Alcon AG (ALCC.S): ALC partnership on light-adjustable PCIOLs a natural evolution

研报英文原文证据摘录

Alcon AG (ALCC.S): ALC partnership on light-adjustable PCIOLs a natural evolution

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07 Jul 2026 03:28:18 ET │ 10 pages

Alcon AG (ALCC.S)

ALC partnership on light-adjustable PCIOLs a natural evolution

CITI'S TAKE

Buy After the close on Jul 7, ALC announced a non-exclusive license agreement

with RxSight to develop and commercialize light-adjustable presbyopia- Price (06 Jul 26 17:30) SFr54.94

correcting IOL (PCIOL) technology (here). The partnership will see each Target price SFr82.00

company co-develop on their platforms, RxSight will receive US$60mn Expected share price return 49.3%

upfront payment with the potential for an additional US$140mn on Expected dividend yield 0.6%

certain development and regulatory milestones. RxSight will oversee Expected total return 49.8%

development and manufacturing and receive royalties on net sales, while

Market Cap SFr27,454M Alcon will lead global commercialization. Given ALC's ongoing efforts to

US$34,174M develop its own adjustable lenses and RxSight's limited commercial

reach and market share, we see this partnership as a somewhat natural

fit for both. Per our discussion with Alcon, the company will present

data from its FluidVision adjustable and accommodative lens later this Veronika DubajovaAC

summer (though our and market expectations for this technology +44-20-7986-4585

remain low). If successful, this collaboration would yield the first veronika.dubajova@citi.com

adjustable PCIOL, which could meaningfully expand the AT-IOL market

Giang H Nguyen, CFA in our view.

+44-20-7986-3903

giang.nguyen@citi.com

As a reminder, prior to the collaboration with RxSight, ALC's primary effort in

Harry Shrives Ph.D., CFAadjustable/accommodative intraocular lenses was the investigational FluidVision

+44-20-7986-4013