Alcon Ag · SIX:ALC
Alcon — Investor Day (March 2025)
88 slides from Alcon's investor day presentation, Mar 27, 2025
Slide 1: Capital Markets Day
Capital Markets Day March 27th, 2025
Slide 2: Welcome
Welcome Dan Cravens Vice President, Investor Relations
Slide 3: Agenda
14:00 CET | 08:00 CT Dan Cravens Introduction, Housekeeping & Safe Harbor David Endicott Leading in Eye Care Tim Stonesifer Financial Outlook & Expectations Q&A Session 15:00 CET | 09:00 CT Break Agenda 15:30 CET | 09:30 CT Sean Clark Leading in Ophthalmic Surgery Max Wolf Leading in Contact Lenses
Slide 4: Safe harbor
Safe harbor Forward-looking statements This press release 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 state
Slide 5: Leading in Eye Care
Leading in Eye Care David J. Endicott Chief Executive Officer
Slide 6: Alcon plays in resilient markets, underpinned by durable megatrends
Aging Population By 2050, more than 2 billion people will be over age 601 Increasing Wealth The middle class will grow by ~1.7 billion people in 10-15 years2 Increasing Myopia plays in resilient An estimated 50% of the world will be myopic by 20503 markets, underpinned by durable megatrends New Tech
Slide 7: The need for eye care is significant and largely unmet
The need for eye care is significant and largely unmet 157 million 1.8 billion 1.6 billion with moderate-to- have live with severe uncorrected presbyopia3 dry eyes4 refractive errors2 90% of visual impairment $100B ~ could be saved with is preventable or appropriate eye care curable1 services1 65 mi
Slide 8: Eye care is a large and growing market
Eye care is a large and growing market 2024 Industry Sales1 ($B) 2024-2029E Industry CAGR Total Market $35B Mid-single digits Implantables2 $4 ~6% Surgical Consumables2 $6 $13B ~5% Equipment / Other2 $3 ~7% Contact Lenses $11 ~5% Vision Care $22B Ocular Health3 $11 ~4% 8
Slide 9: Alcon strategy
Alcon strategy Attract, develop and retain experts in eye care customers and technology Reinvest in R&D Leverage expertise We focus on eye care and product to invent or acquire development innovative products We create value by applying specialty market knowledge and specialty technical knowledge to
Slide 10: We are specialists who lead the world in eye care innovation
We are specialists who lead the world in eye care innovation ~5B+ 90+ Active projects R&D investment as of 2024 since 2018 20 8% – 10% of sales BD&L 1,900+ invested in R&D transactions each year in 2024 R&D associates in 2024 10
Slide 11: Accelerating innovation in Surgical to meet growing eye care needs
Accelerating innovation in Surgical to meet growing eye care needs 2021 – 2024 2025 – 2026 NEXT-GEN PHACO-VIT & CONSUMABLES CLAREON PANOPTIX PRO DSLT – GLAUCOMA NEXT-GEN DIAGNOSTIC 11
Slide 12: Accelerating innovation in Vision Care to meet growing eye care needs
Accelerating innovation in Vision Care to meet growing eye care needs 2021 – 2024 2025 – 2026 for Astigmatism Sphere Complete, Ultra and Hydration MDPF Sphere, for Astigmatism, Multifocal AR-15512 Multifocal Toric (Acoltremon, Dry Eye) 12
Slide 13: Accelerating innovation drove accelerated sales growth
Accelerating innovation drove accelerated sales growth Net sales growth (year-over-year, shown in constant currency1) 12% 11% 10% 6% 5% 5% 3% 2017 2018 2019 2021 vs. 2019 2022 2023 2024 Faster sales growth Sales growth of low-to-mid single digits pre-spin has accelerated, driven by innovation 13
Slide 14: Faster sales growth drove earnings expansion
Faster sales growth drove earnings expansion Core net income constant currency growth1 34% 23% 17% 16% 8% 2% Earnings expansion 1% Meaningful earnings expansion since spin, driven 2017 2018 2019 2021 vs. 2019 2022 2023 2024 mainly by operating leverage from accelerating sales growth 14
Slide 15: Then versus Now: Alcon in 2019 vs. 2024
Then versus Now: Alcon in 2019 vs. 2024 $7.4B $9.8B Sales Sales 38.1% 33.0% Core SG&A1 as a % of sales Core SG&A1 as a % of sales 7.9% Core R&D1 as a % of sales 2019 2024 8.8% Core R&D1 as a % of sales 17.2% 20.6% Core operating margin1 Core operating margin1 $367M $1.6B Free cash flow1 generation F
Slide 16: Building on our momentum
THE NEXT FIVE YEARS Building on our momentum Maintain momentum in Surgical and Vision Care portfolios while accelerating R&D productivity Create world-class efficiency through a digital enterprise Make select bets in digital health and pharma Create world-class product development and commercializat
Slide 17: Alcon Acquires Majority Interest in Aurion Biotech
AURN001 is an investigational product and has In the Press: Alcon Acquires not been submitted to US FDA for approval Majority Interest in Aurion Biotech, Inc. AURN001 is an innovative allogeneic cell therapy consisting of corneal endothelial cells and a rho kinase inhibitor • A leading cause of visi
Slide 18: A purpose-driven organization, dedicated to helping the world See Brilliantly
A purpose-driven organization, dedicated to helping the world See Brilliantly
Slide 19: Financial Outlook
Financial Outlook Tim Stonesifer Chief Financial Officer
Slide 20: Framework for shareholder returns
Durable top-line growth underpinned by resilient and growing markets Framework for Balanced geographic footprint and innovative product portfolio shareholder returns Earnings growth from operating leverage while prioritizing R&D investments Significant cash flow generation to support capital allocat
Slide 21: Above-market sales growth and operating leverage with step-change in Free Cash Flow
We’ve delivered above-market sales growth and operating leverage with step-change in Free Cash Flow during 2024 Net Sales Core Operating Income1 Free Cash Flow1 $B $B $B % of Net Sales 3Y CAGR 3Y CAGR 3Y CAGR +10% cc1 24% cc1 35% USD $9.8 $2.0 $1.6 $9.4 $1.8 $8.7 $8.2 $1.6 $1.4 $7.4 $1.3 $0.7 $0.6 $
Slide 22: We're ahead of the goals outlined at CMD21 for 2025
We’re ahead1 of the goals outlined at CMD21 for 2025 2025 from CMD21 2025 Guidance3,6 2025 Adjusted4,6 Net Sales ~$10B $10.2B - $10.4B $10.8B - $11.0B Core Operating Approaching 21% - 22% 24% - 25% Margin2 (%) mid-20s Free Cash Flow2 ~$1.8B - $2.0B On track5 22
Slide 23: Long-Term Outlook Assumptions
Long-Term Outlook Assumptions Outlook assumes: • Markets grow at mid-single digits on average (historical rates) • Innovation drives above-market growth for Alcon • Core R&D1 at 8% to 10% of net sales to accelerate product flow • Continued operating leverage • Core effective tax rate2 of ~20% • Cape
Slide 24: Our long-term financial goals position us well for sustainable shareholder returns
Our long-term financial goals position us well for sustainable shareholder returns Net Sales Core diluted Free Cash Flow Durable top-line growth Growth EPS Growth1 Conversion1,2 Earnings growth +6% - 8% +12% - 15% in constant in constant 90%+ currency1 currency1 Free Cash Flow Generation 24
Slide 25: Resilient markets and innovative product portfolio support above-market growth
Resilient markets and innovative product portfolio support our above-market growth goals Net Sales $B, % CAGR1 Surgical Innovation Highlights Equipment: UNITY suite Consumables: Procedure value Implantables: Penetration & next-gen IOLs $9.8 Vision Care Innovation Highlights Contact Lenses: Portfolio
Slide 26: Profitability expansion from operating leverage while prioritizing R&D
Profitability expansion from operating leverage while prioritizing R&D investments Core Functional Costs Core R&D1 Drivers of Continued Margin Expansion % of Net Sales Core SG&A1 46% 8% 42% End-to-end process optimization 9% Digital enterprise efficiencies 38% 33% Capitalizing on shared service foot
Slide 27: Capital allocation priorities remain consistent
Capital allocation priorities remain consistent Invest in Invest in Return to organic growth BD&L and M&A shareholders • R&D investment • Agnostic to the source of • Payout policy of 10% of • New product launches innovation Core Net Income1,2 • Capacity expansion • Bolt-on acquisitions and • Share r
Slide 28: Framework for shareholder returns
Durable top-line growth underpinned by resilient and growing markets Framework for Balanced geographic footprint and innovative product portfolio shareholder returns Earnings growth from operating leverage while prioritizing R&D investments Significant cash flow generation to support capital allocat
Slide 29: Leading in Ophthalmic Surgery
Leading in Ophthalmic Surgery Sean Clark General Manager, Surgical
Slide 30: Surgical | Overall market
Surgical | Overall market Leading in a strong global surgical market 2024 Global Surgical Sales 2024 Industry Sales Industry CAGR $B $B %, 2024-2029E Implantables 4 ~6% Others $5.5 ~$13B Consumables 6 ~5% market Equipment/ Other 3 ~7% Total 13 ~6% 30
Slide 31: Surgical | Alcon portfolio
Surgical | Alcon portfolio Driving growth across three categories Implantables Consumables Equipment/Other $1.8B Alcon sales (2024) $2.9B Alcon sales (2024) $0.9B Alcon sales (2024) Figures are rounded. 31
Slide 32: Surgical | Equipment, consumables & connected ecosystem
Surgical | Equipment, consumables & connected ecosystem Equipment and consumables: a key driver of growth in the Sx portfolio UNITY VCS/CS console UNITY consumables Connected ecosystem Operating Room (OR) anchor with best-in- Next-generation single-use New and connected diagnostic, microscope class
Slide 33: Equipment | Next-gen vit-cataract system
Equipment | Next-gen vit-cataract system Superior efficiency in a dual-function console to drive upgrades and capture share Today Pipeline: UNITY VCS/CS SUPERIOR EFFICIENCY1 Designed to safely improve OR throughput Up to 2X faster phaco with 40% less energy from UNITY 4D Phaco 1.5X faster vitreous c
Slide 34: Equipment | UNITY VCS/CS comparison vs. CENTURION
Equipment | UNITY VCS/CS comparison vs. CENTURION UNITY 4D Phaco is twice as fast as CENTURION Ozil 4D Phaco Phacoemulsification vs. Ozil Phacoemulsification on the bench 34
Slide 35: Consumables | Next-gen UNITY consumables
Consumables | Next-gen UNITY consumables Designed to increase operating room efficiency and improve user experience UNITY Cataract UNITY Vitrectomy Consumables Consumables Premium cassette with balanced tip to power Premium cassette with a less invasive 4D phaco for a more efficient surgery 27-gauge
Slide 36: UNITY VCS/CS driving value creation for ECPs and Alcon
UNITY VCS/CS driving value creation for ECPs and Alcon Installed base conversion to drive growth for Alcon’s cataract and vit-ret businesses over the next 10 years Procedures per year, cases1,2 Legacy (CENTURION/CONSTELLATION) and UNITY VCS/CS sales, $m +200 +150 4,000 4,200 900 1,050 Vitret Catarac
Slide 37: Connected ecosystem | Adi & next-gen equipment
Connected ecosystem | Adi & next-gen equipment Building holistic digital experiences with a robust equipment pipeline to enhance customer value Alcon’s cataract equipment ecosystem Clinic Operating Room EQUIPMENT Sx Planner ECOSYSTEM: Clinical decision support and remote planning for UNITY M ~$1b ca
Slide 38: Equipment | LENSAR acquisition
Equipment | LENSAR acquisition Strengthening Alcon’s cataract equipment and technology portfolio ALLY Strategic rationale Deal terms International expansion $14 per share (with additional of ALLY’s technology contingent value of $2.75)1 Complements Alcon’s Total acquisition value cataract portfolio
Slide 39: Surgical | IOL portfolio
Surgical | IOL portfolio Near-to-medium portfolio launches span across PCIOLs, toric and monofocal 2025 Medium term New New New extended trifocal monofocal+/mono toric+ depth-of-focus IOL New monofocal+ New EDoF IOL Coming Coming soon soon Reduce visual disturbances Enhanced intermediate More depth
Slide 40: PanOptix Pro | Next-gen trifocal
PanOptix Pro | Next-gen trifocal The Power of Pro – more light, less scatter Most light utilization Designed for: in a trifocal IOL • 50% less light scatter Light distribution comparison vs PanOptix • 16% better image contrast and smoother transition between distance and intermediate *Simulated phot
Slide 41: IOL portfolio | ATIOL penetration impact
IOL portfolio | ATIOL penetration impact Continued gains in ATIOL penetration in international markets driving growth Global ATIOL penetration, % of foldable units Est. penetration potential1 Significant opportunity to increase ATIOL penetration ~40% Long-term macro trends expected to 15.2% underpin
Slide 42: Our glaucoma portfolio covers implantables, equipment & consumables
Our glaucoma portfolio covers implantables, equipment & consumables Shifting the treatment paradigm from pharma to laser-first with DSLT Disease Mild-to-moderate Mild-to-moderate Severe progression Early stage Pharma Surgical cataract combo Surgical Est. US procedures 600K 6,500K1 250K 100K Alcon’s
Slide 43: Expanding the SLT category: VOYAGER DSLT
Expanding the SLT category: VOYAGER DSLT First-in-line for treatment of glaucoma VOYAGER DSLT Business model Launch timeline Existing Received US FDA 510k reimbursement clearance in Dec 2023 Recurring revenue of Launched with direct sales >80% in steady state force in select EU markets High-margin F
Slide 44: Summary Surgical
Most comprehensive pipeline to continue growing faster than competition: Upcoming equipment launches across Surgical portfolio driving growth, bolstered by value capture through premium consumables tied to new equipment Summary Maintain ATIOL leadership with solid pipeline to expand market share and
Slide 45: Leading in Contact Lenses
Leading in Contact Lenses Max Wolf General Manager, Contact Lenses
Slide 46: Vision Care | Overall market
Vision Care | Overall market Large market that continues to grow at ~4% overall, Alcon has a strong position 2024 Global Vision Care Sales1 2024 Industry Sales Industry CAGR $B $B %, 2024-2029E Others ~$4.3 Contact Lens 11 ~5% OTC Pharma ~$22B market Ocular Health 7 4 ~4% Vision Care 22 ~4% 46
Slide 47: Contact lens | Market dynamics
Contact lens | Market dynamics Two dynamics driving contact lens market growth: Specialty lenses and a shift towards Daily Disposables Retail Market by Type Unit Market by Modality Retail Market by Modality USD as defined by monthly EQ (MEQ)1 USD 6% CAGR 3% CAGR 6% CAGR (2020 – 2024) (2020 – 2024) (
Slide 48: Contact lens | Recent performance
Contact lens | Recent performance We have consistently outperformed the market driven by our innovation ALC global contact lens retail market share evolution1 (2020-2024, GfK data) Cumulative Growth vs. Market (GfK data, indexed to 2022 and Alcon 2020) 2-Year Performance +210 basis points2 ~26%3 Alc
Slide 49: Contact lens | Short-term focus areas
Contact lens | Short-term focus areas Continue to drive growth with innovative product portfolio 1 2 Building the most innovative Continue to win in product portfolio Specialty lenses 49
Slide 50: Building most innovative contact lens portfolio
1 Building most innovative contact lens portfolio Sizable market share opportunity in Reusables segment 2024 sell-in by modality1 Leading Alcon products Alcon retail share2 % Premium Segment Mainstream Segment ~$11B ~29% Daily Dailies Disposable ~61% 1 point of share: ~ $65M revenue ~25% Reusables M
Slide 51: Introducing a new, weekly modality: PRECISION7
1 Introducing a new, weekly modality: PRECISION7 Start and end every week fresh ACTIV-FLO System Fresh new lens every week Featuring the ACTIV-FLO System Superior comfort PRECISION7 Even when looking at digital devices Start and end every week fresh 1.2 (vs. ACUVUE OASYS^ 2-week**, at the The new 1-
Slide 52: PRECISION7
1 PRECISION7 Strong positive reactions to PRECISION7 from customers and wearers NOVEL INNOVATION PRECISION7 Sphere and PRECISION7 Toric 52
Slide 53: Winning in specialty lenses
2 Winning in specialty lenses Alcon innovation driving outstanding share growth with additional opportunities ahead of us ALC global Toric market share evolution1 (2020-2024, GfK data) Next Toric launches Launching now ~22% ~700 basis points of share growth 2 ~22%3 TOTAL30 ~15% Toric launch Future l
Slide 54: Summary Contact Lens
Well-positioned to continue to grow ahead of market: Building the most innovative portfolio of high-performance lenses Summary Contact Lens Creating a new one-week segment with PRECISION7 to gain fair share in the reusable segment Winning in biggest and fast-growing specialty segment of toric lenses
Slide 55: Leading in Ocular Health
Leading in Ocular Health Jonathan Balch General Manager, Ocular Health & Pharmaceuticals
Slide 56: Ocular Health & Pharma | Portfolio and market opportunity
Ocular Health & Pharma | Portfolio and market opportunity Drive growth through continuous innovation 2024 Global Ocular Health & Pharma Sales Artificial Tears Allergy Market Size Market CAGR 2024 ’24-’29 ~$11B market ~4% market growth Other OH OTC1 $1.2B +0.5% Allergy $0.7B +5% Contact Lens Care $1.
Slide 57: Ocular Health & Pharma | Focus areas
Ocular Health & Pharma | Focus areas Our near-term focus areas seek a path to sustainable growth 1 2 3 Drive Accelerate Launch SYSTANE Growth Pharma Re-Entry Novel Dry Eye Rx 57
Slide 58: Ocular Health | SYSTANE PF growth opportunity
1 Ocular Health | SYSTANE PF growth opportunity SYSTANE growing double digits around the world with long runway ahead for MDPF 2024 (growth in cc1) North America Europe Asia Pacific MDPF MDPF MDPF 29% 20% 69% North America market Latin America International market3 UDPF Global Preserved UDPF 20% 22%
Slide 59: Ocular Health | Alcon's longest lasting artificial tear
1 Ocular Health | Alcon’s longest lasting artificial tear SYSTANE Pro PF: The only MDPF triple-action formulation: launched 1Q ‘25 10+ Hours of Symptom Relief Triple Action Dry Eye Relief with Hyaluronate (HA) Hydrates, Restores & Protects for All Types of Dry Eye 86% 81% Doctor intent to Consumer i
Slide 60: Pharmaceuticals | Accelerating growth
2 Pharmaceuticals | Accelerating growth Strategic intent to re-establish Alcon as an industry leader Right to Win Progress to Date Fragmented Market: Many assets <$1B - Portfolio too small for “Big Pharma” Build: Targeted Investments R&D • At Scale Pharma R&D Natural Aggregator: Largest & best Build
Slide 61: Pharmaceuticals | Accelerating growth
2 Pharmaceuticals | Accelerating growth We continue to build our pharma pipeline focusing on promising and large categories Glaucoma Rocklatan LCM (~$2.9B market) We continue to look for: • Internal opportunities to: acoltremon LCM acoltremon o Reformulate or repurpose Dry Eye (~$1.4B market) (AR-15
Slide 62: Unmet Needs in Dry Eye | Speed & Efficacy
3 Unmet Needs in Dry Eye | Speed & Efficacy Patients report limitations of existing Dry Eye prescription medications Top Priorities for Dry Eye Patients Report Dry Eye Patients* Discontinuation rates of ~90% § Time to onset 60% of patients reported mild to no improvement ‡ ONLY 13% Treatment effecti
Slide 63: acoltremon | Novel Dry Eye Rx
acoltremon ophthalmic solution 0.003% is an investigational product Pharmaceuticals | Novel Dry Eye Rx and is pending US FDA approval 3 Acoltremon 0.003% is the only eye drop that rapidly increases natural tears: PDUFA Date – May 30th Phase 3 Clinical Trial Findings* Delivers rapid onset as early as
Slide 64: Introducing Acoltremon
acoltremon ophthalmic solution 0.003% is an investigational product Introducing Acoltremon and is pending US FDA approval 3 Acoltremon ophthalmic solution 0.003% 64
Slide 65: Pharmaceuticals | Phase 3 pooled data
acoltremon ophthalmic solution 0.003% is an investigational product and is pending US FDA approval 3 Pharmaceuticals | Phase 3 pooled data COMET data supports path to full indication of “treatment of signs & symptoms of DED” COMET-2 + COMET-3: COMET-2 + COMET-3: Proportion with ≥10 mm Increase in Ch
Slide 66: Summary Ocular Health & Pharmaceuticals
Drive continued SYSTANE revenue growth through strong commercial execution against MDPF formulations Summary and the launch of SYSTANE PRO PF Ocular Health & Execute a world-class launch of acoltremon 0.003%, Pharmaceuticals first-in-class Dry Eye Rx Accelerate Alcon’s re-entry into pharmaceuticals
Slide 67: Innovating for the Future
Innovating for the Future Jeannette Bankes SVP, President, Global Franchises
Slide 68: Innovation | Long-term focus areas
Innovation | Long-term focus areas Combining technical expertise across surgical and vision care domains Surgical Vision Care 1 2 3 4 5 Next-Gen Next-Gen Lasers, Specialty Contact Next-gen Artificial Rx ATIOLs Robotics Lenses – Next-Gen Tear (OTC) Pharma Presbyopia 68
Slide 69: Long-term innovation | Pushing the limits of PanOptix and Vivity
1 Long-term innovation | Pushing the limits of PanOptix and Vivity Pushing the limits of traditional trifocal and EDoF to converge on PCIOL performance ceiling Presbyopia correction tradeoffs Visual disturbances Competitors’ EDoF lenses The end goal: Competitors’ trifocal lenses Converge performance
Slide 70: Long-term innovation | Accommodating IOL program
1 Long-term innovation | Accommodating IOL program Our program is the only one to achieve 1 diopter of accommodation and 2 diopter of tunability Accommodating IOL MOA 70
Slide 71: Long-term innovation | Accommodating IOL program
1 Long-term innovation | Accommodating IOL program Only accommodating IOL program with true accommodation and tunability Where we stand Robust clinical data proving objective accommodation, >1.5D on average Tunability demonstrated on bench, up to 2 diopters of sphere adjustment Next steps: Scalabili
Slide 72: Long-term innovation | Surgical long-term investments
2 Long-term innovation | Surgical long-term investments Long-term surgical investments, focusing on lasers and robotics Retinal Diseases Refractive Glaucoma Cataract – Laser Cataract – Other Description Treatment for Laser for All-in-one laser Precision laser Laser-based Robotics for dry AMD floater
Slide 73: Flexibility in Contact Lens manufacturing asset base
3 Flexibility in Contact Lens manufacturing asset base Unparalleled manufacturing flexibility enables strategic competitive advantages to innovate Manufacturing Flexibility Breakthrough Innovation Improved Utilization Output (OEE): Actual Target Y1 Y2 Y3 Y4 Y5 • High flexibility for all Alcon chemis
Slide 74: Specialty contact lenses: Next-gen presbyopia
3 Specialty contact lenses: Next-gen presbyopia We have unparalleled optical design capabilities to leverage for a better presbyopia solution Current Limitations of Multifocal Leveraging Alcon SX Optical Contact Lenses Design Capabilities Insufficient visual outcomes Current near (high ADD) Positive
Slide 75: Next-gen tear film therapy
4 Next-gen tear film therapy Next phase of innovation for artificial tears targeting the mucin layer (the foundation of healthy tears) Illustration1 Dry Eye Tear Film Unmet Need Tear Film Thickness2 Lipid Layer • Today’s artificial tears do not address the tear film foundation (mucin layer) • Longer
Slide 76: Sustained Drug Delivery for Wet AMD
5 Sustained Drug Delivery for Wet AMD PRINT technology for sustained release of Axitinib for durable treatment of Wet AMD Wet AMD PRINT Technology Unmet Need Bio-erodible PRINT Implant • Current wet AMD treatments require injections every 4-16 weeks • Significant patient treatment burden Applicator
Slide 77: Aurion: Product overview & opportunity
AURN001 is an investigational product and has Aurion: Product overview & opportunity not been submitted to US FDA for approval 5 AURN001 has received Breakthrough Therapy and Regenerative Medicine Advanced Therapy designations from the FDA Corneal Endothelial Disease affects the innermost layer of t
Slide 78: Summary Long-Term Innovation
Rich pipeline of early-stage innovation driving our future growth potential Innovation Capacity: World-class technical capability, knowledge estate and understanding of eye care needs Summary Surgical: • Implantables: Advancing disruptive IOL technologies to Long-Term be first to market • Equipment:
Slide 79: Conclusion & Thank You
Alcon Conclusion & Thank You
Slide 80: Appendix
Appendix 80
Slide 81: Non-IFRS financial measures
Non-IFRS financial measures 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 currencies, compound annual growth rates, free cash flow and free cash fl
Slide 82: Non-IFRS financial measures
Non-IFRS financial measures Constant currencies 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 informati
Slide 83: Non-IFRS financial measures
Non-IFRS financial measures 2025 Estimates translated at 2021 average exchange rates and adjusted for M&A impacts on sales Guidance for 2025 translated at the average exchange rates of 2021 and excluding impacts on Net Sales of M&A not yet executed at the time of the 2021 CMD presentation (March 202
Slide 84: Reconciliation of IFRS results to Core results
Reconciliation of IFRS results to Core results Amortization of certain intangible Separation Core as a % of (1) (2) (3) (4) ($ millions, except %) IFRS Results % of Net sales assets Impairments costs Other items Core results Net sales 2019 Net sales 7,362 - - - - 7,362 Research & development (656) 8
Slide 85: Reconciliation of IFRS results to Core results
Reconciliation of IFRS results to Core results ($ millions, except %) 2019 % of sales 2021 % of sales 2022 % of sales 2023 % of sales 2024 % of sales Net sales 7,362 8,222 8,654 9,370 9,836 Operating (loss)/income and margin (187) (2.5%) 580 7.1% 672 7.8% 1,039 11.1% 1,413 14.4% Amortization of cert
Slide 86: Constant currencies
Constant currencies Change % cc (non-IFRS Percentage point $ measure) currency impact 2017 compared to 2016 Net sales 3 3 - Net income/(loss) nm nm nm Core net income (2) 2 (4) 2018 compared to 2017 Net sales 5 5 - Net (loss)/income nm nm nm Core net income 7 8 (1) 2019 compared to 2018 Net sales 3
Slide 87: Reconciliation of Free cash flow to Net cash flows from operating activities
Reconciliation of Free cash flow to Net cash flows from operating activities ($ millions) 2019 2021 2022 2023 2024 Net cash flows from operating activities 920 1,345 1,217 1,388 2,077 Purchase of property, plant & equipment (553) (700) (636) (658) (473) Free cash flow 367 645 581 730 1,604
Slide 88: Slide 88