Haleon plc
- Open
- 9.89
- Day high
- 9.90
- Day low
- 9.68
- Prev close
- 9.91
- Volume
- 5.5M
- Mkt cap
- $43.1B
- P/E (TTM)
- 11.5
- EPS (TTM)
- $0.85
- P/B
- 2.0
- P/S
- 1.6
- Yield
- 1.99%
- Per share
- $0.19
Haleon plc (HLN) is a Healthcare company listed on NYSE. The stock is up 1% over the past year. Drillr has 1 published research article covering HLN.
Haleon plc (HLN) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
HLN earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | $0.27 | $0.28 | +3.6% | $7.5B | +1.2% |
| Feb 25, 2026 | $0.25 | $0.26 | +3.4% | $7.5B | -0.8% |
| Oct 30, 2025 | $0.24 | $0.14 | -42.8% | $7.5B | +171.9% |
| Aug 7, 2025 | $0.24 | $0.08 | -67.3% | $7.3B | +162.4% |
| Feb 27, 2025 | $25.25 | $0.05 | -99.8% | $7.1B | +161.2% |
| Oct 31, 2024 | $0.11 | $0.14 | +27.3% | $6.9B | -37.2% |
| May 1, 2024 | $0.11 | $0.12 | +9.1% | $7.2B | +94.9% |
| Feb 29, 2024 | $10.27 | $6.54 | -36.3% | $7.0B | +0.1% |
| Aug 2, 2023 | $0.22 | $0.08 | -63.5% | $7.3B | +3.0% |
| Mar 2, 2023 | $0.23 | $0.21 | -9.7% | $6.8B | -0.3% |
| Sep 20, 2022 | $0.22 | $0.22 | -1.6% | $5.9B | -7.6% |
| Dec 31, 2021 | — | $0.11 | — | $3.4B | — |
Haleon plc company profile
Overview
Haleon plc (LSE:HLN) is a British multinational consumer healthcare company that was spun off from GlaxoSmithKline in July 2022, making it one of the world's largest standalone consumer healthcare companies. The company was formed through the demerger of GSK's consumer healthcare division, which had been built over decades through acquisitions and internal development. Headquartered in Brentford, United Kingdom, Haleon operates globally across North America, Europe, Middle East, Africa, Latin America, and Asia Pacific, managing a portfolio of well-established consumer health brands that reach millions of consumers daily.
Business
Haleon operates in the consumer healthcare industry, which sits between traditional pharmaceuticals and everyday consumer goods. The company develops, manufactures, and sells over-the-counter healthcare products that consumers can purchase without a prescription to manage common health conditions and maintain wellness. The company's business is organized around five core therapeutic categories: Oral Health represents the largest segment, featuring brands like Sensodyne for sensitive teeth, Parodontax for gum health, and Polident for denture care. These products address dental hygiene, sensitivity, gum disease prevention, and oral care maintenance. Oral health products typically generate the highest margins due to strong brand loyalty and clinical differentiation. Pain Relief includes analgesic brands such as Panadol (acetaminophen-based) and Voltaren (topical anti-inflammatory). These products provide temporary relief from headaches, muscle pain, arthritis, and other common pain conditions. The pain relief category faces intense competition from both branded and generic alternatives. Vitamins, Minerals, and Supplements (VMS) centers around the Centrum brand, one of the world's leading multivitamin franchises. This category includes daily vitamins, targeted supplements for specific demographics (like Centrum Silver for older adults), and specialized nutritional products. The VMS market has grown significantly as consumers increasingly focus on preventive health and wellness. Respiratory Health encompasses brands like Otrivin nasal sprays and Theraflu cold and flu treatments. These products help manage symptoms of common respiratory conditions, allergies, and seasonal illnesses. This category experiences significant seasonality, with higher demand during cold and flu seasons. Digestive Health and Other Products includes various treatments for digestive issues, skin care products, and newer innovations like Eroxon, a topical treatment for erectile dysfunction that the company has been launching in select markets. Based on recent financial performance, Oral Health and VMS appear to be the strongest performing segments, with both showing consistent growth and market share gains across multiple geographies.
Revenue model
Haleon generates revenue primarily through product sales to retailers, pharmacies, and distributors worldwide, who then sell these consumer healthcare products directly to end consumers. The company operates a traditional consumer packaged goods business model where it manufactures products at scale and sells them through various retail channels including supermarkets, pharmacies, drug stores, and increasingly through e-commerce platforms. The company's customers are primarily retailers and distributors rather than end consumers directly. These include major pharmacy chains, supermarket retailers, mass merchandisers, and online retailers across different geographic markets. The company must maintain strong relationships with these channel partners while simultaneously building consumer demand through advertising and promotional activities. Haleon's profitability is influenced by several key factors. Pricing power varies significantly by category and geography, with stronger brands like Sensodyne and Centrum commanding premium pricing due to clinical efficacy and consumer trust. The company has demonstrated ability to implement price increases, particularly during inflationary periods, though this must be balanced against volume impacts. Input cost inflation represents a major margin pressure, affecting raw materials, packaging, and manufacturing costs. The company manages this through productivity programs, supply chain optimization, and strategic pricing actions. Currency fluctuations also impact margins given the global nature of operations, with management noting foreign exchange headwinds of 1-2.5% in recent periods. Advertising and promotional spending is crucial for maintaining market share and driving growth, with the company increasing A&P investment by over 10% in 2024. This investment is necessary to compete against both branded competitors and private label alternatives, but directly impacts short-term margins. Seasonal demand patterns affect profitability, particularly in respiratory health products where cold and flu seasons drive significant volume fluctuations. A mild cold and flu season, as experienced in 2024 with the market declining 15%, can materially impact overall performance. The company's scale provides advantages in manufacturing efficiency, procurement leverage, and the ability to invest in innovation and clinical studies that support premium positioning. However, the consumer healthcare market faces ongoing pressure from private label competition and the need for continuous innovation to maintain differentiation.
Competitive moat
Haleon's competitive advantages stem primarily from its brand portfolio strength and clinical differentiation, though the moat varies significantly across product categories. The company's strongest defensive positions exist in oral health, where brands like Sensodyne have built substantial consumer loyalty through clinical efficacy and dentist recommendations. These products benefit from high switching costs due to the specialized nature of conditions like tooth sensitivity, where consumers are reluctant to change products that work effectively. The company's scale advantages in research and development allow it to conduct clinical studies that support product claims and regulatory approvals. For example, the COSMOS study supporting Centrum's cognitive function benefits provides a significant competitive advantage that smaller competitors cannot easily replicate. Similarly, ongoing innovation in oral care, such as the Clinical White platform and enamel repair formulations, helps maintain technological leadership. Regulatory barriers provide some protection, particularly for newer innovations like Eroxon, where the company has secured regulatory approvals that create temporary exclusivity periods. However, most of the portfolio consists of established over-the-counter products with limited patent protection. The company's distribution relationships and shelf space agreements with major retailers create some barriers to entry, though these are not insurmountable for well-funded competitors. The global reach and local market knowledge accumulated over decades provides advantages in navigating different regulatory environments and consumer preferences. However, Haleon's moat faces several significant challenges. Private label competition is intensifying across most categories, with retailers developing their own versions of common healthcare products at lower price points. The company must continuously invest in marketing and innovation to justify premium pricing. Generic competition is particularly intense in pain relief, where active ingredients like acetaminophen and ibuprofen are commoditized. Digital disruption and direct-to-consumer models pose emerging threats, as new entrants can bypass traditional retail channels and build brands through social media and online marketing. The consumer healthcare industry is also seeing increased competition from wellness and supplement companies that operate with different business models and lower regulatory requirements. Overall, Haleon possesses a moderate moat that is strongest in oral health and certain VMS products, but faces ongoing erosion pressures that require continuous investment in innovation, marketing, and operational efficiency to maintain competitive positioning.
Risks & safety
Haleon demonstrates a moderate margin of safety with solid financial fundamentals but some areas of concern regarding valuation and working capital management. Liquidity and Solvency: • Cash and short-term investments of £2.85 billion provide substantial liquidity buffer • Current ratio of 0.98 indicates tight working capital management, with current liabilities slightly exceeding current assets • Debt-to-equity ratio of 0.62 shows moderate leverage levels • Strong operating cash flow of £2.98 billion and free cash flow of £2.66 billion demonstrate healthy cash generation • No immediate solvency concerns given strong cash flows and available liquidity Valuation Metrics: • Price-to-earnings ratio of 24.1x appears elevated for a mature consumer healthcare company • EV/EBITDA of 30.8x suggests premium valuation relative to industry peers • Price-to-book ratio of 2.15x indicates market expects continued strong returns on equity • Current ROE of 8.9% is reasonable but not exceptional for the sector Other Considerations: • Revenue growth of 3% in 2024 shows modest expansion in challenging market conditions • Gross margin improvements demonstrate operational efficiency gains • Ongoing share buyback program of £500 million indicates management confidence • Seasonal and cyclical exposure in respiratory health creates earnings volatility • Currency exposure across global operations adds complexity to financial forecasting
Recent development
Over the past few years, Haleon has focused on several key strategic initiatives following its 2022 spin-off from GlaxoSmithKline. The company has prioritized innovation and clinical differentiation, particularly in oral health where it has expanded the Clinical White platform to 12 additional markets and launched Clinical Repair products in Germany and other regions. In the United States, the company introduced Sensodyne Clinical Enamel Repair, demonstrating its commitment to science-backed product development. The company has made significant geographic expansion investments, particularly in high-growth emerging markets. Management has increased investment in India's sales force and maintained its joint venture in China despite flat performance in 2024. These moves reflect a long-term strategy to capture growth in markets with expanding middle-class populations and increasing healthcare awareness. Portfolio management has been another key focus, with the company launching Eroxon, a topical erectile dysfunction treatment, though initial results have been below expectations. The company has also been actively managing its phenylephrine inventory ahead of potential FDA regulatory changes, demonstrating proactive risk management. Operational efficiency initiatives include a £300 million productivity program and the proposed closure of the Maidenhead manufacturing facility. These efforts aim to streamline operations while reinvesting savings into research and development, advertising, and promotional activities. The company increased A&P spending by 10.2% in 2024, reflecting its commitment to brand investment. Capital allocation strategy has evolved to include regular share buybacks, with a £500 million program in progress, alongside dividend growth commitments. Management has also indicated interest in bolt-on acquisitions that could strategically strengthen the business, though no major deals have been completed recently. The company has successfully reduced its debt burden by over £2 billion since the spin-off, improving financial flexibility.
HLN company profile · for informational purposes only — not investment advice.
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