By Maria Armental
Alcon Inc., the eye-care company spun off from Novartis AG, reported third-quarter results on Tuesday. Here's what you need to know:
EARNINGS: The net loss narrowed to $66 million, or 14 cents a share, from $207 million, or 42 cents a share, a year earlier. Core earnings fell to 46 cents a share from 50 cents a share a year earlier.
REVENUE: Total revenue rose to $1.87 billion from $1.76 billion a year earlier.
OUTLOOK: Alconexpects worldwide net sales this year to increase 4% to 5% on a constant currency basis and incur $500 million in separation costs, compared with its earlier view of 2019 sales growth of 3% to 5% net sales growth and $300 million in separation costs.
TRANSFORMATION: Alcon projected $300 million in costs tied to a multi-year restructuring that's projected to result in savings of $200 million to $225 million on an annualized run rate by 2023.
CEO: "Our momentum is strong as an independent company," Chief Executive David Endicott said in a statement. "We're going to build on this success by proactively implementing a multi-year transformation program that will further simplify and streamline our processes, accelerate innovation and strengthen our commercial position. We will reinvest these savings to support new product development and launches."
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