Organic revenue growth2 +3.0% with +5.0% price and (2.0)% volume/mix
Reported revenue declined 2.2% to £2,919m, with FX impact of (4.6)% and M&A3 of (0.6)%
Power Brands +5.2% organic revenue growth with particular strength from Sensodyne, parodontax, Polident/Poligrip and Centrum
Strong performance in both Oral Health and VMS underpinned by successful innovation and good in-market execution
Price benefitted from both carry-forward price and incremental price taken during the quarter
Volume/mix declined, mainly as expected due to lapping tough prior year comparatives of Fenbid and Contac in China, Advil in Canada and a strong cold and flu season in Q1 2023, as well as some US retailer inventory adjustments in Q1 2024
Strong organic profit growth driven by positive operating leverage
Organic profit growth2 of +12.8% underpinned by strong operating leverage from gross margin expansion and cost efficiencies, with strong growth in A&P
Adjusted operating profit margin2 24.2%, up 220bps organically; FX impact of (80)bps and M&A3 of (30)bps
Reported operating profit +4.5% to £655m
Continued progress to be more agile and competitive
During Q1, Haleon purchased 102m ordinary shares for c. £315m in connection with Pfizer’s global offering as part of the £500m allocation to share buybacks which we expect to complete in 2024
Productivity programme remains on track and additionally, we plan to close our Maidenhead facility
Reiteration of FY 2024 guidance
Organic revenue growth expected to be 4-6%
Positive operating leverage to deliver organic operating profit growth ahead of organic revenue growth
