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Alcon May Struggle To Meet 2023 Margin Targets With This Latest Acquisition, Says This Analyst

Alcon May Struggle To Meet 2023 Margin Targets With This Latest Acquisition, Says This Analyst

這位分析師表示，通過最新的收購，愛爾康可能難以實現2023年的利潤率目標
Benzinga Real-time News ·  2022/08/23 15:28
  • Earlier today, Alcon AG (NYSE:ALC) agreed to acquire Aerie Pharmaceuticals Inc (NASDAQ:AERI) for around $770 million, or $15.25/share, to be financed with short- and long-term debt. 
  • Aerie's most recent 2022 revenue guidance is $130-140 million, and ALC expects the deal to be accretive to core EPS in 2024. 
  • Needham says it will wait to update the model until the deal closes, which is expected in 4Q22. It keeps the Buy rating with a price target of $85.
  • The analyst believes AERI's glaucoma franchise fits well with ALC's pharmaceuticals portfolio.
  • Needham says the deal is complementary; however, it could make it more difficult for ALC to reach its 2023 and potentially 2025 operating margin targets.
  • Management believes it can reach a low-20% operating margin in 2023 and the mid-20%s in 2025. 
  • While the deal should be accretive to ALC's gross margin, we expect it to be dilutive to ALC's operating margin by at least 2023.
  • Needham downgraded AERI to Hold from Buy, citing that the company was looking at potential M&A exits since the launch of Rhopressa/Rocklatan failed to meet expectations and financing the commercialization amid the slow-growing glaucoma franchise became more challenging.
  • Price Action: AERI stock is up 35.6% at $15.13, and ALC shares are up 0.09% at $68.00 on the last check Tuesday.
  • 今天早些時候，阿爾康股份公司(紐約證券交易所股票代碼：ALC)同意收購艾瑞製藥公司納斯達克(Sequoia Capital：AAI)收購約7.7億美元，合每股15.25美元，將通過短期和長期債務融資。
  • Airie最新的2022年收入指引為1.3億-1.4億美元，ALC預計這筆交易將在2024年增加核心每股收益。
  • 李約瑟該公司表示，將等到交易完成後再進行更新，交易預計將在22年第四季度完成。該公司維持買入評級，目標價為85美元。
  • 這位分析師認為，Aeri的青光眼專營權與ALC的藥品組合非常吻合。
  • 李約瑟表示，這筆交易具有互補性；然而，它可能會使ALC更難實現2023年乃至2025年的營業利潤率目標。
  • 管理層認為，它可以在2023年達到低至20%的營業利潤率，在2025年達到20%的中值。
  • 雖然這筆交易應該會增加ALC的毛利率，但我們預計至少到2023年，它將稀釋ALC的營業利潤率。
  • Needham將Aeri的評級從Buy下調至持有，理由是該公司正在考慮潛在的併購退出，因為RHopressa/Rocklatan的推出未能達到預期，在增長緩慢的青光眼特許經營權變得更具挑戰性的情況下，為商業化提供資金。
  • 價格行動：Aeri股價上漲35.6%，至15.13美元，ALC股價上漲0.09%，至68.00美元。
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