Core Insights - Haleon has selected Vistar Media as its preferred partner for programmatic out-of-home (OOH) advertising, emphasizing the strategic importance of digital OOH in its media strategy [1][2] - The partnership aims to leverage Vistar's advanced technology and demand-side platform (DSP) to execute data-driven and personalized OOH campaigns globally, reflecting Haleon's commitment to quality, transparency, and sustainability [2][3] Company Overview - Haleon is a global leader in consumer health, focusing on delivering better everyday health with a diverse product portfolio that includes Oral Health, Pain Relief, Respiratory Health, Digestive Health, and Vitamins, Minerals, and Supplements (VMS) [7] - The company is known for its longstanding brands such as Sensodyne, Panadol, Otrivin, Polident, Corsodyl, and Centrum, which are built on trusted science and innovation [7] Partnership Details - The collaboration with Vistar Media allows Haleon to enhance its global media presence and connect with consumers in a premium OOH environment [4] - Vistar Media's programmatic capabilities, combined with Publicis' expertise, enable Haleon to deliver impactful campaigns while aligning with its sustainability goals [3][4] Vistar Media Overview - Vistar Media is recognized as a leading provider of technology solutions for OOH media, offering a comprehensive platform for buying and selling OOH advertising [5][6] - The company operates in over 30 countries and provides a full suite of platforms, including demand-side and supply-side solutions, to facilitate OOH transactions [6]

Financial Data and Key Metrics Changes - Organic revenue growth was reported at 6.1%, with a balance between price (3.3%) and volume/mix (2.8%) [6][10] - Organic profit growth for the quarter was 7.4%, leading to a year-to-date organic profit growth of 9.7% [7][32] - Reported revenue declined by 0.6% due to net M&A headwinds and foreign exchange impacts [12][11] Business Line Data and Key Metrics Changes - Oral Health revenues grew by 8.2% in the quarter, driven by strong performance from Sensodyne and parodontax [15] - VMS (Vitamins, Minerals, and Supplements) grew by 3.7%, with Centrum facing tough comparatives from the previous year [16] - Pain Relief returned to growth at 3.1%, while Respiratory Health saw a 9.1% increase [17][18] Market Data and Key Metrics Changes - North America experienced organic revenue growth of 4.8%, with significant contributions from Oral Health and Pain Relief [19] - Europe, Middle East, Africa, and Latin America saw organic revenue growth of 6.1%, driven by pricing strategies [21] - Asia Pacific reported an 8.2% increase in organic revenue, with double-digit growth in China [25][28] Company Strategy and Development Direction - The company is focused on optimizing its portfolio through active brand management and has increased its stake in the China joint venture [8][30] - Capital allocation priorities include investing in brand growth, completing share buybacks, and pursuing strategic M&A opportunities [33][41] - The company aims to achieve organic revenue growth of 4% to 6% and high-single-digit organic profit growth for the full year [36][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting full-year guidance despite foreign exchange headwinds and uncertainties in cold and flu season performance [9][37] - The company is prepared for the cold and flu season with healthy sell-in and expects continued market share gains [54][80] - Management highlighted the importance of maintaining a balance between price and volume growth moving forward [13][88] Other Important Information - The company raised approximately £900 million in bonds to refinance maturing debt, indicating strong demand for its financial instruments [9] - The company has returned over £1 billion to shareholders through dividends and share buybacks this year [41] Q&A Session Summary Question: Outlook for 2024 and key sources of uncertainty - Management is confident in achieving FY 2024 guidance, with cold and flu season and foreign exchange being noted as uncertainties [48][50] Question: VMS business slowdown - The deceleration in VMS is attributed to tough comparatives for Centrum, with expectations for a sequential pickup in Q4 [49][56] Question: FX leverage effects - FX impacts were noted as an outlier in Q3, with expectations for smaller effects in Q4 [58][59] Question: China OTC business visibility - The company has been operationally running the China OTC business and is focused on integrating field forces post-acquisition [62] Question: Performance of Panadol - Panadol is maintaining market share despite a normalization of demand following a tripledemic last year [65][68] Question: Eroxon launch and retailer uptake - Eroxon has seen good retailer uptake, with distribution above 80% among major customers, and advertising efforts are underway [70][72]

Core Viewpoint - Haleon plc reported a strong performance in Q3 2024, with organic revenue growth driven by market execution and share gains from its brand portfolio [5]. Revenue Performance - Organic revenue growth was 6.1%, with contributions from both price and volume mix [5]. - The company's Power Brands achieved a growth rate of 5.4% [5]. Financial Details - The conference call included discussions on group profit and margin details, both reported and adjusted, with a full reconciliation provided in the appendix [4].

Core Insights - Haleon PLC Sponsored ADR (HLN) has a stronger Zacks Rank of 2 (Buy) compared to Insulet (PODD) which has a Zacks Rank of 3 (Hold) indicating a more favorable earnings outlook for HLN [3] - Value investors utilize various traditional metrics to identify undervalued companies, including P/E ratio, P/S ratio, earnings yield, and cash flow per share [4] Valuation Metrics - HLN has a forward P/E ratio of 22.43, significantly lower than PODD's forward P/E of 76.64, suggesting that HLN may be undervalued relative to its earnings potential [5] - The PEG ratio for HLN is 3.08, while PODD's PEG ratio is 4.35, indicating that HLN's expected earnings growth is more favorable when adjusted for its price [5] - HLN's P/B ratio stands at 2.28, compared to PODD's P/B of 16.32, further highlighting HLN's relative valuation advantage [6] - Based on these valuation metrics, HLN holds a Value grade of B, while PODD has a Value grade of D, suggesting that HLN is the more attractive option for value investors [6]

[Haleon plc: Proposed Off-Market Purchase Alongside Pfizer Inc. Offering](index=1&type=section&id=Haleon%20plc%3A%20Proposed%20off-market%20purchase%20alongside%20Pfizer%20Inc.%20offering) Haleon plc plans an off-market share purchase from Pfizer Inc., allocating shares for its 2024 buyback program and 2025 employee share plans, contingent on Pfizer's offering [Transaction Overview](index=1&type=section&id=1.1%20Transaction%20Overview) Haleon plc agreed to an off-market purchase of its shares from Pfizer Inc. for approximately £230 million, contingent on Pfizer's accelerated bookbuild offering - Pfizer Inc. announced a proposed offering of Haleon plc ordinary shares to institutional investors through an accelerated bookbuild process[5](index=5&type=chunk) Haleon's Off-Market Purchase Details | Parameter | Details | | :--- | :--- | | **Total Purchase Value** | Approximately £230 million | | **Seller** | Pfizer Inc. | | **Condition** | Subject to completion of Pfizer's Proposed Offering | | **Purchase Price** | Equal to the offering price per share in Pfizer's Proposed Offering | [Allocation and Purpose of Purchased Shares](index=1&type=section&id=1.2%20Allocation%20and%20Purpose%20of%20Purchased%20Shares) The £230 million worth of shares purchased from Pfizer are allocated for completing the 2024 share buyback program and satisfying 2025 employee share plan obligations Breakdown of Share Purchase Allocation | Purpose | Amount | Share Treatment | | :--- | :--- | :--- | | **2024 Share Buyback Program** | ~£114.6 million | To be cancelled | | **2025 Employee Share Plans** | ~£115.4 million | To be held as treasury shares | [Impact on Share Buyback Programme](index=1&type=section&id=1.3%20Impact%20on%20Share%20Buyback%20Programme) This off-market transaction fulfills the remaining 2024 share buyback allocation, leading to the termination of Haleon's on-market share buyback program - The purchase represents the remainder of the **£500 million** allocated to share buybacks in 2024[7](index=7&type=chunk) - Haleon intends to cancel these ordinary shares and end its on-market share buyback programme that was launched on August 1, 2024[7](index=7&type=chunk) [About Haleon](index=2&type=section&id=About%20Haleon) Haleon is a global consumer health leader with a diversified product portfolio across five major categories and established brands [Company Profile](index=2&type=section&id=2.1%20Company%20Profile) Haleon is a global leader in consumer health, offering a diversified product portfolio across five major categories with well-established brands - Haleon's product portfolio spans five major categories: Oral Health, Pain Relief, Respiratory Health, Digestive Health and Other, and Vitamins, Minerals and Supplements (VMS)[11](index=11&type=chunk) - Its portfolio includes long-standing brands such as Advil, Sensodyne, Panadol, Voltaren, Theraflu, Otrivin, Polident, parodontax and Centrum[11](index=11&type=chunk)

Core Insights - PubMatic has launched a new collaborative approach to supply path optimization (SPO) for Haleon, aiming to enhance efficiency and sustainability in digital advertising [1][2] - Haleon has selected PubMatic as a preferred supply partner to streamline access to video, display, and connected TV (CTV) inventory globally [2][3] - The partnership focuses on maximizing commercial efficiency, transparency, and data-driven insights while reducing carbon emissions related to Haleon's media investments [3][4] Company Overview - PubMatic is an independent technology company that delivers digital advertising's supply chain of the future, empowering digital content creators to control access to their inventory and increase monetization [5] - Haleon is a global leader in consumer health, with a diverse product portfolio that includes categories such as Oral Health, Pain Relief, and Vitamins, Minerals, and Supplements (VMS) [6]

Core Insights - Eroxon® is the first and only FDA cleared over-the-counter gel for erectile dysfunction (ED) available without a prescription, now available for pre-order and set to launch in October 2024 [1][7] - Clinical studies demonstrate that Eroxon® is safe and effective, providing results within 10 minutes, addressing a significant unmet need compared to existing prescription solutions that may take up to an hour [2][3] Product Details - Eroxon® stimulates nerve endings in the penis to help men achieve and maintain an erection, enhancing intimacy and connection in relationships [3][4] - The application process involves massaging the gel onto the head of the penis, which can be done by the user or their partner as part of foreplay [4] Market Context - Erectile dysfunction affects approximately 30 million men in the U.S., with prevalence increasing with age; half of men over 40 experience ED [6] - Haleon aims to make Eroxon® accessible to millions of men affected by ED, emphasizing the importance of sexual health as part of overall wellness [4][8]

HALEON 2024 Half year results August 2024 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 c ...

[2024 Half Year Results Highlights](index=1&type=section&id=2024%20Half%20Year%20Results%20Highlights) Haleon's first half of 2024 saw organic revenue growth and improved profitability, leading to an upgraded full-year outlook and strong cash generation [H1 2024 Performance Summary](index=1&type=section&id=H1%202024%20Performance%20Summary) Haleon's H1 2024 saw **3.5%** organic revenue growth, **1.7%** adjusted operating profit increase, and doubled free cash flow H1 2024 Key Financial Metrics | Metric | H1 2024 | H1 2023 | Change | Organic Change | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | £5,694m | £5,738m | (0.8)% | +3.5% | | **Operating Profit** | £1,151m | £1,141m | +0.9% | N/A | | **Adjusted Operating Profit** | £1,293m | £1,271m | +1.7% | +11.0% | | **Adjusted Operating Profit Margin** | 22.7% | 22.2% | +50bps | +160bps | | **Diluted EPS** | 7.9p | 7.4p | +6.8% | N/A | | **Adjusted Diluted EPS** | 9.0p | 8.5p | +5.9% | N/A | | **Free Cash Flow** | £831m | £369m | +£462m | N/A | - Market share performance was strong, with **69%** of the business gaining or maintaining market share during the period[2](index=2&type=chunk) - Net debt was reduced to **£8,415m**, resulting in a net debt to adjusted EBITDA ratio of **2.9x**, down from **3.0x** at the end of FY 2023[2](index=2&type=chunk)[15](index=15&type=chunk) [FY2024 Outlook and Medium-Term Guidance](index=2&type=section&id=FY2024%20Outlook%20and%20Medium-Term%20Guidance) Haleon upgraded FY2024 organic operating profit growth to **High-single digit**, reaffirming **4-6%** organic revenue growth Updated FY2024 Guidance | Metric | FY2024 Expectation | | :--- | :--- | | **Organic Revenue Growth** | 4-6% | | **Organic Operating Profit Growth** | High-single digit | | **Net Interest Expense** | c.£320m | | **Adjusted Effective Tax Rate** | 24-25% | - The net impact of M&A (including disposals of Lamisil, ChapStick, and the NRT business outside the US) is expected to dilute FY 2024 revenue by approximately **1.5%** and adjusted operating profit by about **4%**[9](index=9&type=chunk) - The company remains confident in its medium-term guidance of **4-6%** annual organic revenue growth, with organic operating profit growing ahead of revenue[9](index=9&type=chunk) [Strategic and Corporate Developments](index=3&type=section&id=Strategic%20and%20Corporate%20Developments) Haleon is transforming into an agile organization through productivity programs and strategic portfolio management, while maintaining disciplined capital allocation and managing foreign exchange impacts [Evolution into an Agile Organisation](index=3&type=section&id=Evolution%20into%20an%20Agile%20Organisation) Haleon is transforming into an agile organization through a **£300m** productivity program and strategic portfolio management - The 3-year, **£300m** productivity program is on track to deliver annualized gross cost savings, with about **one-third** expected in FY 2024[13](index=13&type=chunk) - Announced the sale of its NRT portfolio outside the US to Dr. Reddy's for approximately **£500m** in cash proceeds, a business which generated **£217m** in net revenue in FY 2023[11](index=11&type=chunk) - The joint venture agreement for the 'Tianjin SmithKline and French' (TSKF) OTC business in China has been extended to **June 2025**, providing operational continuity while discussions continue[12](index=12&type=chunk) [Capital Allocation and Shareholder Returns](index=4&type=section&id=Capital%20Allocation%20and%20Shareholder%20Returns) Haleon maintained disciplined capital allocation, reducing debt, repurchasing shares, and increasing its interim dividend by **11%** - A **£500m** share buyback program for 2024 is underway, with **c.£315m** completed in Q1 and a further **c.£185m** remaining[14](index=14&type=chunk)[16](index=16&type=chunk) - The Board declared an interim dividend of **2.0 pence** per ordinary share, an **11%** increase compared to the 2023 interim dividend[17](index=17&type=chunk) - The company repaid its **$700m** bond due in March 2024 and is progressing towards its medium-term leverage target of around **2.5x** net debt/adjusted EBITDA[14](index=14&type=chunk)[15](index=15&type=chunk) [Foreign Exchange](index=4&type=section&id=Foreign%20Exchange) Haleon anticipates a negative foreign exchange impact for FY2024, estimated at **2.5%** on revenue and **3.0%** on adjusted operating profit Estimated FY2024 Foreign Exchange Impact | Metric | Estimated Unfavourable Impact | | :--- | :--- | | **Revenue** | c. (2.5)% | | **Adjusted Operating Profit** | c. (3.0)% | [Business Review](index=6&type=section&id=Business%20Review) The business review highlights strong category performance, increased marketing investment, ongoing productivity initiatives, and advancements in responsible business practices [Performance by Product Category](index=7&type=section&id=Performance%20by%20Product%20Category) H1 2024 saw strong organic growth in Oral Health and VMS, offsetting declines in Pain Relief and Respiratory Health H1 2024 Revenue by Product Category | Category | Revenue (£m) | Reported Change (%) | Organic Change (%) | | :--- | :--- | :--- | :--- | | **Oral Health** | 1,683 | 5.9% | 9.9% | | **VMS** | 857 | 5.0% | 9.2% | | **Pain Relief** | 1,303 | (7.3)% | (4.4)% | | **Respiratory Health** | 788 | (6.1)% | (2.3)% | | **Digestive Health and Other** | 1,063 | (2.4)% | 4.9% | | **Group Revenue** | 5,694 | (0.8)% | 3.5% | Oral Health Oral Health delivered strong **9.9%** organic growth, driven by market share gains and successful innovations like Sensodyne Clinical White - The launch of Sensodyne Clinical White, scientifically proven to whiten teeth by **two shades**, has seen strong consumer uptake in markets including the US and UK[31](index=31&type=chunk) Vitamins, Minerals and Supplements (VMS) VMS grew **9.2%** organically, led by **double-digit** growth in Centrum and Caltrate, supported by marketing and new product launches - Centrum grew **double-digit**, benefiting from a global Masterbrand campaign and activation of cognitive health claims from a clinical study[33](index=33&type=chunk) Pain Relief and Respiratory Health Pain Relief and Respiratory Health organic revenues declined due to challenging prior-year comparisons from strong H1 2023 demand - Pain Relief performance reflected tough comparatives for Fenbid in China and Advil in Canada from H1 2023[37](index=37&type=chunk) - Respiratory Health was impacted by lapping strong cold and flu comparatives and significantly elevated Contac demand in China in Q1 2023[40](index=40&type=chunk) [Marketing and Channel Penetration](index=9&type=section&id=Marketing%20and%20Channel%20Penetration) Haleon increased A&P spend to **19.5%** of revenues, supporting market share gains and driving **21%** e-commerce growth - A&P spend increased to **19.5%** of revenues (H1 2023: **18.4%**), focusing on key growth areas like Oral Health and VMS[44](index=44&type=chunk) - E-commerce revenue grew **21%** to **11%** of total sales, with the US and China markets growing **19%** and **25%** respectively[46](index=46&type=chunk) [Execution and Financial Discipline](index=9&type=section&id=Execution%20and%20Financial%20Discipline) Haleon is executing a **c.£300m** productivity program, expanding gross profit margin, and actively managing its portfolio - The productivity program is expected to deliver **c.£300m** in annualized gross cost savings, with approximately **one-third** realized in FY 2024[48](index=48&type=chunk) - Adjusted gross profit margin increased **170bps** at constant currency to **63.8%**, driven by pricing, lower cost inflation, and efficiency initiatives[50](index=50&type=chunk) - Progress continues on commercializing the first FDA-approved topical erectile dysfunction (ED) treatment for OTC use in the US, with an expected market launch **before the end of 2024**[54](index=54&type=chunk) [Responsible Business](index=10&type=section&id=Responsible%20Business) Haleon advances its responsible business strategy, focusing on health inclusivity and environmental impact reduction - The company aims to reduce Scope 3 carbon emissions by **42%** by **2030** and is engaging suppliers through its Sustainability Supply Chain Programme Pledge[56](index=56&type=chunk) - On track to make all product packaging recycle-ready by **2025** and reduce virgin petroleum-based plastic use by a **one-third** by **2030**[57](index=57&type=chunk)[58](index=58&type=chunk) - The company aims to empower **50 million** people a year to be included in opportunities for better everyday health by **2025** through various brand and community initiatives[60](index=60&type=chunk) [Geographical Segment Performance](index=12&type=section&id=Geographical%20Segment%20Performance) Geographical performance shows strong growth in EMEA and LatAm, with APAC overcoming tough comparatives, while North America faced declines due to specific market factors [Geographical Performance Overview](index=12&type=section&id=Geographical%20Performance%20Overview) EMEA and LatAm led with **7.9%** organic growth, APAC grew **3.5%**, while North America saw a **1.3%** organic decline H1 2024 Revenue Performance by Geography | Region | Revenue (£m) | Reported Change (%) | Organic Change (%) | Price (%) | Vol/Mix (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | **North America** | 1,956 | (4.4)% | (1.3)% | 3.2% | (4.5)% | | **EMEA and LatAm** | 2,417 | 4.0% | 7.9% | 6.4% | 1.5% | | **APAC** | 1,321 | (3.5)% | 3.5% | 2.2% | 1.3% | | **Group** | 5,694 | (0.8)% | 3.5% | 4.3% | (0.8)% | H1 2024 Adjusted Operating Profit by Geography | Region | Adjusted OP (£m) | YoY Change (%) | YoY Organic Change (%) | | :--- | :--- | :--- | :--- | | **North America** | 416 | (11.7)% | (7.6)% | | **EMEA and LatAm** | 627 | 15.7% | 24.1% | | **APAC** | 306 | (3.8)% | 9.0% | [North America](index=12&type=section&id=North%20America) North America revenue declined **1.3%** organically due to tough comparatives and reduced shipments, despite strong consumer consumption - Volume/mix decline was partly driven by reduced shipments of Respiratory Health products containing Phenylephrine ahead of product reformulations, which is expected to reverse in H2[70](index=70&type=chunk) - Despite shipment declines, underlying consumption of Haleon products in the US was strong, up **mid-single-digit**, indicating continued market share gains[70](index=70&type=chunk) [EMEA and LatAm](index=13&type=section&id=EMEA%20and%20LatAm) EMEA and LatAm delivered robust **7.9%** organic revenue growth, with broad-based performance and **24.1%** organic operating profit growth - Oral Health saw **double-digit** organic growth, with Sensodyne, parodontax, and Polident all growing at a **double-digit** pace[70](index=70&type=chunk) - Adjusted operating profit margin expanded by **340bps** on an organic basis, reflecting strong pricing, operational efficiencies, and lower freight costs[70](index=70&type=chunk) [APAC](index=14&type=section&id=APAC) The APAC region achieved **3.5%** organic revenue growth, overcoming tough prior-year comparatives, with strong performance in India - Revenue was impacted by high comparatives from Fenbid (Pain Relief) and Contac (Respiratory) in China during H1 2023 following the lifting of COVID-19 restrictions[71](index=71&type=chunk) - Geographically, India was a standout performer with **double-digit** growth, underpinned by strength in Sensodyne[71](index=71&type=chunk) [Financial Performance Review](index=15&type=section&id=Financial%20Performance%20Review) Financial performance review indicates stable revenue with improved profitability, supported by disciplined debt management and a strong capital structure [Income Statement Analysis](index=15&type=section&id=Income%20Statement%20Analysis) Haleon's H1 2024 income statement shows stable revenue, expanded gross margin, and **1.7%** adjusted operating profit growth H1 2024 Income Statement Summary | Metric | H1 2024 (£m) | H1 2023 (£m) | Change (%) | | :--- | :--- | :--- | :--- | | **Total Revenue** | 5,694 | 5,738 | (0.8) | | **Gross Profit** | 3,548 | 3,550 | (0.1) | | **Operating Profit** | 1,151 | 1,141 | 0.9 | | **Adjusted Operating Profit** | 1,293 | 1,271 | 1.7 | | **Profit After Tax (Shareholders)** | 726 | 687 | 5.7 | - Adjusted gross margin improved by **150bps** to **63.8%**, driven by pricing, supply chain efficiencies, and lower freight and commodity costs[75](index=75&type=chunk)[76](index=76&type=chunk) - Adjusting items within operating profit totaled **£142m**, primarily related to **£132m** in restructuring costs from the company's productivity program[79](index=79&type=chunk) [Net Debt and Capital Structure](index=17&type=section&id=Net%20Debt%20and%20Capital%20Structure) Haleon's net debt reduced to **£8,415m** as of June 30, 2024, maintaining investment-grade credit ratings Net Debt Composition | Component (£m) | 30 June 2024 | 31 December 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | 531 | 1,044 | | Total Borrowings | (8,858) | (9,456) | | Derivative financial instruments (net) | (88) | (102) | | **Net Debt** | **(8,415)** | **(8,514)** | - The next major debt maturity is a **$1,750m** bond due in March 2025[84](index=84&type=chunk) [Condensed Consolidated Financial Statements (Unaudited)](index=21&type=section&id=Condensed%20Consolidated%20Financial%20Statements%20%28Unaudited%29) The unaudited condensed financial statements provide a detailed overview of the Group's financial position, performance, and cash flows, supplemented by comprehensive explanatory notes [Financial Statements Overview](index=21&type=section&id=Financial%20Statements%20Overview) The unaudited condensed financial statements for H1 2024 show **£754m** profit after tax and increased operating cash flow - The Condensed Consolidated Income Statement shows revenue of **£5,694m** and profit after tax for the period of **£754m**[100](index=100&type=chunk) - The Condensed Consolidated Balance Sheet reports total assets of **£33,396m** and total equity of **£16,707m** as of June 30, 2024[103](index=103&type=chunk) - The Condensed Consolidated Cash Flow Statement indicates a net cash inflow from operating activities of **£842m**, a notable increase from **£749m** in the prior year period[105](index=105&type=chunk) [Notes to the Financial Statements](index=26&type=section&id=Notes%20to%20the%20Financial%20Statements) The notes provide context to the financial statements, detailing accounting policies and significant divestments - Effective **January 1, 2024**, the Group applied IAS 29 'Financial Reporting in Hyperinflationary Economies' to its entities in Argentina and Turkey[113](index=113&type=chunk) - The disposal of the ChapStick brand was completed on **May 31, 2024**, for cash consideration of **£324m** (**$410m**) and a passive minority interest valued at **£81m**[147](index=147&type=chunk) - On **June 26, 2024**, the Group entered a binding agreement to sell its nicotine replacement therapy business outside the US for a total consideration of **£500m**[148](index=148&type=chunk) [Appendix](index=35&type=section&id=Appendix) The appendix clarifies the definitions and reconciliations of non-IFRS financial measures used to provide a clearer understanding of the Group's underlying performance [Use of Non-IFRS Measures](index=35&type=section&id=Use%20of%20Non-IFRS%20Measures) This section defines non-IFRS measures like Adjusted Results and Organic Growth, providing complementary information and transparency - Adjusted Results exclude items like net amortization and impairment of intangible assets, restructuring costs, transaction-related costs, and separation costs to better reflect underlying business performance[158](index=158&type=chunk) - Organic growth measures further exclude the impact of divestments, acquisitions, and foreign currency exchange movements to provide a consistent year-on-year comparison of revenue and operating profit[170](index=170&type=chunk) - Free cash flow is defined as net cash from operating activities adjusted for capital expenditures, asset sales, interest, and distributions to non-controlling interests, representing funds available for dividends, debt repayment, or strategic initiatives[181](index=181&type=chunk)[182](index=182&type=chunk)

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].