Haleon plc American Depositary Shares (Each representing two Ordinary Shares) 2026 Q2 Earnings Call
Review the key takeaways and the transcript of this earnings call.
- Haleon reported 3.1% organic sales growth in Q2 2026, an improvement from 2.2% in Q1 2026, with volume mix at 1.4%.
- Emerging markets grew sequentially by 6.3%, with expectations of further strengthening in the second half of the year.
- Europe showed a challenging environment with flat growth of approximately 0.4% and low single-digit category declines, while North America delivered 3.1% growth with 2% volume growth driven by shelf resets, innovation, and e-commerce.
- The company delivered a 120 basis points improvement in operating margin on a constant currency basis, driven by a 140 basis points increase in gross margin and a 40 basis points FX benefit.
- Advertising and promotion (A&P) spend grew 3.2% in the first half, slightly ahead of sales, representing about 21% of sales, with plans to increase investment in the second half, especially in China, e-commerce, and activations in the US.
- Respiratory health was weak in Q2, shaving off 150 basis points from organic sales growth, with cough and cold particularly affected by a difficult season; allergy showed seasonal fluctuations and smokers health declined but stabilized.
- China achieved high single-digit growth in Q2 despite low cough and cold incidence and negative pricing, driven by strong growth in the Doyin channel and Voltaren innovation, including hospital channel expansion.
- Latin America accelerated from low single-digit growth in Q1 to high single-digit growth in Q2, driven by new leadership and strategic price adjustments, especially on Sensodyne in Brazil.
- Oral care grew 6.2% in Q2, the slowest quarterly growth in nearly four years, with strong performances from Sensodyne, Parodontax, and denture care; innovation remains a key growth driver.
- Pain relief accelerated in Q2 with strength in Voltaren, Panadol, and Advil, supported by new product launches and improved execution.
- The company expects a stronger second half of 2026 with confidence in achieving 3 to 5% organic sales growth for the full year and high single-digit operating profit growth in H2.
- Supply chain productivity and efficiency programs continue to deliver sustainable margin improvements without cutting investment, enabling the company to absorb rising costs, including those from the Middle East.
- AI technologies are being deployed across supply chain, demand forecasting, innovation, marketing, and commercial execution, delivering operational improvements and cost efficiencies.
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Transcript
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안녕하세요. 오늘 헤일런 2026년 상반기 실적 발표에 참석해 주셔서 감사합니다. 저는 사라이며, 오늘 진행을 맡겠습니다. 발표 중에는 모든 전화가 음소거되며, 발표가 끝난 후 질의응답 시간을 갖겠습니다. 질문을 하시려면 전화 키패드에서 별표 1번을 눌러주시기 바랍니다. 이제 투자자 관계 책임자인 조 러셀에게 진행을 넘기겠습니다.
발언해 주십시오. 감사합니다.
여러분, 안녕하세요. 헤일런 상반기 실적 컨퍼런스 콜에 오신 것을 환영합니다. 저는 투자자 관계 책임자 조 러셀이며, 오늘 아침에는 브라이언 맥나마라 최고경영자와 돈 앨런 최고재무책임자가 함께하고 있습니다. 참석자 여러분께서는 오늘 논의 중 회사가 추정치, 계획, 기대치를 포함한 일부 미래 예측성 발언을 할 수 있음을 참고해 주시기 바랍니다. 자세한 내용과 실제 결과가 이러한 미래 예측성 발언과 실질적으로 다를 수 있는 요인들은 오늘 아침 발표 자료와 회사의 영국 및 SEC 공시를 참조해 주시기 바랍니다. 오늘 발표 자료와 상세한 결과 설명 영상이 오늘 아침 웹사이트에 게시되었습니다. 이 콜 전에 모두 확인하셨기를 바랍니다.
이제 진행자를 다시 연결하여 질의응답 시간을 시작하겠습니다.
감사합니다. 질문을 하시려면 전화 키패드에서 별표 1번을 눌러주시기 바랍니다. 질문을 취소하려면 별표 2번을 눌러주시기 바랍니다. 다시 한번, 질문을 하시려면 별표 1번을 눌러주시기 바랍니다. 스피커폰을 사용 중이신 경우 질문 전에 수화기를 들어 주시기 바랍니다. 질문 접수가 완료될 때까지 잠시 기다리겠습니다. 첫 번째 질문은 씨티의 세드릭 버카드님께서 하시겠습니다. 질문해 주시기 바랍니다.
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