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NEW YORK - Eye drug maker Alcon Inc. said Wednesday its profit fell 18 percent in the third quarter compared with a year ago, when it received a large tax benefit.
Alcon's profit slipped to $515 million, or $1.71 per share, from $627 million, or $2.07 per share, in the year-ago period, which included a $178 million tax gain.
Revenue rose 6 percent, to $1.61 billion from $1.52 billion, due to greater drug and surgical product revenue.
Thomson Reuters says analysts were expecting a profit of $1.45 per share and $1.54 billion in revenue.
The Swiss company said surgical product revenue grew 7 percent to $739 million, and pharmaceutical revenue rose 8 percent to $659 million. Consumer eye care product revenue fell 3 percent to $216 million.
Alcon raised its adjusted profit forecast for the full year, which excludes one-time costs and benefits, to a range of $6.60 to $6.70 per share. Three months ago, it expected $6.25 to $6.40 per share.
Analysts are expecting $6.72 per share, on average.
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