Financial Data and Key Metrics Changes - The company reported a decline in organic sales growth in North America of nearly 2% in Q2, contrasting with growth in EMEA, LatAm, and APAC, which were within the medium-term guidance of 4% to 6% [3][5][14] - Gross margin improved by 160 basis points, contributing to strong cash flow and organic profit growth [5][15] - A&P (Advertising and Promotion) spending increased by 6.8% to 20.8% in the first half of the year, reflecting a focus on growth drivers [16][19] Business Line Data and Key Metrics Changes - In North America, consumption grew slightly ahead of the market, with a 0.5% increase compared to a market decline of 0.5% [9][10] - Oral health and digestive health brands showed strong growth, with market share gains in brands like Tons and Benefiber [9][10] - Centrum experienced mid-single-digit growth outside the US but saw declines in the US, while Emergency brand continued to perform well [11][12] Market Data and Key Metrics Changes - The US market is facing challenges with low consumer confidence and inventory pressures, impacting overall performance [6][8][14] - EMEA and APAC regions showed positive trends, with volume growth accelerating in Q2 [47][51] - Central Europe reported high single-digit growth, while Western Europe experienced mid-single-digit growth, driven by strong performance in oral health [53][54] Company Strategy and Development Direction - The company remains committed to its medium-term guidance of 4% to 6% organic sales growth despite current challenges in the US market [49][56] - Focus on innovation and premiumization, particularly in key markets like India and Brazil, is part of the strategic plan [39][40] - The company aims to close the incidence treatment gap and expand reach to lower-income consumers while maintaining investment in A&P and R&D [16][19] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging consumer environment in the US, with expectations of continued inventory pressure and no significant improvement anticipated in the near term [14][22] - Confidence in the medium-term outlook remains strong, with expectations for improved performance in 2026 [49][56] - The company is actively managing its portfolio and focusing on driving market growth despite external challenges [36][41] Other Important Information - The nicotine replacement therapy (NRT) business is a significant part of the portfolio, with a complex ownership structure affecting innovation and growth [73][75] - The company expects a high single-digit growth in operating profit, supported by gross margin improvements and effective cost control [77][78] Q&A Session Summary Question: North America's performance and future growth expectations - Management noted that North America faced challenges due to a difficult consumer environment and inventory pressures, with expectations for a gradual return to growth [3][22][25] Question: A&P spending and areas of reinvestment - A&P spending increased significantly, with a focus on driving growth in key markets and improving ROI [16][19] Question: Share performance and competitive pressures - The decline in the percentage of business gaining or maintaining share was attributed to challenges with brands like Advil and Centrum, with plans in place to stabilize performance [28][30] Question: Impact of nicotine replacement therapy on growth - The NRT business had a significant impact on overall growth, with expectations for less decline in the second half of the year [76][80] Question: Channel shifts and inventory management - Management discussed the impact of channel shifts, particularly towards e-commerce, and the need for effective inventory management across channels [86][90]

2025 Half year results July 2025 Disclaimer This presentation contains certain statements that are, or may be deemed to be, "forward-looking statements" (including for purposes of the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934). Forward-looking statements give Haleon's current expectations and projections about future events, including strategic initiatives and future financial condition ...

Core Viewpoint - HLN's MSCI ESG rating has been upgraded from A to AA as of July 30, 2025, indicating improved performance in environmental, social, and governance factors [1] Group 1 - The upgrade reflects HLN's enhanced commitment to ESG practices [1] - The new rating positions HLN more favorably in the market, potentially attracting more investors focused on sustainability [1]

Group 1 - Haleon has completed the acquisition of the remaining 12% stake in China-SK Pharmaceutical Co., Ltd, marking the end of a nearly 40-year joint venture with a total transaction value of 1.623 billion yuan [1][2] - The joint venture, established in 1984, was set to last until June 30, 2025, but the lifting of foreign ownership restrictions in China allowed Haleon to take full control [2] - The separation signifies a shift in the business landscape, as joint ventures have become less adaptable to the evolving strategies of multinational pharmaceutical companies [1][3] Group 2 - China-SK has been a significant player in the Chinese pharmaceutical market, focusing on pain management, respiratory health, skin health, and digestive health, with well-known brands such as Fenbid and New Contac [3][4] - Following the acquisition, Haleon plans to enhance its development strategy for China-SK, leveraging its strong brand portfolio and established sales network while investing in product lines based on consumer demand [4][5] - China is a key market for Haleon, driving global growth and enhancing brand competitiveness, with the acquisition seen as a major milestone in deepening its commitment to the Chinese market [5]

Group 1 - Haleon has completed the acquisition of the remaining 12% stake in its OTC joint venture, China-SK Pharmaceutical Co., Ltd., making it a wholly-owned subsidiary [1] - The acquisition signifies Haleon's commitment to the Chinese market, which is crucial for driving global growth and enhancing brand competitiveness [1] - China-SK has a strong historical presence and is recognized for its brands in pain management, respiratory health, skin health, and digestive health [1] Group 2 - Haleon aims to enhance daily health with its mission and will continue to support the innovation and development of OTC products in China [2] - The company plans to deepen its channel layout to reach a broader consumer base with its health products and services [2] - Haleon's product portfolio includes six core categories: oral health, nutritional health, pain management, respiratory health, digestive health, and skin health [3]

Core Insights - The article compares Haleon PLC Sponsored ADR (HLN) and Stryker (SYK) to determine which stock offers better value for investors [1] Group 1: Zacks Rank and Earnings Outlook - Haleon PLC has a Zacks Rank of 2 (Buy), indicating a positive earnings outlook, while Stryker has a Zacks Rank of 3 (Hold) [3] - The Zacks Rank emphasizes companies with positive earnings estimate revisions, suggesting that HLN's earnings outlook is improving more significantly than SYK's [3][7] Group 2: Valuation Metrics - HLN has a forward P/E ratio of 21.28, compared to SYK's forward P/E of 29.60, indicating that HLN may be undervalued relative to SYK [5] - The PEG ratio for HLN is 2.92, while SYK's PEG ratio is 2.98, suggesting that HLN's expected earnings growth is more favorable [5] - HLN's P/B ratio is 2.24, significantly lower than SYK's P/B of 7.21, further supporting HLN's valuation as more attractive [6] - Based on these metrics, HLN receives a Value grade of B, while SYK is rated D, indicating a stronger value proposition for HLN [6]

Core Viewpoint - Haleon PLC Sponsored ADR (HLN) has experienced significant selling pressure, resulting in a 7.4% decline over the past four weeks, but analysts anticipate better earnings than previously expected, indicating potential for recovery [1]. Group 1: Technical Indicators - The Relative Strength Index (RSI) is utilized to determine if HLN is oversold, with a reading of 25.05 suggesting that heavy selling may be exhausting, indicating a possible price rebound [2][5]. - Stocks oscillate between overbought and oversold conditions, and the RSI helps identify potential reversal points, making it a useful tool for investors seeking entry opportunities [3]. Group 2: Fundamental Indicators - There is a consensus among sell-side analysts that earnings estimates for HLN have increased by 0.3% over the last 30 days, which typically correlates with price appreciation in the near term [7]. - HLN holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, further supporting the potential for a turnaround [8].

Group 1 - Haleon has appointed Carl Haney as Chief Research & Development Officer, effective August 1, 2025, following Franck Riot's departure after six years [1][2] - Carl Haney brings 13 years of experience from Estée Lauder and over 20 years from Procter & Gamble, focusing on innovation and R&D in consumer businesses [1][2] - The CEO of Haleon, Brian McNamara, expressed confidence in Haney's ability to drive transformative innovation and contribute to the company's new "Win as One" strategy [2][3] Group 2 - Franck Riot's contributions to Haleon were acknowledged, particularly in advancing the innovation agenda during the company's transition [3] - Carl Haney expressed enthusiasm about joining Haleon at a pivotal time, emphasizing the importance of R&D in achieving the company's goals of enhancing everyday health [3] - Haleon is positioned as a global leader in consumer health, with a diverse product portfolio across six major categories, including Oral Health and Pain Relief [4]

Core Insights - A recent survey indicates that over 80% of Canadians desire whiter teeth, but sensitivity and cost are significant barriers [1][2] - Many Canadians are turning to alternative whitening methods popularized on TikTok, with 40% using options like baking soda and activated charcoal, but 46% report increased sensitivity as a result [2] - There is a clear demand for affordable, convenient, and sensitivity-friendly whitening solutions, particularly with National Smile Day approaching [3] Company Insights - Sensodyne, a leading brand for sensitive teeth, has introduced Clinical White toothpaste, which is designed to provide effective whitening while protecting sensitive teeth [4][5] - Clinical White is clinically proven to whiten teeth up to two shades and offers 24/7 sensitivity protection without hydrogen peroxide, making it suitable for daily use [5][6] - The product is positioned as an ideal solution for consumers who enjoy coffee and red wine but want to maintain a bright smile without discomfort [6] Market Context - The survey highlights that sensitivity is the primary concern for 20% of Canadians when considering teeth whitening options [4] - Despite the availability of dentist-administered whitening treatments, only 26% of Canadians have tried them due to concerns about cost and sensitivity [2] - Sensodyne's Clinical White is launched just in time for National Smile Day, aiming to meet the demand for a pain-free whitening solution [6]

Core Points - A consumer reported a complaint regarding a product purchased from Pinduoduo, claiming that the product's cap had a Tmall International traceability QR code, which led to confusion about the product's expiration date [1] - The official response from Caltrate clarified that the QR code scanned was related to the production facility's qualification certificate, not the product's expiration date [8] - The expiration date on the product was confirmed to be February 2026, despite the QR code indicating a registration expiration of December 31, 2024 [8] Company Response - Caltrate stated that the product was purchased from a non-authorized store on Pinduoduo, and the products sold there are not directly supplied by the brand [8] - The company emphasized that the traceability code on the product indicates it may have been sold through Tmall International at some point, but the current sales channel does not require official brand authorization [8] - Caltrate has reminded its distributors to update the facility qualification certificates to avoid future confusion [8]