(RTTNews.com) - Swiss drug major Novartis AG ( NVS ) announced Tuesday that its eye care division Alcon will highlight its vision, strategy and benefits as a standalone company following the planned spinoff.
Alcon will today hold its first Capital Markets Day for investors and analysts in relation to Novartis' intention to execute a tax-neutral, 100% spinoff of the Alcon business. If the transaction proceeds, shares in Alcon Inc. will be listed on the SIX Swiss Exchange and the New York Stock Exchange under the ticker symbol "ALC".
Chairman-designate, Mike Ball and CEO, David Endicott, will be joined by other senior management to discuss Alcon's strengths and how the company is positioned to win in the large, attractive and growing eye care devices market.
They will present Alcon's vision and strategy, near-and longer-term growth drivers, five-year financial goals and the benefits of Alcon as a standalone company.
Alcon will highlight mega-trends shaping the future of eye care. These trends present Alcon with sizeable growth opportunities in the $23 billion eye care devices market.
CFO David Murray will highlight how the company plans to make steady core operating margin improvements to industry benchmark levels, from high teens today to low to mid 20s by 2023.
Post-spinoff, Alcon is targeting an investment grade credit rating and will have a financial framework focused on sales growth, operational excellence and free cash flow generation.
David Endicott, CEO of Alcon, said: "As the leading eye care devices company in the world, with $6.8 billion in sales in 2017, we are uniquely positioned to succeed as a standalone organization."
The company noted that completion of the planned spinoff is subject to general market conditions, receipt of necessary authorizations, tax rulings and opinions, final endorsement by the Board of Directors of Novartis and shareholder approval at the Novartis annual shareholder meeting on February 28, 2019.
If approvals are secured and conditions are met, the spinoff is expected to be completed in the first half of 2019.
Read the original article on RTTNews (http://www.rttnews.com/2957773/alcon-to-highlight-vision-strategy-benefits-as-standalone-company-post-spinoff.aspx)
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