Haleon Reaffirms 2026 Outlook as Oral Health Strength Offsets Weak Cold and Flu Season
Haleon Reaffirms 2026 Outlook as Oral Health Strength Offsets Weak Cold and Flu Season
Haleon plc reported modest first-quarter growth for 2026, supported by strong demand in Oral Health brands such as Sensodyne and parodontax, while a weak cold and flu season weighed on Respiratory Health sales.
The consumer healthcare group posted reported revenue of £2.857 billion for the three months ended March 31, 2026. Organic revenue rose 2.2%, driven by a 2.4% price increase, while volume and mix slipped 0.2%. Reported revenue growth was nearly flat at 0.1%. Haleon said the soft cold and flu season reduced quarterly growth by about 130 basis points.
North America Returns to Growth
North America, Haleon’s largest market, delivered 1.0% organic revenue growth despite weaker seasonal illness demand. The company said growth was helped by Oral Health products, especially Sensodyne and parodontax, along with early progress from shelf resets, wider distribution, and new product launches.
However, reported revenue in North America fell 4.9% to £932 million. Haleon said Respiratory Health remained under pressure because cold and flu product demand declined sharply. Even so, management expects North American growth to improve during the rest of 2026, helped by innovation, retail execution, and marketing campaigns linked to its U.S. Soccer partnership ahead of the FIFA World Cup 2026.
Oral Health Remains the Main Growth Driver
Oral Health was Haleon’s standout category in the quarter. Revenue in the division reached £932 million, with 8.3% organic revenue growth and 5.9% reported revenue growth. The company credited strong demand for Sensodyne and parodontax, supported by innovation and geographic expansion.
Recent launches such as Sensodyne Clinical Repair and parodontax Gum Strengthen & Protect helped strengthen Haleon’s position in the category. The company also said early consumer feedback for Sensodyne Clinical Repair has been positive.
Mixed Performance Across Other Categories
Haleon’s other product categories delivered a more mixed performance. Vitamins, Minerals and Supplements, known as VMS, grew 1.7% organically to £414 million. Growth was supported by Centrum, including activity around Centrum Silver and claims linked to biological ageing.
Pain Relief revenue reached £654 million, but organic revenue fell 0.3%. Respiratory Health was the weakest category, with revenue of £499 million and an organic decline of 3.4%. Digestive Health revenue was £239 million, down 0.4% organically, while Therapeutic Skin Health and Other grew 3.0% organically to £119 million.
Regional Results Show APAC Strength
By region, APAC delivered the fastest organic growth, rising 4.0% to £685 million. Haleon said growth in Asia-Pacific was volume-led and supported by China, India, Southeast Asia, Taiwan, Australia, and New Zealand. E-commerce expansion, innovation, and strong in-market execution helped the region perform well, although weak cold and flu demand in China limited stronger growth.
EMEA and Latin America generated £1.240 billion in revenue, with organic growth of 2.1% and reported growth of 4.4%. Haleon said Oral Health strength helped offset softer consumer conditions in parts of Europe and a weak cold and flu season in Central and Eastern Europe.
Management Maintains Full-Year Guidance
Chief Executive Officer Brian McNamara said Haleon delivered a competitive performance in a challenging market. He pointed to North America’s return to growth, continued Oral Health momentum, innovation, and productivity improvements as key positives. The company also noted that geopolitical and macroeconomic uncertainty remains a factor for 2026.
Haleon reaffirmed its full-year 2026 outlook, expecting 3% to 5% organic revenue growth and high-single-digit adjusted operating profit growth at constant currency. It also expects net interest of about £255 million and an adjusted effective tax rate of around 24.5%.
Share Buybacks Continue
The company confirmed that £500 million has been allocated to share buybacks in 2026, with around 36% already completed at the time of the update. Haleon said disciplined capital allocation remains part of its strategy to support shareholder returns.
Market Outlook
Haleon’s first-quarter update shows a business still growing, but not evenly. Oral Health is clearly carrying momentum, while Respiratory Health remains exposed to seasonal illness trends. The company’s ability to deliver stronger growth later in 2026 may depend on better North American demand, successful innovation rollouts, improved category balance, and steady execution in emerging markets.
Overall, Haleon remains confident in its 2026 plan. The company expects growth to accelerate across the rest of the year, supported by brand strength, new products, cost discipline, and improved market activity.
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