Alcon shares rise in Zurich following a quarter of accelerating growth and an upward revision to its guidance

  (Il Sole 24 Ore Radiocor) - Alcon is being hailed by investors on the Zurich Stock Exchange thanks to an improvement in its guidance, underpinned by the acceleration seen in the second quarter. The share (Alcon Ag), the world’s leading ophthalmic products company, is topping the SMI index, having also reached the top of the Stoxx Europe 600. From April to the end of June, the group’s net revenue rose by 8 per cent year-on-year to $2.8 billion. At constant exchange rates, the increase was 7 per cent. The ‘core’ operating margin rose to 20.6 per cent, up from 19.1 per cent in the second quarter of 2025, and adjusted earnings per share increased to $0.84 (from $0.76).

Revenue was in line with analysts’ expectations, whilst the operating margin and earnings per share exceeded them. The group emphasised that the performance for the quarter was boosted by the launch of new products and ‘strong commercial momentum’. Reported operating profit, however, plummeted to 11 million from 247 million in the same period of 2026, due to higher overheads and, above all, research and development expenditure, which rose to 663 million from 245 million. On a historical basis, the quarter ended in the black compared with a net profit of 176 million last year, Excluding currency effects, growth in 2026 was confirmed at between 5% and 7%; the adjusted operating margin is now expected to increase by 90–190 basis points (compared with the 70–170 basis points indicated in May), compared with the 19.8 per cent achieved in 2025, thanks in particular to $60 million in US tariff refunds. Diluted basic earnings per share are expected to grow by 12–15 per cent, up from the 10–13 per cent previously indicated.

The Geneva-based group’s growth is expected to be ‘driven by its core products and a series of recent market launches’, note analysts at Cfra, whilst highlighting the persistent risks in the US market for cataract surgery, following the global difficulties encountered in that sector in 2025, which persisted into the first quarter of this year. “The results for the second quarter of 2026 highlighted both strengths and weaknesses,” commented Vontobel, emphasising the improvement in sales and core margins, whilst the implants sector showed some signs of weakness.

According to experts at Octavian, the sales target for 2026 remains achievable thanks to the accelerated pace of new product launches, which will offset the high base effect compared with 2025. Founded in the United States in 1945 by two pharmacists and subsequently acquired by Novartis (from which it was fully spun off in 2019), Alcon operates globally in over 140 countries, offering medical devices, contact lenses and solutions for ophthalmic surgery. Its corporate headquarters are in Geneva, whilst Fort Worth, Texas, is home to the company’s historic main operational, commercial and innovation centre.