First-half revenue came in at £5.6bn (as expected), with organic growth of 2.6%. Declines in Respiratory Health were more than offset by growth in all other segments.
Adjusted operating profit rose 8.2% to £1.4bn (£1.3bn expected), driven by revenue growth and an improved gross margin.
Free cash flow rose by 4.8% to £0.8bn year-on-year, while net debt fell by 2.7% to £7.5bn.
The group increased the interim dividend by 9% to 2.4p per share and has completed the majority of its £0.5bn share buyback programme for 2026.
For 2026, management maintained its outlook for organic revenue growth of 3-5% and high single digit adjusted operating profit growth.
The shares fell 2.0% in early trading.
Our view
HL view to follow.
Haleon key facts
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