Sunday, 08 December 2019

Alcon debuts as independent, publicly traded company

10 April 2019 | News

Members of the company’s executive leadership team, Board of Directors and Alcon associates celebrated the milestone by ringing the opening bell at the SIX and NYSE on April 9.

Alcon, the global leader in eye care dedicated to helping people see brilliantly has announced its debut as an independent, publicly traded company and the completion of its separation from Novartis. The company’s shares begin trading today on the SIX Swiss Exchange and New York Stock Exchange (NYSE) under the symbol “ALC.”

Alcon is the largest eye care device company in the world, with complementary businesses in Surgical and Vision Care. The company has a global presence in 74 countries and serves patients in more than 140, with fast-growing businesses in emerging markets. Alcon has the widest array of eye care offerings in the industry with products that can treat eye disorders at each stage of life.

“For more than 70 years, Alcon has been dedicated to helping people see brilliantly and now, as an independent company, we are pursuing even more opportunities to further that mission,” said David Endicott, Chief Executive Officer of Alcon. “We are poised to achieve sustainable growth and create long-term shareholder value as a standalone company. We have a long history of industry firsts and, as a nimble medical device company, we are sharply focused on providing innovative products that meet the needs of our customers, patients and consumers.”

Eye care is an approximately $23 billion a year market, growing at roughly 4 percent annually. Last year, Alcon had sales of $7.1 billion, including $4.0 billion in Surgical – up 7 percent from the prior year – and $3.1 billion in Vision Care – up 3 percent.

Under the terms of the separation, each Novartis shareholder or ADR (American Depositary Receipt) holder will receive one Alcon share for every five Novartis shares or ADRs they held as of the close of business on April 1, 2019, the record date for the distribution.

As an independent company, Alcon will have more focus and flexibility in pursuing its own growth strategy driven by rapid iterative innovation. The company will have a distinct investment identity with a more efficient capital structure that will allow it to expand markets, enter promising adjacencies and introduce new business models. These benefits, combined with Alcon’s industry-leading customer relationships, favorably position the company to achieve sustainable growth.

Endicott continued: “Demand for eye care is growing significantly as our population ages and people spend more time in front of screens and mobile devices. As we mark this new chapter in the life of our company, all of us at Alcon are committed to addressing the growing consumer need for improved vision and eye health and to expanding access to quality eye care all around the world.”

Mr. Sunil Vasanth, General Manager, India, and South East Asia Cluster, Alcon said "With the completion of the spin-off, Alcon will become the largest eye care devices company in the world. As a standalone, publicly-traded company, we intend to use our deep eye care expertise to drive long term sustainable growth, augmented by innovation through R&D to generate tremendous value for our customers. 

He added, "We see India as a key growth engine for our business, and we will continue to focus on creating a sustainable, nimble and brilliant business through focused and growth-oriented surgical, vision care and dry eye portfolios. We stand by our commitment of over 2 decades in India, to help Indian patients see brilliantly."

Members of the company’s executive leadership team, Board of Directors and Alcon associates celebrated the milestone by ringing the opening bell at the SIX and NYSE on April 9.

Alcon is headquartered in Geneva. The company has maintained a presence in Switzerland for more than 40 years and it is where the company was incorporated prior to the Novartis acquisition. Alcon’s facilities in Fort Worth, Texas, will remain a major operational center and innovation hub with a large base of employees.

Alcon will continue its substantial Corporate Giving efforts, which in 2018 included $62 million in monetary and product donations. Through its charitable organizations, the Alcon Foundation and Alcon Cares, Alcon partners with hundreds of charitable organizations to help increase access to eye care, providing sight-restoring surgeries, eye exams and other services to people in underserved communities around the world. Alcon also sponsors hands-on and virtual eye care provider training and skills-transfer to strengthen the level of care and supports its communities through charitable donations and associate volunteerism.

 

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