London, June 29, 2026, 14:01 BST
- London trading was open at the dateline time; regular London Stock Exchange hours run 0800-1630 BST.
- Haleon shares were down 0.40% at 346.90p, lagging a 0.08% drop in the FTSE 100.
- A reported $4 billion upper value for Thorne is about £3.02 billion at GBP/USD 1.3230, or nearly 10% of Haleon’s market value.
- Haleon said Monday it had bought 6.99 million shares for cancellation under its buyback programme.
Haleon PLC (LON:HLN) slipped in London on Monday, but the day’s more useful number for investors was not the 0.40% fall. It was the gap between a possible U.S. supplements deal and Haleon’s own share repurchase plan.
| 14:01 BST market check | Haleon | FTSE 100 |
|---|---|---|
| Last price/index | 346.90p | 10,499.97 |
| Day change | -0.40% | -0.08% |
| Day range | 344.20p-350.20p | 10,473.07-10,521.03 |
| 52-week high | 416.10p | 10,575.31 |
The shares were still 16.6% below their 52-week high, even after gains last week. Google Finance put Haleon’s market value at £30.58 billion and its Monday volume at 3.61 million shares at 14:01 BST.
Reuters reported on Friday that Haleon had bid for Thorne, a U.S. dietary supplements maker owned by L Catterton, and that the Financial Times had put Thorne’s value at up to $4 billion. Haleon said it does not comment on rumour or speculation, according to the Reuters report carried by London South East.
At Monday’s GBP/USD rate of 1.3230, the top end of the reported Thorne valuation equals about £3.02 billion. That is roughly 9.9% of Haleon’s market value and about six times the £500 million Haleon has allocated to buybacks in 2026.
| Capital allocation gauge | Value |
|---|---|
| Reported upper Thorne value | $4.0 bln |
| Sterling value at GBP/USD 1.3230 | £3.02 bln |
| Versus Haleon market value | 9.9% |
| Versus 2026 buyback allocation | 6.0x |
| Equivalent Haleon shares at 346.90p | about 872 mln |
That share count matters. Haleon said Monday that, after settlement of the latest buybacks, shares with voting rights would stand at 8.81 billion. The reported Thorne value is therefore arithmetically equal to just under 10% of that voting share base at Monday’s share price.
The latest buyback filing also shows Haleon bought the 6.99 million shares on June 22 and June 23, with no purchases listed for June 24-26. Based on the company’s venue-by-venue data, the implied weighted average price was about 333.13p, or 4.1% below Monday’s quote.
| Latest buyback batch | Data |
|---|---|
| Shares bought for cancellation | 6,992,435 |
| Implied weighted average price | 333.13p |
| Approximate cash spent | £23.3 mln |
| Monday share price | 346.90p |
| Monday price versus buyback average | +4.1% |
The Thorne report fits a clear hole in Haleon’s mix. Haleon’s vitamins, minerals and supplements unit, which includes Centrum, made £414 million of revenue in the first quarter and grew 1.7% organically. Oral Health was more than twice as large at £932 million and grew 8.3%.
| Q1 2026 category | Revenue | Organic growth | Share of group revenue |
|---|---|---|---|
| Oral Health | £932 mln | +8.3% | 32.6% |
| VMS | £414 mln | +1.7% | 14.5% |
| Pain Relief | £654 mln | -0.3% | 22.9% |
| Respiratory Health | £499 mln | -3.4% | 17.5% |
The Financial Times reported that Thorne is expected to generate $650 million of revenue this year and had achieved more than 30% annual revenue growth under L Catterton. On those reported numbers, the $4 billion upper valuation would be about 6.2 times revenue.
Haleon’s own first-quarter numbers were slower. Group organic revenue rose 2.2%, with price up 2.4% and volume down 0.2%. Chief Executive Brian McNamara said Oral Health was “again performing strongly,” but the quarter was hurt by a weak cold and flu season. Haleon Corporate
The investor question is whether Haleon should spend more on growth or keep shrinking the share count while the stock sits below February’s high. Derren Nathan, head of equity research at Hargreaves Lansdown, wrote after the Q1 update that “better growth in the United States will be the key” to meeting targets. HL
There is also a margin risk. Finance chief Dawn Allen told analysts in April that freight surcharges were “quite small” but that she expected them to increase. Quilter analyst Chris Beckett said Haleon “needs more than the toothpaste business to start performing.” Reuters
Haleon has kept its 2026 guidance for 3%-5% organic revenue growth and high-single-digit adjusted operating profit growth at constant currency. The next scheduled test is H1 2026 results on July 30.
