Haleon performance might be stronger than you think, analyst repeats 'buy' rating

The broker retained its Buy standing but lowered its people to 400p from 450p, implying astir 16% upside from the anterior adjacent of 344.10p.

Haleon’s first-quarter integrated income maturation came successful astatine 2.2%, successful enactment with Jefferies’ estimation but beneath consensus, arsenic acold and flu remained a worldly drag. Jefferies estimates that the class knocked astir 130 ground points disconnected radical growth, with acold and flu income contracting by astir 9% twelvemonth connected year. Excluding that impact, the broker estimates Haleon’s underlying maturation complaint was 4.0%, pursuing 4.1% successful the 4th fourth of 2025 connected the aforesaid basis.

“HLN could amended item this underlying tally rate, we think,” expert David Hayes said.

The contented is that the maturation motor remains uneven. Oral Health erstwhile again did overmuch of the dense lifting, increasing 8.3% successful the quarter, helped by Sensodyne Clinical Repair and parodontax Gum Strengthen & Protect, which delivered double-digit depletion maturation successful the US. Jefferies described Oral Health arsenic “the jewel of the portfolio” but warned that the spot besides exposes a portfolio imbalance.