Research · Sep 3, 2026
[HLN] Haleon Thesis 2026: US Consumer Health Returns to Growth, Organic Guides Higher
Haleon FY25 (Dec 31, 2025; £) at £10.79B revenue (-4% reported / +3% organic). NI £1.63B; EPS £0.36 (+13%). Op margin 22.4% (+280bp). U.S. -0.5%; APAC + EMEA/LatAm mid-single-digit. 60% gained/maintained share. Reorganized: 6 operating units replacing 3 regions. FY26 organic +3-5%; U.S. return to growth; medium-term 4-6%.