Alcon Reports First-Quarter 2025 Results and Launches Transformational Change in Ophthalmic Surgery with

GENEVA--(BUSINESS WIRE)--Regulatory News:
Alcon (SIX/NYSE:ALC), the global leader in eye care, reported its financial results for the three months ending March 31, 2025. For the first quarter of 2025, sales were $2.5 billion, flat on a reported basis and up 3% on a constant currency basis 1, as compared to the same quarter of the previous year. Alcon reported diluted earnings per share of $0.70 and core diluted earnings per share 2 of $0.73 in the first quarter of 2025.
"Despite a soft US market, I am excited about the strong initial customer reception to our recent product launches, including Unity VCS, PanOptix Pro, Voyager, Precision7 and Systane Pro PF," said David J. Endicott, Alcon's Chief Executive Officer. "As we look to the future, we expect the US market to normalize and are excited about how these groundbreaking innovations will accelerate growth in the second half of 2025, and create value for years to come."
1.
Constant currency (cc) is a non-IFRS measure. An explanation of non-IFRS measures can be found in the 'Non-IFRS measures as defined by the Company' section.
2.
Core results, such as core gross margin, core operating income, core operating margin and core diluted EPS, are non-IFRS measures. An explanation of non-IFRS measures can be found in the 'Non-IFRS measures as defined by the Company' section.
3.
Free cash flow is a non-IFRS measure. An explanation of non-IFRS measures can be found in the 'Non-IFRS measures as defined by the Company' section.
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First-quarter 2025 results
Reported net sales for the first quarter of 2025 were $2.5 billion, in line with the first quarter of 2024. Excluding unfavorable currency impacts of 3%, sales were up 3% on a constant currency basis.
The following table highlights net sales by segment for the first quarter of 2025:
Surgical reflects strength in international markets and consumables
For the first quarter of 2025, Surgical net sales, which include implantables, consumables and equipment/other, decreased 1% to $1.3 billion versus the first quarter of 2024. Excluding unfavorable currency impacts of 3%, Surgical net sales increased 2% on a constant currency basis.
Implantables net sales were $420 million, a decrease of 3%. Excluding unfavorable currency impacts of 3%, Implantables net sales were in line with the first quarter of 2024 in constant currency. Growth from advanced technology intraocular lenses in international markets was offset by soft market conditions and competitive pressures in the United States.
Consumables net sales were $712 million, an increase of 4%, driven by vitreoretinal and cataract consumables, particularly in international markets, and price increases. Excluding unfavorable currency impacts of 2%, Consumables net sales increased 6% constant currency.
Equipment/other net sales were $199 million, a decrease of 9%, as demand moderated for legacy cataract and vitreoretinal equipment. Excluding unfavorable currency impacts of 3%, Equipment/other net sales decreased 6% constant currency.
Vision Care reflects strength from Systane and pricing
For the first quarter of 2025, Vision Care net sales, which include contact lenses and ocular health, were $1.1 billion, an increase of 1% on a reported basis and 3% on a constant currency basis versus the first quarter of 2024.
Contact lenses net sales were $688 million, an increase of 3%, primarily due to product innovation, including our toric and multifocal modalities, and price increases. Sales growth was partially offset by declines in legacy products. Excluding unfavorable currency impacts of 1%, Contact lenses net sales increased 4% constant currency.
Ocular health net sales were $432 million, a decrease of 1%. Excluding unfavorable currency impacts of 3%, Ocular health net sales increased 2% constant currency, primarily driven by the Systane family of artificial tears and price increases. There was a benefit of approximately 3% in the prior year period from sales of certain eye drops in China which were subsequently divested and out-licensed in the fourth quarter of 2024.
Operating income
First-quarter 2025 operating income was $468 million (+27%, +34% cc), compared to $368 million in the prior year period.
Operating margin increased 4.0 percentage points as the current year period benefited from gains of $142 million on fair value remeasurements of investments in associated companies, partially offset by increased investment in research and development ("R&D"), $13 million of acquisition and integration related items and a negative 0.7 percentage point impact from currency. Operating margin increased 4.7 percentage points on a constant currency basis.
Adjustments to arrive at core operating income in the current year period were $43 million, mainly due to $172 million of amortization and $13 million of acquisition and integration related items, partially offset by gains of $142 million on fair value remeasurements of investments in associated companies. Adjustments to arrive at core operating income in the prior year period were $169 million, mainly due to $166 million of amortization.
First-quarter 2025 core operating income was $511 million (-5%, 0% cc), compared to $537 million in the prior year period. Core operating margin decreased 1.2 percentage points, primarily due to increased investment in R&D and a negative 0.8 percentage point impact from currency. Core operating margin decreased 0.4 percentage points on a constant currency basis.
Taxes
Tax expense was $64 million, compared to $87 million in the prior year period. The average tax rate was 15.5%, compared to 26.0% in the prior year period. The decrease in average tax rate is primarily driven by a non-taxable gain on the fair value remeasurement of an investment in an associated company. The prior year period also included a net expense of $11 million from discrete tax items.
Adjustments to arrive at core tax expense in the current year period were $33 million, compared to $30 million in the prior year period, for the tax effect associated with operating income core adjustments.
Core tax expense was $97 million, compared to $117 million in the prior year period. The average core tax rate was 21.0%, compared to 23.2% in the prior year period. The prior year period included a net expense of $11 million from discrete tax items.
Diluted earnings per share
First-quarter 2025 diluted earnings per share of $0.70 increased 40%, or 50% on a constant currency basis, versus the prior year period, primarily due to gains of $142 million on fair value remeasurements of investments in associated companies. Core diluted earnings per share of $0.73 decreased 6%. Excluding unfavorable currency impacts of 6%, core diluted earnings per share were in line with the first quarter of 2024 in constant currency.
Dividend
On May 6, 2025, at the Company's Annual General Meeting, the shareholders approved a dividend of CHF 0.28 per share, which is expected to be paid on or around May 15, 2025. The total dividend payments will amount to a maximum of $170 million using the CHF/USD exchange rate as of May 6, 2025.
Cash flow highlights
Net cash flows from operating activities amounted to $384 million in the first three months of 2025, compared to $341 million in the prior year period, reflecting a lower impact from changes in net working capital in the current year period.
Free cash flow was $278 million in the first three months of 2025, compared to $229 million in the prior year period, due to increased cash flows from operating activities.
2025 outlook
The Company updated its 2025 outlook as per the table below.
This outlook incorporates a gross tariff impact of approximately $80 million, which is expected to pressure cost of net sales. The Company anticipates fully offsetting this impact through operational actions and foreign exchange.
This outlook also includes the dilutive effects of recent business development and licensing activities, which are expected to pressure core operating margin by approximately 80 basis points and core diluted earnings per share by approximately $0.10. Please refer to the assumptions below.
This outlook assumes the following:
Aggregated markets grow approximately 4%;
Tariff rates and exemptions announced as of May 12, 2025 persist through the end of the year;
Exchange rates as of mid-May prevail through year-end;
Approximately 499.5 million weighted-averaged diluted shares. 5
4.
The forward-looking guidance included in this press release cannot be reconciled to the comparable IFRS measures without unreasonable effort, because we are not able to predict with reasonable certainty the ultimate amount or nature of exceptional items in the fiscal year. Refer to the section 'Non-IFRS measures as defined by the Company' for more information.
5.
Does not reflect the impact of the share repurchase program.
6.
Non-operating income & expense includes interest expense, other financial income & expense and share of loss from associated companies.
7.
Core effective tax rate, a non-IFRS measure, is the applicable annual tax rate on core taxable income. For additional information, see the explanation regarding reconciliation of forward-looking guidance in the 'Non-IFRS measures as defined by the Company' section.
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Webcast and Conference Call Instructions
The Company will host a conference call on May 14, 2025 at 8:00 a.m. Eastern Time / 2:00 p.m. Central European Time to discuss its first-quarter 2025 earnings results. The webcast can be accessed online through Alcon's Investor Relations website, i.e. investor.alcon.com. Listeners should log on approximately 10 minutes in advance. A replay will be available online within 24 hours after the event. To listen the Company's conference call, click on the link:
The Company's first-quarter 2025 press release, interim financial report and supplemental presentation materials can be found online through Alcon's Investor Relations website, or by clicking on the link:
Cautionary Note Regarding Forward-Looking Statements
This document contains, and our officers and representatives may from time to time make, certain 'forward-looking statements' within the meaning of the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as 'anticipate,' 'intend,' 'commitment,' 'look forward,' 'maintain,' 'plan,' 'goal,' 'seek,' 'target,' 'assume,' 'believe,' 'project,' 'estimate,' 'expect,' 'strategy,' 'future,' 'likely,' 'may,' 'should,' 'will' and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding our 2025 outlook, liquidity, revenue, gross margin, operating margin, effective tax rate, foreign currency exchange movements, earnings per share, our plans and decisions relating to various capital expenditures, capital allocation priorities and other discretionary items such as our market growth assumptions, our social impact and sustainability plans, targets, goals and expectations, and generally, our expectations concerning our future performance.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties and risks that are difficult to predict such as: cybersecurity breaches or other disruptions of our information technology systems; our ability to effectively manage the risks associated with the ethical use of disruptive technologies; compliance with data privacy, identity protection and information security laws, particularly with the increased use of artificial intelligence; the impact of a disruption in our global supply chain, including the effect of tariffs, or important facilities, particularly when we single-source or rely on limited sources of supply; our ability to manage social impact and sustainability matters; our reliance on outsourcing key business functions; global and regional economic, financial, monetary, legal, tax, political and social change; the increasingly challenging economic, political and legal environment in China; terrorism, war and other resulting events such as economic sanctions and trade restrictions; our ability to manage the risks associated with operating as a third party contract manufacturer; our ability to forecast sales demand and manage our inventory levels and the changing buying patterns of our customers; our success in completing and integrating strategic acquisitions, including equity investments in early-stage companies; the success of our research and development efforts, including our ability to innovate to compete effectively; our ability to comply with the US Foreign Corrupt Practices Act of 1977 and other applicable anti-corruption laws; pricing pressure from changes in third party payor coverage and reimbursement methodologies; our ability to properly educate and train healthcare providers on our products; our ability to protect our intellectual property; our ability to comply with all laws to which we may be subject; the ability to obtain regulatory clearance and approval of our products as well as compliance with any post-approval obligations, including quality control of our manufacturing; the effect of product recalls or voluntary market withdrawals; the accuracy of our accounting estimates and assumptions, including pension and other post-employment benefit plan obligations and the carrying value of intangible assets; the impact of unauthorized importation of our products from countries with lower prices to countries with higher prices; our ability to service our debt obligations; the need for additional financing through the issuance of debt or equity; the effects of litigation, including product liability lawsuits and governmental investigations; supply constraints and increases in the cost of energy; our ability to attract and retain qualified personnel; legislative, tax and regulatory reform; the impact of being listed on two stock exchanges; the ability to declare and pay dividends; the different rights afforded to our shareholders as a Swiss corporation compared to a US corporation; the effect of maintaining or losing our foreign private issuer status under US securities laws; and the ability to enforce US judgments against Swiss corporations.
Additional factors are discussed in our filings with the United States Securities and Exchange Commission, including our Form 20-F. Should one or more of these uncertainties or risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated. Therefore, you should not rely on any of these forward-looking statements. Forward-looking statements in this document speak only as of the date of its filing, and we assume no obligation to update forward-looking statements as a result of new information, future events or otherwise. We also undertake no obligation to update the 2025 outlook as circumstances evolve.
Intellectual Property
This report may contain references to our proprietary intellectual property. All product names appearing in italics or ALL CAPS are trademarks owned by or licensed to Alcon Inc. Product names identified by a "®" or a "™" are trademarks that are not owned by or licensed to Alcon or its subsidiaries and are the property of their respective owners.
Non-IFRS measures as defined by the Company
Alcon uses certain non-IFRS metrics when measuring performance, including when measuring current period results against prior periods, including core results, percentage changes measured in constant currency, EBITDA, free cash flow and net (debt)/liquidity.
Because of their non-standardized definitions, the non-IFRS measures (unlike IFRS measures) may not be comparable to the calculation of similar measures of other companies. These supplemental non-IFRS measures are presented solely to permit investors to more fully understand how Alcon management assesses underlying performance. These supplemental non-IFRS measures are not, and should not be viewed as, a substitute for IFRS measures.
Core results
Alcon core results, including core operating income and core net income, exclude all amortization and impairment charges of intangible assets, excluding software, net gains and losses on fund investments and equity securities valued at fair value through profit and loss ("FVPL"), fair value adjustments of financial assets in the form of options to acquire a company carried at FVPL, fair value remeasurements of investments in associated companies and certain acquisition related items. The following items that exceed a threshold of $10 million, are not operating expenses necessary to the operation of the business and have costs that will vary over periods are also excluded from core results: integration and divestment related income and expenses, divestment gains and losses, restructuring charges/releases and related items, legal related items, gains/losses on early extinguishment of debt or debt modifications, past service costs for post-employment benefit plans, impairments of property, plant and equipment and software, as well as income and expense items that management deems exceptional and that are or are expected to accumulate within the year to be over a $10 million threshold.
Taxes on the adjustments between IFRS and core results take into account, for each individual item included in the adjustment, the tax rate that will finally be applicable to the item based on the jurisdiction where the adjustment will finally have a tax impact. Generally, this results in amortization and impairment of intangible assets and acquisition-related restructuring and integration items having a full tax impact. There is usually a tax impact on other items, although this is not always the case for certain items such as legal settlements in certain jurisdictions.
Alcon believes that investor understanding of its performance is enhanced by disclosing core measures of performance because, since they exclude items that can vary significantly from period to period, the core measures enable a helpful comparison of business performance across periods. For this same reason, Alcon uses these core measures in addition to IFRS and other measures as important factors in assessing its performance.
A limitation of the core measures is that they provide a view of Alcon operations without including all events during a period, such as the effects of an acquisition, divestment, or amortization/impairments of purchased intangible assets and restructurings.
Constant currency
Changes in the relative values of non-US currencies to the US dollar can affect Alcon's financial results and financial position. To provide additional information that may be useful to investors, including changes in sales volume, we present information about changes in our net sales and various values relating to operating and net income that are adjusted for such foreign currency effects.
Constant currency calculations have the goal of eliminating two exchange rate effects so that an estimate can be made of underlying changes in the Consolidated Income Statement excluding:
the impact of translating the income statements of consolidated entities from their non-US dollar functional currencies to the US dollar; and
the impact of exchange rate movements on the major transactions of consolidated entities performed in currencies other than their functional currency.
Alcon calculates constant currency measures by translating the current year's foreign currency values for sales and other income statement items into US dollars, using the average exchange rates from the historical comparative period and comparing them to the values from the historical comparative period in US dollars.
EBITDA
Alcon defines earnings before interest, tax, depreciation and amortization ("EBITDA") as net income excluding income taxes, depreciation of property, plant and equipment (including any related impairment charges), depreciation of right-of-use assets, amortization of intangible assets (including any related impairment charges), interest expense and other financial income and expense. Alcon management primarily uses EBITDA together with net (debt)/liquidity to monitor leverage associated with financial debts.
Free cash flow
Alcon defines free cash flow as net cash flows from operating activities less cash flow associated with the purchase or sale of property, plant and equipment. Free cash flow is presented as additional information because Alcon management believes it is a useful supplemental indicator of Alcon's ability to operate without reliance on additional borrowing or use of existing cash. Free cash flow is not intended to be a substitute measure for net cash flows from operating activities as determined under IFRS.
Net (debt)/liquidity
Alcon defines net (debt)/liquidity as current and non-current financial debt less cash and cash equivalents, current investments, including time deposits, and derivative financial instruments. Net (debt)/liquidity is presented as additional information because management believes it is a useful supplemental indicator of Alcon's ability to pay dividends, to meet financial commitments and to invest in new strategic opportunities, including strengthening its balance sheet.
Growth rate and margin calculations
For ease of understanding, Alcon uses a sign convention for its growth rates such that a reduction in operating expenses or losses compared to the prior year is shown as a positive growth.
Gross margins, core gross margins, operating income margins and core operating income margins are calculated based upon net sales unless otherwise noted.
The forward-looking guidance included in this press release cannot be reconciled to the comparable IFRS measures without unreasonable efforts, because we are not able to predict with reasonable certainty the ultimate amount or nature of exceptional items in the fiscal year. These items are uncertain, depend on many factors and could have a material impact on our IFRS results for the guidance period.
Financial tables
Net sales by region
Consolidated Income Statement (unaudited)
Three months ended March 31
($ millions except earnings per share)
2025
2024
Net sales
2,451
2,444
Other revenues
22
15
Net sales and other revenues
2,473
2,459
Cost of net sales
(1,071
)
(1,063
)
Cost of other revenues
(19
)
(14
)
Gross profit
1,383
1,382
Selling, general & administration
(813
)
(802
)
Research & development
(222
)
(199
)
Other income
149
6
Other expense
(29
)
(19
)
Operating income
468
368
Interest expense
(49
)
(45
)
Other financial income & expense
9
12
Share of (loss) from associated companies
(14
)
—
Income before taxes
414
335
Taxes
(64
)
(87
)
Net income
350
248
Net income attributable to:
Shareholders of Alcon Inc.
350
248
Non-controlling interests
—
—
Earnings per share ($) (1)
Basic
0.71
0.50
Diluted
0.70
0.50
Weighted average number of shares outstanding (millions)
Basic
495.1
493.8
Diluted
498.0
496.6
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(1)
Earnings per share is calculated on the amount of net income attributable to shareholders of Alcon Inc.
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Segment contribution
(1)
Core results and constant currency are non-IFRS measures. Refer to the 'Non-IFRS measures as defined by the Company' section for additional information and to the 'Reconciliation of IFRS results to core results (non-IFRS measure)' section for reconciliation tables.
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Operating income
Three months ended March 31
Change %
Cost of net sales
(1,071
)
(1,063
)
(1
)
(2
)
Gross profit
1,383
1,382
—
3
Gross margin (%)
56.4
56.5
Selling, general & administration
(813
)
(802
)
(1
)
(3
)
Research & development
(222
)
(199
)
(12
)
(13
)
Other income
149
6
nm
nm
Other expense
(29
)
(19
)
(53
)
(47
)
Operating income
468
368
27
34
Operating margin (%)
19.1
15.1
Core results (non-IFRS measure) (1)
Core gross profit
1,550
1,549
—
3
Core gross margin (%)
63.2
63.4
Core operating income
511
537
(5
)
—
Core operating margin (%)
20.8
22.0
Expand
nm = not meaningful
(1)
Core results and constant currency are non-IFRS measures. Refer to the 'Non-IFRS measures as defined by the Company' section for additional information and to the 'Reconciliation of IFRS results to core results (non-IFRS measure)' section for reconciliation tables.
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Non-operating income & expense
Three months ended March 31
Change %
Operating income
468
368
27
34
Interest expense
(49
)
(45
)
(9
)
(9
)
Other financial income & expense
9
12
(25
)
(20
)
Share of (loss) from associated companies
(14
)
—
nm
nm
Income before taxes
414
335
24
32
Taxes
(64
)
(87
)
26
21
Net income
350
248
41
50
Net income attributable to:
Shareholders of Alcon Inc.
350
248
41
50
Non-controlling interests
—
—
—
—
Basic earnings per share ($) (2)
0.71
0.50
42
50
Diluted earnings per share ($) (2)
0.70
0.50
40
50
Core results (non-IFRS measure) (1)
Core taxes
(97
)
(117
)
17
12
Core net income
365
387
(6
)
—
Core net income attributable to:
Shareholders of Alcon Inc.
365
387
(6
)
—
Non-controlling interests
—
—
—
—
Core basic earnings per share ($) (2)
0.74
0.78
(5
)
—
Core diluted earnings per share ($) (2)
0.73
0.78
(6
)
—
Expand
nm = not meaningful
(1)
Core results and constant currency are non-IFRS measures. Refer to the 'Non-IFRS measures as defined by the Company' section for additional information and to the 'Reconciliation of IFRS results to core results (non-IFRS measure)' section for reconciliation tables.
(2)
Earnings per share and core earnings per share are calculated on the amount of net income and core net income, respectively, attributable to shareholders of Alcon Inc.
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Reconciliation of IFRS results to core results (non-IFRS measure)
Three months ended March 31, 2025
Gross profit
1,383
167
—
—
—
1,550
Operating income
468
172
(142
)
13
—
511
Income before taxes
414
172
(142
)
13
5
462
Taxes (5)
(64
)
(30
)
—
(3
)
—
(97
)
Net income
350
142
(142
)
10
5
365
Net income attributable to:
Shareholders of Alcon Inc.
350
142
(142
)
10
5
365
Non-controlling interests
—
—
—
—
—
—
Basic earnings per share ($) (6)
0.71
0.74
Diluted earnings per share ($) (6)
0.70
0.73
Basic - weighted average shares outstanding (millions) (6)
495.1
495.1
Diluted - weighted average shares outstanding (millions) (6)
498.0
498.0
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Refer to the associated explanatory footnotes at the end of the 'Reconciliation of IFRS results to core results (non-IFRS measure)' tables.
Expand
Three months ended March 31, 2024
($ millions except earnings per share)
IFRS
results
Amortization of
certain intangible
assets (1)
Acquisition and
integration
related items (3)
Other
items (4)
Core results
(non-IFRS
measure)
Gross profit
1,382
164
3
—
1,549
Operating income
368
166
3
—
537
Income before taxes
335
166
3
—
504
Taxes (5)
(87
)
(29
)
(1
)
—
(117
)
Net income
248
137
2
—
387
Net income attributable to:
Shareholders of Alcon Inc.
248
137
2
—
387
Non-controlling interests
—
—
—
—
—
Basic earnings per share ($) (6)
0.50
0.78
Diluted earnings per share ($) (6)
0.50
0.78
Basic - weighted average shares outstanding (millions) (6)
493.8
493.8
Diluted - weighted average shares outstanding (millions) (6)
496.6
496.6
Expand
Refer to the associated explanatory footnotes at the end of the 'Reconciliation of IFRS results to core results (non-IFRS measure)' tables.
Expand
Explanatory footnotes to IFRS to core reconciliation tables
(1)
Includes amortization for all intangible assets other than software.
(2)
For the three months ended March 31, 2025, includes gains on fair value remeasurements of investments in associated companies.
(3)
For the three months ended March 31, 2025, Operating income includes $7 million of direct acquisition costs and $6 million of integration related costs related to acquisitions. Acquisition costs include third party professional services for banker, legal, accounting and due diligence fees. Integration related costs include severance of $3 million, accelerated equity-based compensation expense of $2 million and third party professional services of $1 million.
For the three months ended March 31, 2024, Gross profit includes the amortization of inventory fair value adjustments related to an acquisition.
(4)
For the three months ended March 31, 2025, Income before taxes includes core adjustments recognized for Aurion in Share of (loss) from associated companies. The expenses were incurred upon change in control from Alcon's acquisition of a majority interest in Aurion and include accelerated equity-based compensation expense of $2 million, third party professional services of $2 million for legal and accounting fees and third party bank fees of $1 million.
For the three months ended March 31, 2024, Operating income includes the amortization of option rights, offset by fair value adjustments of financial assets.
(5)
For the three months ended March 31, 2025, operating income core adjustments totaled $43 million. Excluding the non-taxable gain of $136 million on fair value remeasurement of Alcon's investment in Aurion, the core adjustments totaled $179 million. The associated tax effect amounted to $33 million with an average tax rate of 18.4%.
For the three months ended March 31, 2024, tax associated with operating income core adjustments of $169 million totaled $30 million with an average tax rate of 17.8%.
(6)
Core basic earnings per share is calculated using core net income attributable to shareholders of Alcon Inc. and the weighted-average shares of common stock outstanding during the period. Core diluted earnings per share also contemplate dilutive shares associated with unvested equity-based awards as described in Note 4 to the Condensed Consolidated Interim Financial Statements.
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EBITDA (non-IFRS measure)
Cash flow and net (debt)/liquidity (non-IFRS measure)
Three months ended March 31
($ millions)
2025
2024
Net cash flows from operating activities
384
341
Net cash flows used in investing activities
(578
)
(218
)
Net cash flows used in financing activities
(96
)
(66
)
Effect of exchange rate changes on cash and cash equivalents
26
(10
)
Net change in cash and cash equivalents
(264
)
47
Change in derivative financial instrument assets
(7
)
1
Change in time deposits with original maturity greater than three months
(153
)
—
Change in current and non-current financial debts
(60
)
45
Change in net (debt)
(484
)
93
Net (debt) at January 1
(2,802
)
(3,643
)
Net (debt) at March 31
(3,286
)
(3,550
)
Expand
Net (debt)/liquidity (non-IFRS measure)
($ millions)
At March 31, 2025
At December 31, 2024
Current financial debt
(106
)
(105
)
Non-current financial debt
(4,597
)
(4,538
)
Total financial debt
(4,703
)
(4,643
)
Less liquidity:
Cash and cash equivalents
1,412
1,676
Time deposits with original maturity greater than three months
—
153
Derivative financial instruments
5
12
Total liquidity
1,417
1,841
Net (debt)
(3,286
)
(2,802
)
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Free cash flow (non-IFRS measure)
The following is a summary of free cash flow for the three months ended March 31, 2025 and 2024, together with a reconciliation to net cash flows from operating activities, the most directly comparable IFRS measure:
About Alcon
Alcon helps people see brilliantly. As the global leader in eye care with a heritage spanning over 75 years, we offer the broadest portfolio of products to enhance sight and improve people's lives. Our Surgical and Vision Care products touch the lives of people in over 140 countries each year living with conditions like cataracts, glaucoma, retinal diseases and refractive errors. Our more than 25,000 associates are enhancing the quality of life through innovative products, partnerships with Eye Care Professionals and programs that advance access to quality eye care. Learn more at www.alcon.com.
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ROSEN, LEADING INVESTOR COUNSEL, Encourages Reddit, Inc. Investors to Secure Counsel Before Important Deadline in Securities Class Action

NEW YORK, June 21, 2025 (GLOBE NEWSWIRE) — WHY: Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of securities of Reddit, Inc. (NYSE: RDDT) between October 29, 2024 and May 20, 2025, both dates inclusive (the 'Class Period'). A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than August 18, 2025. SO WHAT: If you purchased Reddit securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. WHAT TO DO NEXT: To join the Reddit class action, go to or call Phillip Kim, Esq. at 866-767-3653 or email [email protected] for more information. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than August 18, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers. DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants made false and misleading statements and/or failed to disclose that: (1) changes in Google Search's algorithm and features like AI Overview were causing users to stop their query on Google search; (2) these algorithm changes were materially different than prior instances of reduced traffic to the Reddit website; (3) defendants were aware that the increase in the query term 'Reddit' on search engines was because users were getting the sought after answer from Google Search without having to go to Reddit, and not because they intended to visit Reddit; (4) this zero-click search reality was dramatically reducing traffic to Reddit in a manner Reddit was unable to overcome in the short term; and (5) defendants, therefore, lacked a reasonable basis for its outlook on user rates and advertising revenues. When the true details entered the market, the lawsuit claims that investors suffered damages. To join the Reddit class action, go to or call Phillip Kim, Esq. at 866-767-3653 or email [email protected] for more information. No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff. Follow us for updates on LinkedIn: on Twitter: or on Facebook: Attorney Advertising. Prior results do not guarantee a similar outcome. ——————————- Contact Information: Laurence Rosen, Esq. Phillip Kim, Esq. The Rosen Law Firm, P.A. 275 Madison Avenue, 40th Floor New York, NY 10016 Tel: (212) 686-1060 Toll Free: (866) 767-3653 Fax: (212) 202-3827 [email protected]

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23 minutes ago

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Does The Market Have A Low Tolerance For GreenTree Hospitality Group Ltd.'s (NYSE:GHG) Mixed Fundamentals?

It is hard to get excited after looking at GreenTree Hospitality Group's (NYSE:GHG) recent performance, when its stock has declined 18% over the past three months. We, however decided to study the company's financials to determine if they have got anything to do with the price decline. Stock prices are usually driven by a company's financial performance over the long term, and therefore we decided to pay more attention to the company's financial performance. Specifically, we decided to study GreenTree Hospitality Group's ROE in this article. Return on equity or ROE is an important factor to be considered by a shareholder because it tells them how effectively their capital is being reinvested. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders. This technology could replace computers: discover the 20 stocks are working to make quantum computing a reality. Return on equity can be calculated by using the formula: Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity So, based on the above formula, the ROE for GreenTree Hospitality Group is: 7.2% = CN¥107m ÷ CN¥1.5b (Based on the trailing twelve months to December 2024). The 'return' is the amount earned after tax over the last twelve months. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.07. See our latest analysis for GreenTree Hospitality Group We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. We now need to evaluate how much profit the company reinvests or "retains" for future growth which then gives us an idea about the growth potential of the company. Generally speaking, other things being equal, firms with a high return on equity and profit retention, have a higher growth rate than firms that don't share these attributes. On the face of it, GreenTree Hospitality Group's ROE is not much to talk about. Next, when compared to the average industry ROE of 19%, the company's ROE leaves us feeling even less enthusiastic. For this reason, GreenTree Hospitality Group's five year net income decline of 16% is not surprising given its lower ROE. We reckon that there could also be other factors at play here. Such as - low earnings retention or poor allocation of capital. That being said, we compared GreenTree Hospitality Group's performance with the industry and were concerned when we found that while the company has shrunk its earnings, the industry has grown its earnings at a rate of 33% in the same 5-year period. Earnings growth is a huge factor in stock valuation. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. This then helps them determine if the stock is placed for a bright or bleak future. Is GreenTree Hospitality Group fairly valued compared to other companies? These 3 valuation measures might help you decide. In spite of a normal three-year median payout ratio of 27% (that is, a retention ratio of 73%), the fact that GreenTree Hospitality Group's earnings have shrunk is quite puzzling. So there could be some other explanations in that regard. For instance, the company's business may be deteriorating. Moreover, GreenTree Hospitality Group has been paying dividends for six years, which is a considerable amount of time, suggesting that management must have perceived that the shareholders prefer consistent dividends even though earnings have been shrinking. Overall, we have mixed feelings about GreenTree Hospitality Group. Even though it appears to be retaining most of its profits, given the low ROE, investors may not be benefitting from all that reinvestment after all. The low earnings growth suggests our theory correct. Wrapping up, we would proceed with caution with this company and one way of doing that would be to look at the risk profile of the business. Our risks dashboard would have the 4 risks we have identified for GreenTree Hospitality Group. — Investing narratives with Fair Values Vita Life Sciences Set for a 12.72% Revenue Growth While Tackling Operational Challenges By Robbo – Community Contributor Fair Value Estimated: A$2.42 · 0.1% Overvalued Vossloh rides a €500 billion wave to boost growth and earnings in the next decade By Chris1 – Community Contributor Fair Value Estimated: €78.41 · 0.1% Overvalued Intuitive Surgical Will Transform Healthcare with 12% Revenue Growth By Unike – Community Contributor Fair Value Estimated: $325.55 · 0.6% Undervalued View more featured narratives — Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data

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an hour ago

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Why Redwire Stock Tumbled by Nearly 17% This Week

The company fell earthward after it announced a capital-raising measure. It's also now on the hook for its latest portfolio acquisition. 10 stocks we like better than Redwire › Friday probably didn't come fast enough for space exploration equipment specialist Redwire (NYSE: RDW). After all, according to data compiled by S&P Global Market Intelligence, its share price fell by nearly 17% this week. A dilutive share issue and the closing of a pricey asset buy were two key factors in that double-digit dip. On Monday after market close, Redwire announced that it is floating a secondary issue of its common stock, and the following day divulged that the issue is being upsized. Ultimately, Redwire aims to float just over 15.5 million such shares at a price of $16.75 apiece, for total gross proceeds of roughly $260 million. Also, the underwriters of the issue have been granted a 30-day option to collectively purchase up to an additional 2.3 million-plus shares. Redwire said that it will use the net proceeds of the flotation for purposes such as balance sheet strengthening, the repurchase of convertible preferred stock outstanding, and debt retirement. Investors rarely greet news of share dilution warmly, and this issue certainly qualifies -- at the moment, Redwire's outstanding common share count is less than 142.6 million. While it's going to the well for more funds, at the same time, Redwire is about to spend a pile. On Wednesday, private equity firm Sleeping Bear Capital announced the completion of its sale of Edge Autonomy to Redwire. The deal, valued at over $1.1 billion, gives the company an unmanned aerial vehicle (UAV) developer that has contracts with federal agencies, as well as public-sector clients abroad. Since Redwire is still at a relatively early stage in its business life, it has to take available opportunities to keep its finances strong, and to grow. Dilution isn't pleasant, of course, but hopefully the company will manage to deploy that fresh capital smartly and efficiently. We can say the same for its ownership of Edge Autonomy. Before you buy stock in Redwire, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Redwire wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $659,171!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $891,722!* Now, it's worth noting Stock Advisor's total average return is 995% — a market-crushing outperformance compared to 172% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of June 9, 2025 Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Why Redwire Stock Tumbled by Nearly 17% This Week was originally published by The Motley Fool