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2024年第三季度交易報表¹

截至2024年9月30日的三個月

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有機營業收入增長是一項非IFRS指標；非IFRS指標的定義和計算方法可以在附錄中找到

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1. 發佈中的所有數字未經審計。本公告中的評論包含前瞻性聲明，應與附錄中的警示說明一起閱讀。
2. 報告的營業收入按期間的平均匯率計算。有機營業收入按恒定貨幣計算。報告與有機營業收入增長之間的差異主要是由於調整以按照去年匯率生成的報告結果重新計算。有機營業收入增長、有機營業利潤、調整後的營業利潤、調整後的營業利潤率均爲非IFRS指標；非IFRS指標的定義和計算方法可在附錄中找到。
3. 淨併購包括Lamisil、ChapStick的處置以及製造服務協議（Manufacturing Service Agreements，MSAs）的影響。

4. 恒定貨幣下的廣告宣傳費用，不包括併購的淨影響。

5. 本公告中的評論包含前瞻性聲明，應與第14頁的警示說明一起閱讀。請注意，我們無法提供有關調整後的EBITDA、調整後的有效稅率、有機營業利潤增長、有機營業收入增長以及恒定貨幣下呈現的指標的前瞻性信息的調節，因爲我們無法準確預測某些調整項目，以便呈現具有意義的可比IFRS前瞻性財務指標。

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2024展望

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2024財年，公司繼續預計：

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匯率期貨

如2024年10月7日的備忘錄中所述，雖然我們不會明確指導匯率期貨，但根據2024年10月3日現貨匯率和以2023年財年業績作爲2024年財年基準，匯率期貨翻譯會對營業收入產生約4%左右的負面影響，對調整後營業利潤產生約6-6.5%的負面影響。

中期指導

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在中期，公司預期：

請注意，由於我們無法準確預測必須調整的某些調整項目，從而提供有意義的可比IFRS前瞻性財務指標，我們無法提供有關調整後EBITDA、調整後有效稅率、有機營業利潤增長、有機營業收入增長以及以恒定貨幣表示的度量的和調節查看信息的對賬。

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資本配置

Haleon的資本配置優先級保持不變，第三季度取得了良好進展。

公司於9月27日宣佈就從合資企業（JV）天津泰仕康福（TSKF）收購合作伙伴額外33%股權達成協議，通過這家企業，Haleon在中國開展其場外交易業務，價格爲人民幣446500萬（約合£0.5億）。這將使Haleon在該合資企業中持有88%的股權。TSKF在Haleon2023財年中國營收中佔約40%。中國是Haleon的一個關鍵戰略市場，此項收購將提供更大的控制權，增加戰略和運營靈活性。交易預計將在2024年底前關閉，對每股收益有增值作用，前提是符合慣例的封閉條件，包括達仁堂集團股份有限公司（DRTG）股東的批准和適用的監管批准。

公司於9月30日宣佈完成將NRt業務在美國以外的出售，預付款爲45800萬英鎊，另有最高4200萬英鎊的遞延、基於業績的考慮，分別在2025年和2026年上半年支付。

Haleon於10月1日宣佈同意以23000萬英鎊的價格從輝瑞公司進行6050萬普通股的場外購買。總額中，11500萬英鎊的股票代表2024年分配給股票回購的50000萬英鎊餘額部分（作爲2024年2月29日宣佈的），後來被取消。從輝瑞購買的其餘股票（價值1150萬英鎊）作爲財務股票持有，用於滿足Haleon在2025年現有員工股份計劃下的義務。Haleon還宣佈已結束於2024年8月1日啓動的在市場上回購股票計劃。

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分析師和股東的演示文稿：

Tobias Hestler將於2024年10月31日上午9:00（GMT）（中歐時間上午10:00）擔任主持，介紹由香港券商首席財務官財務官主持的簡短演示，可通過www.haleon.com/investors訪問。/.    

對於希望在Q&A電話會議上提問的分析師和股東，請使用以下撥入詳細信息，該詳細信息將有一個Q&A功能：

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問題與回答電話會議的存檔網絡視頻將在結果公佈當天晚些時候提供，並可在www.haleon.com/investors上進行訪問。/

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財務日曆

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諮詢

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關於Haleon plc

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Haleon (LSE / 紐約交易所: HLN) 是全球消費保健市場的領導者，旨在以人性化方式提供更好的日常健康。Haleon的產品組合涵蓋五大主要類別 - 口腔保健、止痛、呼吸道保健、消化道保健和其他，以及維生素、礦物質和補充劑(VMS)。 旗下擁有知名品牌 - 如Advil、Sensodyne、Panadol、Voltaren、Theraflu、Otrivin、Polident、parodontax和Centrum - 基於可靠的科學、創新和深刻的人性理解而建立。

更多信息請訪問www.haleon.com

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Operational review

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Revenue by product category for the three months ended 30 September:

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1. Reported revenue is calculated at the average rate for the period. Organic revenue is calculated at constant currency. The difference between Reported and Organic revenue growth is predominantly due to adjustment to recalculate the reported results as if they had been generated at prior year exchange rates. Definitions and calculations of non-IFRS measures can be found in the Appendix

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Key category performance was as follows:

Oral Health

Revenue grew 2.5% on a reported basis and included a negative impact of 5.7% from foreign exchange movements. Organic revenue growth was sustained in the high-single digit range, +8.2%. Excluding the impact of foreign exchange movements, high-single digit growth in Sensodyne was underpinned by performance in India, US and a number of European markets including UK and Germany. The roll-out of Sensodyne Clinical White continues to progress well, now in 11 markets with strong consumption growth. parodontax grew double digit excluding the impact of foreign exchange movements with strong performance across Middle East & Africa and Europe. We recently launched parodontax in China where early consumer feedback has been encouraging. Excluding the impact of foreign exchange movements, Denture Care was up mid-single digit with South East Asia & Taiwan and Central & Eastern Europe seeing good growth. Aquafresh declined low-single digit with a double digit decline in North America excluding the impact of foreign exchange movements.

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VMS

Revenue declined 0.7% on a reported basis and included a negative impact of 4.4% from foreign exchange movements. Organic revenue grew 3.7%. Excluding the impact of foreign exchange movements, Caltrate grew double digit driven by China where sales were ahead of the market. Centrum was broadly flat driven by a tough comparative in the US (Q3 2023: +14%) and in China (Q3 2023: +22%) excluding the impact of foreign exchange movements. In both markets, share continued to grow. Elsewhere, Centrum grew double digit in Middle East & Africa and South East Asia & Taiwan. Emergen-C sales were up low single digit, excluding foreign exchange movements.

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Pain Relief

Revenue declined 1.3% on a reported basis and included a negative impact of 4.4% from foreign exchange movements. Organic revenue growth of 3.1% was driven by mid-single digit growth in Advil. Excluding foreign exchange movements, Voltaren was flat with strength in Middle East & Africa broadly offset by a decline in Germany. Panadol declined mid-single digit excluding the impact of foreign exchange movements, against a strong comparative in Middle East & Africa and market weakness in Australia.

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Excluding the impact of foreign exchange, across our Local Growth Brands, Fenbid in China grew strongly reflecting the proactive inventory management actions taken in Q3 2023 following the easing of COVID-19 related restrictions. Grand-Pa in South Africa also grew strongly excluding the impact of foreign exchange movements.

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Respiratory Health

Revenue grew 3.9% on a reported basis and included a negative impact of 5.2% from foreign exchange movements Organic revenue increased 9.1%. The US benefitted from the shipment of reformulated products which do not include phenylephrine following proactive inventory reduction during H1 2024. Excluding foreign exchange movements, Theraflu and Robitussin were each up double digit. Excluding the impact of foreign exchange movements, Otrivin was up high single digit supported by innovation including Otrivin Nasal Mist and allergy revenue declined high-single digit reflecting normal inventory reductions following a weak season.

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Digestive Health and Other

Revenue declined 8.4% on a reported basis and included a negative impact of 5.3% from foreign exchange movements and (9.0)% from net M&A arising from the divestments of Lamisil and ChapStick. Organic revenue grew +5.9% with Digestive Health up high-single digit, lapping the retailer destock seen in North America in the prior-year period. Within the category, and excluding foreign exchange movements, Tums grew double digit and ENO was up mid-single digit. Nexium revenue was flat, excluding the impact of foreign exchange movements. Smokers Health was up mid-single digit. Skin Health also grew mid-single digit with strength in Fenistil excluding the impact of foreign exchange movements.  

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Geographical segment performance

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Performance by geographical segment for the three months ended 30 September:

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1. Reported revenue is calculated at the average rate for the period. Organic revenue is calculated at constant currency. The difference between Reported and Organic revenue growth is predominantly due to adjustment to recalculate the reported results as if they had been generated at prior year exchange rates. Price and Volume/Mix are components of Organic Revenue Growth. Definitions and calculations of non-IFRS measures can be found in the Appendix.

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North America

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Europe, Middle East & Africa (EMEA) and Latin America (LatAm)

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Asia-Pacific (APAC)

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Operating profit and margin

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Reported operating profit increased by +20.7% at actual exchange rates to £705m (Q3 2023: £584m), and reported operating profit margin increased by 450bps to 25.4% at actual exchange rates (Q3 2023: 20.9%). This included £121m gain on disposal of the NRT business outside the US.

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Adjusted operating profit declined 7.2% at actual exchange rates to £639m (Q3 2023: £689m). FX reduced adjusted operating profit by 10.0% (£69m) and net M&A reduced it by 4.6% (£30m). Organic operating profit growth was +7.4% driven by continued operating leverage, particularly through gross margin expansion, which enabled strong investment in A&P. The prior-year period included the benefit of a tax credit in North America which did not repeat. Adjusted operating profit margin was 23.0% (up 30bps organically and down 160bps at actual exchange rates).

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Nine months ended 30 September 2024

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The information included here is being made public this quarter in connection with the Registration Rights Agreement dated 1 June 2022 among Haleon and Pfizer.

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Operational review

Revenue by product category for the nine months ended 30 September:

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1. Reported revenue is calculated at the average rate for the period. Organic revenue is calculated at constant currency. The difference between Reported and Organic revenue growth is predominantly due to adjustment to recalculate the reported results as if they had been generated at prior year exchange rates. Definitions and calculations of non-IFRS measures can be found in the Appendix.

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Oral Health

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Revenue grew 4.8% on a reported basis and included a negative impact of 4.5% from foreign exchange movements. Organic revenue grew 9.3%, with all three Power Brands delivering strong growth. Excluding the impact of foreign exchange movements, Sensodyne was up double digit due to strong performance in the US, India, Middle East & Africa, and China. parodontax grew double digit excluding the impact of foreign exchange movements. Denture Care grew high-single digit with particularly strong growth in Central & Eastern Europe, excluding the impact of foreign exchange movements.

VMS

Revenue grew 3.1% on a reported abasis and included a negative impact of 4.2% from foreign exchange movements. Organic revenue grew 7.3% with mid-single digit growth in Centrum underpinned by performance in the US, South-East Asia and Taiwan and Latin America. Excluding foreign exchange movements, Caltrate grew double digit with continued strong performance in China. Emergen-C sales grew mid-single digit, excluding the impact of foreign exchange movements.

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Pain Relief

Revenue declined 5.4% on a reported basis and included a negative impact of 3.3% from foreign exchange movements. Organic revenue declined 2.1%. As expected, performance reflected tough comparatives from H1 2023 due to strong demand for Fenbid in China following the lifting of COVID-19 related restrictions, and with Advil in Canada from elevated demand in the prior year period. These impacts both fell away in the third quarter. Excluding foreign exchange movements, Panadol saw a mid-single digit decline largely driven by a tough comparative in Middle East & Africa along with shipping delays.

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Respiratory Health

Revenue declined 2.7% on a reported basis and included a negative impact of 4.3% from foreign exchange movements. Organic revenue increased 1.6%. Performance reflected the lapping of strong cold and flu comparatives in the first half of the year and significantly elevated Contac demand in China in Q1 2023 from the lifting of COVID-19 related restrictions. Excluding the impact of foreign exchange movements, Theraflu was up mid-single digit with strength in Central & Eastern Europe and Latin America. Excluding the impact of foreign exchange movements, Otrivin grew mid-single digit underpinned by innovation including Otrivin Nasal Mist with double digit growth in Central and Eastern Europe. Allergy sales were down low-single digit, excluding the impact of foreign exchange movements, reflecting a soft season.

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Digestive Health and Other

Revenue declined 4.3% on a reported basis and included a negative impact of 3.5% from foreign exchange movements and (6.1)% from net M&A arising from the disposals of Lamisil and ChapStick. Organic revenue was up 5.3%, with Digestive Health up mid-single digit driven by high-single digit growth in Tums and ENO, partly offset by a decline in Nexium, in each case, excluding the impact of foreign exchange movements. Excluding the impact of foreign exchange movements and net M&A, Smokers Health revenue increased mid-single digit and Skin Health brands grew high-single digit.

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Geographical segment performance

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Revenue by geographical segment for the nine months ended 30 September:

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1. Price and Volume/Mix are components of Organic Revenue Growth. Definitions and calculations of non-IFRS measures can be found on pages 14 to 19.

2. Reported revenue is calculated at the average rate for the period. Organic revenue is calculated at constant currency. The difference between Reported and Organic revenue growth is predominantly due to adjustment to recalculate the reported results as if they had been generated at prior year exchange rates. Definitions and calculations of non-IFRS measures can be found in the Appendix.

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All commentary below refers to organic revenue growth unless otherwise stated.

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Operating profit and margin

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Reported operating profit increased by 7.6% at actual exchange rates to £1,856m (9m 2023: £1,725m), and reported operating profit margin increased by 170bps at actual exchange rates to 21.9% (9m 2023: 20.2%). This included £121m gain on disposal of the NRT business outside the US.

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Adjusted operating profit decreased by 1.4% at actual exchange rates to £1,932m (9m 2023: £1,960m). FX reduced adjusted operating profit by 7.8% (£153m) and net M&A reduced it by 3.3% (£60m). Organic operating profit increased 9.7%. Good operational leverage, particularly through gross margin expansion, as well as efficiencies enabled high-single digit growth in A&P at constant currency and excluding the net impact of M&A.

As a result of the above, adjusted operating profit margin was 22.8%, up 120bps organically and down 20bps at actual exchange rates.

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CONDENSED CONSOLIDATED INCOME STATEMENT

FOR THE THREE MONTHS ENDED 30 SEPTEMBER (unaudited)

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CONDENSED CONSOLIDATED INCOME STATEMENT

FOR THE NINE MONTHS ENDED 30 SEPTEMBER (unaudited)

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¹ Application of IAS 29 ‘Financial Reporting in Hyperinflationary Economies’ has been applied effective 1 January 2024.

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Appendix

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Cautionary note regarding forward-looking statements

This document contains certain statements that are, or may be deemed to be, "forward-looking statements“ (including for purposes of the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934).  Forward-looking statements give Haleon’s current expectations and projections about future events, including strategic initiatives and future financial condition and performance, and so Haleon’s actual results may differ materially from what is expressed or implied by such forward-looking statements. Forward-looking statements sometimes use words such as "expects“, "anticipates“, "believes“, "targets“, "plans", "intends“, “aims”, "projects“, "indicates", "may", “might”, "will", "should“, “potential”, “could” and words of similar meaning (or the negative thereof).  All statements, other than statements of historical facts, included in this presentation are forward-looking statements.  Such forward-looking statements include, but are not limited to, statements relating to future actions, prospective products or product approvals, delivery on strategic initiatives (including but not limited to acquisitions and disposals, realisations of efficiencies and responsible business goals), future performance or results of current and anticipated products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, dividend payments and financial results.

Any forward-looking statements made by or on behalf of Haleon speak only as of the date they are made and are based upon the knowledge and information available to Haleon on the date of this document. These forward-looking statements and views may be based on a number of assumptions and, by their nature, involve known and unknown risks, uncertainties and other factors because they relate to events and depend on circumstances that may or may not occur in the future and/or are beyond Haleon’s control or precise estimate. Such risks, uncertainties and other factors that could cause Haleon’s actual results, performance or achievements to differ materially from those in the forward-looking statements include, but are not limited to, those discussed under “Risk Factors” on pages 193 to 201 in Haleon’s Annual Report and Form 20-F 2023. Forward-looking statements should, therefore, be construed in light of such risk factors and undue reliance should not be placed on forward-looking statements.

Subject to our obligations under English and U.S. law in relation to disclosure and ongoing information (including under the Market Abuse Regulations, the UK Listing Rules and the Disclosure and Transparency Rules of the Financial Conduct Authority), we undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should, however, consult any additional disclosures that Haleon may make in any documents which it publishes and/or files with the SEC and take note of these disclosures, wherever you are located.

No statement in this document is or is intended to be a profit forecast or profit estimate.

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Use of non-IFRS measures (unaudited)

We use certain alternative performance measures to make financial, operating, and planning decisions and to evaluate and report performance. We believe these measures provide useful information to investors and as such, where clearly identified, we have included certain alternative performance measures in this document to allow investors to better analyse our business performance and allow greater comparability. To do so, we have excluded items affecting the comparability of period-over-period financial performance. Adjusted Results and other non-IFRS measures may be considered in addition to, but not as a substitute for or superior to, information presented in accordance with IFRS.

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Adjusted results

Adjusted results comprise adjusted gross profit, adjusted gross profit margin, adjusted selling, general and administration (SG&A), adjusted research and development (R&D), adjusted other operating income/(expense), adjusted operating profit, adjusted operating profit margin, adjusted income tax, adjusted effective tax rate, adjusted profit attributable to shareholders, adjusted diluted earnings per

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share. Adjusted results exclude net amortisation and impairment of intangible assets, restructuring costs, transaction-related costs, separation and admission costs, and disposals and others, in each case net of the impact of taxes (where applicable) (collectively the Adjusting items).

Management believes that adjusted results, when considered together with the Group’s operating results as reported under IFRS, provide investors, analysts and other stakeholders with helpful complementary information to understand the financial performance and position of the Group from period to period and allow the Group’s performance to be more easily comparable.

Adjusting items

Adjusted Results exclude the following items (net of the impact of taxes, where applicable):

Net amortisation and impairment of intangible assets

Net impairment of intangibles, impairment of goodwill and amortisation of acquired intangibles excluding computer software. These adjustments are made to reflect the performance of the business excluding the effect of acquisitions.

Restructuring costs

From time to time, the Group may undertake business restructuring programmes that are structural in nature and significant in scale. The cost associated with such programmes includes severance and other personnel costs, professional fees, impairments of assets, and other related items.

Transaction related costs

Transaction related accounting or other adjustments related to significant acquisitions including deal costs and other pre-acquisition costs when there is certainty that an acquisition will complete. It also includes costs of registering and issuing debt and equity securities and the effect of inventory revaluations on acquisitions.

Separation and Admission costs

Costs incurred in relation to and in connection with Separation, UK Admission and registration of the Company’s Ordinary Shares represented by the Company’s American Depositary Shares (ADSs) under the US Securities Exchange Act of 1934 and listing of ADSs on the NYSE (the US Listing). These costs are not directly attributable to the sale of the Group’s products and specifically relate to the foregoing activities, affecting comparability of the Group’s financial results in historical and future reporting periods.

Disposals and others

Includes gains and losses on disposals of assets, businesses and tax indemnities related to business combinations, legal settlement and judgements, impact of changes in tax rates and tax laws on deferred tax assets and liabilities, retained or uninsured losses related to acts of terrorism, significant product recalls, natural disasters and other items. These gains and losses are not directly attributable to the sale of the Group’s products and vary from period to period, which affects comparability of the Group’s financial results. In addition, these gains and losses include net monetary gains or losses arising from hyperinflationary economics as this affects comparability of the Group’s financial results. From period to period, the Group will also need to apply judgement if items of unique nature arise that are not specifically listed above.

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The following tables set out reconciliation between IFRS and Adjusted Results for the three months ended 30 September 2024 and 30 September 2023.

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Constant currency

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The Group’s reporting currency is Pounds Sterling, but the Group’s significant international operations give rise to fluctuations in foreign exchange rates. To neutralise foreign exchange impact and to better illustrate the change in results from one year to the next, the Group discusses its results both on an “as reported basis” or using actual exchange rates (AER) (local currency results translated into Pounds Sterling at the prevailing foreign exchange rate) and using constant currency exchange rates (CER). To calculate results on a constant currency basis, prior year average exchange rates are used to restate current year comparatives except for the local currency of entities that operate in hyperinflationary economies. These currencies are translated into Pound Sterling using the prior year closing exchange rate. The principal currencies and relevant exchange rates in the key markets where the Group operates are shown below.
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Organic revenue growth and organic operating profit growth

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Our organic growth measures take our adjusted results and further exclude the impact of divestments, acquisitions, manufacture and supply agreements (MSAs) relating to divestments and closure production sites, and the impact of foreign currency exchange movements including changes in currency and price growth in excess of 26% in hyperinflationary economies from one period to the next. Inflation of 26% per year compounded over three years is one of the key indicators within IAS 29 to assess whether an economy is deemed to be hyperinflationary.

The Group believes discussing organic revenue growth and organic operating profit growth contributes to the understanding of the Group’s performance and trends because it allows for a year-on-year comparison of revenue and operating profit in a meaningful and consistent manner.

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Organic measures are calculated period to period as follows, using prior year exchange rates to restate current year comparatives except for the local currency of entities that operate in hyperinflationary economies. These currencies are translated into Pound Sterling using the prior year closing exchange rate.

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To calculate organic growth for the period, organic measures for the prior year are subtracted from organic measures in the current year and divided by organic measures in the prior year.

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Organic revenue growth by individual geographical segment is further discussed by price and volume/mix changes, which are defined as follows:

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– Price: Defined as the variation in revenue attributable to changes in prices during the period. Price excludes the impact to organic revenue growth due to (i) the volume of products sold during the period and (ii) the composition of products sold during the period. Price is calculated as current year net price minus prior year net price multiplied by current year volume. Net price is the sales price, after deduction of any trade, cash or volume discounts that can be reliably estimated at point of sale. Value added tax and other sales taxes are excluded from the net price. In determining changes in price, we exclude the impact of price growth in excess of 26% per year in hyperinflationary economies as explained above.

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The following tables reconcile reported revenue growth and reported operating profit growth to organic revenue growth and organic operating profit growth, respectively, for the periods presented.

¹ Excludes c.2% of price growth due to hyperinflation for the Group.

¹ Includes c.1% of price growth due to hyperinflation for the Group.

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¹ Excludes c.2% of price growth due to hyperinflation for the Group.

¹ Includes c.1% of price growth due to hyperinflation for the Group.

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Adjusted results for the nine months ended 30 September 2024 and 30 September 2023 (unaudited)

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The following tables set out a reconciliation between IFRS and Adjusted Results for the nine-month periods ended 30 September 2024 and 30 September 2023:

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The following tables reconcile reported revenue growth and reported operating profit growth to organic revenue growth and organic operating profit growth, respectively, for the periods presented.

¹ Excludes c.2% of price growth due to hyperinflation for the Group.

¹ Includes c.1% of price growth due to hyperinflation for the Group.

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¹ Excludes c.2% of price growth due to hyperinflation for the Group.

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¹ Includes c.1% of price growth due to hyperinflation for the Group.

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