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Alcon Sees Surge in Shares Following Positive Results for Dry-Eye Treatment

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Swiss pharmaceutical company Alcon experienced a notable rise in shares on Wednesday after announcing positive results for its dry-eye disease treatment in two trials.

At 0834 GMT, Swiss shares of Alcon were up 4.8% at CHF69.46, reaching a high of CHF70.20.

Alcon confirmed on Tuesday that its candidate drug, AR-15512, successfully achieved its primary goals with statistical significance in treating dry-eye disease. The company plans to submit a new drug application to the U.S. Food and Drug Administration by mid-2024.

According to a research note by Citi analysts, the drug has demonstrated faster efficacy compared to its competitors Restasis and Xiidra, positioning it for a substantial market share in the United States. Analysts project an estimated earnings-per-share increase of approximately 3% for every $100 million in sales by 2026. The U.S. dry-eye treatment market, where Alcon is listed, is valued between $1.5 billion and $2 billion, as stated by Citi.

Additionally, Alcon successfully met secondary goals, including the promotion of rapid and sustained tear production.

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