News

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

1 Mins read

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.

Related posts
News

First Solar Inc. Financial Report

1 Mins read
First Solar Inc. saw its shares rise more than 5% during the extended session on Tuesday, showing investor optimism for the future…
News

AMC Entertainment Holdings Inc. Quarterly Results Awaited

1 Mins read
Shares of AMC Entertainment Holdings Inc. have surged 5.9% on Tuesday, marking a three-day winning streak and the largest daily percentage increase…
News

Theratechnologies FDA Rejection

1 Mins read
Theratechnologies is poised for a significant setback as the Food and Drug Administration (FDA) has rejected its supplemental biologics license application for…

Leave a Reply

Your email address will not be published. Required fields are marked *

5 + 1 =