Haleon plc reported first‑quarter 2026 revenue of £2.86 billion, essentially flat year‑on‑year after a 0.1 % increase from £2.85 billion in Q1 2025. Organic sales grew 2.2 %, driven by a 2.4 % price lift and a 0.2 % decline in volume and mix. The company also confirmed a £500 million share‑buyback program, with 36 % completed to date.
Oral‑health sales led the quarter, rising 8.3 % to £932 million, a performance the company described as "innovation‑led premiumisation and geographic expansion." Respiratory‑health revenue fell 3.4 % as a weak cold‑and‑flu season reduced demand, while digestive‑health sales slipped 0.4 %. Regional results were mixed: North America grew 1 % organically, EMEA and Latin America 2.1 % each.
Management attributed the modest organic growth to a 2.4 % price increase that offset a 0.2 % volume decline. CEO Brian McNamara said, "We navigated a challenging market," and added, "The soft cold and flu season impacted overall growth by approximately 130 basis points." CFO Dawn Allen noted consumers were becoming "more value‑oriented and seeking more convenience," and highlighted the 8.3 % oral‑health growth as "2x ahead of the market."
Guidance for 2026 remains unchanged: 3‑5 % organic revenue growth and high‑single‑digit operating‑profit growth. McNamara emphasized confidence in the company’s margin‑expansion strategy, stating, "We continue to make progress against our other strategic priorities, with our productivity initiatives driving strong gross margin improvement." He also warned that global geopolitical and macroeconomic uncertainties could impact the outlook, but expected sequential improvement across the year.
Market reaction was muted, with Haleon shares falling 2.32 % in pre‑market trading and 3.3 % later in the day. The decline reflected investor concern that the weak cold‑and‑flu season and broader macro headwinds could pressure the company’s full‑year guidance, despite the strong oral‑health performance and unchanged outlook.
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