LONDON, March 27, 2026, 18:25 GMT
Haleon shares were little changed on Friday, sitting near 366 pence after the company published a short pre-results aide memoire — a briefing note for analysts — ahead of its first-quarter trading statement on April 29. 1
That matters because Haleon is still trying to steady investor nerves after it forecast 2026 organic revenue growth of 3% to 5% last month, below its medium-term 4% to 6% goal. Organic revenue strips out currency swings and recent deals, and that February outlook sent the shares down as much as 6%. 2
Friday’s two-page note repeated the same 2026 guidance: 3% to 5% organic revenue growth, high-single-digit growth in adjusted operating profit at constant currency, meaning before exchange-rate moves, net interest expense of about 255 million pounds and an adjusted tax rate near 24.5%. Haleon also said currency translation was still expected to trim about 1% from both reported revenue and adjusted operating profit this year. 3
It did not gloss over the weak spots. The company repeated Chief Executive Brian McNamara’s warning that “what we do know today is that Q1 cold and flu season is going to be below a year ago,” and said Respiratory Health fell 1.9% organically in 2025 after a weak and shorter season, especially in the fourth quarter. 3
North America remains the main watch point. Haleon said the region shrank 0.4% in 2025 and 1.0% in the fourth quarter as softer category growth, a tougher consumer backdrop and lower inventories at retail and pharmacy customers offset strong oral-care demand and an improving vitamins trend. Chris Beckett, an analyst at Quilter Cheviot, said in February that many U.S. households “feel financially stretched,” and that strain was starting to show up even in non-prescription medicines. 3
The pressure is not unique to Haleon. Reckitt, which sells Nurofen and Lemsip, said this month that a milder cold-and-flu season would also weigh on first-quarter healthcare sales, underlining how weather has become a sector issue for over-the-counter products. 4
There are offsets. Haleon’s memo said Oral Health grew 7.9% organically in 2025 and Asia Pacific rose 5.2%, with fourth-quarter growth helped by mid-single-digit gains in China and double-digit growth in India. Reuters reported earlier this month that Haleon is spending 65 million pounds on a new Shanghai oral-health plant as it pushes Parodontax into more Chinese cities, with McNamara saying “China’s an incredible market.” 3
Haleon is also leaning on cash returns. The company allocated 500 million pounds to share buybacks for 2026 and started an on-market repurchase programme on March 12, according to its investor site. 5
Still, the setup is brittle. Management has said it expects Haleon to be back in its 4% to 6% medium-term growth range by 2027, but another soft quarter in North America, heavier discounting in vitamins or smokers’ health, or a second weak respiratory season would sharpen doubts about that timetable. 2
Haleon reports first-quarter trading on April 29. Friday’s memo kept the outlook intact, but it did not move the argument on much: investors still need proof that U.S. demand is firming and that the hit from cold-and-flu sales is easing. 6
