Core Insights - Haleon PLC Sponsored ADR (HLN) is currently rated as a 2 (Buy) by Zacks, indicating a positive earnings outlook, while LeMaitre Vascular (LMAT) holds a 3 (Hold) rating, suggesting a less favorable position for value investors [2][5]. Valuation Metrics - HLN has a Price-to-Book (P/B) ratio of 1.94, significantly lower than LMAT's P/B ratio of 6.33, indicating that HLN may be undervalued compared to LMAT [4]. - The forward Price-to-Earnings (P/E) ratio for HLN is 18.78, while LMAT's forward P/E ratio is considerably higher at 49.05, further suggesting that HLN presents a more attractive valuation [8]. - HLN's PEG ratio stands at 2.50, compared to LMAT's PEG ratio of 2.65, indicating that HLN's expected earnings growth is more favorable relative to its price [8]. Value Grades - Based on various valuation metrics, HLN has received a Value grade of B, while LMAT has been assigned a Value grade of D, highlighting HLN's superior position for value investors [9].

Core Viewpoint - Acadia Pharmaceuticals is focused on developing innovative treatments for central nervous system disorders and rare diseases, with a commercial portfolio that includes Nuplazid and Daybue, and is actively expanding its pipeline to reduce dependency on Nuplazid sales [1][6]. Financial Performance - In Q1 2024, Nuplazid sales rose by 10% year over year to $129.9 million, attributed to increased new patient starts and higher pricing benefits [2]. - Daybue, launched in April 2023, generated net product sales of $75.9 million in its third full quarter, contributing to incremental revenues for the company [8][17]. Product Development and Pipeline - Acadia has expanded its licensing agreement with Neuren, acquiring rights to market trofinetide outside North America and exclusive global rights to NNZ-2591 for Rett syndrome and Fragile X syndrome [3]. - The company initiated a phase III COMPASS study for carbetocin nasal spray (ACP-101) targeting hyperphagia in Prader-Willi syndrome, with plans to submit a new drug application if successful [5][20]. - Acadia is also developing ACP-204 for Alzheimer's disease psychosis, having started a mid-stage study to evaluate its safety and efficacy [11]. Legal and Competitive Landscape - In late 2023, favorable court rulings in Delaware reinforced Acadia's patent for Nuplazid, which is expected to preserve its sales growth potential due to the lack of generic alternatives [4][19]. - Acadia faces competition from other companies, such as Axsome Therapeutics, which has a portfolio of CNS product candidates and has received FDA approval for its product Auvelity [22]. Market Position and Stock Performance - Acadia's stock has seen a decline of 42.4% year to date, contrasting with a 2.7% decline in the industry [18]. - The company currently holds a Zacks Rank 2 (Buy), indicating a favorable outlook compared to other stocks in the drug/biotech industry [13][23].

Continued good momentum despite China declining low-single digit due to a tough comparative Volume /mix Pain Relief – Double digit decline mainly due to challenging Fenbid comparative in China in Q1 2023 when revenue more than doubled Strong Q1 organic profit growth 23.1% 24.2% +220bps (30)bps (80)bps 12 1. Reconciliation of IFRS to Adjusted results can be found in the Appendix 2. Net M&A: disposal of Lamisil and includes the impact of Manufacturing Service Agreements (MSAs) 3. Refers to Organic. Definition ...

As usual, we will take you through some prepared remarks before opening the call to Q&A. For those listening to our webcast, whoÂ'd like to ask a question, please use the dial-in details on Page 3 of todayÂ's release. Also, while the focus today is on revenue performance, weÂ've also provided group profit and margin detail on both a reported and an adjusted basis, with a full reconciliation, including one for organic revenue growth in the appendix. As a reminder and for information, we do not intend to prov ...

About this content About Oliver Haill Oliver has been writing about companies and markets since the early 2000s, cutting his teeth as a financial journalist at Growth Company Investor with a focusing on AIM companies and small caps, before a few years later becoming a section editor and then head of research. He joined Proactive after a couple of years freelancing, where he worked for the Financial Times Group, ITV, Press Association, Reuters sports desk, the London Olympic News Service, Rugby World Cup ...

Financial Performance - Haleon achieved organic revenue growth of 8.0% in 2023, with reported revenue growth of 4.1%, surpassing medium-term guidance [26]. - Total revenue for 2023 reached £11.3 billion, up from £10.9 billion in 2022, reflecting a growth of 4.1% [15]. - Adjusted operating profit was £2.5 billion, with an operating profit margin of 22.6%, showing a growth of 10.8% compared to the previous year [15]. - In 2023, Haleon achieved organic revenue growth of 8.0% and adjusted operating profit growth of 10.4% at constant currency, with free cash flow of £1.6 billion [39]. - Haleon expects organic revenue growth of 4-6% and organic profit growth to outpace revenue growth in 2024 [47]. - The company targets annual organic revenue growth of 4-6% [77]. Dividends and Shareholder Returns - The Board proposed a total dividend of 6.0p per ordinary share, representing a payout ratio of approximately 35% of adjusted earnings [28]. - The Board has proposed a final dividend of 4.2p, bringing the total 2023 dividend to 6.0p, which represents approximately 35% of 2023 adjusted earnings, up from 30% in 2022 [77]. - The company plans to allocate £500m to share buybacks during 2024 [77]. - Recent divestments, including Lamisil and ChapStick, are aimed at reducing complexity and focusing on higher growth brands, with £500 million allocated for share buybacks in 2024 [45]. Market Position and Growth Strategy - Haleon's brands maintained or grew market share, with 58% of brands showing positive performance, particularly Sensodyne and Panadol [40]. - Haleon holds approximately 11% market share in the Oral Health market and is the number one player in Therapeutic Oral Health with around 50% market share in that sub-category [52]. - The global consumer healthcare market reached £190 billion, with the US representing over 25% of this market [50][51]. - The company aims to increase household penetration of its brands and expand its portfolio through new consumer trends and Rx-to-OTC switches [89][93]. - Haleon expanded its Centrum portfolio in India and entered new markets including Sweden, Libya, and Iraq [110]. Innovation and Product Development - Haleon launched 68 new innovations in 2023, including top products in the US toothpaste market [19]. - Pronamel contributed 22% of all US toothpaste market growth during its launch period [103]. - Launched Tums + Sleep targeting 63% of US adults with occasional heartburn and sleep issues, combining melatonin for sleep assistance [132]. - Introduced ENO Chewy Bites in Tangy Lemon and Zesty Orange flavors, designed for fast relief from acidity with natural ingredients [132]. - Haleon launched Centrum products in the US with bottle packaging utilizing up to 100% post-consumer recycled plastic [106]. Sustainability and Environmental Initiatives - Haleon achieved a 48% reduction in net Scope 1 and 2 carbon emissions compared to a 2020 baseline, up from a 44% reduction in 2022 [180]. - The company aims for net zero carbon emissions from source to sale by 2040, aligned with the IPCC pathway to 1.5°C [176]. - Haleon is committed to ensuring 91% of palm oil derivatives are sustainably sourced, maintaining a similar level from 2022 [180]. - The company successfully produced one billion recycle-ready toothpaste tubes, two years ahead of the 2025 target [181]. - 70% of Haleon's packaging is now recycle-ready, an increase from 65% in 2022 [180]. Employee Engagement and Corporate Culture - Employee engagement survey results showed 78% of employees felt Haleon fulfills its core engagement values [148]. - Opened new offices in London and Bengaluru, enhancing workplace environment with sensory rooms and green spaces [146]. - Established a global leadership development program to build capabilities and leadership behaviors, with expansion planned for 2024 [144]. - Conducted 10 flagship events with approximately 2,000 participants through Employee Resource Groups (ERGs) to promote an inclusive culture [155]. Risk Management and Governance - The Environmental & Social Sustainability Committee reviews progress against key environmental and net zero priorities, meeting at least twice a year [191]. - The Audit & Risk Committee oversees principal risks, including those related to ESG and climate change, meeting at least four times a year [191]. - Governance structures include the Board and various subcommittees responsible for climate strategy and risk management [189]. - The process for managing climate-related risks is integrated into the company's four-step enterprise risk management framework [196].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File ...

Financial Data and Key Metrics - Gross margin increased by 70 basis points in Q4, driven by easing inflationary pressures and pricing strategies [24] - The company ended the year with a strong cash position of £1 billion, allowing it to pay back a $700 million bond due in March and distribute dividends [11] - Operating profit grew nearly three points ahead of the rate of sales growth in 2023, with a 60 basis points margin improvement [45][69] Business Line Performance - Respiratory health division saw strong growth in Q4, with a 7.5% increase in the back half of the year, driven by geographic diversity and product portfolio strength [64][65] - Oral health segment performed well, with strong growth in Sensodyne and other brands, supported by innovation and pricing strategies [104][131] - VMS (Vitamins, Minerals, and Supplements) showed improvement, particularly with Centrum and Caltrate, driven by clinical studies and marketing support [60][61] Market Performance - In China, the OTC business saw significant demand due to COVID-related restrictions being lifted, with strong performance in Q1 and Q2 expected [22][34] - North America experienced a challenging environment in respiratory health, with flat performance in the back half of the year, while other regions like Central Eastern Europe, Japan, and Turkey saw higher growth [64][65] - India saw high single-digit sales growth, with Sensodyne leading with double-digit growth, despite some disruptions from the transition from Hindustan Unilever [88][89] Strategic Direction and Industry Competition - The company is focusing on innovation, with 67 new product launches in 2023, including Sensodyne Clinical White and other oral health products [15][121] - A&P (Advertising and Promotion) spend is being actively managed, with a focus on investing in growth areas and optimizing returns, particularly in oral health and VMS [2][16][48] - The company is targeting a 50-50 split between volume and price growth in the long term, with 2024 being a stepping stone towards this goal [50][137] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in the 4% to 6% sales growth guidance for 2024, with organic profit expected to grow ahead of sales growth [21][28] - The company is managing inflationary pressures and expects gross margin to continue growing ahead of sales growth, supported by pricing and productivity programs [24][25] - The respiratory health market is expected to normalize, with fluctuations of plus or minus 0.5% to 1% in extreme seasons [65] Other Important Information - The company is actively managing its portfolio, with divestments and potential bolt-on acquisitions to strengthen its business [75][146] - A £500 million share buyback program is planned for 2024, with flexibility to execute it through open market purchases or placings with GSK and Pfizer [86][145] - The company is targeting a medium-term leverage ratio of around 2.5x, supported by strong cash generation and debt reduction efforts [129][101] Q&A Session Summary Question: Net benefit from savings in 2025 and A&P spend drivers - The company did not provide specific net benefit figures for 2025 but mentioned that productivity programs will provide a tailwind for 2024 [3] - A&P spend in 2023 was 80 basis points of potential sales, driven by rationalization post-GSK and reduced spend in the US respiratory market [1][2] Question: Volume performance in EMEA and LatAm - Volume declines in EMEA and LatAm were noted, particularly in Latin America, linked to hyperinflation in Argentina [128][123] Question: Respiratory health performance in Q4 - Respiratory health saw strong growth in Q4, driven by geographic diversity and product portfolio strength, with no significant one-offs or inventory discrepancies [64][65] Question: Innovation and R&D spend - R&D spend as a percentage of sales declined due to efficiencies and accounting changes, but the company remains committed to innovation, with 67 new product launches in 2023 [7][121] Question: Share buyback and capital allocation - The company plans a £500 million share buyback in 2024, with flexibility to execute it through open market purchases or placings with GSK and Pfizer [86][145] Question: Pricing and volume growth in 2024 - The company expects pricing to contribute more to growth than volume in 2024, with a long-term goal of a 50-50 split between the two [50][137]

2023 Full year results February 2024 These forward-looking statements and views may be based on a number of assumptions and, by their nature, involve known and unknown risks, uncertainties and other factors because they relate to events and depend on circumstances that may or may not occur in the future and/or are beyond Haleon's control or precise estimate. Such risks, uncertainties and other factors that could cause Haleon's actual results, performance or achievements to differ materially from those in th ...

Adjusting Items include the following: • Transaction related costs: Transaction related accounting or other adjustments related to significant acquisitions including deal costs and other pre-acquisition costs when there is certainty that an acquisition will complete. It also includes costs of registering and issuing debt and equity securities and the effect of inventory revaluations on acquisitions. Free cash flow Free cash flow is calculated as net cash inflow from operating activities plus cash inflows fr ...