Shares of Alcon, the Switzerland-based eye-care company, experienced a decline after the company adjusted its full-year guidance to the lower end of its previous ranges due to supply-chain shortages and currency fluctuations.
At 1013 GMT on Wednesday, Alcon's shares in Switzerland dropped 4.7% to CHF63.80.
Alcon announced on Tuesday that it was revising its expected full-year sales range to be between $9.3 billion and $9.4 billion, compared to the previous guidance of $9.3 billion and $9.5 billion. Additionally, the company tightened its outlook for core earnings per share, projecting it to be between $2.70 and $2.75 instead of the previously anticipated range of $2.70 and $2.80.
In the third quarter, Alcon's net profit reached $204 million, a significant increase from the $116 million of the previous year, with sales growing by 8.4% to $2.30 billion. On a constant-currency basis, sales increased by 9%, driven by growth in both the vision-care and surgical segments.
The company reported a 32% rise in core earnings per share, which amounted to $0.66.
According to analysts at Citi, although this quarter was not typical and Alcon did not surpass expectations or raise its outlook, the tightened guidance aligns with consensus views and can be attributed to foreign-exchange headwinds.
By Helena Smolak