Delivering better everyday health with humanity.

We are a global leader in the growing consumer health market. 

Sir Dave Lewis

“2023 marked our first full calendar year as a standalone business, during which we made good progress in establishing our position as a world-leading global consumer health company, with strong foundations to support long-term growth.”

Brian McNamara
Chief Executive Officer

“During the year, we advanced our ambition to become more dynamic and agile, driven by our purpose to deliver better everyday health with humanity. As I reflect on 2023 and look to 2024 and beyond, I am confident about our ability to continue building a business that creates value for all our stakeholders.”

By the numbers

At a glance


of 2023 revenue

Oral Health

We have a clearly defined position and strategy as a premium, specialist, therapeutic oral health player with a number one position in sensitivity with Sensodyne, and a number two position in gum health with parodontax.


of 2023 revenue

Vitamins, minerals and supplements

The VMS category is highly fragmented with the top 20 players accounting for around 23%1 of the market.


of 2023 revenue

Pain Relief

At a global level, the top five players account for c.35%1 of the category, and Haleon is the market leader. 


of 2023 revenue

Respiratory Health

The Respiratory Health category is fragmented globally. The top five players account for 27%1 of the global market.


of 2023 revenue

Digestive Health and other

Haleon has the leading position in Digestive Health driven by strong positions in immediate-relief antacids.

1 Source: Nicholas Hall (2023) and Haleon analysis of third-party market data.

I am pleased to report strong performance with all financial KPIs ahead of our medium-term expectations. After separating from GSK in 2022, Haleon is now on a journey to become more agile and consumer focused with a leading portfolio. During 2023, we examined our processes to ensure that they were fit for purpose and restructured where necessary. 

Tobias Hestler

Chief Financial Officer

By the numbers

Full Year Results 2023



(2022: £10.9bn)

Revenue growth


(2022: 13.8%)

Organic revenue growth1


(2022: 9.0%)

Operating profit


(2022: £1.8bn)

Operating profit margin


(2022: 16.8%)

Operating profit growth


(2022: 11.4%)

Adjusted operating profit


(2022: £2.5bn)

Adjusted operating profit


(2022: 22.8%)

Organic operating profit growth


(2022: 5.9%)

Diluted earnings per share


(2022: 11.5p)

Adjusted diluted earnings per share


(2022: 18.4p)

Total dividend per ordinary share1


(2022: 2.4p)

Net cash inflow from operating activities


(2022: £2.1bn)

Free cash flow


(2022: £1.6bn)

Net debt/adjusted EBITDA


(3.6x as at 31 December 2022)

1 Includes the interim dividend of 1.8p paid on 5 October 2023, and the proposed final dividend of 4.2p per ordinary share. The total dividend represents a payout ratio of c.35% of adjusted earnings (2022: c.30%). For 2022, the payout ratio reflects a proportion of adjusted earnings for the period since listing.

Our strategy

Our strategy is designed to grow our portfolio of leading brands and market categories. We target sustainable above-market growth and attractive returns, with our purpose and culture bringing focus and clarity to the strategic decisions we make. Underpinning the way we run our business are four strategic pillars:

1 I n c r e a s e h ou s e ho l d p e n e t r a t i o n M a x i mis e s i g n i c a n t g r o w t h o p p o r t u n i ti e s a c r o s s o u r c a t e g o r i e s b y a pp l y i n g o u r p r o v e n a pp r o a c h t o p e n e t r a ti o n - l e d g r o w t h . K e y f o c u s a re a s Me a n i n g f u l a n d d i s ti n c ti v e bra n d s I n n o va ti o n E x p e r t a d v oc a c y C o m me r c ia l e x c e l l e n c e 2 C a p i t al i s e o n n e w a n d e m e r g i n g op p o r t u n iti e s I n c r e a s e g r o w t h o f o u r bra n d s a c r o s s c h an n e l s , r ou t e s t o m a r k e t a n d g e o g ra p h i e s . E x p a n d o u r p o r t f o l i o t h r o u g h n e w a n d e me r g i n g c o n su m e r t r e n d s a n d b y pu r s u i n g R x - t o - OT C s w i t c h e s . K e y f o c u s a re a s C h an n e l e x p a n s i o n: e - c om me r c e G e o g rap h i c e x p a n s i o n P o r t f o l i o e x p a n s i o n : e m e r g i n g c o n su m e r t r e n d s R x - t o - OT C s wi t c h e s 3 M a i n t a i n s t r o n g e x e c u ti o n a n d n a n c i a l di s c i p l i n e F o c u s o n d r i v i n g e f c i e n c y , e f f e c ti v e n es s a n d a g i l i t y t o m a k e e v e r y i n v e s t me n t c o u n t . K e y f o c u s a re a s Q ua l i t y a n d su pp l y c h ai n ( Q S C ) M a r k et i n g e x e c u ti o n C om me r c ia l e x e c u ti o n C a s h a n d c o s t c o n t r o l 4 R u n a r e s p o n s i b l e bu s i n e s s M a k e e v e r y d a y h e a l t h m o r e i n c l u s i v e . Pr ot e c t t h e e n v i r o n me n t a n d a d d r es s s o c ia l su s t a i n a bi l i t y b a r r i e r s t o e v e r y d a y h e a l t h . E m b e d s t r o n g g o v e r n a n c e a n d e t h i c a l bu s i n es s b e h a v i o u r s . K e y f o c u s a re a s E n v ir o n me n t H e a l t h i n c l u s i v i t y U p ho l d i n g o u r s t a n d a r d s

Key performance indicators

We have several enterprise metrics monitoring performance across the business, from which we select our key performance indicators.


Organic revenue growth1,2

Measures the strength of our existing portfolio.

Adjusted operating profit1

Our adjusted operating profit is an important indicator of the strength of our business model.

Free cash flow1

Provides the business with capacity to invest in the business, pay down debt and make shareholder returns.

Net debt/Adjusted EBITDA1

Reducing our leverage strengthens our balance sheet and maintains our Investment-Grade credit rating.

Business gained/maintained shared

The attractiveness of our products is key for all our stakeholders, giving them confidence in our ability to increase household penetration and capitalise on new and emerging opportunities.

1 Organic revenue growth, adjusted operating profit, free cash flow and net debt are non-IFRS measures. Definitions and calculations of non-IFRS measures can be found from page 43 of the 2023 Annual Report and Form 20-F.

2 Haleon portfolio revenue growth in 2020 and 2021 was 4.9% and 3.9% respectively which illustrates the performance of the brands that make up the portfolio at the time of the demerger.


Responsible business


Reduction in net Scope 1 and 2 carbon emissions versus 20203

(2022: 44%)


Recycle-ready packaging4

(2022: 65%)


Women in leadership roles

(2022: 43.7%)


Employee engagement

(2022: 80%)

3 The reporting period runs from 1 December 2022 to 30 November 2023. Carbon offsets account for 25% of our market based Scope 1 and 2 carbon emissions. Calculated in accordance with methodology and data improvements, and updated carbon emissions factors for our 2020 baseline, hence the 2022 result differs from the value disclosed in the 2022 Annual Report and Form 20-F.

4 Reporting period runs from 1 July 2022 to 30 June 2023. Recycle-ready means product packaging and devices that are made of materials that are proven to be compatible with existing or emerging recycling infrastructure. In line with the CDP definition of ‘technical recyclability’ this does not take into account whether the collection, sorting, and recycling of the packaging or device happens in practice, at scale, and with reasonable economics.

Annual Report and Form 20-F 2023
(27.18MB, PDF)

From the report


Chair's Statement
(0.10MB, PDF)

CEO's Review
(0.13MB, PDF)

Strategic Report
(3.62MB, PDF)

Corporate Governance
(1.79MB, PDF)

Financial Statements
(1.72MB, PDF)

Key Performance Indicators
(0.10MB, PDF)

Online Spreads
(8.34MB, PDF)

Interactive Report
(16.02MB, PDF)

(0.18MB, PDF)

Form 20-F

(7.7MB, ZIP)

Accessible Report
(11.4MB, PDF)

Request a printed Annual Report and Form 20-F 2023.


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