Haleon Sees Volume Recovery From North America, and Margins Continue to Improve

Haleon is one of the largest consumer healthcare companies in the world. Over the last few years, Haleon has achieved a more rationalized operation by divesting multiple nonstrategic brands, slimming down its manufacturing footprint, and dialing back the number of warehouses and distribution centers. We appreciate the firm's efforts to optimize its business and believe it is well established to enjoy long-term industry trends, including an aging population, premiumization of consumer healthcare products, and growing emerging markets, that should fuel its top line.