Haleon上半年有機收入增2.6% 經調整每股盈利升12% 維持全年指引

2026 Half year results 
Six months ended 30 June 2026 (unaudited) 
Brian McNamara, Chief Executive Officer, said: 
We delivered a good first half performance in what remains a challenging consumer environment, with 
sequential improvement in Q2 and a more balanced price and volume/mix.
North America delivered further progress and Emerging Market growth accelerated particularly in China, India 
and Latin America. Oral Health remained the standout performer supported by innovation and excellent in-
market execution. Competitive performance was also strong, with 73% of the portfolio gaining or maintaining 
share.
We continue to make strong progress on productivity. This supported gross margin expansion, strong operating 
profit growth and enables investment behind our brands, innovation and capabilities.
Looking ahead, while the external environment remains uncertain, we remain confident in our guidance for the 
year and our medium-term guidance, underpinned by strategic initiatives and the implementation of the new 
operating model, which will drive greater agility and further growth
Footnotes can be found on page 3
Adjusted results2
Reported results
Six months ended 30 June 
2026
vs 2025
2026
vs 2025
Organic revenue growth 
2.6%3
Revenue 
£5,602m
2.2% 
Adjusted gross profit
£3,728m
4.7%4
Gross profit
£3,691m
4.7%
Adjusted gross margin 
66.5% 
140bps4
Gross margin 
65.9%
160bps
Adjusted operating profit
£1,364m 
8.2%4
Operating profit 
£1,172m
(2.6)% 
Adjusted operating profit margin 
24.3% 
120bps4
Operating profit margin 
20.9%
(110)bps 
Adjusted diluted earnings per share
10.3p
12.0%
Diluted earnings per share 
8.5p
(4.5)%
Free cash flow
£769m 
£35m 
Net cash flow from operating activities 
£1,044m
£17m
Net debt/Adjusted EBITDA
2.5x
Organic revenue growth2: Q2 +3.1% with sequential improvement driven by North America
Group: Sequential improvement with Q2 +3.1%; balanced between price 1.7% and volume/mix 1.4%
North America: Q2 +3.1% (vs +1.0% in Q1) reflecting benefits from growth initiatives and execution
EMEA & LatAm: Q2 +1.7% reflecting challenging market backdrop in Europe and Middle East
Emerging markets: Q2 +6.3% reflecting a strong performance across China, India and Latin America
Oral Health:Q2 +6.2% with continued momentum led by Sensodyne and parodontax supported by innovation 
Market share: In challenging markets, 73%5 of the business gained or maintained market share
Adjusted operating profit growth2: H1 +8.2% at CER4 driven by adjusted gross margin 
Adjusted gross margin: H1 66.5%, up 140bps constant currency due to strong execution on productivity 
Growth reinvestment: H1 A&P +3.2% at constant currency, ahead of sales growth
Adjusted operating margin: H1 +160bps at AER to 24.3% (+120bps CER) reflecting gross margin benefit
Adjusted diluted EPS: 10.3p, up 12.0%
Reported operating profit: (2.6)% to £1,172m with margin of 20.9%, impacted by restructuring costs
Strong cash flow and disciplined capital allocation supporting shareholder returns
Free cash flow: H1 £769m, up £35m supported by strong operating leverage
Net debt/Adjusted EBITDA: 2.5x at end of H1, in line with medium term guidance
Announced capital investment: c.£240m in two new manufacturing sites in China and India to support growth
Share buyback: Completed £457m out of £500m allocated to share buybacks for 2026
Interim dividend: 2.4p, a 9% increase (vs 2025), in line with policy of paying 1/3 of prior year dividend
FY 2026 outlook unchanged
Organic revenue growth: Expected to be in the range of 3-5% 
Adjusted operating profit growth: High single digit growth at constant currency
30 July 2026

 
 
Half year results announcement 
Six months ended 30 June 2026 
 
 
 
2 
 
FY 2026 outlook 
For FY 2026 the Group continues to expect: 
 
Organic revenue growth of 3%-5% 
 
High-single digit adjusted operating profit growth at constant currency 
 
Net interest c.£255m; Adjusted effective tax rate c.24.5% 
 
Foreign exchange 
The Group now expects a slightly positive foreign exchange translation impact on net revenue and adjusted 
operating profit respectively, this is based on Bloomberg forward consensus rates averaged over 20266. 
 
Medium term guidance 
-term guidance is as follows: 
 
4-6% annual organic revenue growth 
 
High-single digit adjusted operating profit growth at constant currency 
 
Adjusted operating profit growth is expected to be supported by c.50 to 80bps (on average) per annum 
of adjusted gross profit margin expansion (at constant currency). This is expected to drive financial 
flexibility through the P&L to enable continued healthy investment in A&P and R&D. Together with 
continued optimisation of tax and interest, this should support strong adjusted EPS growth. 
 
We believe optimal leverage for Haleon is around 2.5x net debt/adjusted EBITDA. We believe that this is 
the right level to enable the business to appropriately balance our capital allocation priorities of continued 
investment for growth, optionality for M&A, providing attractive shareholder returns and sustaining a 
strong investment grade credit balance sheet. 
 
 

 
 
Half year results announcement 
Six months ended 30 June 2026 
 
 
 
3 
 
Presentation for analysts and shareholders 
 
A recorded results presentation by Brian McNamara, Chief Executive Officer, and Dawn Allen, Chief 
Financial Officer, will be available shortly after 7:00am BST (8:00 am CEST) on 30 July 2026 and can be 
accessed at www.haleon.com/investors. This will be followed by a Q&A session at 9:00am BST (10:00am 
CEST). 
For analysts and shareholders wishing to ask questions, please use the dial-in details below which will 
have a Q&A facility: 
UK: 
 
+44 (0) 808 189 0158 
 
 
US: 
 
+1 855 979 6654 
All other: 
+44 (0) 203 936 2999 
Passcode: 
081063 
 
 
An archived webcast of the presentation will be available later on in the day of the results and can be 
accessed at www.haleon.com/investors. 
 
Financial timetable 
 
Q3 2026 Trading Statement 
29 October 2026 
 
 
Enquiries 
Investors 
Media 
Jo Russell 
+44 7787 392441 
Zoë Bird 
+44 7736 746167 
Rakesh Patel 
+44 7552 484646 
Victoria Durman 
+44 7894 505730 
Email: [email protected] 
Email: [email protected] 
 
About Haleon plc 
Haleon (LSE/NYSE: HLN) is a consumer company that is solely focused on better everyday health. Our 
people, our brands, our research, our investment and our innovation are aimed at improving the everyday 
health of consumers. Our product portfolio spans six major categories - Oral Health, Vitamins, Minerals 
and Supplements (VMS), Pain Relief, Respiratory Health, Digestive Health and Therapeutic Skin Health 
and Other. Our superior brands - such as Advil, Centrum, Otrivin, Panadol, parodontax, Polident, 
Sensodyne, Theraflu and Voltaren are trusted by more than one billion consumers and are recommended 
by health professionals around the world. For more information please visit www.haleon.com 
 
 
 
 
 
 
Notes and forward looking statements 
1. The commentary in this announcement contains forward-looking statements and should be read in conjunction with the cautionary note on page 32 
2. Organic revenue growth, organic operating profit growth, adjusted operating profit, adjusted operating profit margin, adjusted gross profit, adjusted 
gross profit margin, adjusted diluted earnings per share, free cash flow, adjusted profit attributable to shareholders, net debt, adjusted EBITDA, adjusted 
effective tax rate, adjusted profit before tax and net debt/adjusted EBITDA are non-IFRS measures; definitions and calculations of non-IFRS measures 
can be found on pages 32 to 44 
3. On an organic basis, at constant currency and excludes the impact of divestments, acquisitions, manufacture and supply agreements (MSAs) relating 
to divestments and closure of production sites 
4. At constant currency 
5. Refers to Consumer Health market. Market share statements throughout this announcement are estimates based 
party market data of revenue for YTD May 2026 including IQVIA, IRI and Nielsen data. Represents percentage of brand-market combinations gaining 
 
6. As of 30 June 2026 

 
 
Half year results announcement 
Six months ended 30 June 2026 
 
 
 
4 
 
Strategy 
 
We are guided by our purpose to deliver better everyday health with humanity. At our Capital Markets 
Day in May 2025, we outlined our Win as One strategy that will unlock significant potential as we transform 
into an agile, world class consumer company through three key areas: growth, productivity and culture. 
 
It will support our ambitions to reach one billion more consumers by 2030 and deliver industry-leading 
shareholder returns. 
 
Growth 
Leveraging our global footprint, scaling our innovations and capitalising on the strength and breadth of 
our superior brands, will enable us to deliver health in more hands. We are focused on three key areas: 
 
 
Closing the incidence versus treatment gap: Examples include in China, 75% of adults experience 
gum problems, yet only 40% seek treatment. The launch of parodontax introduced the first toothpaste 
clinically proven to address the root cause of bleeding gums by breaking down plaque. Developed with 
local sensory scientists, the formulation was tailored to Chinese consumer preferences, combining efficacy 
with a sweeter flavour profile, enhanced fragrance and a richer foaming experience, driving strong 
consumer uptake. Overall, this resulted in strong double-digit growth for the brand in the region. 
 
Innovation-led premiumisation: Haleon launched Centrum Age Defy in the US, a high-potency 
multivitamin formulated to help consumers stay ahead of ageing. Initial results have been strong, 
supported by effective activation driving market share gains. Voltaren 2% Gel, the only clinically proven 
2% diclofenac formulation shown to deliver deep joint penetration, continued to perform strongly with 
launches rolled out in further markets following its successful activation in China in 2025. In India, growth 
was driven by expert advocacy and its clinically proven 12-hour pain relief claim. In China, Voltaren 2% 
Gel helped the brand achieve its highest-ever market share, supported by impactful in-store activation 
and sports partnerships that increased awareness and relevance among both active and older consumers. 
 
Expanding our reach with lower income consumers: Two years ago, Haleon launched an Rs. 20 
Sensodyne pack in India, to drive penetration with new consumers at a more affordable price point. 
Distribution has grown to more than 500,000 stores, reaching critical mass, supported by strong media 
investment and rural outreach programmes. During the half, we launched Sensodyne Fresh Gel at the 
same Rs. 20 price point, which has seen strong consumer uptake. These initiatives helped drive double-
digit Sensodyne growth in India, with more than 40% of tubes sold in H1 coming from affordable offerings. 
Building on this success, we have launched a value-tier proposition in Brazil, initially piloting in São Paulo, 
where early results have been encouraging. 
 
Productivity 
Haleon is developing a more efficient and agile supply chain. Initiatives are expected to realise £800m in 
gross supply chain savings by 2030 and contribute 50 to 80bps per annum (on average) of adjusted gross 
a number of key pillars: 
Immediate Accelerators for a near-term impact 
 
We continued to make progress and have reduced SKUs by c.27% (target c.30% by 2028) and 
formulations by c.26% (target 25-30% by 2028) since the beginning of 2024 
 
Over 180 robots have been implemented worldwide over the last 18 months to enhance productivity 
and safety in manufacturing processes 
 

 
 
Half year results announcement 
Six months ended 30 June 2026 
 
 
 
5 
 
Strategy (cont.)
Operational Excellence to drive improvement across daily operations through shifting to a culture of 
quality and performance 
 
Trial of continuous manufacturing for tablet production to reduce traditional batch processes has been 
successful 
Build for Tomorrow focused on the mid-to-longer term horizon, with benefits starting to be felt from 
2027 
 
We agreed a five-year strategic partnership with Microsoft to enhance capabilities, simplify processes 
and leverage data more effectively across the business, including the supply chain 
 
Across our supply chain network, we continue to advance network optimisation initiatives, helping build 
a more efficient and fit-for-purpose manufacturing network through footprint optimisation. This 
includes a c.£175m investment in a new oral health manufacturing facilities in India due to open in 
2028 with supply commencing the following year. In addition, we will strengthen our manufacturing 
footprint in China with a c.£65m investment in a new Oral Health manufacturing plant. 
Culture 
In support of our Win as One ambitions, we are shaping a culture that will help us to deliver on our strategy 
and financial commitments. A world-class, agile and performance-focused consumer company, will be 
underpinned by our purpose to deliver better everyday health with humanity. 
In January 2026
 be a critical enabler of our 
strategy - simplifying how we work, enabling faster and clearer decisions, bringing us closer to consumers, 
and building a more connected, agile and performance-focused organisation. 
Having now largely completed the design phase, Haleon is moving to implementation. Key elements 
include: 
 
The creation of a new Chief Growth Officer (CGO) role. The CGO role has responsibility for Haleon's 
category organisation, Marketing and Strategy functions, as well as a new global Commercial 
Excellence team. The CGO leads Haleon's growth and innovation agenda in partnership with the 
R&D and Supply Chain functions. 
 
Six Operating Units bringing the voice of consumers deeper into strategic decision making, taking 
accountability for in-year performance, execute category strategies and partner with functions to 
build capability and long-range plans 
 
Functions will focus on the capabilities, priorities and ways of working that matter most, operating 
efficiently and effectively 
The implementation of the operating model is expected to result in annualised gross cost savings of c. 
£175m-200m over the next two years, with a third of the savings to be delivered in 2026 and the remainder 
in 2027. The savings will be delivered through leveraging our new Growth function, streamlining our 
organisation to be category led and leveraging automation and AI. We expect to incur costs broadly in line 
with the annualised gross savings, with a higher proportion of costs weighted towards 2026. 
 

 
 
Half year results announcement 
Six months ended 30 June 2026 
 
 
 
6 
 
Category review
 
Revenue by product category for the six months ended 30 June: 
 
 
Revenue (£m) 
Revenue change (%) 
2026 
2025 
Organic1 
FX impact 
Net M&A 
impact 
Reported 
Oral Health 
1,838 
1,728 
7.3% 
(0.9)% 
 
6.4% 
VMS 
849 
833 
1.9% 
 
 
1.9% 
Pain Relief 
1,323 
1,286 
2.1% 
0.8% 
 
2.9% 
Respiratory Health 
850 
893 
(4.7)% 
(0.1)% 
 
(4.8)% 
Digestive Health 
490 
491 
2.4% 
(2.6)% 
 
(0.2)% 
Therapeutic Skin Heath and Other 
252 
249 
1.6% 
0.8% 
(1.2)% 
1.2% 
Group revenue 
5,602 
5,480 
2.6% 
(0.4)% 
(0.0)% 
2.2% 
 
1. Definitions and calculations of non-IFRS measures can be found on pages 32 to 44
 
All commentary below refers to organic revenue growth unless otherwise stated. 
 
Oral Health (33% of H1 2026 revenue) 
H1 organic revenue: +7.3% (reported: +6.4%); Q2: +6.2% (reported: +6.8%) 
During the half, Oral Health delivered strong market share gains supported by innovations and geographic 
expansion, combined with strong in-
potential supported by a strong innovation pipeline and geographic expansion. 
 
Double digit growth in Sensodyne was supported by continued strength in the Sensodyne Clinical platform. 
Clinical White continues to drive penetration gains, attracting a younger audience into the franchise. Haleon 
launched Sensodyne Clinical Repair in the US, with early data indicating it is the number one innovation in 
the category in value terms. 
 
Across parodontax, strong performance was seen from recent innovation launches including parodontax 
Gum Strengthen & Protect in US. In addition, the launch in China continues to progress at pace. This, 
combined with penetration growth across a number of markets supported double digit growth for the brand. 
 
Denture Care saw mid-single digit growth with the Max Hold + premium range of adhesives continuing to 
scale. Poligrip Ultimate All in One continues to expand geographically, with the recent launch in Japan.
Aquafresh declined mid-single digit. 
 
VMS (15% of H1 2026 revenue) 
H1 organic revenue: +1.9% (reported: +1.9%); Q2: +2.2% (reported: +4.3%) 
Mid-single digit growth in Centrum reflected a strong performance in North America and APAC. Growth in 
North America was driven by stronger distribution, the launch of innovations including Centrum Age Defy
and the activation of biological ageing claims on Centrum Silver driving market share gains. Performance 
in APAC reflected the launch of an upgraded Centrum Daily Kit in China. Europe was flat with a decline in 
the second quarter reflecting weak market conditions. 
 
Caltrate grew mid-single digit, supported by e-comm and the expansion of Caltrate glucosamine platform 
and Caltrate Joint which continues to scale. 
 
Strong performance in Centrum and Caltrate was partly offset by a decline in local brands including Be-
Total, Scotts and Vitasprint. 
 
 
 
 

 
 
Half year results announcement 
Six months ended 30 June 2026 
 
 
 
7 
 
Category review (cont.) 
 
Pain Relief (24% of H1 2026 revenue) 
H1 organic revenue: +2.1% (reported: +2.9%); Q2: +4.6% (reported +7.0%) 
H1 organic growth was driven by mid-single-digit growth in Voltaren, supported by innovation including 
the launch of Voltaren 2% Gel in a number of markets which delivered strong market share gains, 
particularly in China. We also extended the brand into the non-medicated topical segment with the launch 
of our Sensorials portfolio in France and Australia, including VoltaHeat and VoltaCool. Early results are 
encouraging, with share gains driving incremental category growth. Performance also benefited from retail 
ordering patterns 
 
Panadol also grew mid-single digit through the continued success of the 
 campaign. 
Growth was supported by innovation including Panadol Dual Action, a paracetamol and ibuprofen 
combination product leveraging technology in Advil in markets including the UK. Strong performance was 
also seen from an improved formulation for Panadol Kids in Australia. 
 
Advil saw a slight decline but outperformed the market. Performance in the second quarter was supported 
by activation of a new campaign, For the Assist in North America around the FIFA World Cup. This, 
combined with retailer ordering patterns helped drive low-single digit growth in the second quarter. 
 
Respiratory Health (15% of H1 2026 revenue) 
H1 organic revenue: (4.7)% (reported: (4.8)%); Q2: (6.5)% (reported: (4.6)%) 
The decline in H1 organic revenue growth reflected a weak cold and flu season, particularly in North 
America, Central & Eastern Europe and China. Whilst the second quarter is smaller for cold and flu sales, 
APAC saw significant double-digit declines from lower levels of incidence, particularly in China. Allergy was 
flat with a strong early season before trending below prior year levels as the season progressed. 
 
Otrivin grew mid-single digit with continued market share gains in Otrivin Nasal Mist. This innovation 
launched in New Zealand with a full pharmacy roll out ahead of the southern hemisphere winter and is 
expected to be launched in additional markets in H2. 
and mid-single digit in Q2. 
 
Digestive Health (9% of H1 2026 revenue) 
H1 organic revenue: +2.4% (reported: (0.2)%); Q2: +5.5% (reported: +5.9%) 
H1 performance was driven by mid-single digit growth in Tums supported by innovations and activations 
around Chewy Bites and the launch of TUMS + Gas Relief in the US along with activations around the FIFA 
World Cup. Benefiber was up double digit helped by media activations to attract younger consumers to 
category. This was offset by double digit decline in Nexium. 
 
ENO revenue sequentially improved with double digit growth in both Latin America and India in the second 
quarter driven by strengthened in-market execution. 
 
 
Therapeutic Skin Health and Other (4% of H1 2026 revenue) 
H1 organic revenue: +1.6% (reported: +1.2%); Q2: 0.4% (reported: 0.8%) 
Across the half, Zovirax delivered strong performance. This was offset by a decline in Fenistil. 
 

 
 
Half year results announcement 
Six months ended 30 June 2026 
 
 
 
8 
 
Revenue by geographical segment for the six months ended 30 June: 
 
Adjusted operating profit by geographical segment for the six months ended 30 June: 
 
Adjusted operating profit1 
(£m) 
YoY organic 
change1 
FX impact 
Net M&A 
impact 
YoY 
change 
2026 
2025 
2026 
North America 
421 
384 
15.3% 
(5.7)% 
- 
9.6% 
EMEA and LatAm 
677 
584 
8.9% 
7.4% 
(0.3)% 
16.0% 
APAC 
334 
308 
11.9% 
(3.6)% 
- 
8.3% 
Corporate and other unallocated 
(68) 
(33) 
>(100)% 
27.3% 
 
>(100)% 
Group adjusted operating profit1
1,364 
1,243 
8.3% 
1.5% 
(0.1)% 
9.7% 
 
Adjusted operating profit margin by geographical segment for the six months ended 30 June 
 
Adjusted operating profit 
margin1 (%) 
YoY organic 
change1 
FX impact 
Net M&A 
impact 
YoY 
change 
2026 
2025 
2026 
North America 
23.0% 
20.7% 
270bps 
(40)bps 
0bps 
230bps 
EMEA and LatAm 
28.0% 
25.3% 
170bps 
110bps 
(10)bps 
270bps 
APAC 
24.6% 
23.3% 
160bps 
(30)bps 
0bps 
130bps 
Group1 
24.3% 
22.7% 
130bps 
40bps 
(10)bps 
160bps 
 
1. Definitions and calculations of non-IFRS measures can be found on pages 32 to 44. Reconciling items for these purposes are the adjusting items, 
Use of Non-IFRS Measures
Use 
of Non-IFRS Measures 
 
All commentary below refers to organic revenue growth unless otherwise stated. 
 
North America: (33% of H1 2026 revenue) 
H1 organic revenue: +2.0% (reported: (1.1)%); Q2: +3.1% (reported: +3.1%) 
H1 2026 organic revenue growth was 2.0% with 2.5% price and (0.5)% volume/mix. In Q2, organic 
revenue growth of 3.1% was split +1.1% price and +2.0% volume/mix. More balanced growth in the 
second quarter was a result of improved execution across retailer partnerships, shelf resets, distribution, 
media and innovation. Together this translated into a stronger share performance despite a challenging 
consumer environment 
 
We continue to expect growth in North America to improve in the second half. This will be underpinned 
by the full benefits from shelf-resets and distribution gains across Oral Health, VMS and Pain Relief. In 
addition, better media effectiveness alongside further innovation roll out and a reduced drag from 
Respiratory Health will support performance. 
 
During the quarter: 
 Mid-single digit growth in Oral Health reflected share gains across Sensodyne and parodontax. 
Consumption across the category outperformed the market by over two times 
Regional review 
 
Revenue (£m) 
Revenue change (%) 
2026 
2025 
Organic1 
Price1 
Vol/Mix1 
FX impact 
Net M&A 
impact 
Reported 
North America 
1,830 
1,851 
2.0% 
2.5% 
(0.5)% 
(3.1)% 
- 
(1.1)% 
EMEA and LatAm 
2,416 
2,309 
1.9% 
3.0% 
(1.1)% 
2.9% 
(0.1)% 
4.7% 
APAC 
1,356 
1,320 
4.7% 
(0.2)% 
4.9% 
(2.0)% 
- 
2.7% 
Group 
5,602 
5,480 
2.6% 
2.1% 
0.5% 
(0.4)% 
(0.0)% 
2.2% 

 
 
Half year results announcement 
Six months ended 30 June 2026 
 
 
 
9 
 
 VMS grew low single digit, with mid-single digit growth in Centrum, supported by strong momentum 
from recent innovation launches partly offset by a decline in Emergen-C 
 Pain Relief grew mid-single digit driven by strength in Voltaren, improved performance across Advil
with the brand seeing share gains in a declining market, and the launch of Excedrin Rapid Relief 
 Respiratory Health declined low-single digit
comparative, and declined mid-single digit 
 Digestive Health grew mid-single digit, supported by double digit growth in Tums and Benefiber,
underpinned by new media activations. This was partly offset by a double-digit decline in Nexium 
 Therapeutic Skin Health and Other grew double digit with strength in Zovirax 
H1 2026 adjusted operating profit grew 15.3% at constant currency, driven by cost efficiencies which 
were partly offset by an increase in A&P. Adjusted operating profit margin was 23.0%, up 270bps at 
constant currency and 230bps at AER. 
 
EMEA and LatAm: (43% of H1 2026 revenue) 
H1 organic revenue: +1.9% (reported: +4.7%); Q2: +1.7% (reported: +4.9%) 
H1 2026 organic revenue grew 1.9% with 3.0% price and (1.1)% volume/mix. In Q2, organic revenue 
growth was 1.7% with 3.5% price and (1.8)% volume mix. 
 
In the half, Latin America saw mid-single digit growth with an acceleration in the second quarter, growing 
high-single digit benefiting from an improved macro-economic environment and stronger execution 
particularly in Sensodyne and ENO. Middle East and Africa also grew mid-single digit, with a broadly flat 
performance in the second quarter, impacted by weakness in UAE from geopolitical conflicts in the region. 
Modest growth in Europe reflected a weak consumer backdrop against an overall market that declined. 
 
During the quarter: 
 Mid-single digit growth in Oral Health was supported by a strong performance from Sensodyne, 
Polident/Poligrip and parodontax reflecting innovation launches and strong in market execution 
 VMS declined mid-single digit with strength in Centrum more than offset by a decline in local brands 
 Pain Relief grew mid-single digit underpinned by strength in Voltaren and Panadol 
 Respiratory Health revenues declined impacted by weakness in allergy 
 Growth in Digestive Health was supported by strength in ENO in Latin America and a number of local 
brands 
 Therapeutic Skin Health and Other declined mid-single digit driven by weakness in Fenistil 
H1 2026 adjusted operating profit grew 8.6% at constant currency, driven by cost efficiencies. Adjusted 
operating profit margin was 28.0%, up 160bps at constant currency and 270bps at AER. 
 
Asia-Pacific (APAC): (24% of H1 2026 revenue) 
H1 organic revenue :+4.7% (reported: +2.7%); Q2:+5.4% (reported: +5.7%) 
H1 2026 organic revenue growth was +4.7% with (0.2)% price and 4.9% volume mix. Haleon 
consumption continued to outperform the market. Q2 organic revenue growth of 5.4% was split (0.7)% 
price and +6.1% volume/mix. The decline in price in Q2 reflected a negative impact from strong hospital 
channel growth in China 
 
India delivered double digit growth from strong in-market execution particularly for Sensodyne. An 
improved performance in China, up high-single digit in the second quarter, was supported by investment 
in e-commerce including Douyin. South-East Asia & Taiwan was up low-single digit, reflecting a slowdown 
in the second quarter arising from the conflict in the Middle East leading to a softer consumer backdrop. 

 
 
Half year results announcement 
Six months ended 30 June 2026 
 
 
 
10 
 
North Asia declined low-single digit from supply constraints in Oral Health which have now been resolved. 
Australia & New Zealand grew mid-single digit. 
 
During the quarter: 
 Oral Health grew double digit driven by Sensodyne and Denture care 
 VMS delivered mid-single digit growth with strength in both Centrum and Caltrate from innovation 
launches and phasing of orders combined with an acceleration in e-comm performance 
 Performance in Pain Relief was underpinned by double digit growth in Voltaren including Voltaren 2% 
gel supported by excellent in-store execution 
 Respiratory Health declined double digit with soft demand for Cold and Flu products 
 Strong performance in Therapeutic Skin Health and Other supported by Bactroban 
H1 2026 adjusted operating profit grew 11.9% at constant currency. This was driven by positive operating 
leverage combined with cost efficiencies, which more than offset an increase in A&P. Adjusted operating 
profit margin was 24.6% and increased 160bps at constant currency and 130bps at AER. 
 
 

 
 
Half year results announcement 
Six months ended 30 June 2026 
 
 
 
11 
 
Regional review - new reporting structure 
 
In January 2026, Haleon announced the evolution of its operating model to drive growth and agility in 
support of its Win as One ambition. This resulted in a structural reporting change to reflect the organisation 
of the business. North America remains largely unchanged. Europe will be reported as a separate segment. 
India Subcontinent (ISC) is separated from Asia Pacific and is now part of our International segment which 
also includes Latin America and Middle East & Africa. Going forward, Haleon will report performance against 
this structure. 
 
Revenue by geographical segment for the six months ended 30 June: 
 
Adjusted operating profit by geographical segment for the six months ended 30 June: 
 
Adjusted operating profit1 (£m) 
YoY 
CER1 
FX 
impact 
YoY change 
2026 
2025 
2026 
North America 
425 
389 
14.9% 
(5.6)% 
9.3% 
Europe 
522 
441 
8.6% 
9.8% 
18.4% 
APAC 
292 
274 
8.0% 
(1.4)% 
6.6% 
International 
193 
 
16.3% 
(4.1)% 
12.2% 
Corporate and other unallocated 
(68) 
(33) 
>(100)% 
27.3% 
>(100)% 
Group adjusted operating profit1 
1,364 
1,243 
8.2% 
1.5% 
9.7% 
 
Adjusted operating profit margin by geographical segment for the six months ended 30 June: 
 
Adjusted operating 
profit margin1 (%) 
YoY 
CER1 
FX 
impact 
YoY change 
2026 
2025 
2026 
North America 
23.2% 
21.0% 
270bps 
(50)bps 
220bps 
Europe 
32.0% 
28.3% 
220bps 
150bps 
370bps 
APAC 
24.7% 
23.8% 
110bps 
(20)bps 
90bps 
International 
20.1% 
18.6% 
180bps 
(30)bps 
150bps 
Group1 
24.3% 
22.7% 
120bps 
40bps 
160bps 
1. Definitions and calculations of non-IFRS measures can be found on pages 32 to 44. Reconciling items for these purposes are the adjusting items, 
Use of Non-IFRS Measures
Use 
of Non-IFRS Measures 
 
North America 
 
Performance in North America is reflected on page 8 
 
The change in adjusted operating profit between the new and historic segmental reporting reflects 
allocation of R&D spend 
 
Europe 
 
Q2 organic revenue growth was 0.4% with 2.2% price and (1.8)% volume mix. 
 
Haleon consumption outperformed the market helped by the strength of our channel mix, innovation 
and strong brands. This was against a weak consumer backdrop with value seeking behaviour in a 
 
Revenue (£m) 
Revenue change (%) 
2026 
2025 
Organic1 
Price1 
Vol/Mix1 
FX impact 
Net M&A 
impact 
Reported 
North America 
1,830 
1,851 
2.0% 
2.5% 
(0.5)% 
(3.1)% 
 
(1.1)% 
Europe 
1,631 
1,556 
0.6% 
2.2% 
(1.6)% 
4.1% 
0.1% 
4.8% 
APAC 
1,182 
1,149 
3.3% 
(0.6)% 
3.9% 
(0.4)% 
 
2.9% 
International 
959 
924 
6.3% 
4.3% 
2.0% 
(2.0)% 
(0.5)% 
3.8% 
Group 
5,602 
5,480 
2.6% 
2.1% 
0.5% 
(0.4)% 
(0.0)% 
2.2% 

 
 
Half year results announcement 
Six months ended 30 June 2026 
 
 
 
12 
 
number of markets including Germany and across Central and Eastern Europe. This resulted in volume 
declines across the overall market with Haleon outperforming. 
 
H1 adjusted operating margin of 32.0% reflects the category mix and market structure. 
 
APAC 
 
Q2 organic revenue growth of 4.0% was split (1.4)% price and 5.4% volume/mix. The decline in price 
in Q2 reflected a negative impact from strong hospital channel growth in China 
 
In Q2, China saw high-single digit with strong growth across all categories save for Respiratory Health. 
South East Asia and Taiwan saw a sequential slowdown from weaker consumer confidence resulting 
from the conflict in the Middle East. Australia and New Zealand grew low-single digit. 
 
International 
 
The International segment reflects performance across Latin America, Middle East & Africa and India 
Subcontinent. 
 
Q2 organic revenue growth of 6.4% was split 5.8% price and 0.6% volume/mix. Volume/mix was 
impacted by declines in Middle East & Africa 
 
Performance in Q2 reflected double digit growth India Subcontinent supported by increased Sensodyne 
household penetration through rural activation programmes. Latin America grew high-single digit, 
reflecting improved execution and strong performance in Sensodyne and ENO. Middle East & Africa 
was broadly flat with a decline in consumption in the UAE amid geopolitical disruption 
 
Delivering strong profit growth and free cash flow 
Capital Markets Day (CMD) outlined its Value Creation Framework which focuses on operating 
leverage, strong cash flow generation and disciplined capital allocation. Taken together, this should support 
our ambition to deliver strong adjusted EPS growth and industry leading shareholder returns. 
 
Six months ended 30 June 
 
2026 
2025 
% 
% 
 
 
 £m 
 £m 
change 
Organic1 
Total revenue 
 
5,602 
5,480 
2.2 
2.6 
Gross profit 
 
 3,691 
3,524 
4.7 
 
Adjusted gross profit1 
 
3,728 
3,561 
4.7 
 
Operating profit 
 
1,172 
1,203 
(2.6) 
 
Adjusted operating profit1 
 
1,364 
1,243 
9.7 
8.3 
Profit before tax 
 
1,056 
1,075 
(1.8) 
 
Adjusted profit before tax1 
 
1,245 
1,114 
11.8 
 
Profit after tax attributable to shareholders of the Group
 
762 
806 
(5.5) 
 
Adjusted profit after tax attributable to shareholders of the 
Group 1 
 
915 
835 
9.6 
 
Diluted earnings per share2 
 
 
 
 
 
Reported (p) 
 
8.5 
8.9 
(4.5) 
 
Adjusted1 (p) 
 
10.3 
9.2 
12.0 
 
 
1. 
Definitions and calculations of non-IFRS measures can be found on pages 32 to 44 
2. 
Diluted earnings per share for the period ended 30 June 2026 has been calculated after adjusting the weighted average number of shares used in 
the basic calculation to assume the conversion of all potentially dilutive shares. 
 
 

 
 
Half year results announcement 
Six months ended 30 June 2026 
 
 
 
13 
 
Operating leverage driving high quality earnings growth 
In H1 2026, Haleon delivered 2.6% organic revenue growth (reported: 2.2%), with consumption 
outperforming the market. 
Organic revenue growth was held back by a lower level of cold and flu incidence particularly in North 
America, Central & Eastern Europe, and Asia-Pacific. 
revenue growth of 5.2%, including double digit growth in India and mid-single digit growth in China. This 
was partly offset by a decline in UAE arising from geopolitical conflicts in the Middle East in the second 
quarter. Developed markets, which accounted for 63% of H1 2026 revenues grew 1.1% organically. 
Adjusted gross profit grew 4.7% constant currency (+4.7% at AER) ahead of revenue growth, with 140bps 
of margin expansion. Key drivers of margin expansion include pricing to offset inflation, net revenue 
management and benefits from the supply chain productivity programme. 
Investment in A&P increased 3.2% constant currency, ahead of organic revenue to represent 20.9% of 
revenue as we continued to invest in our brands and new product launches. Haleon continues to be focused 
on maximising both the efficiency and effectiveness of spend. The increase in spend helped drive a strong 
improvement in market share performance with 73% of the business gaining or maintaining share. 
Adjusted R&D expense declined 2.6% at constant currency, impacted by timing of spend. 
As a result, adjusted operating profit increased 8.2% constant currency with margin expansion of 120bps. 
At actual exchange rates, adjusted operating profit increased 9.7% with margin increasing 160bps to 
24.3%. 
 
Foreign exchange 
Translational foreign exchange impacted H1 2026 revenue by (0.4)% and adjusted operating profit by 
+1.5%. This was primarily driven by slight strengthening of Sterling against a number of major currencies 
including the Euro and a number of emerging market currencies. 
Net finance costs 
Net finance costs were £119m (H1 2025: £129m). This reflected finance costs of £153m (H1 2025: £176m) 
and finance income of £34m (H1 2025: £47m). Lower net finance costs largely relate to the reduction in 
debt. 
Tax charge 
The tax charge on an adjusted basis was £322m (H1 2025: £272m) and the effective tax rate on an 
adjusted results basis was 25.9% (H1 2025: 24.4%). The rate is higher than the prior period due to 
discrete items in the first half which are expected to normalise over the full year. For FY 2026, Haleon 
continues to expect a tax rate on adjusted results of 24.5%. 
The statutory tax charge of £286m (H1 2025: £262m) represented an effective tax rate on IFRS results 
of 27.1% (H1 2025: 24.4%). 
 

 
 
Half year results announcement 
Six months ended 30 June 2026 
 
 
 
14 
 
Earnings per share 
 
Adjusted diluted earnings per share increased 12.0% to 10.3p (H1 2025: 9.2p) reflecting strong growth 
in adjusted operating profit, lower net finance costs, and a 1.6% reduction in diluted weighted average 
share count following the buyback of shares in H2 2025 and H1 2026. This was partly offset by a higher 
tax rate on adjusted profit before tax. 
Strong cash flow generation 
Haleon is a highly cash generative business and in H1 2026, we delivered £769m of free cash flow (H1 
2025: £734m). 
Free cash flow benefitted from strong growth in adjusted operating profit. In addition, FCF benefited from 
slightly lower cash interest, and proceeds from the sale of the Maidenhead, UK site which was more than 
offset by higher tax payments. Net capital expenditure increased by £11m to £140m with spend devoted 
to systems, processes and automation to drive sustainable growth. As previously guided, capital 
expenditure is expected to increase to c. 4% of revenue over the next three to five years. 
Disciplined capital allocation 
 
Haleon has a track record of disciplined capital allocation. Our priorities are to focus on investing for 
growth, execute value accretive bolt on M&A and return excess cash to shareholders. This is underpinned 
by our commitment to a strong investment grade balance sheet and a target leverage of around 2.5 times 
net debt/adjusted EBITDA. 
 
The strong FCF during H1 2026, supported shareholder returns. The main uses of cash included: 
- 
c.£0.5bn allocated to share buybacks in H1 2026 
- 
c.£0.4bn dividend payment 
 
Net debt stood at £7.5bn at the end of June 2026 representing leverage of 2.5x net debt/Adjusted EBIDA. 
In March 2026, we repaid the 
debt maturity which was funded from cash. 
maturity is $2bn due in March 2027. 
 
Dividend 
 
Consistent with our policy to pay approximately one third of the prior year full year dividend as the interim 
dividend the Board has declared a H1 2026 interim dividend of 2.4 pence per ordinary share, up 9% on 
the interim dividend in 2025. This interim dividend is expected to be paid on 17 September 2026 to holders 
of ordinary shares and US American Depositary Shares (ADS) on the register as of 14 August 2026 (the 
record date). The ex-dividend date is expected to be 13 August 2026 for ordinary shareholders and 14 
August 2026 for holders of ADS. For ordinary shareholders wishing to participate in the Dividend 
Reinvestment Programme (DRIP), the election deadline for the DRIP is 28 August 2026. The DRIP is 
provided by Equiniti Financial www.shareview.co.uk/info/drip. 
 
Subject to market conditions and Board approval, Haleon expects to grow its ordinary dividend at least 
in line with adjusted earnings. 
 
 

 
 
Half year results announcement 
Six months ended 30 June 2026 
 
 
 
15 
 
Risks and uncertainties 
The principal risks facing the Group are as set out on pages 50-56 of our 2025 Annual Report and Form 
20-F and are under the headings: growth model; people and organisation; trusted ingredients; supply 
chain resilience; environmental, social and governance; cyber security; geopolitical instability. In our view, 
the nature and potential impact of these principal risks is expected to remain unchanged for the remaining 
six months of the year. In addition to the principal risks, Haleon also faces other enterprise risks that we 
manage as part of our integrated risk management framework, such as employee health and safety; 
financial, legal & compliance; enterprise transformation; product quality and product user safety. 
 
 
The Directors confirm that to the best of their knowledge: 
a) the condensed consolidated interim financial statements on pages 18 to 44 has been prepared in 
accordance with UK-adopted IAS 34 Interim Financial Reporting; and 
 
b) the interim management report on pages 1 to 14 includes a fair review of the information required by 
Transparency Rules. 
 
-F 2025. 
A list of current Directors is maintained on the Haleon plc website: https://www.haleon.com/who-we-
are/leadership/ 
 
Approved by the Board and signed on its behalf by 
 
 
 
Brian McNamara Dawn Allen 
Chief Executive Officer Chief Financial Officer 
 
 
29 July 2026 
 
 
 
 
 
 
 

 
 
Half year results announcement 
Six months ended 30 June 2026 
 
 
 
16 
 
Independent review report to Haleon plc 
 
 
Conclusion 
 
in the half-yearly financial report for the six months ended 30 June 2026 which comprises condensed 
consolidated income statement, condensed consolidated statement of comprehensive income, condensed 
consolidated balance sheet, condensed consolidated statement of changes in equity, condensed 
consolidated cash flow statement and the related explanatory notes. 
Based on our review, nothing has come to our attention that causes us to believe that the condensed set 
of financial statements in the half-yearly financial report for the six months ended 30 June 2026 is not 
prepared, in all material respects, in accordance with IAS 34 Interim Financial Reporting as adopted for 
use in the UK, IAS 34 Interim Financial Reporting as issued by the International Accounting Standards 
cial 
 
 
 
Basis for conclusion 
 
We conducted our review in accordance with International Standard on Review Engagements (UK) 2410 
nancial information consists of making enquiries, 
primarily of persons responsible for financial and accounting matters, and applying analytical and other 
review procedures. We read the other information contained in the half-yearly financial report and consider 
whether it contains any apparent misstatements or material inconsistencies with the information in the 
condensed set of financial statements. 
 
A review is substantially less in scope than an audit conducted in accordance with International Standards 
on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware 
of all significant matters that might be identified in an audit. Accordingly, we do not express an audit 
opinion. 
 
 
Conclusions relating to going concern 
 
Based on our review procedures, which are less extensive than those performed in an audit as described 
in the Basis for conclusion section of this report, nothing has come to our attention that causes us to 
believe that the directors have inappropriately adopted the going concern basis of accounting, or that 
the directors have identified material uncertainties relating to going concern that have not been 
appropriately disclosed. 
 
This conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410. 
However, future events or conditions may cause the Group to cease to continue as a going concern, and 
the above conclusions are not a guarantee that the Group will continue in operation. 
 
 
 
The half-yearly financial report is the responsibility of, and has been approved by, the directors. The 
directors are responsible for preparing the half-yearly financial report in accordance with the DTR of the 
UK FCA. 
 
As disclosed in note 1, the annual financial statements of the Group are prepared in accordance with UK-
adopted international accounting standards. The directors are responsible for preparing the condensed set 

 
 
Half year results announcement 
Six months ended 30 June 2026 
 
 
 
17 
 
of financial statements included in the half-yearly financial report in accordance with IAS 34 as adopted 
for use in the UK and IAS 34 Interim Financial Reporting as issued by the IASB. 
 
In preparing the condensed set of financial statements, the directors are responsible for assessing the 
and using the going concern basis of accounting unless the directors either intend to liquidate the Group 
or to cease operations, or have no realistic alternative but to do so 
 
 
Our responsibility 
 
Our responsibility is to express to the Company a conclusion on the condensed set of financial statements 
in the half-yearly financial report based on our review. Our conclusion, including our conclusions relating 
to going concern, are based on procedures that are less extensive than audit procedures, as described in 
the Basis for conclusion section of this report. 
 
 
The purpose of our review work and to whom we owe our responsibilities 
 
This report is made solely to the Company in accordance with the terms of our engagement to assist the 
Company in meeting the requirements of the DTR of the UK FCA. Our review has been undertaken so that 
we might state to the Company those matters we are required to state to it in this report and for no other 
purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other 
than the Company for our review work, for this report, or for the conclusions we have reached. 
 
 
 
Jeremy Hall 
for and on behalf of KPMG LLP 
Chartered Accountants 
15 Canada Square, London, E14 5GL 
29 July 2026 
 
 
 
 
 
 
 

 
 
Half year results announcement 
Six months ended 30 June 2026 
 
 
 
18 
 
 
CONDENSED CONSOLIDATED INCOME STATEMENT 
FOR THE SIX MONTHS ENDED 30 JUNE (unaudited) 
 
 
2026
2025
 
Notes 
£m
£m
 
 
 
 
Revenue 
2 
 5,602
 5,480
Cost of sales 
 
 (1,911)
 (1,956)
Gross profit 
 
 3,691
 3,524
 
 
Selling, general and administration 
 
 (2,371)
 (2,171)
Research and development 
 
 (151)
 (153)
Other operating income/(expense) 
 
 3
 3
Operating profit 
2 
 1,172
 1,203
 
 
Finance income 
 
 34
 47
Finance expense 
 
 (153)
 (176)
Net finance costs 
 
 (119)
 (129)
 
 
Net monetary gain arising from hyperinflationary economies 
 
 3
 1
 
 
Profit before tax 
 
 1,056
 1,075
 
 
Income tax 
5 
 (286)
 (262)
 
 
Profit after tax for the period 
 
 770
 813
 
 
Profit attributable to shareholders of the Group 
 
 762
 806
Profit attributable to non-controlling interests 
 
 8
 7
 
 
Basic earnings per share (pence) 
7 
 8.6
 8.9
Diluted earnings per share (pence) 
7 
 8.5
 8.9
 
 
 

 
 
Interim results announcement 
Six months ended 30 June 2026 
 
 
 
19 
 
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 
FOR THE SIX MONTHS ENDED 30 JUNE (unaudited) 
 
 
2026
2025
 
£m
£m
 
 
 
Profit after tax for the period 
 770
 813
Other comprehensive (expenses)/income for the period 
Items that may be subsequently reclassified to the income statement: 
 
Exchange movements on overseas net assets 
 29
 (301)
Exchange movements on overseas net assets of non-controlling interests 
 1
 
Fair value movements on cash flow hedges 
 (7)
 28
Reclassification of cash flow hedges to the income statement 
 (14)
 (15)
Related tax on items that may be subsequently reclassified to the income 
statement 
 5
 (3)
Total 
 14
 (291)
Items that will not be reclassified to the income statement: 
 
Remeasurement gains on defined benefit plan 
 21
 22
Related tax on items that will not be reclassified to the income statement 
 (4)
 (7)
Fair value movements on equity investments 
 (2)
 (22)
Total 
 15
 (7)
Other comprehensive (expenses)/income, net of tax for the period 
 29
 (298)
Total comprehensive income, net of tax for the period 
 799
 515
Total comprehensive income for the period attributable to: 
 
Shareholders of the Group 
 790
 508
Non-controlling interests 
 9
 7
 
 
 

 
 
Interim results announcement 
Six months ended 30 June 2026 
 
 
 
20 
 
CONDENSED CONSOLIDATED BALANCE SHEET 
AS AT (unaudited) 
 
 
 
 
 
30 June
2026
31 December
2025
 
Notes 
£m
£m
 
 
 
 
Non-current assets 
 
Property, plant and equipment 
 
 1,900
 1,871
Right of use assets 
 
 159
 126
Intangible assets 
 
 25,745
 25,613
Other investments 
8 
 69
 67
Deferred tax assets 
 
 285
 289
Post-employment benefit assets 
 
 82
 68
Derivative financial instruments 
8 
 8
 9
Other non-current assets 
 
 42
 37
Total non-current assets 
 
 28,290
 28,080
Current assets 
 
Inventories 
 
 1,071
 1,025
Trade and other receivables 
 
 2,289
 2,058
Cash and cash equivalents 
 
 826
 1,324
Derivative financial instruments 
8 
 46
 78
Current tax receivables 
 
 59
 65
Total current assets 
 
 4,291
 4,550
Total assets 
 
 32,581
 32,630
Current liabilities 
 
Short-term borrowings 
9 
 (1,962)
 (836)
Trade and other payables 
 
 (3,796)
 (3,730)
Derivative financial instruments 
8 
 (33)
 (31)
Current tax payable 
 
 (265)
 (267)
Short-term provisions 
 
 (188)
 (69)
Total current liabilities 
 
 (6,244)
 (4,933)
Non-current liabilities 
 
Long-term borrowings 
9 
 (6,290)
 (7,773)
Deferred tax liabilities 
 
 (3,289)
 (3,222)
Post-employment benefit obligations 
 
 (111)
 (114)
Derivative financial instruments 
8 
 (108)
 (34)
Long-term provisions 
 
 (60)
 (40)
Other non-current liabilities 
 
 (39)
 (30)
Total non-current liabilities 
 
 (9,897)
 (11,213)
Total liabilities 
 
 (16,141)
 (16,146)
Net assets 
 
 16,440
 16,484
Equity 
 
Share capital 
10 
 88
 90
Other reserves 
 
 (11,395)
 (11,512)
Retained earnings 
 
 27,687
 27,847
 
 
 16,380
 16,425
Non-controlling interests 
 
 60
 59
Total equity 
 
 16,440
 16,484
 
 
The condensed consolidated interim financial statements were approved by the Board of Directors and signed on its behalf by the Chief Financial 
Officer on 29 July 2026: 
 
 
 
Dawn Allen, Chief Financial Officer 
 
29 July 2026 

 
 
Interim results announcement 
Six months ended 30 June 2026 
 
 
 
21 
 
CONDEN