Alcon's profits soar 79% in 3rd quarter

Eye care specialist Alcon, which is majority-owned by Swiss food giant Nestle, says that its net earnings for the third quarter of 2007 were $415.3 million, up 78.9% on the comparable period last year. The firm added that the improvement had been driven by an 11% increase, to $1.33 billion, in revenue for the period.

Pharmaceutical revenue increased 10.2% to $547.3 million, driven by a 19.0% expansion to $209.0 million in turnover from its glaucoma treatments. In addition, sales of anti-infective and anti-inflammatory agents, such as Vigamox, Nevanac and TobraDex, grew 9.2% to $191.1 million, while Alcon's allergy franchise contributed $83.3 million, up 14.3% on the year-earlier quarter. Conversely, turnover from the firm's otic business fell 13.1% to $67.6 million as US sales were hit by a shift to Medicare Part D and managed care programs, which resulted in higher rebates.

Alcon's chief executive, Cary Rayment, said that the firm's strategy of building brands worldwide, and strong international sales, have created a solid foundation for growth. Additionally, since the results were announced, the company reported that it has received regulatory clearance to complete its acquisition of Germany's WaveLight AG.