Haleon reported first-quarter revenue of £2.9bn, reflecting organic growth of 2.2% (2.3% expected). Growth was driven by a 2.4% increase in prices, partly offset by a 0.2% drop in volume and mix.
Divisional performance was mixed. Respiratory Health posted the biggest decline of 3.4%, held back by a weak cold & flu season. Oral Health grew at the fastest pace, up 8.3%, helped by innovation-led premiumisation and geographic expansion.
The group completed around 36% of its £500mn share buyback for the year and invested £65mn in a new Oral Health manufacturing facility in China.
Full-year guidance has been reiterated, with organic revenue growth of 3-5% expected. Underlying operating profit growth is expected to land in the high-single digits.
The shares were down 3.4% in early trading.
Our view
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Haleon key facts
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