Quarterly reports

HUNENBERG, Switzerland – Alcon Inc. (NYSE: ACL) reported global sales grossing $809.5 million for the second quarter of 2002, showing an 8.5% increase in sales as compared to the second quarter in 2001. Earnings per share increased 31.6% to $0.50 in this quarter from $0.38 in 2001. Net income was $162.8 million or $0.53 compared to $103.1 million or $0.34 per share in 2001. Gross profit in this quarter was $575 million.

Pharmaceutical sales reached $312.7 million, showing a 13.2% increase from last year. Glaucoma product sales grossed $89.6 million. Surgical product sales totaled $371.2 million, showing an increase of 5.7%. Eye care products sold $125.6 million, a 6.2% increase from last year.

IRVINE, Calif. – Allergan, Inc. and Advanced Medical Optics (AMO), Inc. (NYSE: AGN) combined its net sales of $475.7 million for the quarter ended June 28, 2002. AMO became an independent company on June 29. Combined diluted earnings per share were $0.03, showing an unestimated loss after excluding pretax restructuring, asset write-off and combined operating costs of $94.4 million, or $0.51 per share.

At the end of the quarter, Allergan reported its net worth at $843.5 million. Net global sales of pharmaceutical specialty products were $338 million for the quarter. For eye care pharmaceutical products, global sales were $206.2 million.

Revenue from Alphagan (brimonidine tartrate) was $134.7 million. For Lumigan (bimatoprost ophthalmic solution 0.03%), sales totaled $31.9 million for the quarter. Sales for Botox (botulinum toxin type A) grossed $200.8 million, an increase of 40.9%.

Excluding combined gross sales with AMO, Allergan profits were $293.8 million, or 89.6 % of net sales, showing a 3.4% increase since the second quarter of 2001.

SANTA ANA, Calif. – Advanced Medical Optics (AMO), Inc. (NYSE: AVO) reported two versions of its financial reports: a “carve-out” report included finances filed with the Securities and Exchange Commission and was based on results consistent with prior periods; the second set, or “pro forma basis,” showed the finances adjusted to include the restructuring costs and exclude the expenses of a new company. The finances printed here are from the carve-out report.

Net sales were $137.7 million for the second quarter of 2002 as compared to $139.2 million in the same quarter in 2001. Earnings per share were $0.23; they were $0.45 in 2002. Net sales from the first 6 months were $251.7 million or $0.39 per share; in 2001, they were $260 million or $0.48 per share. Gross margin was $84.3 million; in 2001, it was $85.3 million.

For its ophthalmic surgical line, second quarter sales were $70.9 million as compared to $65.5 million in the same quarter of 2001. For the first half of the year, sales were $128.3 million and were $122.2 million last year. They attribute the increase to its IOL line.

AMO reported a drop in contact lens sales: $66.8 million in the second quarter; $123.4 million in the first half of the year. Last year sales were $73.7 million in the second quarter and $137.8 million in the first half. The company said that although sales were stable, the decrease was due to the low-margin private label business.

ROCHESTER, N.Y. – Bausch & Lomb (NYSE: BOL) reported total revenues of $458.4 million for the second quarter ending June 29, 2002. Quarter sales increased 14% from the second quarter in 2001, which totaled $402.7. Net earnings were $21.8 million. Earnings per share were $0.40. Six-month profits were $872.6 million; they were $804.2 million in 2001.

In breaking down the total sales by category: contact lenses grossed $132.4 million, an increase of 19%; lens care earned $116.9 million and increased 28%; pharmaceutical revenues grossed $100.8 million, a 17% increase; cataract surgery products totaled $74.9 million, down 2%; and refractive surgery products equaled $33.4 million, down 13%. B&L attributed the decline in cataract surgery revenue to product supply issues the company addressed in 2001. The decline in refractive products was linked to the decreased number of refractive surgeries being done.

ALAMEDA, Calif. – InSite Vision Incorporated (AMEX: ISV) had revenues of $8 million for the second quarter and $17 million for the first 6 months. In 2001, it had revenues of $1 million for the second quarter and $3 million for the first half of the year.

InSite reported net losses for the second quarter ending June 30, 2002. It had a loss of $2.6 million, $0.11 per share; in 2001, it had a loss of $2.3 million, $0.9 per share in the second quarter. The company also reported a loss of $5.6 million, or $0.22 per share, for the first 6 months of 2002.

MOUNTAIN VIEW, Calif. – Iridex Corporation (NASDAQ: IRIX) announced second-quarter sales, which ended June 29, 2002, at $7.4 million, an increase of 5% from the second quarter of 2001, when sales were $7.1 million. For the first 6 months, sales were $14.4 million; in 2001, they were $12.8 million. Gross profits were $3.1 million for the second quarter and $6.2 million for the first half of the year. In 2001, gross profits were $3.7 million for the second quarter and $6 million for the first 6 months.

Ophthalmology sales ended at $5.7 million, an increase of 4% from 2001. Iridex reported a net loss of $447,000 or $0.06 per diluted share.

CINCINNATI – LCA-Vision Inc. (NASDAQ NM: LCAV) earned $16.3 million in total revenues ending June 30, 2002. Second-quarter sales have decreased; for the same quarter in 2001, they had earned $21.4 million. Six-month revenues showed an increase, ending at $43.9 million as compared to revenues at the 6-month mark in 2001, which ended at $35.1 million.

LCA-Vision reported a second-quarter net loss of $2.3 million or $0.05 per diluted share. Last year, net losses were $755,000 or $0.02 per share. The net loss for the first half of this year was $1.1 million or $0.03 per share as compared with the first half of 2001, when net losses were $2 million or $0.04 per share. Although there was a decline in procedure volume for this quarter, it had increased 35% sequentially to $32.4 million as compared to $24 million in the first half of 2001.

PEAPACK, N.J. – Pharmacia Corporation (NYSE: PHA) announced profit revenues from its pharmaceutical products totaling $3.6 billion for the second quarter ending June 30, 2002. Pharmacia showed a 4% increase from the second quarter of 2001. Net earnings were $907 million or $0.69 per share. For the first half of the year, profits were $6.7 million, $0.70 per diluted share.

Prescription drug sales equaled $1.8 billion in the U.S. and $3.1 billion globally for the second quarter, showing an increase of 5%. The gross margin was 78%, equal to the second quarter in 2001. Reported drug sales for the first half were $3.3 billion in the U.S. and $5.7 billion globally and were the same the prior year.

Xalatan (latanoprost) grossed $209 million internationally in the second quarter, an increase of 22% from last year at this time. U.S. sales were $79 million and increased 16% from last year.

As of Aug. 13, 2002, Pharmacia’s agricultural business will be part of Monsanto. In this report, Monsanto’s earnings were reported under Pharmacia’s discontinued operations.

On July 15, 2002, Pharmacia announced that Pfizer will acquire Pharmacia in a stock-for-stock transaction expected to close at the end of the year.

MONROVIA, Calif. – STAAR Surgical Company (NASDAQ: STAA) grossed $12.1 million in revenues for the second quarter ending June 28, 2002. Revenues for the second quarter of 2001 were $12.9 million. Net loss for the second quarter of 2002 was $3.9 million or $0.23 per share. Last year the company had a net loss of $4.2 million or $0.25 per share.

Profits from the first 6 months this year were $23.8 million; in 2001, it was $25.9 million. Net loss for the first 6 months were $4.9 million or $0.29 per share; they were $4.4 million or $0.26 per share last year.

SANTA CLARA, Calif. – Visx, Incorporated (NYSE: EYE) stated profits for the second quarter at $36.6 million and 6-month profits at $73.2 million. Second-quarter profits for 2001 were $48.2 million; 6-month profits were $98.7 million. Net earnings were $5.9 million or $0.11 per share; in 2001, they reported a net loss of $10.7 million or $0.19 per share during the same period.

For the first 6 months of this year, net earnings per share were $12.4 million or $0.23 per share; in 2001, it was $1.9 million or $0.03 per share.