- Third-quarter 2026 sales of $2.7 billion, +5%, +5% constant currency1 (cc), vs. third-quarter 2025
- Year-to-date 2026 sales of $8.2 billion, +7%, +6% cc, vs. the same period last year
- Third quarter 2026 diluted EPS of $0.54, +13%, +14% cc; core diluted EPS2 of $0.91, +15%, +15% cc, vs. third-quarter 2025
- Returned $748 million to shareholders on a year-to-date basis
- Recently announced the acquisition of Neurotech Pharmaceuticals, Inc. (“Neurotech”), strengthening our portfolio of products in retinal disease
Ad Hoc Announcement Pursuant to Art. 53 LR
GENEVA–(BUSINESS WIRE)–Regulatory News:
Alcon (SIX/NYSE:ALC), the global leader in eye care, reported its financial results for the three and nine month periods ending September 30, 2026. For the third quarter of 2026, sales were $2.7 billion, up 5% on a reported and constant currency basis1, as compared to the same quarter of the previous year. Alcon reported diluted earnings per share of $0.54 and core diluted earnings per share2 of $0.91 in the third quarter of 2026.
“We remain on track for our 2026 objectives with year-to-date sales growth of six percent and double-digit core EPS growth, despite some specific areas of competitive pressure,” said David J. Endicott, Alcon’s Chief Executive Officer. “We are encouraged by the momentum across our newest products and the strength of our pipeline. The breadth of our portfolio of innovation together with the recent acquisition of Neurotech, positions us well to drive sustainable long-term growth.”
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Third-quarter and first nine months of 2026 key figures |
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Three months ended September 30 |
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Nine months ended September 30 |
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2026 |
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2025 |
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2026 |
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2025 |
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Net sales ($ millions) |
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2,717 |
|
2,589 |
|
8,184 |
|
7,617 |
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Operating margin (%) |
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14.0 |
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12.8 |
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8.4 |
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13.7 |
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Diluted earnings per share ($) |
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0.54 |
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0.48 |
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0.92 |
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1.53 |
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Core results (non-IFRS measure)2 |
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|
|
|
|
|
|
|
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Core operating margin (%) |
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21.8 |
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20.2 |
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21.2 |
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20.0 |
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Core diluted earnings per share ($) |
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0.91 |
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0.79 |
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2.60 |
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2.29 |
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Cash flows ($ millions) |
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|
|
|
|
|
|
|
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Net cash flows from operating activities |
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|
|
|
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1,689 |
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1,613 |
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Free cash flow (non-IFRS measure)3 |
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|
|
|
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1,345 |
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1,244 |
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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. |
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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. |
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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. |
Third-quarter and first nine months of 2026 results
Reported net sales for the third quarter of 2026 were $2.7 billion, up 5% on both a reported and constant currency basis versus the third quarter of 2025. Reported net sales for the first nine months of 2026 were $8.2 billion, up 7% versus the first nine months of 2025. Excluding favorable currency impacts of 1%, sales were up 6% on a constant currency basis.
The following table highlights net sales by segment for the third quarter and first nine months of 2026:
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Three months ended September 30 |
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Change % |
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Nine months ended September 30 |
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Change % |
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($ millions unless indicated otherwise) |
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2026 |
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2025 |
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$ |
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cc1 (non-IFRS measure) |
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2026 |
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2025 |
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$ |
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cc1 (non-IFRS measure) |
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|
|
|
|
|
|
|
|
|
|
|
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|
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|
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Surgical |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
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Implantables |
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422 |
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432 |
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(2 |
) |
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(2 |
) |
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1,326 |
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1,308 |
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1 |
|
— |
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Consumables |
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789 |
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745 |
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6 |
|
|
6 |
|
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2,383 |
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2,234 |
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7 |
|
5 |
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Equipment/other |
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269 |
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243 |
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11 |
|
|
11 |
|
|
801 |
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664 |
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21 |
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19 |
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Total Surgical |
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1,480 |
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1,420 |
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4 |
|
|
4 |
|
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4,510 |
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4,206 |
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7 |
|
6 |
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Vision Care |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Contact lenses |
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737 |
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707 |
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4 |
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|
5 |
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2,201 |
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2,087 |
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5 |
|
5 |
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Ocular health |
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500 |
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462 |
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8 |
|
|
8 |
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1,473 |
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1,324 |
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11 |
|
10 |
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Total Vision Care |
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1,237 |
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1,169 |
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6 |
|
|
6 |
|
|
3,674 |
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3,411 |
|
8 |
|
7 |
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Net sales |
|
2,717 |
|
2,589 |
|
5 |
|
|
5 |
|
|
8,184 |
|
7,617 |
|
7 |
|
6 |
Net sales by segment
Third quarter
Surgical
Surgical net sales were $1.5 billion, an increase of 4% on both a reported and constant currency basis versus the third quarter of 2025.
- Implantables net sales were $422 million, a decrease of 2% on both a reported and constant currency basis. This reflects a decrease in IOLs of 1% constant currency, due to competitive pressures in the U.S. This decline was partially offset by strong PanOptix Pro performance and growth in international markets.
- Consumables net sales were $789 million, an increase of 6% on both a reported and constant currency basis. Growth was driven by procedural volumes, price increases and Valeda consumables.
- Equipment/other net sales were $269 million, an increase of 11% on both a reported and constant currency basis. This growth was led by equipment launches, including the Unity platform and Valeda.
Vision Care
Vision Care net sales were $1.2 billion, an increase of 6% on both a reported and constant currency basis versus the third quarter of 2025.
- Contact lenses net sales were $737 million, an increase of 4%. Excluding unfavorable currency impacts of 1%, Contact lenses net sales increased 5% constant currency. This growth reflects favorable mix of premium products as well as price increases, particularly in the U.S., and was partially offset by declines in legacy products.
- Ocular health net sales were $500 million, an increase of 8% on both a reported and constant currency basis. This growth was led by our portfolio of dry eye products, including Tryptyr and Systane, partially offset by declines in contact lens care.
Nine months
Surgical
Surgical net sales were $4.5 billion, an increase of 7% on a reported basis and 6% on a constant currency basis versus the first nine months of 2025.
- Implantables net sales were $1.3 billion, an increase of 1%. Excluding favorable currency impacts of 1%, Implantables net sales were in line with the prior year period in constant currency. IOLs increased 1% constant currency, primarily driven by growth in international markets and strong PanOptix Pro performance, partially offset by competitive pressures in the U.S. In addition, there were lower sales in surgical glaucoma.
- Consumables net sales were $2.4 billion, an increase of 7%. Excluding favorable currency impacts of 2%, Consumables net sales increased 5% constant currency. Growth was driven by procedural volumes, price increases and Valeda consumables.
- Equipment/other net sales were $801 million, an increase of 21%. Excluding favorable currency impacts of 2%, Equipment/other net sales increased 19% constant currency. This growth was led by equipment launches, including the Unity platform and Valeda.
Vision Care
Vision Care net sales were $3.7 billion, an increase of 8% on a reported basis and 7% on a constant currency basis versus the first nine months of 2025.
- Contact lenses net sales were $2.2 billion, an increase of 5% on both a reported and constant currency basis. This growth reflects favorable mix of premium products as well as price increases, particularly in the U.S., and was partially offset by declines in legacy products.
- Ocular health net sales were $1.5 billion, an increase of 11%. Excluding favorable currency impacts of 1%, Ocular health net sales increased 10% constant currency. Growth was led by our portfolio of dry eye products, including Tryptyr and Systane.
Operating income
Third quarter
Operating income was $381 million (+15%, +15% cc), compared to $332 million in the prior year period. Operating margin was 14.0% compared to 12.8% in the prior year period and increased 1.2 percentage points on both a reported and constant currency basis. The current year period included tariff refunds of $58 million, lower amortization and manufacturing efficiencies, partially offset by a charge for fair value adjustments to contingent consideration liabilities, costs associated with efficiency measures and increased sales and marketing spend.
Adjustments to arrive at core operating income in the current year period were $210 million, mainly due to $131 million of amortization, $38 million for fair value adjustments to contingent consideration liabilities and $36 million of costs associated with efficiency measures. Adjustments to arrive at core operating income in the prior year period were $191 million, mainly due to $176 million of amortization and $13 million of acquisition and integration related items.
Core operating income was $591 million (+13%, +13% cc), compared to $523 million in the prior year period. Core operating margin was 21.8% compared to 20.2% in the prior year period and increased 1.6 percentage points on a reported basis and 1.5 percentage points on a constant currency basis. The current year period included tariff refunds and manufacturing efficiencies, partially offset by increased sales and marketing spend.
Nine months
Operating income was $684 million (-35%, -37% cc), compared to $1.0 billion in the prior year period. Operating margin was 8.4% compared to 13.7% in the prior year period and decreased 5.3 percentage points on a reported basis and 5.6 percentage points on a constant currency basis. The current year period included a pre-tax, non-cash net charge of $402 million related to the decision to discontinue the IOL programs acquired from PowerVision, Inc. in March 2019 (“PowerVision programs”), costs associated with efficiency measures, increased sales and marketing spend, impairment charges related to a currently marketed product intangible asset, a charge for fair value adjustments to contingent consideration liabilities and the impact from ongoing tariffs, partially offset by lower amortization, tariff refunds, manufacturing efficiencies and price increases. The prior year period included gains on fair value remeasurements of investments in associated companies, partially offset by charges related to the discontinued commercialization of a Vision Care product.
Adjustments to arrive at core operating income in the current year period were $1.1 billion, mainly due to a pre-tax, non-cash net charge of $402 million related to the discontinuation of the PowerVision programs, $388 million of amortization, $157 million of costs associated with efficiency measures, $38 million of impairment charges related to a currently marketed product intangible asset, $38 million for fair value adjustments to contingent consideration liabilities and $24 million of acquisition and integration related items. Adjustments to arrive at core operating income in the prior year period were $478 million, mainly due to $521 million of amortization, $44 million of product discontinuation charges and $36 million of acquisition and integration related items, partially offset by gains of $142 million on fair value remeasurements of investments in associated companies.
Core operating income was $1.7 billion (+14%, +12% cc), compared to $1.5 billion in the prior year period. Core operating margin was 21.2% compared to 20.0% in the prior period and increased 1.2 percentage points on a reported basis and 1.1 percentage points on a constant currency basis. The current year period included tariff refunds, manufacturing efficiencies and price increases, partially offset by increased sales and marketing spend and the impact from ongoing tariffs.
Taxes
Third quarter
Reported tax expense was $68 million, compared to $46 million in the prior year period, and the average reported tax rate was 20.7%, compared to 16.3% in the prior year period. Core tax expense was $96 million, compared to $80 million in the prior year period, and the average core tax rate was 17.8%, compared to 16.9% in the prior year period. The average reported tax rate in the current year period was impacted by the non-deductible fair value adjustments to contingent consideration liabilities. In addition, both the average reported and core tax rates in the current year period were higher primarily driven by higher discrete tax benefits in the prior year period and more favorable mix of pre-tax income/(loss) across geographical tax jurisdictions in the current year period.
Nine months
Reported tax expense was $73 million, compared to $133 million in the prior year period, and the average reported tax rate was 14.0%, compared to 14.8% in the prior year period. The average reported tax rate in the current year period was impacted by a $115 million tax benefit from the reversal of deferred tax liabilities related to the discontinuation of the PowerVision programs and the non-taxable fair value adjustments to contingent consideration liabilities. The average reported tax rate in the prior year period included a non-taxable gain on the fair value remeasurement of an investment in an associated company and net benefits from discrete tax items.
Core tax expense was $305 million, compared to $240 million in the prior year period, and the average core tax rate was 19.4%, compared to 17.4% in the prior year period. The prior year period included net benefits from discrete tax items.
Diluted earnings per share
Third quarter
Diluted earnings per share of $0.54 increased 13%, or 14% on a constant currency basis. Core diluted earnings per share of $0.91 increased 15% on both a reported and constant currency basis, versus the prior year period.
Nine months
Diluted earnings per share of $0.92 decreased 40%, or 43% on a constant currency basis, versus the prior year period, primarily due to a post-tax, non-cash net charge of approximately $287 million related to the discontinuation of the PowerVision programs and costs associated with efficiency measures. The prior year period included gains of $142 million on fair value remeasurements of investments in associated companies. Core diluted earnings per share of $2.60 increased 14%, or 11% on a constant currency basis, versus the prior year period.
Cash flow highlights
Net cash flows from operating activities amounted to $1.7 billion for the first nine months of 2026, compared to $1.6 billion in the prior year period. Free cash flow was $1.3 billion for the nine months of 2026, compared to $1.2 billion in the prior year period.
Capital allocation
The Company returned $210 million to shareholders in the third quarter through share repurchases. As of September 30, 2026, the Company had approximately $1.0 billion remaining of its previously announced $1.5 billion authorization.
On a year-to-date basis through the third quarter, the Company has returned $748 million to shareholders through dividends and share repurchases.
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.
Efficiency Measures
On February 24, 2026, Alcon announced certain efficiency measures supported by operational improvements and infrastructure investments. In November 2026, the Company expanded these measures, with total costs now estimated at approximately $230 million. The Company’s estimated run-rate savings have increased from approximately $100 million to approximately $130 million. The Company expects to use these additional savings to help offset inflationary pressures. The implementation is still expected to be completed in 2026.
2026 outlook
The Company updated its 2026 outlook as per the table below.
|
2026 outlook4 |
as of August |
as of November |
Comments |
|
Net sales growth vs. prior year (cc)1 (non-IFRS measure) |
+5% to +7% |
+~6% |
Tightened |
|
Core operating margin2 change vs. prior year (cc)1 (non-IFRS measure) |
+90 to +190 bps |
+100 to +150 bps |
Tightened range |
|
Core diluted EPS2 growth vs. prior year (cc)1 (non-IFRS measure) |
+12% to +15% |
+12% to +14% |
Tightened range |
This outlook assumes the following:
- Aggregated markets grow approximately 3%
- The Company expects a full-year tariff impact, net of mitigating actions and refunds, of approximately $40 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, including U.S. import tariff rates of approximately 10% to 12.5%. This reflects the approximately $60 million refund from the U.S. government received in the third quarter of 2026. Approximately two-thirds of the refund benefit is being reinvested in the business.
- Exchange rates as of the end of October 2026 prevail through year-end
-
As of the end of October 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 +160 basis points
- Non-operating expense5 for FY 2026 is expected to be between $210 and $230 million
- The core effective tax rate6 for FY 2026 is expected to be approximately 19% to 20%
- Capital expenditures are expected to be mid-single digits as a percentage of sales
- Approximately 487 million weighted-average 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 two 2026 Prix Galien USA nominations, one of the life sciences industry’s most prestigious honors recognizing scientific innovation and impact on human health, with UNITY Vitreoretinal Cataract System (VCS) nominated for Best Medical Technology and TRYPTYR for Best Pharmaceutical Product.
- UNITY VCS was featured by U.S. News & World Report in its coverage of 2026 Edison Award healthcare innovations, highlighting the platform’s integrated design and potential to improve operating-room efficiency.
- Presented investigator-initiated data showing that SYSTANE PRO Preservative-Free provided clinically comparable dry eye symptom relief to MIEBO^ (perfluorohexyloctane ophthalmic solution), meeting the study’s primary non-inferiority endpoint at two weeks and one month.
- Launched the Alcon-Aravind Retina Centre of Excellence, a global vitreoretinal surgery training center in India designed to expand advanced surgical education and help address the shortage of retina specialists in underserved regions.
- Launched the UNITY M premium ophthalmic microscope, featuring an industry-leading red reflex for stable, consistent visualization, first-of-its-kind Color Tunable Illumination to enhance contrast and tissue detail, and a modular design that enables surgeon-specific customization and future upgrades, giving surgeons greater precision and control while expanding Alcon’s UNITY surgical equipment platform.
- Named one of PEOPLE’s 100 Companies That Care by PEOPLE and Great Place to Work, recognizing Alcon among U.S. employers that demonstrate exceptional care for employees, communities and the environment.
- In October, Alcon announced that the U.S. Food and Drug Administration (FDA) has approved BRYTLY Redness Reliever Eye Drops. This new product expands Alcon’s portfolio of consumer eye care solutions and will be available in major retailers nationwide and online in the coming months.
- In October, Alcon announced the acquisition of Neurotech Pharmaceuticals, Inc., a company focused on developing innovative cell therapies for chronic and neurodegenerative eye diseases. This acquisition expands Alcon’s retina portfolio with ENCELTO (revakinagene taroretcel-lwey), the first and only U.S. FDA-approved treatment for adults with idiopathic Macular Telangiectasia Type 2 (MacTel).
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^Trademarks are the property of their respective owners. |
Webcast and Conference Call Instructions
The Company will host a conference call on November 11, 2026, at 8:00 a.m. Eastern Time / 2:00 p.m. Central European Time to discuss its third-quarter 2026 earnings results. The webcast can be accessed through Alcon’s Investor Relations website at investor.alcon.com. Listeners should log on approximately 10 minutes in advance. A replay will be available online within 24 hours after the event. To listen to the Company’s conference call, click the link below:
The Company’s third-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 outlook for 2026 and future periods, including with respect to 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, and 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 China; global and regional economic, financial, monetary, legal, tax, political and social change; our ability to comply with anti-corruption, anti-bribery, export control, trade sanction, or similar laws; our ability to attract and retain qualified personnel; our ability to manage the risks associated with operating as a third-party contract manufacturer; our success in completing strategic acquisitions, including equity investments in early-stage companies, on favorable terms or at all, and in integrating acquired businesses; the success of our research and development efforts, including our ability to innovate to compete effectively; our ability to manage the rapid evolution and adoption of artificial intelligence; terrorism, war and similar events; our ability to forecast sales demand and manage our inventory levels and the changing buying patterns of our customers; pricing pressure from changes in third party payor coverage and reimbursement methodologies; our ability to comply with all laws to which we may be subject; the ability to obtain regulatory clearance and approval of our products as well as compliance with any post-approval obligations, including quality control of our manufacturing; the effect of product recalls or voluntary market withdrawals; our ability to manage social impact and sustainability matters; our ability to properly educate and train healthcare providers on our products; our ability to protect our intellectual property; the accuracy of our accounting estimates and assumptions, including pension and other post-employment benefit plan obligations and the carrying value of intangible assets, and the adequacy of our financial reporting, accounting practices and internal controls; our ability to service our debt obligations; the need for additional financing through the issuance of debt or equity; the effects of litigation, including product liability lawsuits and governmental investigations; legislative, tax and regulatory reform; the impact of being listed on two stock exchanges; the ability to declare and pay dividends; the different rights afforded to our shareholders as a Swiss corporation compared to a US corporation; the effect of maintaining or losing our foreign private issuer status under US securities laws; and the ability to enforce US judgments against Swiss corporations.
Contacts
Investor Relations
Daniel Cravens
Richard Bourne
+ 41 589 112 110 (Geneva)
+ 1 817 615 2789 (Fort Worth)
[email protected]
Media Relations
Steven Smith
+ 41 589 112 111 (Geneva)
+ 1 817 551 8057 (Fort Worth)
[email protected]
