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Haleon plc (HLN)

Haleon sells consumer health products. It works in six market categories: Oral Health, Vitamins, Minerals & Supplements, Pain Relief, Respiratory Health, Digestive Health, and Therapeutic Skin Health & Other. Reporting runs on three geographical segments, North America, EMEA & LatAm and APAC. Figures are stated in pounds sterling.

Haleon plc

Haleon sells consumer health products. It works in six market categories: Oral Health, Vitamins, Minerals & Supplements, Pain Relief, Respiratory Health, Digestive Health, and Therapeutic Skin Health & Other. Reporting runs on three geographical segments, North America, EMEA & LatAm and APAC. Figures are stated in pounds sterling.

The categories

Oral Health was the largest at £3,461m in 2025 against £3,312m, growing 7.9% organically. Pain Relief was £2,564m, level as reported and 2.3% higher organically. Respiratory Health fell 11.7% to £1,873m, with most of that from disposals, and vitamins, minerals and supplements were £1,685m. Digestive Health was £987m and Therapeutic Skin Health & Other £460m, both lower as reported on disposals. The filing puts the six category sizes at £66bn for vitamins, minerals and supplements, £34bn for Therapeutic Skin Health & Other, £32bn for Respiratory Health, £30bn for Oral Health and £20bn each for Pain Relief and Digestive Health, a combined market of about £200bn growing at 3-4%.

The brands

Sensodyne sits in Oral Health. In vitamins, minerals and supplements the company names Centrum, Caltrate and Emergen-C, and it describes itself as the number one player in that category globally. Respiratory Health carries Theraflu and Otrivin, and Digestive Health carries ENO. New nasal mist technology was launched under the Theraflu brand in North America after its use on Otrivin.

The three regions

EMEA & LatAm was the largest region at £4,592m in 2025 against £4,631m, down 0.8% as reported but 4.7% higher organically, with organic price up 4.2%. North America was £3,866m against £4,042m, down 4.4% as reported and 0.4% organically, with volume and mix down 1.4%. APAC was £2,572m against £2,560m, up 0.5% as reported and 5.2% organically, with volume and mix up 4.2%. Its adjusted operating profit margin was 21.5%, against 21.1% the year before.

The year in margins

Group sales fell 1.8% as reported but grew 3.0% organically, which the filing attributes to a weak cold and flu season and low consumer confidence in North America. Currency took 2.8% off and net acquisitions and disposals another 2.0%, the latter reflecting the 2024 disposals of ChapStick and the Nicotine Replacement Therapy business outside the US. Reported gross margin rose to 64.2% and the adjusted gross margin to 65.2%, which the filing attributes to pricing against inflation, revenue management and a supply chain productivity programme. Reported operating profit margin rose to 21.9% from 19.6%, and the adjusted operating profit margin to 22.9% from 22.3%. Advertising and promotion spend was up 4.7% at actual exchange rates.

Reach and the new shape

Rural distribution in India was more than doubled to 600,000 outlets, carrying 20-rupee Sensodyne, wider ENO 3-in-1 reach and a 10-rupee Centrum Recharge launch. Centrum Daily Kits were expanded across Asia-Pacific, with over one million packs sold since launch. The sustainability targets are set against 24 manufacturing sites, all of which hold Alliance for Water Stewardship certification. In January 2026 the company announced an evolution of its operating model, appointing a Chief Growth Officer and a Chief Transformation Officer and naming separate presidents for Europe and for the Middle East and Africa.

From Haleon's annual report on Form 20-F for the year ended 31 December 2025. That filing carries no Item 4 or Item 5 heading in its body, using a cross-reference index at the back instead, so the annual report is read as one whole document rather than from separately located sections. The filing

Compare with another name

Haleon plc files a 20-F with the SEC once a year, in pounds sterling. In the year to 31 December 2025 it reported revenue of GBP 11,030 million ($14.6 billion at the year's average rate), down 1.8% on the year before. Its profit attributable to shareholders was GBP 1,667 million, up 15.6%, and diluted earnings per share GBP 0.18.

Haleon (HLN) in brief

Haleon (HLN) reported revenue of GBP 11.0 billion for the year to 31 December 2025, down 1.8% on the year before.
Read moreProfit attributable to shareholders was GBP 1.7 billion and diluted earnings per share GBP 0.18. Revenue was GBP 11.2 billion in 2024, GBP 11.3 billion in 2023, GBP 10.9 billion in 2022 and GBP 9.5 billion in 2021. Profit attributable to shareholders in the same years was GBP 1.4 billion, GBP 1.0 billion, GBP 1.1 billion and GBP 1.4 billion. Revenue grew 2.2% a year, compounded, over the five years to 2025. At the close of 10 November 2026 the market cap of Haleon was $40.5 billion, 18.3 times its earnings for 2025.

The share in the US

Last close$9.05 on 10 November 2026
52-week range$8.54 (29 October 2026) to $11.27 (20 February 2026)
Over one yeardown 5.4%
Market cap$40.5 billion: 8,952,353,648 shares outstanding at 31 December 2025 (20-F), each US share standing for 2 ordinary shares
P/E, latest fiscal year18.3: the last close over diluted EPS for the year to Dec 2025, GBP 0.18 per ordinary share times 2, GBP 0.37 per US share, $0.49 at 1.3371 US dollars per GBP on 6 November 2026 (FRED DEXUSUK). The company reports once a year, so this is the latest fiscal year, not the last four quarters.

US dollars per share as it trades in the US; the market cap and the P/E are worked out here, not filed. Prices from IEX, for splits.

Ratios

From the latest annual report, the year to Dec 2025, in dollars

ROE10.1%
ROCE9.6%
Operating margin21.9%
Net margin15.1%
FCF margin21.0%
Interest cover7.09
Debt to equity0.52
Cash conversion1.58
Share count, last 12 months-1.6%
Sales CAGR, 3 years0.5%
Profit CAGR, 3 years16.3%
EPS$0.49

At the close of 10 November 2026

Price$9.05
Market cap$40.5 billion
Stock P/E18.30
Price to book1.85
EV / EBITDAn/a
Dividend yield2.0%
Market cap / sales2.75
52-week high$11.27
52-week low$8.54
Price, 1 year-5.4%
Price CAGR, 3 yearsn/a
Price CAGR, 5 yearsn/a
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on the borrowings total Haleon plc states in its annual report, never added up from its parts; lease liabilities are a separate line. Nothing here is a valuation or a view.
HLNgreeksoup.ai
Daily prices to 10 November 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. This company reports once a year, so every view here moves once a year, on the day each annual report was filed, and holds until the next. P/E is the close over the year's EPS per US share: the EPS as filed, times the 2 ordinary shares one US share stands for, in dollars at the year's average exchange rate (Federal Reserve, from FRED). Sales and margin are each year's revenue in dollars and its operating margin. EV/EBITDA, price to book and market cap to sales set the close against that year's balance sheet in dollars at its year-end rate and its share count per US share. The dashed line is the median over the range shown. The P/E above uses today's exchange rate, so the latest point here can differ from it a little. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on HLN

DividendsGBP 612 million paid in cash dividends in FY2025
Filings64 in twelve months: 62 reports on Form 6-K, most often transactions in own shares (19); director/PDMR shareholding (12); total voting rights and capital (12); commencement of GBP 500M share buyback programme (2); haleon 2026 q3 trading statement (1)
Planned insider salesno Form 144 notice in twelve months
Options tapeput/call 0.37 by open interest at the 10 November 2026 close; the straddle prices a 14.1% move to 20 November 2026
13F holders650 funds reported a position for the quarter to 30 June 2026; largest Dodge & Cox
Congress0 House trades disclosed in six months
Short interest14.6 million shares short, 1.00 days to cover at 30 October 2026

Income statement (profit and loss), 6 fiscal years

Year toDec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Revenue9,8929,54510,85811,30211,23311,030
Cost of sales3,9823,5954,2814,5554,4093,950
Gross profit5,9105,9506,5776,7476,8247,080
Research and development304257300311298316
Selling, general and administrative4,2204,0864,4834,4134,4524,364
Operating profit1,5981,6381,8251,9962,2062,412
Finance costs27.019.0258402384340
Profit before tax1,5911,6361,6181,6281,9102,152
Income tax410197499517435472
Profit for the year1,1811,4391,1191,1111,4751,680
Profit attributable to shareholders1,1451,3901,0601,0491,4421,667
Filing20-F20-F20-F20-F20-F20-F
GBP million, from each year's annual report on the SEC's EDGAR, linked in the last row, on the IFRS tags the company filed.
Read moreA line the company does not file under the standard tag is left out rather than estimated. Profit for the year includes the part that belongs to minority shareholders; profit attributable to shareholders is the part EPS is struck on. Each year links to its own page.
Year toDec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Diluted EPS0.120.150.120.110.160.18
Basic EPS0.120.150.120.110.160.19
Filing20-F20-F20-F20-F20-F20-F

GBP per ordinary share, as filed. One US-listed share can stand for more or fewer ordinary shares; the P/E above puts the two on the same basis.

Revenue by segment

Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025Share
of the parts, latest year
EMEA & LatAm4,0593,8774,2704,5454,6314,59241.6%
North America3,7793,5254,1164,1954,0423,86635.0%
APAC2,0542,1432,4722,5622,5602,57223.3%
EMEA & LatAmNorth AmericaAPAC
9.9Dec 20209.5Dec 202110.9Dec 202211.3Dec 202311.2Dec 202411.0Dec 2025

GBP billion; hover a block for its figure and share

GBP million, from the latest 20-F, in the company's own words. A year is shown only where the parts add up to the revenue above.

Revenue by product or service

Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025Share
of the parts, latest year
Oral Health2,7452,7242,9573,1363,3123,46131.4%
Pain Relief2,1922,2372,5512,6522,5642,56423.2%
Respiratory Health1,2981,1321,5792,2442,1221,87317.0%
Vitamins, Minerals and Supplements1,4941,5011,6751,6401,6961,68515.3%
Digestive Healthn/an/an/a1,0121,0299878.9%
Therapeutic Skin Health and Othern/an/an/a6185104604.2%
Digestive Health and Other2,1631,9512,096n/an/an/an/a
Oral HealthPain ReliefRespiratory HealthVitamins, Minerals and SupplementsDigestive Health FY2023 to FY2025Therapeutic Skin Health and Other FY2023 to FY2025Digestive Health and Other FY2020 to FY2022
9.9Dec 20209.5Dec 202110.9Dec 202211.3Dec 202311.2Dec 202411.0Dec 2025

GBP billion; hover a block for its figure and share; a part named with years is one the company split its revenue into only then

GBP million, from the latest 20-F, in the company's own words. A year is shown only where the parts add up to the revenue above.

Revenue by region

Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Share
of the parts, latest year
Rest of World5,4045,2305,9116,2006,24655.6%
United States3,4143,1873,6923,7553,61632.2%
China7008019079669878.8%
United Kingdom3743273483813843.4%
Rest of WorldUnited StatesChinaUnited Kingdom
9.9Dec 20209.5Dec 202110.9Dec 202211.3Dec 202311.2Dec 2024

GBP billion; hover a block for its figure and share

GBP million, from the latest 20-F, in the company's own words. A year is shown only where the parts add up to the revenue above.

Cash flow statement

Year toDec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Cash from operations1,4071,3562,0632,1002,3012,634
Purchase of property, plant and equipment222228304234250322
Free cash flow1,1851,1281,7591,8662,0512,312
Cash from investing1,030-33.0-8,784-134528-346
Cash from financing-2,437-1,2366,911-1,568-1,537-3,143
Depreciation and amortisationn/an/an/a309324360
Buybacksn/an/an/a38.0n/an/a
Dividends paid2,3711,1482,682388570612
Filing20-F20-F20-F20-F20-F20-F
GBP million, from the cash flow statement as filed.
Read morePurchase of property, plant and equipment is the cash line as filed; purchases of intangible assets and acquisitions are not in it. Free cash flow is cash from operations less that purchase, arithmetic on the two filed lines. Cash from investing and from financing are the company's own section totals, below zero where cash went out. Buybacks are the cash paid for the company's own shares.

Balance sheet at year end

Year toDec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Funded by
Equity attributable to shareholders26,22326,35516,33116,60616,16616,425
Non-controlling interestsn/a12512612358.059.0
Borrowings, as filedn/a16610,4409,45610,1278,609
Other liabilitiesn/a7,8057,9187,8707,9647,537
Total equity and liabilitiesn/a34,45134,81534,05534,31532,630
Owned
Property, plant and equipmentn/a1,5631,7571,7801,8091,871
Goodwilln/a8,2468,3968,3178,2028,127
Cash and cash equivalents3334146841,0442,2501,324
Trade and other receivablesn/a2,2071,8811,8562,0552,058
Inventoriesn/a9511,3481,4081,1901,025
Other assetsn/a21,07020,74919,65018,80918,225
Total assetsn/a34,45134,81534,05534,31532,630
Filing20-F20-F20-F20-F20-F20-F
GBP million, at each fiscal year end.
Read moreBoth totals are the company's own; other liabilities and other assets are each total less the rows shown. Borrowings is the company's own stated total where it files one; it is never added up from its parts here.

Ratios on the filed lines

Year toDec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Gross margin59.7%62.3%60.6%59.7%60.7%64.2%
Operating margin16.2%17.2%16.8%17.7%19.6%21.9%
Net margin11.6%14.6%9.8%9.3%12.8%15.1%
Free cash flow margin12.0%11.8%16.2%16.5%18.3%21.0%
Return on year-end equity4.4%5.3%6.5%6.3%8.9%10.1%
Effective tax rate25.8%12.0%30.8%31.8%22.8%21.9%
Filing20-F20-F20-F20-F20-F20-F

Arithmetic on the filed lines of the same year: margins over revenue, return on equity as profit attributable to shareholders over year-end equity, tax over profit before tax.

Questions

What was Haleon's revenue in 2025?

Haleon (HLN) reported revenue of GBP 11.0 billion for the year to 31 December 2025, down 1.8% on the year before.

How much did Haleon earn in 2025?

Profit attributable to shareholders was GBP 1.7 billion for the year to 31 December 2025, and diluted earnings per share GBP 0.18.

What is Haleon's P/E ratio?

At the close of 10 November 2026, Haleon traded at 18.3 times its earnings for 2025.

What is Haleon's market cap?

The market cap of Haleon was $40.5 billion at the close of 10 November 2026.

Peers: Consumer Goods

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Ecolab Inc. ECL$85.8 billion41.6420.0%16.7%9.3%1.271.0%
Colgate-Palmolive Co. CL$78.0 billion38.46713.2%14.8%5.9%26.792.2%
Estee Lauder Companies Inc. EL$41.1 billion112.289.1%6.7%5.8%1.801.2%
Haleon plc HLN *$40.5 billion18.3010.1%21.9%-1.8%0.522.0%
Kenvue Inc. KVUE$37.1 billion21.9416.6%17.4%3.5%0.814.3%
SharkNinja, Inc. SN$31.9 billion38.0326.7%15.6%n/a0.22n/a
Church & Dwight Co. Inc. CHD$26.4 billion34.3817.3%18.0%1.7%0.491.1%
Somnigroup International Inc. SGI$14.5 billion26.0411.2%11.9%15.1%1.161.1%
e.l.f. Beauty, Inc. ELF$7.0 billion81.667.1%8.9%39.9%0.67n/a
Interparfums Inc. IPAR$4.3 billion25.5519.4%17.9%2.6%0.222.4%
Coty Inc. COTY$3.8 billionn/a-18.1%-1.7%-0.2%0.88n/a
Edgewell Personal Care Co. EPC$1.4 billionn/a-6.4%-0.6%-7.0%0.882.0%
All 37 in Consumer Goods
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Procter & Gamble Co. PG$390.8 billion25.3929.0%22.6%3.5%0.702.5%
Unilever plc UL *$144.9 billion13.7961.0%17.9%-3.8%1.683.5%
Ecolab Inc. ECL$85.8 billion41.6420.0%16.7%9.3%1.271.0%
Colgate-Palmolive Co. CL$78.0 billion38.46713.2%14.8%5.9%26.792.2%
Estee Lauder Companies Inc. EL$41.1 billion112.289.1%6.7%5.8%1.801.2%
Haleon plc HLN *$40.5 billion18.3010.1%21.9%-1.8%0.522.0%
Kenvue Inc. KVUE$37.1 billion21.9416.6%17.4%3.5%0.814.3%
SharkNinja, Inc. SN$31.9 billion38.0326.7%15.6%n/a0.22n/a
Church & Dwight Co. Inc. CHD$26.4 billion34.3817.3%18.0%1.7%0.491.1%
Somnigroup International Inc. SGI$14.5 billion26.0411.2%11.9%15.1%1.161.1%
Clorox Co. CLX$12.9 billion19.17n/an/a6.3%n/a4.7%
A. O. Smith Corp. AOS$8.8 billion17.9227.1%17.5%-0.7%0.372.2%
e.l.f. Beauty, Inc. ELF$7.0 billion81.667.1%8.9%39.9%0.67n/a
Interparfums Inc. IPAR$4.3 billion25.5519.4%17.9%2.6%0.222.4%
Coty Inc. COTY$3.8 billionn/a-18.1%-1.7%-0.2%0.88n/a
Harley-Davidson, Inc. HOG$3.5 billionn/a-4.4%-5.6%-14.6%0.772.2%
Imax Corp. IMAX$2.7 billion21.1727.3%26.8%28.1%0.50n/a
Whirlpool Corp. WHR$2.0 billionn/a-3.3%2.9%-6.4%1.8417.5%
Stepan Co. SCL$1.5 billion351.210.4%0.9%10.0%0.522.4%
Edgewell Personal Care Co. EPC$1.4 billionn/a-6.4%-0.6%-7.0%0.882.0%
MasterBrand, Inc. MBC$1.4 billionn/a-6.3%-2.0%12.9%0.63n/a
La-Z-Boy Inc. LZB$1.3 billion16.578.0%5.0%0.2%0.002.8%
Apogee Enterprises, Inc. APOG$1,000 million15.1412.8%7.2%3.0%0.642.2%
Compass Diversified Holdings CODI$897 millionn/a0.1%6.0%-8.2%3.234.2%
Helen of Troy Ltd. HELE$890 millionn/a-11.6%1.3%0.3%0.79n/a
Eastman Kodak Co. KODK$831 millionn/a-13.1%2.5%9.3%0.17n/a
Fox Factory Holding Corp. FOXF$746 millionn/a-72.4%-26.7%-2.2%0.71n/a
Movado Group Inc. MOV$716 million17.828.2%6.9%5.2%0.004.5%
Fossil Group, Inc. FOSL$467 millionn/a-77.7%-0.6%-9.1%2.26n/a
Ethan Allen Interiors Inc. ETD$455 million14.798.2%6.5%-7.4%0.0010.0%
Hamilton Beach Brands Holding Co. HBB$409 million6.9326.9%12.6%1.7%0.111.6%
Flexsteel Industries Inc. FLXS$303 million11.8523.6%8.7%3.4%0.001.2%
Bassett Furniture Industries Inc. BSET$191 million28.014.1%2.5%1.4%0.003.6%
Traeger, Inc. COOK$180 millionn/a-36.7%-7.9%-25.5%2.86n/a
Hooker Furnishings Corp. HOFT$156 millionn/an/an/an/a0.004.0%
GoPro, Inc. GPRO$156 millionn/an/a-21.2%-23.9%n/an/a
LiveWire Group, Inc. LVWR$96 millionn/an/a-212.1%33.4%n/an/a
7 companies share its SEC industry code (Perfumes, Cosmetics & Other Toilet Preparations); the rest are the names nearest in size in its wider industry, Consumer Goods, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Annual reports on EDGAR

FormYear toFiled
20-F31 December 202513 March 2026EDGAR
20-F31 December 202420 March 2025EDGAR
20-F/A31 December 202324 May 2024EDGAR
20-F31 December 202315 March 2024EDGAR
20-F31 December 202220 March 2023EDGAR