LONDON (Reuters) – Haleon, the world’s biggest standalone consumer health business, on Wednesday reported first-quarter profit below analyst expectations.
The company said it generated adjusted earnings per share of 4.2 pence on revenue of nearly 3 billion pounds.
That compared with analyst expectations for quarterly profit of 5.24 pence per share profit on revenue of about 2.9 billion pounds, Refiniv data shows.
Organic revenue growth of 9.9% in the quarter was largely driven by price increases, but also a small rise in volumes.
London-listed Haleon, which was carved out as an independent company in July and comprises consumer health assets once owned by GSK and Pfizer, said its adjusted profit margin fell over the quarter mainly because of “cost inflation and incremental standalone costs”.
Haleon last month said it expected to be closer to the upper range of its predicted 2023 growth of 4-6%.
(Reporting by Natalie Grover in London; Editing by David Goodman)
