Three months ended 31 March 2025.

Q1 20251
Three months ended 31 March  Reported revenue(£m) Organic revenue growth2 Reported revenue growth
Haleon 2,853 3.5% (2.3%)
Geographical segment      

North America

 980 1.0% (1.6%)

EMEA and LatAm

 1,188 5.0% (4.3%)

APAC

 685 4.2% 0.4%
Product category      

Oral Health

 880 6.6% 3.0%

VMS

 416 0.9% (1.4%)

Pain Relief

 661 2.6% (0.2%)

Respiratory Health

 465 1.7% (1.1%)

Digestive Health and Other

 431 3.0% (15.7%)

Q1 organic growth across all categories and regions demonstrating strength of portfolio

  • Q1 organic revenue growth2 +3.5% with price +2.4% and volume/mix +1.1%; reported (2.3)%
  • Innovation delivering sustainable growth with successful launches from the roll out of Clinical platform for Sensodyne and also good innovation across both parodontax and Polident/Poligrip. Continued strength with Otrivin Nasal Mist driving both penetration and market share gains
  • Emerging markets revenue up +6.5% organically led by strong performance in India
     

Disciplined capital allocation underpinning attractive shareholder returns

  • c.£170m shares purchased and cancelled in connection with Pfizer’s share offering in March
  • Further c.£330m to be returned through announced on market share buyback programme to complete £500m allocated to share buybacks for 2025
  • Announced agreement to acquire remaining 12% stake in China OTC JV for c.£0.2bn. As a result, Haleon will own 100% of its China OTC business, subject to customary closing conditions
     

Re-iterating FY 2025 guidance

  • Organic revenue growth expected to be 4-6%
  • Organic operating profit growth expected to be ahead of organic revenue growth

Brian McNamara, Chief Executive Officer, said: 

“First quarter trading performance was in line with our expectations. All regions and categories delivered positive organic revenue growth reflecting the strength and geographic balance of our portfolio, supported by strong innovation and in-market execution.

We continue to deliver against our capital allocation priorities, buying back c.£170m shares as part of Pfizer’s final share disposal and also announcing an agreement to acquire full ownership of our China OTC JV which strengthens our position in a key strategic market.

Looking ahead, we continue to expect the macroeconomic environment to remain both challenging and uncertain. However, we are confident that we are well positioned to deliver on our 2025 guidance underpinned by the strength of our portfolio and the categories in which we operate.”

Download Haleon Q1 2025 Trading Statement


2025 Outlook

For FY 2025, the Company continues to expect:

  • Organic revenue growth to be 4-6%
  • Organic operating profit growth to be ahead of organic revenue growth
    • Organic revenue growth and organic operating profit growth are expected to be weighted towards the second half of the year
  • The net impact of M&A3 to dilute FY 2025 revenue and adjusted operating profit by c.2.0% and c.5.5% respectively. This includes the disposals of ChapStick and Haleon’s NRT business outside the US
  • Net interest c.£270m; adj. effective tax rate c.24%; non-controlling interest charge c.£15m
     

Foreign exchange

At FY 24 results, the Company provided an estimate of the impact from translational foreign exchange based on Bloomberg consensus rates averaged over 2025. As of 31 March 2025, Bloomberg consensus indicates a foreign exchange headwind of c.2% and c.3% to net revenue and adjusted operating profit respectively.

Enquiries Investors  Media
Jo Russell                     +44 7787 392441 Zoë Bird                       +44 7736 746167
Rakesh Patel               +44 7552 484646 Victoria Durman         +44 7894 505730
Emma White               +44 7823 523562  
Email: investor-relations@haleon.com Email: corporate.media@haleon.com

1 All numbers within this release are unaudited and are organic unless referenced otherwise. The commentary in this announcement contains forward looking statements and should be read in conjunction with the cautionary note in the Appendix

2 Reported revenue is calculated at the average rate for the period. Organic revenue growth is calculated at constant currency and excludes the impact of divestments, acquisitions, manufacture and supply agreements (MSAs) relating to divestments and closure of production sites. The difference between reported and organic revenue growth is predominantly due to adjustment to recalculate the reported results as if they had been generated at prior year exchange rates. Organic revenue growth and organic operating profit growth are non-IFRS measures; definitions and calculations of organic revenue growth can be found in the Appendix

3 Net M&A includes the disposal of ChapStick and the Nicotine Replacement Therapy business outside the US, and the impact of MSAs

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