FORT WORTH, Texas—In anticipation of a spinoff from parent company Novartis (NYSE: NVS) in 2019, Alcon held its first “capital markets day” for investors and analysts in New York City earlier this week. Company executives, including chairman-designate Mike Ball and chief executive officer David Endicott, outlined Alcon’s strengths and how it is “positioned to win in the large, attractive and growing eyecare devices market, where it is already the global leader,” the company’s announcement noted. The executives also presented Alcon’s vision and strategy, near- and longer-term growth drivers, five-year financial goals and what they believe are the benefits of Alcon as a standalone company.

Novartis, as VMAIL reported, announced in June that it intends to execute a tax-neutral, 100 percent spinoff of the Alcon business in 2019. If the transaction proceeds as planned, Alcon Inc. shares will be listed on the SIX Swiss Exchange (SIX) and the New York Stock Exchange under the ticker symbol “ALC,” the announcement noted.

“Alcon has been a leader in the ophthalmic industry for over 70 years and is dedicated to providing innovative products that enhance quality of life by helping people see better,” Ball said in the announcement. “More recently, Alcon has executed a turnaround plan that has reinvigorated its pipeline, strengthened its customer relationships, and increased investments in promotion, capital and systems while developing a nimble medical device culture. These actions have strengthened its foundation and positioned Alcon well to become a standalone company,” Ball added.

Endicott noted that Alcon, with $6.8 billion in sales in 2017, is “uniquely positioned to succeed as a standalone organization.” He added, “Our legacy of industry firsts and advancements, our leading positions in the markets we operate in and our substantial investment in innovation position us well for the future.”

David Murray, chief financial officer, was expected to highlight how Alcon has returned to a position of strength by delivering consecutive quarters of sales growth, and how the company plans to make steady core operating margin improvements to industry benchmark levels, from the high teens today to a low- to mid-20s range by 2023, the announcement noted.

Post-spinoff, Alcon said it is targeting an investment-grade credit rating and a financial framework “focused on sales growth, operational excellence and free-cash flow generation.” The company’s priorities will include investment in organic growth and R&D, a disciplined focus on so-called bolt-on acquisitions, licensing and collaboration opportunities, and returns to shareholders, according to the announcement. Alcon said it expects to pay a regular cash dividend from 2020.

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 Feb. 28, 2019. If approvals are secured and conditions are met, the spinoff is expected to be completed in the first half of 2019.

Alcon’s next capital markets day is scheduled for Dec. 4 in London.