The lens is cracking while still priced for good vision

Research evidence excerpt

The lens is cracking while still priced for good vision

Exhibit 10: FluidVision’s refractive predictability remains unresolved

Alcon reported >1.5D of objective accommodation on average and bench-demonstrated tunability of up to 2

diopters

Source: ALC CMD25

BofA GLOBAL RESEARCH

Does the RxSight collaboration suggest that Alcon has seen disappointing data?

On 6 July 2026, Alcon announced a non-exclusive collaboration with RxSight to develop

adjustable presbyopia-correcting IOLs. The companies intend to combine RxSight’s

postoperative light-adjustable technology with Alcon’s existing PCIOL optical designs,

allowing surgeons to fine-tune patients’ visual outcomes after cataract surgery. RxSight

will receive $60m upfront and up to a further $140m tied to development and regulatory

milestones. Alcon will lead global commercialisation, while RxSight will retain

responsibility for development and manufacturing and receive royalties on net sales.

The timing raises questions ahead of the FluidVision readout. Alcon had already

indicated that most of the data were in-house and under review when it entered the

RxSight agreement. The collaboration could provide a complementary technology and an

additional development route, while also prompting questions about FluidVision’s

refractive predictability and future role within Alcon’s premium-IOL pipeline.

Accommodation and adjustability: complementary or competing technologies?

In principle, they are complementary. FluidVision aims to restore dynamic range of

vision. RxSight’s current platform adjusts the refractive result after surgery but does not

recreate physiologic accommodation.

Alcon can argue that the programmes solve different problems. We agree technically, but

we are less convinced strategically.