Press Releases
Press Releases
Three months ended 30 September 2024.
Strong Q3 organic revenue growth2 with balanced price and volume/mix
Organic operating profit growth reflects strong execution and continued brand investment
Disciplined capital allocation underpinning attractive shareholder returns
Brian McNamara, Chief Executive Officer, said: “Third quarter trading was strong with momentum across the business underpinned by the strength of our brand portfolio driving market share gains. Oral Health was again a particular highlight, with organic revenue up high-single digit as Sensodyne and parodontax continued to drive growth. All three regions delivered volume/mix growth during the quarter, with North America showing the improvement we expected and China up strongly. We also made significant progress delivering on our capital allocation priorities - completing the disposal of our NRT business outside the US, agreeing to increase our stake in our China joint venture, and completing our share buyback allocation for 2024. Having achieved organic revenue and organic profit growth of 4.4% and 9.7% respectively year-to-date, we are well on track to deliver our full-year 2024 guidance.”
| Adjusted results | Reported results | |||
| Period ended 30 September (unaudited) | vs 2023 | 2024 | vs 2023 | |
| Three months organic revenue growth2 Nine months organic revenue growth2 |
6.1% 4.4% |
Three months revenue Nine months revenue |
£2,780m £8,474m |
(0.6)% (0.7)% |
2024 Outlook
For FY 2024, the Company continues to expect:
Foreign Exchange
As shared in the Aide Memoire dated 7 October 2024, whilst we do not guide specifically on foreign exchange, translational foreign exchange based on spot rates as at 3 October 2024 and using FY 2023 results as a base for FY 2024 would have a negative impact of c.(4)% on revenue and negative impact of c.(6-6.5)% on Adjusted operating profit.
Medium term guidance
Over the medium term, the Company expects:
Capital Allocation
Haleon’s capital allocation priorities are unchanged and Q3 saw good progress.
On 27 September, the Company announced an agreement to acquire an additional 33% interest from its partners in the joint venture (JV) Tianjin TSKF Pharmaceutical Co. Ltd (TSKF), through which Haleon conducts its OTC business in China, for RMB 4,465m (c.£0.5bn). This will result in Haleon having an 88% interest in the JV. TSKF accounted for c.40% of Haleon’s China revenues in FY 2023. China is a key strategic market for Haleon and this acquisition will deliver greater control with increased strategic and operational flexibility. Subject to customary closing conditions, including the approval of Tianjin Pharmaceutical Da Ren Tang Group Corporation Limited’s (DRTG) shareholders and applicable regulatory clearances, the transaction is anticipated to close by the end of 2024 and be accretive to EPS.
On 30 September, the Company announced completion of the disposal of the NRT business outside the US for an upfront payment of £458m, with further deferred, performance-based consideration of up to £42m payable during 2025 and H1 2026.
On 1 October, Haleon announced that it had agreed to make an off-market purchase of 60.5m of our ordinary shares from Pfizer Inc. for a consideration of £230m. Of the total, £115m worth of shares represent the remainder of the £500m allocated to share buybacks in 2024 (as announced on 29 February 2024) and were subsequently cancelled. The remainder of shares acquired from Pfizer (£115m worth) are being held as treasury shares for the purposes of satisfying Haleon’s obligations under its existing employee share plans in 2025. Haleon also announced that it had ended its on-market share buyback programme launched on 1 August 2024.
Presentation for analysts and shareholders:
A short presentation followed by Q&A will be hosted by Tobias Hestler, Chief Financial Officer at 9:00am GMT (10:00am CET) on 31 October 2024, which can be accessed at www.haleon.com/investors/.
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: +44 800 358 1035
US: +1 855 979 6654
All other: +44 20 3936 2999
Passcode: 401552
An archived webcast of the Q&A call will be available later on the day of the results and can be accessed at www.haleon.com/investors/
Financial calendar
FY 2024 Results 27 February 2025
Q1 2025 Trading Statement 1 May 2025
Enquiries
| Investors | Media |
| Rakesh Patel +44 7552 484646 | Zoë Bird +44 7736 746167 |
| Emma White +44 7823 523562 | Gemma Thomas +44 7985 175048 |
| Email: [email protected] | 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.
For more information please visit www.haleon.com.
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, Organic operating profit 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. Advertising and Promotion at constant currency and excluding the net impact of M&A
4. Net M&A includes the disposal of Lamisil, ChapStick and the impact of Manufacturing Service Agreements (MSAs)
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