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Alcon posts 2.8% decline in first-quarter sales

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HUENENBERG, Switzerland — Alcon reported $1.49 billion in global sales for the first quarter, representing a 2.8% decline — or a 4.8% increase excluding the impact of foreign exchange fluctuations — compared with $1.54 billion in global sales reported during the first quarter of 2008, the company announced in a press release.

First-quarter net earnings totaled $452 million, or $1.51 per diluted share, a 5.3% increase compared with $429.4 million, or $1.43 per diluted share, reported during the same period last year.

Excluding $13.1 million in after-tax costs linked to Alcon's restructuring program, non-GAAP adjusted net earnings rose 8.3% to $465.1 million, or $1.55 per diluted share. The company's cost-management program resulted in a 2.5% decline in general and administrative costs, which include $9.4 million in fees related to the restructuring, according to the release.

Alcon's first-quarter international sales totaled $835.4 million, representing a 3.4% decline — or a 13.6% gain excluding foreign exchange fluctuations — compared with $864.4 million reported during last year's first quarter. Sales in the United States dropped 2.1% to $657.9 million for the quarter, a decline the company attributed in part to generic competition for its TobraDex (tobramycin-dexamethasone) ophthalmic solution, less demand for ophthalmic pharmaceuticals, a less favorable market for cataract surgery, as well as cutbacks in consumer retailer inventories.

First-quarter pharmaceutical sales totaled $626.1 million, representing a 0.4% decline, or a 6.4% gain excluding foreign exchange flux. Specifically, glaucoma product sales rose 10.6% to $233.1 million, or 9.2% excluding the impact of foreign exchange rates, led by continued global market share gains by Travatan (travoprost), Travatan Z (travoprost 0.004%) and DuoTrav (travoprost 0.004%, timolol 0.5%) ophthalmic solutions.

Sales of infection/inflammation products fell 11.5% to $201.9 million, primarily due to a 39.7% decline in sales of TobraDex after the launch of generic tobramycin-dexamethasone suspensions in the U.S.

Allergy product sales rose 9.1% to $142.9 million for the quarter, the release said.

Alcon's first-quarter surgical sales totaled $673.7 million, representing a 3.5% decline, or an 8.7% gain excluding foreign exchange rate flux, compared with $697.9 million reported during the same period last year. Specifically, IOL sales decreased 4.8% to $248.3 million. However, AcrySof toric and AcrySof ReSTOR aspheric advanced technology lenses rose 0.8% for the quarter, according to the release.

Sales of consumer eye care products also experienced a decline, falling 7.9% to $193.5 million, partly due to a decline in retailer inventories of contact lens solutions in the U.S.