Haleon (HLN) Q3 2025 TU earnings summary

Executive summary

• Q3 2025 organic revenue grew 3.4% year-over-year, with price up 1.8% and volume/mix up 1.6%, driven by strong execution, innovation, and premiumization, especially in Oral Health, EMEA & LATAM, and APAC regions.

• Emerging markets revenue rose 7.1%, led by double-digit growth in India and strong performances in Thailand, Malaysia, and China.

• Outperformed North America in consumption, with continued productivity savings and capital allocation discipline.

• Innovation pipeline and premiumization strategies expanded categories and geographies.

Financial highlights

• Q3 2025 reported revenue was £2,799m, up 0.7% year-over-year, with organic revenue growth of 3.4% (1.8% price, 1.6% volume/mix); M&A and FX headwinds diluted reported growth.

• 9-month 2025 organic revenue growth was 3.3%.

• Oral Health grew 6.9%, VMS up 4.9%, Pain Relief up 3.7%, Digestive Health up 2.1%, Respiratory Health declined 1.8%, and Therapeutic Skin Health & Other declined 1.1%.

• Net M&A diluted Q3 revenue by 2.3%, mainly from divestments of Non-US Nicotine Replacement Therapy and ChapStick.

• Supply chain productivity initiatives reduced SKUs by 19% since the start of 2024 and improved equipment effectiveness by double digits.

Outlook and guidance

• FY 2025 organic revenue growth expected around 3.5%, assuming a normal cold and flu season, with high single-digit organic operating profit growth anticipated.

• North America expected to return to growth in 2025 as inventory normalization completes.

• Asia-Pacific anticipated to accelerate in Q4, driven by China and India.

• Net M&A expected to impact FY 2025 revenue by (2.0)% and profit by (5.5)%; FX to reduce net revenue by (3.3)% and adjusted operating profit by (5.1)%.