Eye care group Alcon's Q2 sales lag forecasts, shares fall
Adds shares in paragraphs 1-2, core EBIT margin and analyst comments in paragraphs 7-9
By Amir Orusov and Anastasiia Kozlova
Aug 21 (Reuters) -Shares in Alcon ALCC.S fell 3% on Wednesday after the Swiss eye care group reported a smaller than expected rise in second-quarter sales late on Tuesday, hit by weak performance in both its business units and negative currency exchange effects.
The shares were at the bottom of Switzerland's blue-chip index .SSMI at 0800 GMT.
Alcon, whose biggest market is in the U.S., posted a 3% rise in quarterly net sales to $2.48 billion, 2% below analysts' average forecast of $2.53 billion, according to LSEG data.
Excluding the effects of converting sales from other currencies into U.S. dollars, the sales grew 6% from a year earlier. That was down from 12% in the same period in 2023.
Sales in Alcon's surgical and vision care businesses were$1.42 billion and $1.06 billion respectively, both below consensus estimates according to a note from BTIG analysts.
"While ALC's top-line performance was weak, we temper our judgement against tougher comparisons in 2Q23," BTIG wrote, however.
Davide Marchesin, analyst at Equita SIM, also pointed to "a little disappointing" Q2 core operating profit (EBIT) margin at 19.8% due to significantly higher inventory provisions in vision care, which resulted in a negative impact of $30 million.
"I believe that today, during the analysts call, the management will have to explain to the market, where such inventory issues are coming from and if there is some spill over into the second part of the year," Marchesin said.
In the same period last year, the core EBIT margin was 19.9%.
Alcon confirmed its full-year forecasts for sales growth of 7-9% in constant currency terms and core diluted earnings of $3.00 to $3.10 per share.
"As we look to the second half of the year, our focus will be on preparing for product launches that will position us well for our next phase of growth in 2025 and beyond," CEO David Endicott said in a statement.
Reporting by Amir Orusov and Anastasiia Kozlova in Gdansk; Editing by Milla Nissi
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