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Alcon reports 1.9% increase in fourth-quarter global sales

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HÜNENBERG, Switzerland — Alcon reported $1.5 billion in global sales for the fourth quarter of 2008, an increase of 1.9% compared with global sales reported during the fourth quarter of 2007, the company announced in a press release.

Alcon's fourth quarter net earnings totaled $423.6 million, or $1.41 per diluted share, representing a 12.5% increase compared with $376.5 million, or $1.25 per diluted share, reported during the same period last year.

Fourth-quarter international sales totaled $832.3 million, up 1.2%, compared with $822.5 in international sales reported during last year's fourth quarter. Sales in the United States rose 2.8% to $665.2 million.

Pharmaceutical sales remained stable at $578.1 million but grew 4.8% on a constant currency basis. Outside the U.S., Alcon reported 10.9% constant currency pharmaceutical sales growth. In the U.S., sales were negatively affected by a decrease in prescription volumes.

Glaucoma product sales rose 5.5% to $249.4 million during the fourth quarter, and allergy product sales fell 12.7% during the forth quarter, largely due to the negative impact of economic and seasonal factors.

Fourth-quarter surgical sales totaled $723.2 million, up 3.2% compared with $700.8 million in sales from the same period last year. Specifically, IOL sales rose 3.4% to $268.2 million, cataract and vitrectomy product sales rose 2% to $428.7 million, and refractive revenue increased 22.9% due to the acquisition of WaveLight. However, combined WaveLight and LADARVision procedures in the U.S. experienced a 15.2% fourth-quarter decline.

Consumer eye care sales rose 2.9% to $196.2 million for the fourth quarter, led by a 7.6% rise in contact lens disinfectant. Artificial tears product sales rose 2.3% for the quarter.

For the full year 2008, Alcon reported global sales of $6.29 billion, representing a 12.4% increase, over $5.6 billion in 2007.

Full-year net earnings rose 29% to $2.047 billion, or $6.79 per diluted share, compared with $1.59 billion, or $5.25 per diluted share, for the full year 2007.

Alcon expects 2009 organic sales growth, excluding currency and acquisitions, to be in the mid-single digits. The company also expects U.S. GAAP diluted earnings per share to be between $6.00 and $6.20 and between $6.05 and $6.25 on an adjusted basis.

Alcon also announced a staffing reduction that the company expects to produce a pre-tax charge of approximately $21 million in the first quarter; 260 people will be laid off, according to news reports.