London · Delayed Price · Currency is GBP · Price in GBX Haleon Earnings Call Transcripts
Fiscal Year 2025
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Organic sales grew 3% in 2025, with strong gains in oral health and emerging markets, but U.S. and cold/flu categories lagged. Gross margin rose 220 bps, and 2026 guidance targets 3%-5% growth, supported by organizational changes and increased investment in A&P and R&D.
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Organic revenue grew 3% in 2025, with strong profit and cash flow despite weak category growth and consumer confidence. Oral health led segment gains, while North America and LATAM faced headwinds. 2026 guidance targets 3%-5% organic growth and high single-digit profit growth.
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Q3 delivered 3.4% organic revenue growth, led by strong innovation and premiumization, with robust gains in oral health and emerging markets. North America outperformed the market in consumption, and inventory normalization is expected to support a return to growth next year.
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Sales guidance is set at around 3.5% growth, with profit outlook raised due to productivity gains. Oral health and emerging markets drive growth, while U.S. inventory and category challenges persist. Savings, innovation, and channel shifts support long-term confidence.
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EMEA, LATAM, and APAC regions delivered solid growth, but North America declined due to weak consumer confidence and retailer inventory reductions. Gross margin gains enabled higher A&P and R&D investment, while full-year guidance was revised to around 3.5% organic growth.
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The company outlined a clear strategy to drive 4-6% annual organic revenue growth, upgrade profit guidance, and reach 1 billion more consumers by 2030. Key initiatives include supply chain simplification, digital investments, and tailored offerings for lower-income consumers, all underpinned by disciplined capital allocation and a focus on superior brands.
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Q1 organic revenue grew 3.5% with broad-based gains, led by strong performance in emerging markets and innovation launches. Full-year guidance for 4%-6% organic growth is reiterated, with H2 expected to be stronger due to new products and market normalization.
Fiscal Year 2024
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2024 results were impacted by a weak cold and flu season and inventory overhang, but strong innovation, emerging market momentum, and increased marketing investment support confidence in 4%-6% growth for 2025. FX headwinds and retailer inventory management remain key risks.
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Delivered 5% organic revenue growth and 9.8% organic profit growth in 2024, with strong cash flow enabling debt reduction and over £1 billion returned to shareholders. Outlook for 2025 is 4%-6% organic revenue growth, with profit growth ahead of revenue.
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Q3 delivered 6.1% organic revenue growth and 7.4% organic profit growth, with strong performance across all regions and categories. FX and M&A were headwinds, but guidance for 4%-6% organic revenue and high single-digit profit growth for FY24 is reaffirmed.
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The discussion highlighted the importance of deep consumer insight, purposeful brand activation, and data-driven marketing to drive growth and differentiation. Innovative campaigns and agile media strategies have led to increased sales, brand trust, and ROI.
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Market confidence has improved, with organic growth targets of 4-6% supported by innovation, divestments, and geographic expansion. Key brands are growing ahead of their categories, and pricing is normalizing, with a focus on balanced volume and price growth by next year.
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Consistent organic sales growth and market share gains are underpinned by innovation in key brands and resilient categories. Margin expansion is supported by productivity initiatives and supply chain optimization, while capital allocation remains focused on buybacks and strategic flexibility.
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H1 saw strong gross margin expansion, improved leverage, and robust growth in oral health and VMS, with H2 organic sales expected at the upper end of guidance. Increased A&P and R&D spend will support new launches, while proactive inventory and capital management continue.
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Strong first-half results with 3.5% organic sales growth and 11% organic profit growth, driven by robust performance in Oral Health and VMS. Updated guidance expects 4-6% organic revenue growth and high single-digit profit growth for the full year.
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EMEA and LATAM drive 40% of revenues with strong growth from power brands in oral health, pain relief, and VMS. Pharmacy is the leading channel, and emerging markets show double-digit growth. Post-demerger, agility and consumer focus have increased, with sustainability and cross-regional learning prioritized.