Haleon said pretax profit for 2023 slightly rose supported by better-than-expected sales, with positive volume, price and organic growth across all categories and regions, and backed its targets for 2024.
The consumer-healthcare business, which was spun out of GSK PLC and is partly owned by Pfizer Inc., reported a pretax profit of 1.63 billion pounds ($2.06 billion) compared with GBP1.62 billion a year ago.
However, adjusted pretax profit--which strips out exceptional and other one-off items--fell to GBP2.18 billion from GBP2.265 billion, missing company-provided market expectations of GBP2.215 billion.
Revenue came in at GBP11.30 billion from GBP10.86 billion, ahead of expectations of GBP11.28 billion.
Organic revenue growth rose 8%, consisting of 1.0% volumes and 7.0% price. The company had guided revenue growth to be between 7% to 8%, compared with the market consensus of 7.6%.
Adjusted operating profit rose 10.4% at constant currency to GBP2.55 billion. The company had guided for growth in the range of 9% to 11% at constant currency.
Adjusted operating margin was 22.6%, slightly missing market consensus of 22.7%.
The board declared a final dividend of 4.2 pence a share bringing the total dividend to 6.0 pence a share.
The company backed its 2024 target of organic revenue growth range of 4% to 6%. It also expects organic operating profit growth to be ahead of organic revenue growth.
These are the same targets for the medium term.
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