Alcon Inc. - Registered Shares

Solid Q2 performance; broad-based growth (Good) - Sales $2.8B, +7% YoY in constant currency (CC). - Surgical franchise +7% YoY to $1.6B; implantables +1% to $466M (within that IOLs +2%). - Vision Care +7% YoY to $1.2B; contact lenses +5% and ocular health +12%. - Portfolio strength supported by estimated eye care market growth ~3%–4% in Q2.

Innovation momentum: UNITY and IOL platform strength (Good / Opportunities) - UNITY: equipment sales +$279M, +25% YoY; management says ASPs and demand for UNITY VCS and workflow improvements in UNITY CS are driving adoption. - Equipment funnel remains strong; company reiterated launch plan approach (front-loaded then steady replacement cadence) rather than changing the overall cycle. - PanOptix Pro: strong early traction—nearly all PanOptix accounts converted; Pro represents ~90% of PanOptix implants in the U.S. with feedback on less light scatter and encouraging visual performance. - International rollout expected to extend momentum; PanOptix Pro meaningfully impacts Europe in 2H.

Key forecast/outlook for 2026: steady top-line growth and margin expansion (Expectation/Forecast) - Company outlook assumes aggregate markets +3%–4% in 2026, FX hold as of end of July, and tariffs remain in effect through year-end (see risk below). - Guidance: CC sales growth +5% to +7% for 2026. - Profitability: core operating margin expansion raised to +90–190 bps (CC) for 2026; core diluted EPS growth +12% to +15% (CC). - Company expects additional tailwinds in 2H from TRYPTYR, Valeda, UNITY CS, and PanOptix Pro in Europe, plus contact lens easier comparisons in 4Q.