Alcon is a vert international company, but its heavy dependence on the US market (which accounts for nearly half of its revenue) makes it vulnerable to the tariffs imposed by the Trump administration. Under this pressure, the group has had to lower its forecasts for the year twice. The market has logically punished the stock, which has fallen by over 30% since April.

These Q3 results are a game changer, with investors expecting the worst. In the end, revenue rose 6% year-on-year to $2.6bn. The surgery division, the company's historic pillar, grew 5% thanks to the success of the Unity VCS system for cataract surgery and higher sales of consumables. The Vision Care (lenses) division grew by 7%. All activities grew at a balanced pace. This is a good sign.

Another positive point is that cash generation remains high, with $1.2bn in free cash flow over the first nine months of the year. Alcon plans to return $550m to its shareholders through dividends and share buybacks. Its financial situation therefore remains healthy, with debt well under control.

The stock's rebound mainly reflects relief about the outlook for the end of the year. The impact of tariffs, estimated at $100m, could be offset by currency effects and operational adjustments. Next year should benefit from the launch of new innovations.

The eye care sector remains defensive as demand is recurrent and not very cyclical. The pricing environment will remain challenging, but Alcon now has more realistic forecasts than at the beginning of the year. Its status as a global leader and its financial discipline give hope for a better 2026 than this year.