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2023 Q1 Trading Statement1
Three months ended 31 March 2023

Strong start to the year demonstrating continued strength of portfolio

  • Q1 reported revenue +13.7%, +9.9% organic with price +7.1% and positive volume/mix +2.8%
  • Strong start to the year with growth across all categories except VMS which declined largely due to the strong comparative for Emergen-C in the US
  • Performance was strong across geographies, with EMEA and LatAm and APAC growing double digit and mid-single digit growth in North America
  • Positive volume mix across all regions despite annualising the impact of the prior year ERP systems cutover and distribution business model change2

Increased operating profit driven by positive operational leverage

  • Q1 Reported operating profit +34.5% to £627m reflecting a large reduction in separation and admission costs
  • Q1 Adjusted operating profit2 +9.5% to £691m, up 3.3% constant currency, largely reflecting positive operational leverage which was partly offset by higher standalone costs and adverse transactional foreign exchange. As a result, Q1 Adjusted operating profit margin was 23.1%, down 90 bps (140 bps constant currency).

Confident of FY 2023 guidance as shared with AGM Trading Update3

Brian McNamara, Chief Executive Officer, Haleon said:

“The new year has started well, and I am particularly pleased that we delivered a healthy balance of positive volume mix and price in the first quarter; demonstrating the strength of the brand portfolio combined with exceptional execution across our markets.

Our strategy is delivering strong growth and our Q1 performance reinforces my confidence in our ability to deliver. Strong innovation and a continued focus on cost discipline underpins this confidence. As we shared at the AGM, for FY23 we expect to deliver towards the upper end of the 4-6% organic revenue growth guidance range.

Looking ahead, I remain excited on the potential of this business and the opportunities ahead, and confident that the quality of our portfolio, our strategy and disciplined capital allocation will enable Haleon to successfully deliver on all medium term guidance.”

View Haleon Q1 2023 Trading Statement

Adjusted results Reported results
Period ended 31 March (unaudited) 2023 vs 2022   2023 vs 2022
Three months organic revenue growth4   9.9% Three months revenue £2,986m 13.7%

  1. All numbers within the 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 on page 7
  2. Which increased Q1 2022 sales by £50m
  3. Assuming spot rates as at 21 April 2023 are sustained
  4. Organic revenue growth, Adjusted operating profit, Adjusted operating profit margin are non-IFRS measures; definitions and calculations of non-IFRS measures can be found on pages 7-11


As shared in the AGM Trading Update (20 April 2023), FY 2023 organic revenue growth is expected to be towards the upper end of the 4-6% range, provided with the FY 2022 results.

All other guidance provided in the FY 2022 results (2 March 2023) remains unchanged.1

1. Assuming spot rates as at 21 April 2023 are sustained

Presentation for analysts and shareholders:

A short presentation followed by Q&A will be hosted by Tobias Hestler, Chief Financial Officer and Sonya Ghobrial, Head of Investor Relations at 9:30am BST (10:30am CET) on 3rd May 2023, which can be accessed at

For analysts and shareholders wishing to ask questions on the Q&A call, please use the dial-in details below which will have a Q&A facility:

UK: +44 808 189 0158
US: +1 855 979 6654
All other: +44 20 3936 2999
Passcode: 288534

An archived webcast of the Q&A call will be available later on the day of the results and can be accessed at

Financial reporting calendar

HY 2023 Results
2 August 2023

Q3 2023 Trading Statement
1 November 2023



Sonya Ghobrial
+44 7392 784784

Rakesh Patel
+44 7552 484646

Emma White
+44 7823 523562

Email: [email protected]


Zoe Bird
+44 7736 746167

Nidaa Lone
+44 7841 400607

Email: [email protected]