Alcon Sets Growth Ambitions for 2026 Backed by New Cataract Surgery Platforms

Alcon Inc. (NYSE:ALC), an established leader in ophthalmic medical devices, is targeting an acceleration in growth in the upcoming year, chiefly driven by its new UNITY platform of cataract and vitreoretinal surgery systems. Industry analysts note that Alcon has been proactively enhancing its revenue stream through both internal investments and external acquisitions over the past two years. This strategy includes increased research and development expenditures and a series of smaller tuck-in acquisitions aimed at strengthening its portfolio.\n\nA significant corporate development occurred in 2025 when Alcon terminated its proposed merger with STAAR Surgical Company (NASDAQ:STAA) following a failure to secure necessary shareholder approval. While this setback removed a potential expansion avenue, market analysts consider Alcon's existing product pipeline sufficiently robust to maintain its valuation. Despite the stock trading at an elevation of approximately 25% above historical price levels based on forward 2026 price-to-earnings ratios, expectations remain for further growth catalysts. These may stem from a shift toward higher-margin consumables and the performance of Alcon's dry eye disease pharmaceutical, Tryptyr.\n\nThe equipment segment represents roughly 10% of Alcon's total sales. Within this segment, the launch of the UNITY platform is central to the company's growth prospects. The UNITY VCS surgical system was introduced in 2025, with the UNITY CS system scheduled for launch in 2026. Together, these platforms are intended to modernize and expand Alcon's presence in cataract and vitreoretinal surgical procedures.\n\nAlcon currently supports a legacy installed base of around 30,000 surgical systems globally. The majority of these machines are over seven to eight years old, nearing the typical replacement timeframe of about ten years. This presents a substantial opportunity for Alcon to capitalize on equipment refresh cycles. In the first half of 2025, equipment sales experienced a modest low-single-digit decline, as clinical customers postponed purchases in anticipation of the new UNITY platform releases. However, the third quarter saw a notable acceleration, with equipment sales growing by 13%, signalling the onset of pent-up demand fulfillment.\n\nMarket analysts, including those at William Blair, forecast that this positive momentum will continue into the fourth quarter of 2025 and the first half of 2026. They predict mid- to high-teen percentage growth rates in equipment sales during this period, buoyed by both the staggered rollout of the UNITY systems and favorable year-over-year comparisons. Alongside new system sales, they also anticipate an increase in consumable product usage and improved pricing structures. As surgical clinics leverage greater procedural capacity enabled by the UNITY platforms, there is expected to be a corresponding rise in consumables consumption and a reduction in total per-procedure equipment costs, particularly with the VCS system.\n\nConsumables constitute nearly 30% of Alcon's sales and are projected to accelerate their growth rate from approximately 5% in 2025 to about 7% on a constant currency basis in 2026. This growth is largely attributable to the introduction of premium-priced consumable products associated with the UNITY platform, which drive increased pull-through revenue.\n\nThe broader market response to Alcon’s developments appears measured, with the company’s stock showing marginal change, recently quoted at $81.14, representing a negligible decline. This share price movement reflects a market that has priced in much of the company’s growth potential alongside recognition of execution risks and competitive dynamics in ophthalmic equipment and pharmaceuticals.\n\nIn summary, Alcon's strategy to leverage advanced surgical systems and enhanced consumable product offerings highlights the company’s focus on sustainable growth in a competitive market. The upcoming year, particularly 2026, is positioned as a critical period for demonstrating the commercial success of its UNITY platforms and capturing equipment replacement cycles amid evolving customer needs.