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Haleon announced their 2022 Half year results ended 30 June 2022.

  • H1 revenue +13.4% to £5,188m, organic revenue growth +11.6%; 3.7% price and 7.9% volume/mix
  • Strong power brand performance in H1: +13.4% organic growth with Panadol, Theraflu, Otrivin, Advil and Centrum particularly strong
  • 2/3 of our business gained or maintained share in the six months ended 30 June 20221
  • E-commerce 9% total sales, growth in the high teens
  • H1 Reported operating profit increased 22.1% to £900m, with margin 17.3% up 120bps
  • H1 Adjusted operating profit increased 21.2% to £1,191m, up 15.5% at constant currency (CER)
  • H1 Adjusted operating margin 23.0%, up 90bps (CER) and 150bps at reported rates
  • H1 net cash from operating activities was £680m, which included £224m related to the net cash outflow from separation, restructuring and disposals; Free cash flow for H1 2022 was £553m with free cash flow conversion of 102%
  • Net debt at 18 July 2022 was £10,707m; recently repaid £750m of £1.5bn term loan
  • FY22 organic revenue growth and Adjusted operating margin guidance unchanged from HY Trading update on 27 July 2022

  • I am incredibly proud that in the first half Haleon successfully completed its separation from GSK and became an independent listed company. This was the result of a huge amount of hard work and preparation, and I would like to thank all of my colleagues for their tireless efforts, focus and commitment.

    Haleon performed strongly in the first half of the year with double digit revenue growth, importantly with a healthy balance of price and volume/mix reflecting brand strength across our portfolio. Furthermore, we gained or maintained share in most of our business, demonstrating that continued investment is driving sustainable growth, even in difficult market conditions. I am also pleased that we delivered margin expansion in the first half despite significant cost inflation and absorption of standalone costs for the business. Strong free cash flow generation underpins confidence in our ability to de-lever quickly over the coming years. 

    Whilst navigating the current macro-economic challenges and uncertainties, positive momentum in our business has continued into the second half. This combined with the strength of the business reinforces our confidence that we are well positioned to deliver on guidance this year and over the medium term.

    Brian McNamara

    Chief Executive Officer

    Adjusted results

    Reported results

    Six months ended 30 June (unaudited)


    vs 2021



    vs 2021

    Organic revenue growth2






    Adjusted operating profit2



    Operating profit



    Adjusted operating profit margin2


    90 bps3

    Operating profit margin


    120 bps

    Adjusted earnings per share2



    Earnings per share



    Free cash flow2



    Net cash from operating activities




    FY2022 revenue and Adjusted operating margin guidance remains unchanged from the trading update on 27 July 2022.

    FY2022 organic revenue growth is expected to be 6-8%

    Adjusted operating margin in FY2022 is expected to be slightly down at constant currency on last year (FY21: 22.8%). Strong growth, the Pfizer synergies, pricing and ongoing supply efficiencies, will largely offset Haleon standalone costs (£175-£200m), continued investment, inflationary cost pressure and the impact of Russia and Ukraine. Assuming current spot rates are sustained for the rest of the year, currency will be slightly positive on adjusted operating margin.

    In FY2022, the Adjusted effective tax rate is now expected to be at the lower end of the 22-23% range shared previously. FY2022 net interest expense is unchanged at £0.2bn and net capex guidance is unchanged from prior guidance, and remains c.3% sales.

    Separation and Admission costs are now expected to be approximately £0.5bn (at current spot rates) between FY2022 and FY2024, with 80% of costs incurred in FY2022, and the balance split across FY2023 and FY 2024. Admission costs are expected to be just over £0.1bn. (Previously, Separation and Admission costs were expected to be approximately £0.4bn between FY2022 and FY2024, including Admission costs of up to £0.1bn most of which were expected to be incurred in FY2022). 

    All medium term guidance is reiterated, namely annual organic revenue growth of 4-6%, sustainable moderate Adjusted operating margin expansion at constant currency, Net debt/Adjusted EBITDA expected to be below 3x by the end of 2024 and initial dividend expected to be at lower end of 30-50% pay-out range (subject to Haleon Board approval). 

    Current trading

    Positive momentum seen in the first half of the year has continued into the third quarter, albeit at a slower rate as expected, underpinning our guidance for FY2022 organic growth of 6-8%. We believe the business is well positioned to navigate the current macro-economic challenges including rising inflation and the potential impact this may have on consumer behaviour in the future.

    Update on Zantac

    As Haleon stated in the Group’s announcement on 11 August 2022, Haleon is not a party to any Zantac claims.

    Haleon has notified GSK and Pfizer that it rejects their requests for indemnification on the basis that the scope of the indemnities set out in the joint venture agreement only covers their consumer healthcare businesses as conducted when the JV was formed in 2018. At that time, neither GSK nor Pfizer marketed OTC Zantac in the US or Canada.

    Financial reporting calendar

    Q3 2022 Trading Statement

    10 November 2022

    FY 2022 Results

    March 2023

    Q1 2023 Trading Statement

    May 2023

    HY 2023 Results

    August 2023




    Sonya Ghobrial

    +44 7392 784784

    Zoe Bird

    +44 7736 746167

    Rakesh Patel

    +44 7552 484646

    Nidaa Lone

    +44 7841 400607

    Emma White

    +44 7792 750133

    Ross Whittam

    +44 7796 204198

    Email: [email protected]

    Email: [email protected]

    About Haleon plc

    Haleon (LSE: HLN, NYSE: HLN) is a global leader in consumer health, with brands trusted by millions of consumers globally. The group employs over 22,000 people across 170 markets, who are united by Haleon’s purpose - to deliver better everyday health with humanity. Haleon’s product portfolio spans five major categories - Oral Health, Vitamins, Minerals and Supplements (VMS), Pain Relief, Respiratory Health, Digestive Health and Other. Its long-standing brands - such as Advil, Sensodyne, Panadol, Voltaren, Theraflu, Otrivin, Polident, Parodontax and Centrum - are built on trusted science, innovation and deep human understanding.

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    For the full report please view here.

    1. Market share statements throughout this report are estimates based on the Group’s analysis of third party market data of revenue for the first six months of 2022 including IQVIA, IRI and Nielsen data. Represents % of brand-market combinations gaining or maintaining share (this analysis covers > 85% of Haleon’s total revenue).
    2. Organic revenue growth, Adjusted operating profit, Adjusted operating profit margin, Adjusted earnings per share and Free cash flow are non-IFRS measures; definitions and calculations of non-IFRS measures can be found on pages 38 to 45
    3. Change at constant currency
    4. The commentary in this announcement contain forward-looking statements and should be read in conjunction with the cautionary note on page 38