Haleon Earnings: Tepid Start to 2025 Doesn’t Sway Our Conviction for the Full Year

Wide-moat Haleon reported first-quarter earnings that were largely as we expected. Total sales of GBP 2.9 billion were down 2.3% year over year, but up 3.5% organically (at constant currencies) with 2.4% from price and 1.1% from volume/mix. All five product categories delivered positive organic growth with notable performance from oral health, up 6.6%, and pain relief, up 2.6%. Strong mid-single-digit growth extended across brands like Sensodyne (strong commercial execution and Clinical platform rollout) and Advil and Voltaren (solid demand).