ALCON, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Earnings (Unaudited) (USD in millions, except share and per share data)

Third-Quarter Earnings Rise 22.4 Percent

as Sales Increase 10.6 Percent

Switzerland, October 22, 2003 Alcon, Inc. (NYSE:ACL) reported global sales of

$822.7 million for the third quarter of 2003, an increase of 10.6 percent over global

sales in the third quarter of 2002, or 7.6 percent excluding the impact of foreign

exchange fluctuations. Reported net earnings for the third quarter of 2003 increased 22.4

percent to $153.1 million, or $0.49 per share on a diluted basis, compared to $125.1

million, or $0.41 per share, for the third quarter of 2002.

the first nine months of 2003, Alcon reported global sales of $2,555.2 million, an

increase of 13.1 percent over global sales of $2,259.9 million for the first nine months

of 2002, or 9.4 percent excluding the impact of foreign exchange fluctuations. Net

earnings for the first nine months of 2003 increased 20.8 percent to $461.5 million, or

$1.49 per share on a diluted basis, compared to $381.9 million, or $1.27 per share, for

the first nine months of 2002.

earnings for the third quarter of 2003 increased faster than sales primarily as a result

of an improvement in gross profit margin compared to the third quarter of 2002 (72.2

percent in 2003 versus 71.2 percent in 2002), although gross margins for nine month

results were stable in both years. The primary reason for the improvement in the quarter

was a shift in the mix of products toward higher margin products, especially intraocular

lenses and glaucoma products compared to last year s third quarter. Selling, general

and administrative expenses registered only a small increase as a percent of sales for the

third quarter of 2003 compared to the third quarter of 2002 (32.3 percent in 2003 versus

32.1 percent in 2002), as higher costs in the third quarter of 2003 related to the

expansion of the U.S. sales force in the fourth quarter of 2002 were partially offset by

declines in legal fees and bad debts. Research and development expenses as a percent of

sales rose slightly to 10.6 percent in the third quarter of 2003 compared to 10.5 percent

in the third quarter of 2002. The combined effect of these results caused operating income

for the third quarter of 2003 to increase 14.7 percent over the same period in 2002. The

company s effective tax rate was 30.4 percent for the third quarter of 2003, compared

to 32.6 percent for last year s third quarter.

Sear, Chairman, President and Chief Executive Officer of Alcon, commented, Our

performance in the third quarter and so far this year demonstrates the ability of our

people to execute our plans consistently to date, and gives us confidence that we will be

able to do so in the future. We have grown constant currency sales in our targeted range

of 8-10 percent and translated that growth into even faster operating and net profit

growth. The value of the diversification of our product lines was evident this quarter, as

we overcame a temporary slowdown in U.S. pharmaceutical sales growth with strong

pharmaceutical sales performance outside the U.S. and also with increases in sales of

intraocular lenses, cataract equipment and consumer eye care products. With the wave of

new products we have introduced this year, and with an extensive slate of new product

applications expected in 2004, Alcon is at the beginning of a new product cycle that we

believe will support top and bottom line growth for many years to come.

by strong growth of surgical products, U.S. sales totaled $434.6 million in the third

quarter of 2003, an increase of 5.8% over U.S. sales of $410.9 million in the third

quarter of 2002. Strong sales of intraocular lenses and glaucoma products contributed most

of the sales growth in the U.S. International sales increased 16.5% to $388.1 million in

the third quarter of 2003, up from $333.0 million in the same period last year. Favorable

currency movements, which accounted for 6.7 percentage points of international sales

growth, and a 28.6 percent increase in pharmaceutical sales were the key components of

international sales growth. U.S. sales accounted for 52.8 percent of total sales in the

third quarter of 2003, compared to 55.2 percent in last year s third quarter.

pharmaceutical sales for the third quarter of 2003 rose 11.6 percent compared to the third

quarter of 2002, or 9.1 percent excluding the impact of foreign exchange fluctuations.

Also driving this growth were sharp gains in Travatan ophthalmic solution sales,

which increased 91.5 percent to $33.9 million in the third quarter of 2003, along with

healthy growth of Azopt ophthalmic suspension outside the United States. Partially

offsetting these positive factors were slower growth rates in the company s seasonal

allergy and ear infection products, which together grew 3.3 percent in the third quarter

of 2003 compared to the third quarter of 2002. Pharmaceutical sales growth slowed during

the third quarter of 2003 because sales in the comparative period in 2002 were strong,

especially in otic products, and because of a small reduction in wholesaler inventories

during this year s third quarter.

surgical sales for the third quarter of 2003 rose 10.5 percent compared to the third

quarter of 2002, or 6.7 percent excluding the impact of foreign exchange fluctuations. A

13.7 percent increase in sales of intraocular lenses and the commencement of

Infiniti lens removal system shipments also contributed to the higher surgical sales

in the third quarter of 2003 compared to the same period in 2002. Refractive sales had a

negative impact on surgical sales growth, as increased procedural revenues arising from

the rapid adoption of higher priced custom procedures were not sufficient to offset

declines in the total number of procedures and equipment purchases.

consumer eye care sales increased 8.4 percent in the third quarter of 2003 compared to the

third quarter of 2002, or 6.2 percent excluding the impact of foreign exchange

fluctuations. Strong sales growth in contact lens care products outside the United States

was a key factor in the overall growth of consumer eye care sales. The continuing success

of the launch of the dry eye treatment, Systane lubricant eye drops, pushed the

artificial tears franchise up 21.3 percent in the third quarter of 2003 compared to the

third quarter of 2002.

the full year 2003, the company increased its guidance for sales to a range of $3,370 to

$3,390 million and for diluted earnings per share to a range of $1.88 to $1.91. The

company also stated that the current market consensus for 2004 diluted earnings per share

is somewhat above its expectations, primarily because of the expiration of its patent on

the ocular antibiotic, Ciloxan ophthalmic solution, increases in marketing expenses

in preparation for the expected launches of several major new products in 2005 and other

start up expenses associated with the development of a backup intraocular lens

manufacturing facility.

receivable and inventories at September 30, 2003 were 16.3 and 8.8 percent higher,

respectively, than at December 31, 2002. Higher unit and dollar sales, along with a weaker

U.S. dollar versus other major currencies, were the primary reasons for the increase in

these balances from the beginning of the year. At September 30, 2003, Alcon reported cash

and cash equivalents of $1,195.1 million, total debt of $1,714.2 million and consolidated

net worth of $1,415.6 million. The net debt balance declined $389.7 million during the

first nine months of 2003 to $519.1 million, as the company continued to generate

significant cash flow from operations. Management believes that net debt is an important

measure of the company s overall liquidity because large balances of cash and cash

equivalents are in Switzerland, while the company s debt is located in subsidiary

operating companies elsewhere.