Interesting deal broadens IOL pipeline

Research evidence excerpt

Interesting deal broadens IOL pipeline

Global Research

7 July 2026ab

First Read

EquitiesAlcon Inc

Interesting deal broadens IOL pipeline Switzerland

Advanced Medical Devices

12-month rating Buy

Interesting deal that could restore technology advantage

Alcon has announced a non-exclusive collaboration with RxSight to combine its leading 12m price target CHF86.00

presbyopia-correcting IOL portfolio, including PanOptix and Vivity, with RxSight’s light-

adjustment technology. The partnership aims to enable post-operative adjustment of

Price (06 Jul 2026) CHF54.94

Alcon’s premium lenses, addressing a key limitation of current PCIOLs while leveraging

RxSight’s established adjustment platform. Alcon will pay $60m upfront, up to $140m RIC: ALCC.S BBG: ALC SW

in development milestones, and royalties on future sales, while retaining global Trading data and key metrics

commercialisation rights. We view the deal as strategically sound given Alcon’s

52-wk range CHF73.62-48.75

technology leadership has narrowed in recent years; an adjustable PCIOL platform could

Market cap. CHF27.1b/US$33.6b

restore a meaningful technology advantage versus peers and is likely achievable on a

Shares o/s 493m (ORD)

much shorter timeframe than its earlier-stage POWERVISION programme.

Free float 100%

What's happened? Avg. daily volume ('000) 1,536

Last night Alcon announced a collaboration with niche IOL (intraocular lens) competitor Avg. daily value (m) CHF82.7

RxSight (not covered) to co-develop certain future technologies on a non-exclusive basis. Common s/h equity (12/26E) US$22.4b

P/BV (12/26E) 1.5x

What is the background to the deal? Net debt to EBITDA (12/26E) 1.1x

Alcon is the dominant player in presbyopia-correction IOLs (PCIOLs) which include the EPS (UBS, diluted) (USD)