Haleon sees strong first quarter

Haleon posted first-quarter sales ahead of expectations on Thursday, boosted by a strong cold and flu season.

The consumer healthcare giant said revenues in the three months to 31 March rose 9.9% on an organic basis, to £2.99bn, well above analyst forecasts, while prices increased by 7.1%. Growth was seen across oral health, pain relief and digestive health as well as respiratory health.

On a geographical basis, Haleon reported double-digit growth in Europe, Middle East and Africa, Latin America and Asia Pacific, and mid-single digit growth in North America.

China benefited from the removal of pandemic restrictions, Haleon noted, as well as increased cases of Covid, colds and flu.

As a result, the blue chip said it now expected full-year 2023 organic revenue growth to be at the upper end of its 4% to 6% guidance range.

Haleon, which was spun out of GSK last summer, was updating on trading ahead of its annual general meeting. It is scheduled to publish a full first-quarter trading statement in early May.