|
Form
20-F ☒
|
Form
40-F ☐
|
|
Exhibit Number
|
Description
|
99.1
|
Press
Release entitled 2023 Q1 Trading Statement dated
May 3, 2023
|
Strong start to the year demonstrating continued strength of
portfolio
|
|
●
|
Q1 reported revenue +13.7%, +9.9% organic with price +7.1% and
positive volume/mix +2.8%
|
●
|
Strong start to the year with growth across all categories except
VMS which declined largely due to the strong comparative
for Emergen-C in the US
|
●
|
Performance was strong across geographies, with EMEA and LatAm and
APAC growing double digit and mid-single digit growth in North
America
|
●
|
Positive volume mix across all regions despite annualising the
impact of the prior year ERP systems cutover and distribution
business model change2
|
Increased operating profit driven by positive operational
leverage
|
|
●
|
Q1 Reported operating profit +34.5% to £627m reflecting a
large reduction in separation and admission costs
|
●
|
Q1 Adjusted operating profit1 +9.5%
to £691m, up 3.3% constant currency, largely reflecting
positive operational leverage which was partly offset by higher
standalone costs and adverse transactional foreign exchange. As a
result, Q1 Adjusted operating profit margin was 23.1%, down 90 bps
(140 bps constant currency).
|
Adjusted
results
|
Reported
results
|
|||||
Period
ended 31 March (unaudited)
|
2023
|
vs 2022
|
|
2023
|
vs 2022
|
|
Three
months organic revenue growth4
|
|
9.9%
|
Three
months revenue
|
£2,986m
|
13.7%
|
|
|
|
|
|
|
|
|
UK:
|
+44 808 189 0158
|
US:
|
+1 855 979 6654
|
All other:
|
+44 20 3936 2999
|
Passcode:
|
288534
|
HY 2023 Results
|
2 August 2023
|
Q3 2023 Trading Statement
|
1 November 2023
|
Investors
|
Media
|
||
Sonya Ghobrial
|
+44 7392 784784
|
Zoe Bird
|
+44 7736 746167
|
Rakesh Patel
|
+44 7552 484646
|
Nidaa Lone
|
+44 7841 400607
|
Emma White
|
+44 7792 750133
|
|
|
Email: investor-relations@haleon.com
|
Email: corporate.media@haleon.com
|
|
Revenue (£m)
|
|
Revenue change (%)
|
||
|
2023
|
2022
|
|
Reported
|
Organic1
|
Oral Health
|
811
|
741
|
|
9.4%
|
6.6%
|
VMS
|
405
|
405
|
|
0%
|
(3.7)%
|
Pain Relief
|
724
|
635
|
|
14.0%
|
11.0%
|
Respiratory Health
|
510
|
367
|
|
39.0%
|
33.0%
|
Digestive Health and Other
|
536
|
479
|
|
11.9%
|
7.3%
|
Group revenue
|
2,986
|
2,627
|
|
13.7%
|
9.9%
|
|
Revenue (£m)
|
|
Revenue change (%)
|
|||||
|
2023
|
2022
|
|
Reported
|
Organic1
|
|
Price1
|
Vol/Mix1
|
North America
|
1,072
|
940
|
|
14.0%
|
5.1%
|
|
3.6%
|
1.5%
|
EMEA and LatAm
|
1,198
|
1,057
|
|
13.3%
|
13.1%
|
|
12.6%
|
0.5%
|
APAC
|
716
|
630
|
|
13.7%
|
11.7%
|
|
3.4%
|
8.3%
|
Group
|
2,986
|
2,627
|
|
13.7%
|
9.9%
|
|
7.1%
|
2.8%
|
North America
|
|
●
|
Organic revenue growth in North America was 5.1%, with 3.6% price
and 1.5% volume/mix.
|
●
|
Respiratory Health revenue increased double digit given sustained
incidence of cold and flu and some restocking given low stock
levels at the end of last year. Robitussin grew double digit benefitting from
restocking. Flonase grew double digit due to higher advance
sales ahead of allergy season. Pain Relief increased high-single
digit, mainly driven by Advil through good growth in Canada and innovation
in the US, and Voltaren grew double digit. In Oral Health which was
up low single digit, Sensodyne and parodontax both increased double digit offsetting a
decline in Denture Care. Digestive Health and Other which was up
low single digit with growth in Digestive Health such
as Tums offsetting weakness in Smokers Health and
Skin Health. VMS declined double digit largely due to a strong
decline in Emergen-C. Centrum declined low single
digit.
|
Europe, Middle East & Africa (EMEA) and Latin America
(LatAm)
|
|
●
|
Organic revenue growth in EMEA and LatAm was 13.1%, with 12.6%
price and 0.5% volume/mix. This region was most impacted by the
systems cutover which increased revenue in Q1 2022 by
4%.
|
●
|
There was a c.2% benefit to Q1 2023 revenue from pricing in high
inflationary countries (Turkey and Argentina), which impacted the
overall group by c.1%.
|
●
|
Respiratory, Oral Health and Digestive Health all grew double
digit. Respiratory Health benefited from a continued strong cold
and flu season and some restocking given low stock levels at the
end of last year. In Oral Health, Sensodyne was up high-single digit, with double digit
growth in parodontax and Denture Care. In Digestive Health and
Other there was double digit growth in all categories. Pain Relief
grew high-single digit mainly due to double digit growth
in Panadol and low-single digit growth
in Voltaren. VMS revenues declined mid-single digit,
with Centrum up high-single digit offset by a decline
across some Local Brands.
|
●
|
Geographically, Middle East & Africa, Central and Eastern
Europe and Southern Europe saw strong double digit revenue growth.
Latin America and Northern Europe were up high-single digit, and
Germany up mid-single digit.
|
Asia-Pacific
|
|
●
|
Organic revenue growth in Asia-Pacific was 11.7%, with 3.4% price
and 8.3% volume/mix.
|
●
|
Double digit growth in Respiratory and Pain Relief driven mainly
by Fenbid and Contac, which both more than doubled revenue due to
China easing COVID-19 lockdown restrictions. High-single digit
growth in VMS was the result of double digit growth
in Centrum and high-single digit growth
by Caltrate. Digestive Health and Other up mid-single
digit driven by double digit growth in Bactroban in Skin Health and Digestive Health up
mid-single digit, which offset weakness in Smokers Health. Oral
Health was up low-single digit with high-single digit growth in
Denture Care and double digit growth in parodontax. Sensodyne was up low single digit.
|
●
|
Geographically, China grew double digit post the easing of COVID-19
related restrictions. Australia declined high-single digit given
tough comparatives due to COVID-19 related demand in Q1
2022.
|
|
|
|
|
|
|
2023
|
2022
|
|
|
£m
|
£m
|
|
|
|
|
Revenue
|
|
2,986
|
2,627
|
Cost of sales
|
|
(1,146)
|
(1,014)
|
Gross profit
|
|
1,840
|
1,613
|
|
|
|
|
Selling, general and administration
|
|
(1,135)
|
(1,086)
|
Research and development
|
|
(75)
|
(64)
|
Other operating (expense)/income
|
|
(3)
|
3
|
Operating profit
|
|
627
|
466
|
|
|
|
|
Finance income
|
|
10
|
7
|
Finance expense
|
|
(95)
|
(8)
|
Net finance costs
|
|
(85)
|
(1)
|
|
|
|
|
Profit before tax
|
|
542
|
465
|
|
|
|
|
Income tax
|
|
(127)
|
(108)
|
|
|
|
|
Profit after tax for the period
|
|
415
|
357
|
|
|
|
|
Profit attributable to shareholders of the Group
|
|
389
|
343
|
Profit attributable non-controlling interests
|
|
26
|
14
|
|
|
|
|
Basic earnings per share (pence)1
|
|
4.2
|
3.7
|
Diluted earnings per share (pence)1
|
|
4.2
|
3.7
|
|
|
|
|
|
|
|
Three months ended 31 March
|
||
|
|
2023
|
|
2022
|
Average rates:
|
|
|
|
|
USD/£
|
|
1.22
|
|
1.34
|
Euro/£
|
|
1.14
|
|
1.19
|
CNY/£
|
|
8.38
|
|
8.46
|
Swiss Franc/£
|
|
1.13
|
|
1.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortisation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment of
|
|
|
|
Transaction
|
|
Separation
|
|
Disposals
|
|
|
|
|
IFRS
|
|
Intangible
|
|
Restructuring
|
|
Related
|
|
and Admission
|
|
and
|
|
Adjusted
|
£m
|
|
Results
|
|
Assets1
|
|
Costs2
|
|
Costs3
|
|
Costs4
|
|
others5
|
|
Results
|
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
2,986
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
2,986
|
Operating profit
|
|
627
|
|
11
|
|
10
|
|
3
|
|
32
|
|
8
|
|
691
|
Operating profit margin %
|
|
21.0%
|
|
|
|
|
|
|
|
|
|
|
|
23.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
2,627
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
2,627
|
Operating profit
|
|
466
|
|
28
|
|
13
|
|
-
|
|
127
|
|
(3)
|
|
631
|
Operating profit margin %
|
|
17.7%
|
|
|
|
|
|
|
|
|
|
|
|
24.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
Current year organic revenue excludes revenue from brands or
businesses acquired in the current accounting period.
|
-
|
Current year organic revenue excludes revenue attributable to
brands or businesses acquired in the prior year from 1
January of the comparative period to the date of completion of
the acquisition.
|
-
|
Prior year organic revenue excludes revenue in respect of
brands or businesses divested or closed in the current accounting
period from 12 months prior to the completion of the disposal
or closure until the end of the prior accounting
period.
|
-
|
Prior year organic revenue excludes revenue in respect of
brands or businesses divested or closed in the previous accounting
period in full.
|
-
|
Prior year and current year organic revenue excludes
revenue attributable to MSAs relating to divestments and production
site closures taking place in either the current or
prior year, each an Organic Adjustment.
|
-
|
Price: Defined as the variation
in revenue attributable to changes in prices during the period.
Price excludes the impact to organic revenue growth due to
(i) the volume of products sold during the period and
(ii) the composition of products sold during the period. Price
is calculated as current year net price minus prior year
net price multiplied by current year volume. Net price is the
sales price, after deduction of any trade, cash or volume discounts
that can be reliably estimated at point of sale. Value added tax
and other sales taxes are excluded from the net
price.
|
-
|
Volume/Mix: Defined as the
variation in revenue attributable to changes in volumes and
composition of products in the period.
|
|
|
|
|
|
|
|
|
|
|
|
Geographical Segments
|
||||||
|
|
North
|
|
EMEA and
|
|
|
|
|
Q1 2023 vs 2022 (%)
|
|
America
|
|
LatAm
|
|
APAC
|
|
Total
|
Revenue growth
|
|
14.0
|
|
13.3
|
|
13.7
|
|
13.7
|
Organic adjustments of which:
|
|
-
|
|
0.4
|
|
(0.6)
|
|
-
|
Effect
of Acquisitions
|
|
-
|
|
-
|
|
(0.7)
|
|
(0.2)
|
Effect
of Disposals
|
|
-
|
|
0.4
|
|
-
|
|
0.2
|
Effect
of MSAs
|
|
-
|
|
-
|
|
0.1
|
|
-
|
Effect of Exchange Rates
|
|
(8.9)
|
|
(0.6)
|
|
(1.4)
|
|
(3.8)
|
Organic revenue growth
|
|
5.1
|
|
13.1
|
|
11.7
|
|
9.9
|
Price
|
|
3.6
|
|
12.6
|
|
3.4
|
|
7.1
|
Volume/Mix
|
|
1.5
|
|
0.5
|
|
8.3
|
|
2.8
|
|
|
|
|
|
|
|
|
|
|
|
Geographical Segments
|
||||||
|
|
North
|
|
EMEA and
|
|
|
|
|
Q1 2022 vs 2021 (%)
|
|
America
|
|
LatAm
|
|
APAC
|
|
Total
|
Revenue growth
|
|
20.1
|
|
8.0
|
|
15.8
|
|
13.9
|
Organic adjustments of which:
|
|
0.8
|
|
2.0
|
|
0.2
|
|
1.2
|
Effect
of Acquisitions
|
|
-
|
|
-
|
|
-
|
|
-
|
Effect
of Disposals
|
|
0.5
|
|
1.1
|
|
-
|
|
0.6
|
Effect
of MSAs
|
|
0.3
|
|
0.9
|
|
0.2
|
|
0.6
|
Effect of Exchange Rates
|
|
(3.6)
|
|
4.5
|
|
(0.8)
|
|
0.5
|
Organic revenue growth
|
|
17.3
|
|
14.5
|
|
15.2
|
|
15.6
|
Price
|
|
2.0
|
|
0.7
|
|
4.2
|
|
2.6
|
Volume/Mix
|
|
15.3
|
|
13.8
|
|
11.0
|
|
13.0
|
|
Product Categories
|
||||||||||
|
|
|
|
|
|
|
|
|
Digestive
|
|
|
|
Oral
|
|
|
|
Pain
|
|
Respiratory
|
|
Health and
|
|
|
Q1 2023 vs 2022 (%)
|
Health
|
|
VMS
|
|
Relief
|
|
Health
|
|
Others
|
|
Total
|
Revenue growth
|
9.4
|
|
-
|
|
14.0
|
|
39.0
|
|
11.9
|
|
13.7
|
Organic adjustments of which:
|
-
|
|
(0.3)
|
|
-
|
|
-
|
|
0.2
|
|
-
|
Effect
of Acquisitions
|
-
|
|
(0.3)
|
|
(0.5)
|
|
-
|
|
-
|
|
(0.2)
|
Effect
of Disposals
|
-
|
|
-
|
|
0.5
|
|
-
|
|
0.2
|
|
0.2
|
Effect
of MSAs
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Effect of Exchange Rates
|
(2.8)
|
|
(3.4)
|
|
(3.0)
|
|
(6.0)
|
|
(4.8)
|
|
(3.8)
|
Organic revenue growth
|
6.6
|
|
(3.7)
|
|
11.0
|
|
33.0
|
|
7.3
|
|
9.9
|
|
Product Categories
|
||||||||||
|
|
|
|
|
|
|
|
|
Digestive
|
|
|
|
Oral
|
|
|
|
Pain
|
|
Respiratory
|
|
Health and
|
|
|
Q1 2022 vs 2021 (%)
|
Health
|
|
VMS
|
|
Relief
|
|
Health
|
|
Others
|
|
Total
|
Revenue growth
|
5.7
|
|
16.4
|
|
18.0
|
|
51.0
|
|
0.6
|
|
13.9
|
Organic adjustments of which:
|
-
|
|
0.1
|
|
0.3
|
|
-
|
|
4.8
|
|
1.2
|
Effect
of Acquisitions
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Effect
of Disposals
|
-
|
|
-
|
|
0.3
|
|
-
|
|
2.5
|
|
0.6
|
Effect
of MSAs
|
-
|
|
0.1
|
|
-
|
|
-
|
|
2.3
|
|
0.6
|
Effect of Exchange Rates
|
2.2
|
|
(1.6)
|
|
0.6
|
|
1.9
|
|
(1.1)
|
|
0.5
|
Organic revenue growth
|
7.9
|
|
14.9
|
|
18.9
|
|
52.9
|
|
4.3
|
|
15.6
|
|
HALEON
PLC
(Registrant)
|
|
||
Dated:
May 3, 2023
|
By:
|
/s/
Amanda Mellor
|
||
|
|
Name:
|
Amanda
Mellor
|
|
|
|
Title:
|
Company
Secretary
|
|