Haleon (HLN) Q3 2026 TU earnings summary

Executive summary

• Q3 organic revenue growth was 2.6%, below expectations, as weaker Respiratory Health demand and the China Centrum OTC classification issue offset Oral Health strength.

• Emerging markets remained a growth engine, while operating-model, innovation and commercial-execution changes are underway; management expects stronger growth in 2027, though benefits have taken longer to emerge.

Financial highlights

• Q3 revenue was £2,868m versus £2,799m in Q3 2025; reported growth was 2.5% and organic growth was 2.6%, comprising 2.1% price and 0.5% volume/mix.

• Category revenue and organic growth: Oral Health £930m, +8.8%; VMS £423m, -0.5%; Pain Relief £657m, +0.5%; Respiratory Health £499m, -2.0%.

• Digestive Health revenue was £245m, up 2.5%; Therapeutic Skin Health and Other revenue was £114m, down 0.7%.

• Productivity initiatives drove strong gross margin improvement and supported continued business investment.

Outlook and guidance

• FY26 organic revenue growth guidance was revised to ~2.5%; high-single-digit adjusted operating profit growth at constant currency remains unchanged.

• FY26 net interest cost is expected to be ~£255m and the adjusted effective tax rate ~24.5%; translational FX is expected to be broadly neutral for net revenue and adjusted operating profit.

• Management continues to target 4%–6% medium-term growth and expects stronger performance in 2027; China Centrum OTC headwinds are assumed to continue through 2027.

• No definitive next-year margin outlook was set amid inflation and COGS uncertainty; cost mitigation is expected to rely mainly on supply-chain and operating-model productivity.