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2023 Q3 Trading Statement[1]
Three months ended 30 September 2023

5% organic revenue growth demonstrating strength and diversity of portfolio

  • Q3 revenue +5.0% organic growth with price +6.6% and volume/mix (1.6)%; reported (3.3)%
  • 9m revenue +8.5% organic growth with price +7.2% and volume/mix +1.3%; reported +5.6%
  • Strong performance from Power Brands with Q3 organic revenue +9.3%; 9m +9.8%
  • Volume/mix decline in Q3 reflected lower volume in North America in Digestive Health and Other driven by one-off retailer inventory adjustments and the expected decline in Emergen-C; Excluding both factors, volume/mix would have been flat
  • Oral Health delivered high single digit growth, Respiratory reflected a normal seasonal sell in, and VMS was up slightly driven by strong Centrum growth
  • Organic revenue in EMEA and LatAm grew 10.8%, APAC increased 5.9% and North America declined 1.5%

8.8% adjusted operating profit[3] growth; continued strong momentum

  • Q3 operating profit of £584m (+2.6%)
  • Q3 adjusted operating profit growth +8.8% constant currency; reported down 5.0% at £689m
  • Strong Q3 adjusted operating profit margin 24.6% and up +90bps constant currency reflecting positive operational leverage; down 50bps on a reported basis

FY 2023 guidance reiterated, completion of Lamisil sale

  • All FY 2023 guidance unchanged
  • Lamisil sale completed on 31 October 2023

Brian McNamara, Chief Executive Officer, Haleon said:

I am pleased with our Q3 results, which demonstrate continued strong momentum across the business. Despite challenging markets, we have delivered another quarter of strong organic growth, reflecting the strength of our category positions and the ongoing ability of our brands to grow or maintain share.

Our Power Brands grew ahead of the overall portfolio in the period, with all three Oral Health brands, Panadol and Centrum the standout performers. In Oral Health, innovation underpinned brand success alongside excellent execution in market.

The productivity program continues to progress well and remains on track, as we ensure that Haleon’s structure and operations as a standalone business are optimised to deliver effectively for our customers and consumers.

Our FY guidance remains unchanged and we expect to deliver strong growth in both organic revenue and adjusted operating profit constant currency. Whilst we are mindful of what remains an uncertain economic and geopolitical environment, we remain confident in our medium term guidance, and remain committed to drive long term sustainable growth.”

Adjusted results Reported results
Period ended 30 September (unaudited)   vs 2022   2023 vs 2022

Three months organic revenue growth[2]

Nine months organic revenue growth[2]




Three months revenue

Nine months revenue





[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 in the Appendix

[2] Reported revenue is calculated at the average rate for the period. Organic revenue is calculated at constant currency. 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, Adjusted operating profit, Adjusted operating profit margin are non-IFRS measures; definitions and calculations of non-IFRS measures can be found in the Appendix

[3] At costant currency


For FY 2023 the Company continues to expect:

  • Organic revenue growth to be 7-8%
  • Adjusted operating profit growth to be 9-11% constant currency
  • Net interest expense of c.£350m
  • Adjusted effective tax rate of 23-24%

Foreign exchange

As shared in the Aide Memoire dated 9 October 2023, whilst we do not guide specifically on foreign exchange, translational foreign exchange based on spot rates as at 30 September 2023 and using FY2022 results as a base for FY 2023, would have a negative impact of c.3.5% on revenue and negative impact of c.6-6.5% on Adjusted operating profit.


The Lamisil disposal to Karo Healthcare AB announced with HY 2023 results on 2 August completed 31 October 2023. As a reminder at that time we commented that whilst the disposal is expected to be dilutive to Adjusted operating margin in 2024, this should be offset by the productivity program. The impact for FY 2023 is expected be slightly dilutive to constant currency adjusted operating profit growth, which is already reflected in the FY 2023 guidance in the Outlook section above.

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 9:00am GMT (10:00am CET) on 2 November 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: +44 800 279 3956
US: +1 631 570 5613
All other: +44 20 7107 0613
Passcode: 42874219

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

Financial calendar

Haleon Highlights: Oral Health                     7 December 2023

FY 2023 Results                                               29 February 2024

Q1 2024 Trading Statement                            1 May 2024



Sonya Ghobrial   +44 7392 784784

Rakesh Patel       +44 7552 484646

Emma White        +44 7792 750133

Email: [email protected]


Zoe Bird                  +44 7736 746167

Nidaa Lone             +44 7841 400607

Email: [email protected]

About Haleon plc

Haleon (LSE / NYSE: HLN) is a global leader in consumer health, with a purpose to deliver better everyday health with humanity. Haleon’s product portfolio spans five major categories - Oral Health, Pain Relief, Respiratory Health, Digestive Health and Other, and Vitamins, Minerals and Supplements (VMS). 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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