of options to acquire a company carried at FVPL, fair value remeasurements of investments in associated companies and certain acquisition related items. The following items that exceed a threshold of
Taxes on the adjustments between IFRS and core results take into account, for each individual item included in the adjustment, the tax rate that will finally be applicable to the item based on the jurisdiction where the adjustment will finally have a tax impact. Generally, this results in amortization and impairment of intangible assets and acquisition-related restructuring and integration items having a full tax impact. There is usually a tax impact on other items, although this is not always the case for certain items such as legal settlements in certain jurisdictions.
Alcon believes that investor understanding of its performance is enhanced by disclosing core measures of performance because, since they exclude items that can vary significantly from period to period, the core measures enable a helpful comparison of business performance across periods. For this same reason, Alcon uses these core measures in addition to IFRS and other measures as important factors in assessing its performance.
A limitation of the core measures is that they provide a view of Alcon operations without including all events during a period, such as the effects of an acquisition, divestment, or amortization/impairments of purchased intangible assets and restructurings.
Constant currency
Changes in the relative values of non-US currencies to the US dollar can affect Alcon's financial results and financial position. To provide additional information that may be useful to investors, including changes in sales volume, we present information about changes in our net sales and various values relating to operating and net income that are adjusted for such foreign currency effects.
Constant currency calculations have the goal of eliminating two exchange rate effects so that an estimate can be made of underlying changes in the Consolidated Income Statement excluding:
- the impact of translating the income statements of consolidated entities from their non-US dollar functional currencies to the US dollar; and
- the impact of exchange rate movements on the major transactions of consolidated entities performed in currencies other than their functional currency.
Alcon calculates constant currency measures by translating the current year's foreign currency values for sales and other income statement items into US dollars, using the average exchange rates from the historical comparative period and comparing them to the values from the historical comparative period in US dollars.
EBITDA
Alcon defines earnings before interest, tax, depreciation and amortization ("EBITDA") as net income excluding income taxes, depreciation of property, plant and equipment (including any related impairment charges), depreciation of right-of-use assets, amortization of intangible assets (including any related impairment charges), interest expense and other financial income and expense. Alcon management primarily uses EBITDA together with net (debt)/liquidity to monitor leverage associated with financial debts.
Free cash flow
Alcon defines free cash flow as net cash flows from operating activities less cash flow associated with the purchase or sale of property, plant and equipment. Free cash flow is presented as additional information because Alcon management believes it is a useful supplemental indicator of Alcon's ability to operate without reliance on additional borrowing or use of existing cash. Free cash flow is not intended to be a substitute measure for net cash flows from operating activities as determined under IFRS.
Net (debt)/liquidity
Alcon defines net (debt)/liquidity as current and non-current financial debt less cash and cash equivalents, current investments, including time deposits, and derivative financial instruments. Net (debt)/liquidity is presented as additional information because management believes it is a useful supplemental indicator of Alcon's ability to pay dividends, to meet financial commitments and to invest in new strategic opportunities, including strengthening its balance sheet.
Growth rate and margin calculations
For ease of understanding, Alcon uses a sign convention for its growth rates such that a reduction in operating expenses or losses compared to the prior year is shown as a positive growth.
Gross margins, core gross margins, operating income margins and core operating income margins are calculated based upon net sales unless otherwise noted.
Reconciliation of guidance for forward-looking non-IFRS measures
The forward-looking guidance included in this press release cannot be reconciled to the comparable IFRS measures without unreasonable efforts, because we are not able to predict with reasonable certainty the ultimate amount or nature of exceptional items in the fiscal year. These items are uncertain, depend on many factors and could have a material impact on our IFRS results for the guidance period.
Financial tables
Net sales by region
|
| Three months ended |
| Six months ended | ||||||||
($ millions unless indicated otherwise) |
| 2026 |
| 2025 |
| 2026 |
| 2025 | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1,241 | 45% |
| 1,160 | 45% |
| 2,469 | 45% |
| 2,297 | 46% | |
International |
| 1,541 | 55% |
| 1,417 | 55% |
| 2,998 | 55% |
| 2,731 | 54% |
Net sales |
| 2,782 | 100% |
| 2,577 | 100% |
| 5,467 | 100% |
| 5,028 | 100% |
Consolidated Income Statement (unaudited)
|
| Three months ended |
| Six months ended | ||
($ millions except earnings per share) |
| 2026 | 2025 |
| 2026 | 2025 |
|
|
|
|
|
|
|
Net sales |
| 2,782 | 2,577 |
| 5,467 | 5,028 |
Other revenues |
| 41 | 19 |
| 62 | 41 |
Net sales and other revenues |
| 2,823 | 2,596 |
| 5,529 | 5,069 |
Cost of net sales |
| (1,130) | (1,196) |
| (2,293) | (2,267) |
Cost of other revenues |
| (18) | (12) |
| (36) | (31) |
Gross profit |
| 1,675 | 1,388 |
| 3,200 | 2,771 |
Selling, general & administration |
| (964) | (870) |
| (1,846) | (1,683) |
Research & development |
| (663) | (245) |
| (908) | (467) |
Other income |
| 6 | 5 |
| 17 | 154 |
Other expense |
| (43) | (31) |
| (160) | (60) |
Operating income |
| 11 | 247 |
| 303 | 715 |
Interest expense |
| (53) | (51) |
| (105) | (100) |
Other financial income & expense |
| — | 4 |
| 2 | 13 |
Share of loss from associated companies |
| (4) | (1) |
| (6) | (15) |
(Loss)/income before taxes |
| (46) | 199 |
| 194 | 613 |
Taxes |
| 46 | (23) |
| (5) | (87) |
Net income |
| — | 176 |
| 189 | 526 |
Net income attributable to: |
|
|
|
|
|
|
Shareholders of |
| — | 176 |
| 189 | 526 |
Non-controlling interests |
| — | — |
| — | — |
|
|
|
|
|
|
|
Earnings per share ($)(1) | ||||||
Basic |
| 0.00 | 0.36 |
| 0.39 | 1.06 |
Diluted |
| 0.00 | 0.35 |
| 0.39 | 1.06 |
|
|
|
|
|
|
|
Weighted average number of shares outstanding (millions) | ||||||
Basic |
| 486.7 | 495.2 |
| 486.9 | 495.2 |
Diluted |
| 488.7 | 497.9 |
| 489.4 | 497.9 |
(1) | Earnings per share is calculated on the amount of net income attributable to shareholders of |
Segment contribution
|
| Three months ended |
| Six months ended | ||||||||||||||
|
|
|
| Change % |
|
|
| Change % | ||||||||||
($ millions unless indicated otherwise) |
| 2026 |
| 2025 |
| $ | cc(1) (non-IFRS measure) |
| 2026 |
| 2025 |
| $ | cc(1) (non-IFRS measure) | ||||
|
|
|
|
|
|
|
|
|
|
| ||||||||
Surgical segment contribution |
| 392 |
| 378 |
| 4 |
| 2 |
|
| 759 |
| 714 |
| 6 |
| 3 |
|
As % of net sales |
| 25.0 |
| 26.0 |
|
|
|
| 25.0 |
| 25.6 |
|
|
| ||||
Vision Care segment contribution |
| 283 |
| 208 |
| 36 |
| 37 |
|
| 577 |
| 489 |
| 18 |
| 17 |
|
As % of net sales |
| 23.3 |
| 18.5 |
|
|
|
| 23.7 |
| 21.8 |
|
|
| ||||
Not allocated to segments |
| (664 | ) | (339 | ) | (96 | ) | (96 | ) |
| (1,033 | ) | (488 | ) | (112 | ) | (111 | ) |
Operating income |
| 11 |
| 247 |
| (96 | ) | (97 | ) |
| 303 |
| 715 |
| (58 | ) | (61 | ) |
Core adjustments (non-IFRS measure)(1) |
| 563 |
| 244 |
|
|
|
| 840 |
| 287 |
|
|
| ||||
Core operating income (non-IFRS measure)(1) |
| 574 |
| 491 |
| 17 |
| 16 |
|
| 1,143 |
| 1,002 |
| 14 |
| 11 |
|
| (1) | Core results and constant currency are non-IFRS measures. Refer to the 'Non-IFRS measures as defined by the Company' section for additional information and to the 'Reconciliation of IFRS results to core results (non-IFRS measure)' section for reconciliation tables. |
Operating income
|
| Three months ended |
| Six months ended | ||||||||||||||
|
|
|
| Change % |
|
|
| Change % | ||||||||||
($ millions unless indicated otherwise) |
| 2026 |
| 2025 |
| $ | cc(1) (non-IFRS measure) |
| 2026 |
| 2025 |
| $ | cc(1) (non-IFRS measure) | ||||
|
|
|
|
|
|
|
|
|
|
| ||||||||
Cost of net sales |
| (1,130 | ) | (1,196 | ) | 6 |
| 6 |
|
| (2,293 | ) | (2,267 | ) | (1 | ) | — |
|
Gross profit |
| 1,675 |
| 1,388 |
| 21 |
| 20 |
|
| 3,200 |
| 2,771 |
| 15 |
| 13 |
|
Gross margin (%) |
| 60.2 |
| 53.9 |
|
|
|
| 58.5 |
| 55.1 |
|
|
| ||||
Selling, general & administration |
| (964 | ) | (870 | ) | (11 | ) | (10 | ) |
| (1,846 | ) | (1,683 | ) | (10 | ) | (8 | ) |
Research & development |
| (663 | ) | (245 | ) | (171 | ) | (170 | ) |
| (908 | ) | (467 | ) | (94 | ) | (93 | ) |
Other income |
| 6 |
| 5 |
| 20 |
| 8 |
|
| 17 |
| 154 |
| (89 | ) | (89 | ) |
Other expense |
| (43 | ) | (31 | ) | (39 | ) | (33 | ) |
| (160 | ) | (60 | ) | (167 | ) | (161 | ) |
Operating income |
| 11 |
| 247 |
| (96 | ) | (97 | ) |
| 303 |
| 715 |
| (58 | ) | (61 | ) |
Operating margin (%) |
| 0.4 |
| 9.6 |
|
|
|
| 5.5 |
| 14.2 |
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||||||
Core results (non-IFRS measure)(1) |
|
|
|
|
|
|
|
|
|
| ||||||||
Core gross profit |
| 1,799 |
| 1,604 |
| 12 |
| 11 |
|
| 3,490 |
| 3,154 |
| 11 |
| 8 |
|
Core gross margin (%) |
| 64.7 |
| 62.2 |
|
|
|
| 63.8 |
| 62.7 |
|
|
| ||||
Core operating income |
| 574 |
| 491 |
| 17 |
| 16 |
|
| 1,143 |
| 1,002 |
| 14 |
| 11 |
|
Core operating margin (%) |
| 20.6 |
| 19.1 |
|
|
|
| 20.9 |
| 19.9 |
|
|
| ||||
(1) | Core results and constant currency are non-IFRS measures. Refer to the 'Non-IFRS measures as defined by the Company' section for additional information and to the 'Reconciliation of IFRS results to core results (non-IFRS measure)' section for reconciliation tables. |
Non-operating income & expense
|
| Three months ended |
| Six months ended | ||||||||||||||
|
|
|
| Change % |
|
|
| Change % | ||||||||||
($ millions unless indicated otherwise) |
| 2026 |
| 2025 |
| $ | cc(1) (non-IFRS measure) |
| 2026 |
| 2025 |
| $ | cc(1) (non-IFRS measure) | ||||
|
|
|
|
|
|
|
|
|
|
| ||||||||
Operating income |
| 11 |
| 247 |
| (96 | ) | (97 | ) |
| 303 |
| 715 |
| (58 | ) | (61 | ) |
Interest expense |
| (53 | ) | (51 | ) | (4 | ) | (4 | ) |
| (105 | ) | (100 | ) | (5 | ) | (4 | ) |
Other financial income & expense |
| — |
| 4 |
| (100 | ) | (108 | ) |
| 2 |
| 13 |
| (85 | ) | (89 | ) |
Share of loss from associated companies |
| (4 | ) | (1 | ) | (300 | ) | (230 | ) |
| (6 | ) | (15 | ) | 60 |
| 64 |
|
(Loss)/income before taxes |
| (46 | ) | 199 |
| nm | nm |
| 194 |
| 613 |
| (68 | ) | (73 | ) | ||
Taxes |
| 46 |
| (23 | ) | nm | nm |
| (5 | ) | (87 | ) | 94 |
| 94 |
| ||
Net income |
| — |
| 176 |
| (100 | ) | (104 | ) |
| 189 |
| 526 |
| (64 | ) | (69 | ) |
Net income attributable to: |
|
|
|
|
|
|
|
|
|
| ||||||||
Shareholders of |
| — |
| 176 |
| (100 | ) | (104 | ) |
| 189 |
| 526 |
| (64 | ) | (69 | ) |
Non-controlling interests |
| — |
| — |
| — |
| — |
|
| — |
| — |
| — |
| — |
|
Basic earnings per share ($)(2) |
| 0.00 |
| 0.36 |
| (100 | ) | (104 | ) |
| 0.39 |
| 1.06 |
| (63 | ) | (68 | ) |
Diluted earnings per share ($)(2) |
| 0.00 |
| 0.35 |
| (100 | ) | (104 | ) |
| 0.39 |
| 1.06 |
| (63 | ) | (68 | ) |
|
|
|
|
|
|
|
|
|
|
| ||||||||
Core results (non-IFRS measure)(1) |
|
|
|
|
|
|
|
|
|
| ||||||||
Core taxes |
| (107 | ) | (63 | ) | (70 | ) | (73 | ) |
| (209 | ) | (160 | ) | (31 | ) | (28 | ) |
Core net income |
| 410 |
| 380 |
| 8 |
| 7 |
|
| 825 |
| 745 |
| 11 |
| 8 |
|
Core net income attributable to: |
|
|
|
|
|
|
|
|
|
| ||||||||
Shareholders of |
| 410 |
| 380 |
| 8 |
| 7 |
|
| 825 |
| 745 |
| 11 |
| 8 |
|
Non-controlling interests |
| — |
| — |
| — |
| — |
|
| — |
| — |
| — |
| — |
|
Core basic earnings per share ($)(2) |
| 0.84 |
| 0.77 |
| 9 |
| 9 |
|
| 1.69 |
| 1.50 |
| 13 |
| 10 |
|
Core diluted earnings per share ($)(2) |
| 0.84 |
| 0.76 |
| 11 |
| 9 |
|
| 1.69 |
| 1.50 |
| 13 |
| 10 |
|
| nm = not meaningful | ||
| (1) | Core results and constant currency are non-IFRS measures. Refer to the 'Non-IFRS measures as defined by the Company' section for additional information and to the 'Reconciliation of IFRS results to core results (non-IFRS measure)' section for reconciliation tables. | |
| (2) | Earnings per share and core earnings per share are calculated on the amount of net income and core net income, respectively, attributable to shareholders of | |
Reconciliation of IFRS results to core results (non-IFRS measure)
Three months ended
($ millions except earnings per share) | IFRS | Amortization of | Discontinuation | Efficiency | Other | Core results | ||||||
Gross profit | 1,675 |
| 124 |
| — |
| — |
| — |
| 1,799 |
|
Operating income | 11 |
| 128 |
| 402 |
| 33 |
| — |
| 574 |
|
(Loss)/income before taxes | (46 | ) | 128 |
| 402 |
| 33 |
| — |
| 517 |
|
Taxes(10) | 46 |
| (21 | ) | (115 | ) | (6 | ) | (11 | ) | (107 | ) |
Net income | — |
| 107 |
| 287 |
| 27 |
| (11 | ) | 410 |
|
Net income attributable to: |
|
|
|
|
|
| ||||||
Shareholders of | — |
| 107 |
| 287 |
| 27 |
| (11 | ) | 410 |
|
Non-controlling interests | — |
| — |
| — |
| — |
| — |
| — |
|
Basic earnings per share ($)(11) | 0.00 |
|
|
|
|
| 0.84 |
| ||||
Diluted earnings per share ($)(11) | 0.00 |
|
|
|
|
| 0.84 |
| ||||
Basic - weighted average shares outstanding (millions)(11) | 486.7 |
|
|
|
|
| 486.7 |
| ||||
Diluted - weighted average shares outstanding (millions)(11) | 488.7 |
|
|
|
|
| 488.7 |
| ||||
Refer to the associated explanatory footnotes at the end of the 'Reconciliation of IFRS results to core results (non-IFRS measure)' tables. | ||||||||||||
Three months ended
($ millions except earnings per share) | IFRS | Amortization of | Acquisition and | Legal items(7) | Product | Other | Core results | ||||||
Gross profit | 1,388 |
| 172 |
| — |
| — |
| 44 |
| — | 1,604 |
|
Operating income | 247 |
| 173 |
| 10 |
| 17 |
| 44 |
| — | 491 |
|
Income before taxes | 199 |
| 173 |
| 10 |
| 17 |
| 44 |
| — | 443 |
|
Taxes(10) | (23 | ) | (32 | ) | (2 | ) | (4 | ) | (10 | ) | 8 | (63 | ) |
Net income | 176 |
| 141 |
| 8 |
| 13 |
| 34 |
| 8 | 380 |
|
Net income attributable to: |
|
|
|
|
|
|
| ||||||
Shareholders of | 176 |
| 141 |
| 8 |
| 13 |
| 34 |
| 8 | 380 |
|
Non-controlling interests | — |
| — |
| — |
| — |
| — |
| — | — |
|
Basic earnings per share ($)(11) | 0.36 |
|
|
|
|
|
| 0.77 |
| ||||
Diluted earnings per share ($)(11) | 0.35 |
|
|
|
|
|
| 0.76 |
| ||||
Basic - weighted average shares outstanding (millions)(11) | 495.2 |
|
|
|
|
|
| 495.2 |
| ||||
Diluted - weighted average shares outstanding (millions)(11) | 497.9 |
|
|
|
|
|
| 497.9 |
| ||||
Refer to the associated explanatory footnotes at the end of the 'Reconciliation of IFRS results to core results (non-IFRS measure)' tables. | |||||||||||||
Six months ended
($ millions except earnings per share) | IFRS | Amortization | Discontinuation | Impairments(3) | Acquisition and | Efficiency | Other | Core results | ||||||||
Gross profit | 3,200 |
| 251 |
| — |
| 38 |
| 1 |
| — |
| — |
| 3,490 |
|
Operating income | 303 |
| 257 |
| 402 |
| 38 |
| 21 |
| 121 |
| 1 |
| 1,143 |
|
Income before taxes | 194 |
| 257 |
| 402 |
| 38 |
| 21 |
| 121 |
| 1 |
| 1,034 |
|
Taxes(10) | (5 | ) | (44 | ) | (115 | ) | (6 | ) | (4 | ) | (23 | ) | (12 | ) | (209 | ) |
Net income | 189 |
| 213 |
| 287 |
| 32 |
| 17 |
| 98 |
| (11 | ) | 825 |
|
Net income attributable to: |
|
|
|
|
|
|
|
| ||||||||
Shareholders of | 189 |
| 213 |
| 287 |
| 32 |
| 17 |
| 98 |
| (11 | ) | 825 |
|
Non-controlling interests | — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Basic earnings per share ($)(11) | 0.39 |
|
|
|
|
|
|
| 1.69 |
| ||||||
Diluted earnings per share ($)(11) | 0.39 |
|
|
|
|
|
|
| 1.69 |
| ||||||
Basic - weighted average shares outstanding (millions)(11) | 486.9 |
|
|
|
|
|
|
| 486.9 |
| ||||||
Diluted - weighted average shares outstanding (millions)(11) | 489.4 |
|
|
|
|
|
|
| 489.4 |
| ||||||
Refer to the associated explanatory footnotes at the end of the 'Reconciliation of IFRS results to core results (non-IFRS measure)' tables. | ||||||||||||||||
Six months ended
($ millions except earnings per share) | IFRS results |
| Amortization |
| Gains on |
| Acquisition and |
| Legal |
| Product |
| Other | Core results | |
Gross profit | 2,771 |
| 339 |
| — |
| — |
| — |
| 44 |
| — | 3,154 |
|
Operating income | 715 |
| 345 |
| (142 | ) | 23 |
| 17 |
| 44 |
| — | 1,002 |
|
Income before taxes | 613 |
| 345 |
| (142 | ) | 23 |
| 17 |
| 44 |
| 5 | 905 |
|
Taxes(10) | (87 | ) | (62 | ) | — |
| (5 | ) | (4 | ) | (10 | ) | 8 | (160 | ) |
Net income | 526 |
| 283 |
| (142 | ) | 18 |
| 13 |
| 34 |
| 13 | 745 |
|
Net income attributable to: |
|
|
|
|
|
|
|
| |||||||
Shareholders of | 526 |
| 283 |
| (142 | ) | 18 |
| 13 |
| 34 |
| 13 | 745 |
|
Non-controlling interests | — |
| — |
| — |
| — |
| — |
| — |
| — | — |
|
Basic earnings per share ($)(11) | 1.06 |
|
|
|
|
|
|
| 1.50 |
| |||||
Diluted earnings per share ($)(11) | 1.06 |
|
|
|
|
|
|
| 1.50 |
| |||||
Basic - weighted average shares outstanding (millions)(11) | 495.2 |
|
|
|
|
|
|
| 495.2 |
| |||||
Diluted - weighted average shares outstanding (millions)(11) | 497.9 |
|
|
|
|
|
|
| 497.9 |
| |||||
Refer to the associated explanatory footnotes at the end of the 'Reconciliation of IFRS results to core results (non-IFRS measure)' tables. | |||||||||||||||
Explanatory footnotes to IFRS to core reconciliation tables
(1) | Includes amortization for all intangible assets other than software. | |
(2) | For the three and six months ended | |
(3) | Includes impairment charges related to a currently marketed product intangible asset. | |
(4) | For the six months ended | |
(5) | For the three months ended | |
| For the six months ended | |
| For the six months ended | |
(6) | For the three and six months ended | |
(7) | For the three and six months ended | |
(8) | For the three and six months ended | |
(9) | For the three months ended | |
| For the six months ended | |
| For the six months ended | |
(10) | For the three months ended | |
| For the three months ended | |
| For the six months ended | |
| For the six months ended | |
(11) | Core basic earnings per share is calculated using core net income attributable to shareholders of |
EBITDA (non-IFRS measure)
|
| Three months ended |
| Six months ended | ||||||
($ millions) |
| 2026 |
| 2025 |
|
| 2026 |
| 2025 |
|
|
|
|
|
|
|
| ||||
Net income |
| — |
| 176 |
|
| 189 |
| 526 |
|
Taxes |
| (46 | ) | 23 |
|
| 5 |
| 87 |
|
Depreciation of property, plant & equipment |
| 111 |
| 103 |
|
| 219 |
| 201 |
|
Depreciation of right-of-use assets |
| 25 |
| 22 |
|
| 49 |
| 43 |
|
Amortization of intangible assets |
| 152 |
| 194 |
|
| 304 |
| 385 |
|
Impairments of property, plant & equipment and intangible assets |
| 505 |
| 43 |
|
| 543 |
| 43 |
|
Interest expense |
| 53 |
| 51 |
|
| 105 |
| 100 |
|
Other financial income & expense |
| — |
| (4 | ) |
| (2 | ) | (13 | ) |
EBITDA |
| 800 |
| 608 |
|
| 1,412 |
| 1,372 |
|
Cash flow and net (debt)/liquidity (non-IFRS measure)
|
| Six months ended | |||
($ millions) |
| 2026 |
| 2025 |
|
|
|
|
| ||
Net cash flows from operating activities |
| 928 |
| 889 |
|
Net cash flows used in investing activities |
| (440 | ) | (732 | ) |
Net cash flows used in financing activities |
| (643 | ) | (479 | ) |
Effect of exchange rate changes on cash and cash equivalents |
| (17 | ) | 54 |
|
Net change in cash and cash equivalents |
| (172 | ) | (268 | ) |
Change in derivative financial instrument assets |
| 10 |
| (5 | ) |
Change in time deposits with original maturity greater than three months |
| 21 |
| (153 | ) |
Change in current and non-current financial debts |
| 18 |
| (102 | ) |
Change in net (debt) |
| (123 | ) | (528 | ) |
Net (debt) at |
| (3,125 | ) | (2,802 | ) |
Net (debt) at |
| (3,248 | ) | (3,330 | ) |
Net (debt)/liquidity (non-IFRS measure)
($ millions) | At | At | ||
Current financial debt | (570 | ) | (575 | ) |
Non-current financial debt | (4,149 | ) | (4,162 | ) |
Total financial debt | (4,719 | ) | (4,737 | ) |
|
|
| ||
Less liquidity: |
|
| ||
Cash and cash equivalents | 1,355 |
| 1,527 |
|
Time deposits with original maturity greater than three months | 101 |
| 80 |
|
Derivative financial instruments | 15 |
| 5 |
|
Total liquidity | 1,471 |
| 1,612 |
|
Net (debt) | (3,248 | ) | (3,125 | ) |
Free cash flow (non-IFRS measure)
The following is a summary of free cash flow for the six months ended
| Six months ended | ||||
($ millions) | 2026 |
|
| 2025 |
|
Net cash flows from operating activities | 928 |
|
| 889 |
|
Purchase of property, plant & equipment | (235 | ) |
| (208 | ) |
Free cash flow | 693 |
|
| 681 |
|
About Alcon
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