Alcon Inc. (ALC)

Shares of Alcon Inc. (ALC) dropped by 5.91% from $74.96 to $70.53 in the trading on Wednesday, Novemeber 15, 2023. The reason why ALC is down today is due to disappointing Q3 sales and a revised full-year forecast.

• Q3 sales: In Q3 2023, Alcon reported core EPS of 66 cents, up 32% YoY (41% at CER), missing estimates by 1.5%. Diluted EPS was 41 cents, a 78% increase from the previous year. Q3 net sales reached $2.30 billion, missing estimates by 1.6%, with an 8.4% YoY increase (9% at CER). In segment performance, sales in surgical came at $1.28 billion, up 5% YoY (6% at CER), but below estimates; meanwhile, sales in vision care hit $1.00 billion, up 13% YoY, exceeding projections.
• Full year outlook: Alcon provided an updated outlook for the full year 2023, anticipating net sales in the range of $9.3 billion to $9.4 billion (previously $9.3 billion to $9.5 billion). This revised range suggests a growth rate of 10-11% at CER compared to 2022, up from the earlier projected growth of 9-11%. The Zacks Consensus Estimate for ALC’s revenues is pegged at $9.48 billion.