Alcon Shares Rise After Dry-Eye Care Drug Shows Promising Results

By David Sachs

Shares in Alcon rose Wednesday after the Swiss company reported positive results for a dry-eye disease treatment undergoing two trials.

At 0834 GMT, Swiss shares of Alcon were up 4.8% at CHF69.46. They had risen as high as CHF70.20

The Swiss eye-care company said late Tuesday that it achieved its primary goals with statistical significance for AR-15512, a candidate to treat dry-eye disease. It plans to file a new drug application with the U.S. Food and Drug Administration in mid-2024, it said.

The drug works demonstrably faster than competitors Restasis and Xiidra, positioning it to grab a significant piece of the U.S. market, Citi analysts said in a research note on Wednesday. Analysts estimated an earnings-per-share upside of around 3% for every $100 million in sales by 2026. The dry-eye treatment market in the U.S., where Alcon is also listed, is worth between $1.5 billion and $2 billion, Citi said.

Alcon also met secondary goals, including rapid and sustained tear production, it said.

Write to David Sachs at [e-mail]

(END) Dow Jones Newswires

January 10, 2024 03:57 ET (08:57 GMT)

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