Haleon plc (HLN)

Haleon, the consumer health company behind Sensodyne, Panadol, Advil and Centrum, reported first-half 2026 revenue of £5,602m on 30 July 2026, up 2.2% 2.

Organic revenue growth, which leaves out currency swings and business disposals, was 2.6%, made of 2.1% from price and 0.5% from volume and mix 2.

Adjusted operating profit rose 8.2% at constant currency to £1,364m, while reported operating profit fell 2.6% to £1,172m because of restructuring costs 2.

The weakest area was respiratory health, where organic revenue fell 4.7% after a weak cold and flu season, particularly in North America, Central and Eastern Europe and China 2.

Haleon says its full-year 2026 outlook is unchanged, and its financial timetable lists a third-quarter 2026 trading statement for 29 October 2026 2.

Haleon is the result of combining three consumer health businesses over the last decade 1.

Its scale grew when the GSK consumer health business joined the Novartis one in 2015, and that business then joined the Pfizer one in 2019 1.

From 2019 to 2021 it also disposed of non-core brands, with net proceeds of £1.1bn, to focus on faster-growing categories, markets and channels 1.

On 18 July 2022 Haleon demerged from GSK, which gave it management and money decisions focused only on consumer health 1.

Pfizer held 32% of Haleon after the demerger and ceased to be a shareholder on 21 March 2025 1.

In 2024 it disposed of ChapStick and of the nicotine replacement therapy business outside the United States 1.

In May 2025 it set out its Win as One strategy at a Capital Markets Day, built on growth, productivity and culture 2.

Reported revenue fell 1.8% to £11,030m in 2025 from £11,233m in 2024, but grew 3.0% organically 1.

Haleon said this was below its medium-term expectations, mainly because of a weak cold and flu season and low consumer confidence in North America 1.

Disposals cut reported revenue by 2.0% and currency cut it by 2.8% 1.

Profit improved even as revenue slipped: adjusted operating profit margin rose to 22.9% from 22.3% the year before, which Haleon credited to productivity and operating leverage 1.

Its 2025 annual report records that it also bought the remaining 12% of its TSKF joint venture in China, taking it to full ownership 1.

What it sells, category by category

Oral health is the largest of six categories at 33% of first-half 2026 revenue, and its organic revenue grew 7.3% 2.

Sensodyne, for sensitive teeth, grew at a double-digit rate, and parodontax, for gum health, did too 2.

Vitamins, minerals and supplements were 15% of revenue, up 1.9% to £849m, with Centrum and Caltrate growing and local brands such as Be-Total, Scotts and Vitasprint declining 2.

Pain relief was 24% of revenue at £1.3bn, with Voltaren and Panadol each growing at a mid-single-digit rate while Advil slipped slightly 2.

Respiratory health was 15% of revenue at £850m; Otrivin nasal spray grew at a mid-single-digit rate, but cold and flu medicines suffered from low illness levels 2.

Digestive health was 9% of revenue at £490m, with Tums growing and Nexium falling at a double-digit rate, and skin health, led by Zovirax, was 4% 2.

Regions, people and workforce

In 2025 North America brought in £3,866m of revenue, EMEA and LatAm £4,592m and Asia Pacific £2,572m 1.

Brian McNamara is chief executive and Dawn Allen is chief financial officer, and Vindi Banga became chair from 1 January 2026 21.

Haleon employed an average of 24 thousand people in 2025, 12 thousand of them in EMEA and LatAm 1.

Problems and disputes

Haleon says it is not a party to any Zantac claims and never marketed Zantac in the United States or Canada 1.

It has received notices of possible indemnity claims over over-the-counter Zantac, which it has rejected 1.

In Germany it is party to civil suits from retailers after a 2013 fine on a trademark association working group, who say the information exchange raised their purchase costs 1.

The annual report adds that the sector keeps attracting new global and local competitors, which pressures pricing, margins and market share 1.

The umbrella, in words

Haleon says its brands, such as Advil, Centrum, Otrivin, Panadol, parodontax, Polident, Sensodyne, Theraflu and Voltaren, are trusted by more than one billion consumers 2.

Its subsidiary undertakings are listed in Note 29 of the annual report, and in China it now fully owns its TSKF joint venture after buying the last 12% 1.

By contract, it agreed a five-year strategic partnership with Microsoft, which is an agreement and not a stake 2.

No holder controls Haleon: BlackRock disclosed 5.22% and Wellington Management 4.98%, and the company says major holders have the same voting rights as other shareholders 1.

Pfizer left the register on 21 March 2025, and at 30 September 2026 Haleon had 8,808,341,409 ordinary shares issued, of which 11,763,163 were treasury shares 13.

Haleon expects organic revenue growth of 3% to 5% in 2026 and high single digit adjusted operating profit growth at constant currency 2.

It also expects net interest of about £255m and an adjusted tax rate of about 24.5% 2.

Its medium-term guidance is 4% to 6% organic revenue growth a year, with gross margin widening by about 50 to 80 basis points a year on average 2.

Haleon says about 2.5 times net debt to adjusted EBITDA is the right level of borrowing, and it was at 2.5 times on 30 June 2026 2.

Its new operating model is expected to save about £175m to £200m a year over two years, a third of it in 2026 2.

Haleon expects costs broadly in line with those savings, weighted towards 2026 2.

It also aims for £800m of gross supply chain savings by 2030 and a cut of about 30% in product variants by 2028, having reached about 27% so far 2.

Haleon plans about £175m for new oral health plants in India, due to open in 2028, and about £65m for a new oral health plant in China 2.

It has completed £457m of the £500m allocated to share buybacks for 2026 2.