Haleon’s full year revenue grew 3% organically (guidance 3.5%) to £11.0bn, held back by low consumer confidence in North America and a weak cold and flu season.
Underlying operating profit grew slightly faster than expected, increasing by 10.5% to £2.5bn.
Free cash flow was broadly stable at £1.9bn and net debt fell £0.6bn to £7.2bn.
2026 organic sales growth is expected between 3-5%, with a high-single digit increase in underlying operating profit. Medium-term sales growth guidance of 4-6% remains unchanged.
The final dividend of 4.9p per share takes the annual total to 7.1p, up 7.6%. £500mn has been allocated to share buybacks this year.
The shares fell 5.4% following the announcement.
Our view
HL view to follow.
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