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British consumer-health company selling oral care, pain relief, vitamins and respiratory remedies, spun off from GSK/Pfizer in 2022.
British consumer-health company selling oral care, pain relief, vitamins and respiratory remedies, spun off from GSK/Pfizer in 2022.
Sells over-the-counter products through pharmacies and supermarkets, paying for heavy advertising to keep each brand first in mind. Sensodyne, the toothpaste for sensitive teeth, is its biggest brand, and Panadol and Advil are the pain-relief names in different regions.
In one line: UK's Kenvue.
Moat: narrow (brand, distribution). Leading OTC brands in several categories, but faces private-label and large diversified peers.
Headquarters: Weybridge, UK · Founded: 2022
Size Haleon (HLN.L) is a United Kingdom Health Care company (Pharmaceuticals: Major) with a market value of $40.1B, the 25th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £338.90 on 6 Nov 2026.
Performance Over six months the shares gained 1.2%, against +18.0% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue grew 1.2% over the last twelve months (peer median +11.7%); the operating margin is 23.3% (peer median 17.8%).
Valuation It trades at 16.3× forward earnings against a peer median of 19.5× (7th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 5% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is +2 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.6 points above its cost of capital (7.5% WACC).
Credit Haleon has 3 bonds outstanding ($4.00B), rated BBB+ by the agencies and trading like A- at a weighted spread of 69 bp.
Next results Next results expected around 4 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £11.2B | £11.0B | £11.2B | £11.3B | £10.9B |
| Revenue growth | — | -2% | -1% | +4% | — |
| Gross profit | £7.30B | £7.11B | £7.04B | £6.91B | £6.68B |
| EBITDA | £2.95B | £2.94B | £2.83B | £2.81B | £2.72B |
| Net income | £1.62B | £1.67B | £1.44B | £1.05B | £1.06B |
| Free cash flow | £2.03B | £2.02B | £1.77B | £1.49B | £1.61B |
| Capital expenditure | £424M | £413M | £318M | £336M | £328M |
| Total debt | n/a | £8.61B | £10.1B | £9.46B | £10.4B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Haleon HLN.L | $40.1B | +1% | +1% | 23% | 16.3× | 4.6% |
| Procter & Gamble PG | $383B | +13% | +4% | 24% | 23.4× | -0.3% |
| Reckitt Benckiser RKT.L | $47.6B | +22% | -2% | 28% | 16.4× | 1.6% |
| Bayer BAYN.DE | $61.2B | +46% | -2% | 14% | 12.3× | 2.1% |
| Kenvue KVUE | n/a | +12% | n/a | n/a | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HLN.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.6% | +10.7% | 2nd lowest of 21 |
| 6-month return | +1.2% | +18.0% | 5th lowest of 21 |
| Distance from 52-week high | -18.6% | -9.3% | 6th lowest of 21 |
| Revenue growth (TTM) | +1.2% | +11.7% | 4th lowest of 21 |
| Operating margin | 23.3% | 17.8% | 8th highest of 21 |
| Forward P/E | 16.3× | 19.5× | 7th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 4.6% | 9.1% | 6th least demanding of 19 |
| Growth delivered (Del g) | +2.2% | +8.1% | 5th lowest of 19 |
| Hurdle (Req g minus delivered) | +2.4 pp | +0.2 pp | 9th most demanding of 19 |
| ROIC minus cost of capital | +0.6 pp | +4.6 pp | 6th lowest of 21 |
| EV / EBITDA | 12.6× | 19.1× | 8th cheapest of 17 |
| Net debt / EBITDA | 2.5× | 0.8× | 5th most indebted of 17 |
| Bond spread | 69 bp | 94 bp | tightest of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Haleon HLN.L | United Kingdom | $40.1B | +1% | +1% | 23% | 16.3× | 4.6% | +2.2% |
| Royalty Pharma RPRX | United States | $38.8B | +33% | +11% | 66% | 11.3× | 9.9% | +2.3% |
| Otsuka Hldgs 4578.T | Japan | $38.6B | +2% | +11% | 18% | 16.3× | 0.4% | +11.7% |
| Biogen BIIB | United States | $36.7B | +28% | +2% | 17% | 16.8× | 9.4% | -5.1% |
| Sandoz SDZ.SW | Switzerland | $44.4B | +24% | +1% | 15% | 25.3× | 7.9% | +0.4% |
| BeOne Medicines 688235.SS | China | $45.8B | +19% | +28% | 15% | 74.5× | 23.3% | +79.3% |
| Sun Pharmaceutical Industries SUNPHARMA.NS | India | $47.3B | +1% | +12% | 23% | 35.4× | 28.4% | +11.7% |
| Jiangsu Hengrui Pharmaceuticals 1276.HK | Hong Kong | $48.8B | -20% | +11% | 27% | 32.1× | 10.2% | +2.0% |
| Zoetis ZTS | United States | $32.8B | -4% | +1% | 38% | 12.8× | -4.3% | +7.2% |
| Daiichi Sankyo 4568.T | Japan | $31.9B | +7% | +17% | 13% | 18.6× | 7.2% | +17.1% |
| Galderma GALD.SW | Switzerland | $54.8B | +17% | +16% | 19% | 48.1× | 18.4% | +6.4% |
| Divi's Laboratories DIVISLAB.NS | India | $29.0B | +54% | +16% | 31% | 82.0× | 50.9% | +8.9% |
| Astellas Pharma 4503.T | Japan | $28.2B | +11% | +19% | 23% | 11.6× | -11.0% | +11.4% |
| Roivant Sciences ROIV | United States | $28.1B | +36% | -68% | -18,146% | n/a | n/a | n/a |
| Hansoh Pharma 3692.HK | Hong Kong | $26.9B | -7% | +25% | 38% | 27.5× | 8.9% | +10.8% |
| Bayer BAYN.DE | Germany | $61.2B | +46% | -2% | 14% | 12.3× | 2.1% | +1.9% |
| Insmed INSM | United States | $25.1B | -16% | +240% | -42% | n/a | n/a | n/a |
| Incyte INCY | United States | $24.4B | +21% | +25% | 12% | 15.4× | 14.2% | +14.0% |
| Wuxi Apptec 2359.HK | Hong Kong | $66.3B | +40% | +38% | 44% | 20.4× | 8.7% | +20.4% |
| Takeda Pharmaceutical 4502.T | Japan | $66.4B | +24% | +6% | 18% | 42.1× | 3.0% | +7.1% |
| Viatris VTRS | United States | $22.9B | +17% | +5% | 10% | 7.5× | 12.5% | +3.7% |
Haleon has 3 bonds outstanding with $4.00B face value. The agencies rate it BBB+; its bonds trade like A-. Weighted yield 5.47%, a spread of 69 bp over government bonds.