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CREDIT UPDATE: Alcon (ALCSW: Baa1/BBB+): 3Q24

CREDIT UPDATE
Credit BulletsCEEMEASwitzerlandBulletGlobalRegion
  • Slight drop in forecasts sends shares down 6%
  • Revenue $2.45bn +6%
  • Op Margin 13.6% up from 12.7%
  • Op Income $332m +13% yoy
  • 9M FCF $1,296 +118%
  • Vision Care slightly outperformed Surgical but broad-based contribution from the portfolio
  • Net Sales forecast revised down to 9.8-9.9 range 1.5% lower at mid-point vs August forecast
  • Only one EUR bond: ALCSW 2.375 28
  • No maturities before Sep 26
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  • Slight drop in forecasts sends shares down 6%
  • Revenue $2.45bn +6%
  • Op Margin 13.6% up from 12.7%
  • Op Income $332m +13% yoy
  • 9M FCF $1,296 +118%
  • Vision Care slightly outperformed Surgical but broad-based contribution from the portfolio
  • Net Sales forecast revised down to 9.8-9.9 range 1.5% lower at mid-point vs August forecast
  • Only one EUR bond: ALCSW 2.375 28
  • No maturities before Sep 26