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The maker of popular household products such as Sensodyne toothpaste and pain-reliever Panadol, had earlier said that the first three months of 2024 would be impacted by a softer cold and flu season and a slowdown in painkiller Advil’s sales in Canada, following a surge in demand last year.
Demand for medicines such as Contac and Fenbid, which benefited from pent-up demand in China last year after lockdown restrictions were lifted have also cooled, impacting Haleon’s quarterly sales growth.
Revenues stood at 2.92 billion pounds ($3.64 billion) for the quarter ended March 31, slightly missing expectations of 2.93 billion pounds, according to a company-compiled consensus.
On a reported basis, revenue was down 2.2% on last year.
Shares in the FTSE 100 group fell 1.8% in early trading, to become one of the top losers on the blue-chip index. The stock has risen about 5% this year as of Tuesday’s close.
Haleon, the world’s biggest standalone consumer health company, comprising assets from GSK and Pfizer (NYSE:PFE), sells non-prescription drugs, vitamins and oral care products.
Demand for its oral health products and multivitamins held steady during the reported quarter, and the company re-affirmed its full-year outlook outlined in February.
($1 = 0.8021 pounds)
