- First quarter sales of $1.8 billion,
flat to last year; an increase of 4% constant currency
(cc)
- Healthy momentum in Surgical
business, with 2% growth and 7% constant currency growth
- Full year 2019 outlook of 3% to 5%
constant currency net sales growth and 17% to 18% core operating
margin
Regulatory News:
Alcon (SIX:ALC) (NYSE:ALC), the global leader in eye care, today
reported selected financial results for the first quarter ending
March 31, 2019, and provided financial guidance for the
current fiscal year. For the first quarter of 2019, worldwide net
sales were $1.8 billion, flat on a reported basis and an increase
of 4 percent on a constant currency basis1, as compared to the same
quarter of the previous year.
“The spin-off of Alcon marks a new chapter in our mission to
enable more patients to see brilliantly. Solid first quarter
results give us confidence in our ability to perform as an
independent company and to continue to execute on our key growth
drivers,” said David Endicott, Alcon’s Chief Executive Officer.
“Our Surgical business performed well in the quarter, with growth
across all three categories. As we usher in a new era for Alcon,
our dedicated focus on delivering innovative products and quality
eye care to patients around the world will allow us to create
long-term shareholder value.”
Mr. Endicott continued, “We continue to see steady progress from
product flow within our surgical business, as evidenced by the
international success of PanOptix. The expansion of our
manufacturing capacity is underway and will support the ramp up of
new product lines, led by Precision 1, which was recently approved
by the US Food and Drug Administration.”
1Constant currencies (cc) are a non-IFRS measure. Growth in
constant currency (cc) is calculated by translating the current
year’s foreign currency items into US dollars using average
exchange rates from the prior year and comparing them to prior year
values in US dollars. An explanation of non-IFRS measures can be
found later in this press release.
First Quarter 2019 Net Sales Results
Worldwide net sales for the first quarter of $1.8 billion were
flat to last year (up 4% cc) compared to the first quarter of
2018.
The following table highlights net sales by segment for the
first quarter of 2019:
Three months ended (unaudited)
Change in $ Change in
constant
currencies
($ millions unless indicated otherwise)
March 31, 2019
March 31, 2018
Implantables $ 285 $ 279 2 % 8 % Consumables $
551 $ 541 2 % 6 % Equipment/other $ 164 $ 157
4 % 9 %
Total Surgical $
1,000 $ 977
2 % 7 % Contact
lenses $ 498 $ 509 (2 )% 1 % Ocular health $ 279 $
293 (5 )% — %
Total Vision
care $ 777 $ 802
(3 )% 1
%
Net sales to third parties $
1,777 $ 1,779
— % 4 %
Surgical
Surgical net sales, which include implantables, consumables and
equipment/other, of $1.0 billion increased 2% (up 7% cc) versus the
first quarter of 2018, driven by the strong momentum across all
business categories. Strong demand for Advanced Technology
Intraocular Lenses (AT-IOLs), pull-through of dedicated consumables
for next generation equipment, new procedural instruments and
strong services revenue were the primary drivers of growth in the
first quarter.
Vision Care
Vision Care net sales, which include contact lenses and ocular
health, of $777 million decreased 3% (up 1% cc) versus the first
quarter of 2018. Double-digit growth for Dailies Total1 and strong
demand for Systane Complete, were offset by declines in legacy
non-silicon hydrogel contact lenses and contact lens care.
Financial Performance
First quarter 2019 reported operating loss of $48 million,
compared to last year’s operating income of $73 million, was due to
costs related to spin readiness, legal, SAP implementation and
research and development. The decrease in first quarter 2019 core
operating income2 of $314 million compared to $342 million last
year, was driven by costs related to SAP implementation and higher
research and development.
2019 Financial Outlook
Alcon expects the following outlook for full-year 2019:
- Net sales growth of 3% to 5% on a
constant currency basis
- Core operating margin2 between 17% to
18%
- Core effective tax rate3 between 17% to
19%
2 Core results are a non-IFRS measure. For additional
information, including a reconciliation for such core results to
the most directly comparable measures presented in accordance with
IFRS, see the explanation of non-IFRS measures and reconciliation
tables later in this press release.
3 Core effective tax rate, a non-IFRS measure, is the applicable
annual tax rate on core taxable income.
Webcast and Conference Call
Instructions
The Company will host a conference call on Thursday, May 16, at
3:00 p.m. Central European Time / 8 a.m. Central Time to discuss
its first quarter 2019 trading update. The webcast can be accessed
online through Alcon's Investor Relations website,
investor.alcon.com. Listeners should log on approximately 10
minutes in advance. A replay will be available online within 24
hours after the event.
Supplemental presentation materials to be used during the
conference call are available online through Alcon's Investor
Relations website,
https://investor.alcon.com/financials/quarterly-results, at the
beginning of the conference.
Cautionary Note Regarding
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the safe harbor provisions of the United States
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,” “believe,” “project,” “estimate,” “expect,” “strategy,”
“future,” “likely,” “may,” “should,” “will” and similar references
to future periods.
Forward-looking statements are neither historical facts nor
assurances of future performance. Instead, they are based only on
Alcon’s current beliefs, expectations and assumptions regarding the
future of its 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 forward-looking statements are
subject to various risks and uncertainties facing Alcon, including:
the commercial success of its products and its ability to maintain
and strengthen its position in its markets; the success of its
research and development efforts; uncertainties regarding the
success of Alcon’s separation and spin-off from Novartis; pricing
pressure from changes in third party payor coverage and
reimbursement methodologies; global economic, financial, legal,
tax, political, and social change; ongoing industry consolidation;
its ability to maintain relationships in the healthcare industry;
changes in inventory levels or buying patterns of its customers;
its reliance on sole or limited sources of supply; its reliance on
outsourcing key business functions; its ability to protect its
intellectual property; the impact on unauthorized importation of
its products from countries with lower prices to countries with
higher prices; its success in completing and integrating strategic
acquisitions; the effects of litigation, including product
liability lawsuits; its ability to comply with all laws to which it
may be subject; effect of product recalls or voluntary market
withdrawals, including CyPass; data breaches; the implementation of
its enterprise resource planning system; its ability to attract and
retain qualified personnel; the sufficiency of its insurance
coverage; the accuracy of its accounting estimates and assumptions,
including pension plan obligations and the carrying value of
intangible assets; the ability to obtain regulatory clearance and
approval of its products as well as compliance with any
post-approval obligations; legislative and regulatory reform; the
ability of Alcon Pharmaceuticals Ltd. to comply with its investment
tax incentive agreement with the Swiss State Secretariat for
Economic Affairs in Switzerland and the Canton of Fribourg,
Switzerland; ability to service its debt obligations; the need for
additional financing; its ability to operate as a stand-alone
company; whether the transitional services Novartis has agreed to
provide Alcon are sufficient; the impact of the spin-off from
Novartis on Alcon’s shareholder base; the ability to declare and
pay dividends; and the effect of maintaining or losing its foreign
private issuer status under U.S. securities laws. Additional
factors are discussed in Alcon’s filings with the United States
Securities and Exchange Commission, including its Form 20-F. Should
one or more of these uncertainties or risks materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those anticipated. Therefore, you should not rely
on any of these forward-looking statements.
Forward-looking statements in this press release speak only as
of the date of its filing, and Alcon assumes no obligation to
update forward-looking statements as a result of new information,
future events or otherwise.
Non-IFRS measures as defined by the
Company
Alcon uses certain non-IFRS metrics when measuring performance,
especially when measuring current period results against prior
periods, including core results and constant currencies.
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 non-IFRS
measures are presented solely to permit investors to more fully
understand how Alcon management assesses underlying performance.
These 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, net gains and losses on fund
investments and equity securities valued at fair value through
profit and loss, and certain acquisition related items. The
following items that exceed a threshold of $10 million and are
deemed exceptional are also excluded from core results: integration
and divestment related income and expenses, divestment gains and
losses, restructuring charges/releases and related items, legal
related items, impairments of property, plant and equipment and
financial assets, as well as income and expense items that
management deems exceptional and that are or are expected to
accumulate within the year to be over a $10 million
threshold.
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 currencies
Changes in the relative values of non-U.S. currencies to the
U.S. dollar can affect Alcon financial results and financial
position. To provide additional information that may be useful to
investors, including changes in sales volume, we present
information about 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 combined income statement excluding:
- the impact of translating the income
statements of combined entities from their non-U.S. dollar
functional currencies to the U.S. dollar; and
- the impact of exchange rate movements
on the major transactions of combined 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 U.S. dollars, using the average exchange rates
from the prior year and comparing them to the prior year values in
U.S. dollars.
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 extraordinary
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.
Supplemental
information:
First quarter net sales by region (unaudited)
Three months ended ($ millions unless
indicated otherwise)
March 31, 2019 March
31, 2018 United States $ 737 41 % $
712 40 % International $ 1,040 59 % $ 1,067 60 %
Net sales to
third parties $ 1,777 100 %
$ 1,779 100 %
First quarter key figures (unaudited)
Three months ended Change in
$ Change in
constant
currencies(1)
($ millions unless indicated otherwise)
March 31, 2019
March 31, 2018 Net Sales to third
parties $ 1,777 $ 1,779 —% 4% Operating (loss)/income
$ (48 ) $ 73 nm nm Operating
margin (%) (2.7 )% 4.1 % Core operating income (1)
$ 314 $ 342 (8)% 2% Core
operating margin (%) (1) 17.7 % 19.2 %
nm = not meaningful
(1) For additional information regarding the core results
and constant currencies presented in the above table, which are
non-IFRS measures, including a reconciliation for such core results
to the most directly comparable measures presented in accordance
with IFRS, see the explanation of non-IFRS measures and
reconciliation tables.
Reconciliation of IFRS to Core results (unaudited)
Three months ended ($ millions)
March 31,
2019 March 31, 2018 IFRS Results
- Operating (loss)/income $ (48 ) $
73 Amortization of certain intangible assets(1) $ 255 $ 253
Legal items(2) $ 32 $ 9 Other items(3) $ 75 $ 7
Core
Results - Operating income $ 314 $
342 (1) Amortization of certain intangible assets:
Includes recurring amortization for all intangible assets other
than software. (2) Legal items: Q1 2019 includes legal settlement
costs and certain external legal fees. Q1 2018 includes legal costs
related to an investigation. (3) Other items: Q1 2019 includes $88
million related to spin-off readiness costs, amortization of option
rights, and integration related expenses for recent acquisitions
and other items, partially offset by $13 million related to the
fair value adjustment of a contingent consideration liability and
fair value adjustment on a financial asset. Q1 2018 includes $17
million related to option rights and other items, partially offset
by $10 million in fair value adjustments on a financial asset.
2018 Condensed combined income statement information
Three months ended (unaudited)
($ millions)
2018(1)
December 31, 2018 September 30, 2018
June 30, 2018 March 31,
2018 Net sales to third parties $ 7,149
$ 1,789 $ 1,762 $ 1,819
$ 1,779 Sales to Novartis Group $ 4 $ 2
$ 1 $ 1
Net sales $ 7,153
$ 1,791 $ 1,762 $ 1,820
$ 1,780 Cost of goods sold $ (3,961 ) $ (912 ) $
(1,194 ) $ (942 ) $ (913 )
Gross profit $
3,192 $ 879 $ 568 $
878 $ 867 Selling, general &
administration $ (2,801 ) $ (734 ) $ (692 ) $ (722 ) $ (653 )
Research & development $ (587 ) $ (166 ) $ (132 ) $ (152 ) $
(137 ) Other income $ 47 $ (26 ) $ (8 ) $ 62 $ 19 Other expense $
(99 ) $ (28 ) $ (20 ) $ (28 ) $ (23 )
Operating
(loss)/income $ (248 ) $ (75
) $ (284 ) $ 38 $
73 Interest expense $ (24 ) $ (5 ) $ (7 ) $ (6 ) $ (6 )
Other financial income & expense $ (28 ) $ (7 ) $ (7 ) $ (8 ) $
(6 )
(Loss)/income before taxes $ (300
) $ (87 ) $ (298 )
$ 24 $ 61 Taxes $ 73 $ 14
$ 91 $ (9 ) $ (23 )
Net (loss)/income $
(227 ) $ (73 ) $
(207 ) $ 15 $ 38
(1) Information in this column is derived from the
audited financial statements of Alcon Inc. as reported in Amendment
No. 6 to the 2018 Alcon Inc. Form 20-F.
2018 quarterly core results (unaudited)(1)
For the three months ended ($
millions unless indicated otherwise)
2018(2)
December 31, 2018 September 30, 2018
June 30, 2018 March 31,
2018 Core gross profit $ 4,541 $
1,126 $ 1,129 $ 1,168 $
1,118 Core gross profit margin (%) 63.5 % 62.9 % 64.1 % 64.2
% 62.8 % Core selling, general & administration $ (2,786 ) $
(719 ) $ (692 ) $ (722 ) $ (653 ) Core research & development $
(529 ) $ (144 ) $ (132 ) $ (131 ) $ (122 ) Core other income $ 24 $
(3 ) $ 7 $ 11 $ 9 Core other expense $ (38 ) $ (1 ) $ (13 ) $ (14 )
$ (10 )
Core operating income $ 1,212
$ 259 $ 299 $
312 $ 342 Core operating income
margin (%) 17.0 % 14.5 % 17.0 % 17.2 % 19.2 % (1) For
additional information regarding the core results presented in this
table, which is a non-IFRS measure, including a reconciliation of
such core results to the most directly comparable measures
presented in accordance with IFRS, see the explanation of non-IFRS
measures and reconciliation tables. (2) Information in this column
is derived from the Alcon Inc. core results reported in Amendment
No. 6 to the 2018 Alcon Inc. Form 20-F.
2018 Core non-operating income and expense
(unaudited)(1)
For the three months ended ($
millions)
2018(2)
December 31, 2018 September 30, 2018
June 30, 2018 March 31,
2018 Core operating income $ 1,212
$ 259 $ 299 $
312 $ 342 Core income before
taxes $ 1,160 $ 247 $
285 $ 298 $ 330 Core taxes $
(186 ) $ (56 ) $ (41 ) $ (42 ) $ (47 )
Core net income
$ 974 $ 191 $
244 $ 256 $ 283
(1) For additional information regarding the core
results presented in this table, which is a non-IFRS measure,
including a reconciliation of such core results to the most
directly comparable measures presented in accordance with IFRS, see
the explanation of non-IFRS measures and reconciliation tables. (2)
Information in this column is derived from the Alcon Inc. core
results reported in Amendment No. 6 to the 2018 Alcon Inc. Form
20-F.
2018 Net sales by segment (unaudited)
For the three months ended ($
millions)
2018(1)
December 31, 2018 September 30, 2018
June 30, 2018 March 31,
2018 Surgical Implantables $ 1,136 $ 290 $ 269 $ 298 $
279 Consumables $ 2,227 $ 579 $ 529 $ 578 $ 541 Equipment/other $
636 $ 158 $ 167 $ 154 $ 157
Total Surgical $
3,999 $ 1,027 $ 965
$ 1,030 $ 977 Vision Care
Contact lenses $ 1,928 $ 450 $ 491 $ 478 $ 509 Ocular health $
1,222 $ 312 $ 306 $ 311 $ 293
Total Vision Care
$ 3,150 $ 762 $
797 $ 789 $ 802 Net sales to
third parties $ 7,149 $
1,789 $ 1,762 $ 1,819 $
1,779 (1) Information in this column is derived from
Alcon Inc. net sales by segment reported in Amendment No. 6 to the
2018 Alcon Inc. Form 20-F.
2018 Net sales by region (unaudited)(1)
For the three months ended ($
millions)
2018(2)
December 31, 2018 September 30, 2018
June 30, 2018 March 31,
2018 United States $ 2,942 $ 730 $ 750 $ 750 $ 712
International $ 4,207 $ 1,059 $ 1,012 $ 1,069 $ 1,067
Net
sales to third parties $ 7,149 $
1,789 $ 1,762 $ 1,819 $
1,779 (1) Net sales by location of third-party
customer. (2) Information in this column is derived from Alcon Inc.
net sales by region reported in Amendment No. 6 to the 2018 Alcon
Inc. Form 20-F.
Reconciliation of IFRS results to Core results - Three months
ended December 31, 2018 (unaudited)
Amortizationof
certainintangibleassets(1)
Legalitems(4)
Otheritems(5)
($ millions)
IFRSResults
Impairments(2)
Restructuringitems(3)
CoreResults
Gross profit $ 879 $ 245
$ 2 $ 1,126 Selling, general &
administration $ (734 ) $ 2 $ 13 $ (719 ) Research &
development $ (166 ) $ 3 $ 19 $ (144 ) Other income $ (26 ) $ (2 )
$ 1 $ 24 $ (3 ) Other expense $ (28 ) $ 10 $ 6
$ 11 $ (1 )
Operating (loss)/income $ (75
) $ 248 $ 2 $ 8
$ 7 $ 69 $ 259
(Loss)/income before taxes $ (87 )
$ 248 $ 2 $ 8 $
7 $ 69 $ 247 Taxes(6) $ 14
$ (56 )
Net (loss)/income $ (73
) $ 191 (1) Amortization of
certain intangible assets: Includes recurring amortization for all
intangible assets other than software. (2) Impairments: Includes an
impairment charge related to an intangible asset. (3) Restructuring
items: Other income and Other expense include other restructuring
income and charges and related items. Certain amounts previously
reported under 'restructuring items' in Amendment 6 to the Alcon
Inc. Form 20-F have been reclassified to 'other items' to conform
with presentation in the current year. (4) Legal items: Includes
legal costs related to an investigation. (5) Other items: Gross
Profit and Selling, general & administration include charges
and reversal of charges related to a product's voluntary market
withdrawal and spin readiness costs; Research & development
includes amortization of option rights; Other income includes fair
value adjustments on a financial asset; Other expense includes
spin-readiness costs. Certain amounts previously reported under
'restructuring items' in Amendment 6 to the Alcon Inc. Form 20-F
have been reclassified to 'other items' to conform with
presentation in the current year. (6) 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 items arising from legal
settlements in certain jurisdictions. Total tax adjustments of $70
million included tax associated with operating income adjustments
and discrete tax items. Tax associated with operating income
adjustments of $334 million totaled $48 million with average tax
rate of 14.4%. Core tax adjustments for discrete items totaled $22
million, including a net out of period income tax benefit of $55
million partially offset by net changes in uncertain tax positions
of $33 million.
Reconciliation of IFRS results to Core results - Three months
ended September 30, 2018 (unaudited)
Amortizationof
certainintangibleassets(1)
Legalitems(4)
Otheritems(5)
($ millions)
IFRSResults
Impairments(2)
Restructuringitems(3)
CoreResults
Gross profit $ 568 $ 249
$ 337 $ (25 ) $
1,129 Selling, general & administration $ (692 ) $ (692
) Research & development $ (132 ) $ 3 $ (3 ) $ (132 ) Other
income $ (8 ) $ (1 ) $ 16 $ 7 Other expense $ (20 )
$ 3 $ 4 $ (13 )
Operating (loss)/income
$ (284 ) $ 252 $
337 $ (1 ) $ 3 $
(8 ) $ 299 (Loss)/income before
taxes $ (298 ) $ 252
$ 337 $ (1 ) $ 3
$ (8 ) $ 285 Taxes(6) $ 91
$ (41 )
Net (loss)/income $ (207
) $ 244 (1) Amortization of
certain intangible assets: Includes recurring amortization for all
intangible assets other than software. (2) Impairments: Includes
impairment charges related to intangible assets. (3) Restructuring
items: Other income includes other restructuring income and related
items. (4) Legal items: Includes legal costs related to an
investigation. (5) Other items: Gross Profit and Research &
development include charges and reversal of charges related to a
product's voluntary market withdrawal; Research & development
also includes amortization of option rights; Other income includes
fair value adjustments on a financial asset; Other expense includes
other items. (6) Taxes on the adjustments between IFRS and core
results take into account, the tax rate that will finally be
applicable to the item based on the jurisdiction where the
adjustment will finally have a tax impact. Due to the differing
effective tax rates in the various jurisdictions, the tax on the
total adjustments of $583 million to arrive at the core results
before tax amounts to $132 million. The average tax rate on the
adjustments is 22.6% since the nine months ended, September 30,
2018 core tax charge of 14.2% has been applied to the pre-tax
income of the period.
Reconciliation of IFRS results to Core results - Three months
ended June 30, 2018 (unaudited)
Amortizationof
certainintangibleassets(1)
Legalitems(4)
Otheritems(5)
($ millions)
IFRSResults
Impairments(2)
Restructuringitems(3)
CoreResults
Gross profit $ 878 $ 251
$ 39 $ 1,168
Selling, general & administration $ (722 ) $ (722 )
Research & development $ (152 ) $ 3 $ 18 $ (131 ) Other income
$ 62 $ (1 ) $ (1 ) $ (49 ) $ 11 Other expense $ (28 )
$ 3 $ 10 $ 1 $ (14 )
Operating income
$ 38 $ 254 $ 39 $
2 $ 9 $ (30 ) $
312 Income before taxes $ 24 $
254 $ 39 $ 2 $ 9
$ (30 ) $ 298 Taxes(6) $ (9 ) $
(42 )
Net income $ 15 $
256 (1) Amortization of certain intangible
assets: Includes recurring amortization for all intangible assets
other than software. (2) Impairments: Includes impairment charges
related to intangible assets. (3) Restructuring items: Other income
and Other expense include other restructuring income and charges
and related items. (4) Legal items: Includes legal costs related to
an investigation. (5) Other items: Research and development
includes amortization of option rights and a fair value adjustment
of a contingent consideration liability; Other income includes fair
value adjustments on a financial asset; Other expense includes
other items. (6) Taxes on the adjustments between IFRS and core
results take into account, the tax rate that will finally be
applicable to the item based on the jurisdiction where the
adjustment will finally have a tax impact. Due to the differing
effective tax rates in the various jurisdictions, the tax on the
total adjustments of $274 million to arrive at the core results
before tax amounts to $33 million. The average tax rate on the
adjustments is 12.0%, since the six months ended, June 30, 2018
core tax charge of 14.2% has been applied to the pre-tax income of
the period.
Reconciliation of IFRS results to Core results - Three months
ended March 31, 2018 (unaudited)
Amortizationof
certainintangibleassets (1)
Legalitems (2)
Otheritems (3)
($ millions)
IFRSResults
Impairments
Restructuringitems
CoreResults
Gross profit $ 867 $ 251
$ 1,118 Selling,
general & administration $ (653 ) $ (653 ) Research &
development $ (137 ) $ 2 $ 13 $ (122 ) Other income $ 19 $ (10 ) $
9 Other expense $ (23 ) $ 9 $ 4 $ (10 )
Operating income $ 73 $ 253
$ 9 $ 7 $ 342 Income
before taxes $ 61 $ 253 $
9 $ 7 $ 330 Taxes(4) $ (23 ) $
(47 )
Net income $ 38 $
283 (1) Amortization of certain intangible
assets: Includes recurring amortization for all intangible assets
other than software. (2) Legal items: Includes legal costs related
to an investigation. (3) Other items: Research & development
includes amortization of option rights; Other income includes fair
value adjustments on a financial asset; Other expense includes
other items. (4) Taxes on the adjustments between IFRS and core
results take into account, the tax rate that will finally be
applicable to the item based on the jurisdiction where the
adjustment will finally have a tax impact. Due to the differing
effective tax rates in the various jurisdictions, the tax on the
total adjustments of $269 million to arrive at the core results
before tax amounts to $24 million. The average tax rate on the
adjustments is 8.9%, since the three months ended, March 31, 2018
core tax charge of 14.2% has been applied to the pre-tax income of
the period.
About Alcon
Alcon helps people see brilliantly. As the global leader in eye
care with a heritage spanning more than seven decades, we offer the
broadest portfolio of products to enhance sight and improve
people’s lives. Our Surgical and Vision Care products touch the
lives of more than 260 million people in over 140 countries each
year living with conditions like cataracts, glaucoma, retinal
diseases and refractive errors. Our more than 20,000 associates are
enhancing the quality of life through innovative products,
partnerships with eye care professionals and programs that advance
access to quality eye care. Learn more at www.alcon.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20190515006013/en/
Investor RelationsChristina
Cheng+ 41 589 112 110 (Geneva)+ 1 817 615 2789 (Fort
Worth)investor.relations@alcon.com
Media RelationsWes Warnock+
41 589 112 111 (Geneva)+ 1 817 615 2501 (Fort
Worth)globalmedia.relations@alcon.com
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