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Haleon PLC on Thursday forecast 2023 revenue to be at the top end of its expectations, thanks to a strong first quarter.
Haleon is a Weybridge, Surrey-based consumer healthcare products company that spun off from pharmaceutical company GSK PLC in July of last year.
Revenue in the first quarter of 2023 jumped 14% to £2.99 billion from $2.63 billion a year earlier.
Haleon noted that growth was achieved across four out of five of its divisions: Oral Health, Pain Relief, Respiratory Health and Digestive Health & Other. Respiratory Health revenue was particularly strong given a continued strong cold and flu season, it saw revenue surge 39% to £510,000 from £367,000.
In VMS, revenue was flat at £405,000. Haleon explained that this was due to a ‘strong comparative for Emergen-C in the US during the Omicron wave in Q1 2022.’ VMS stands for Vitamins, Minerals & Supplements.
By geography, performance was strong. On a reported basis, Haleon saw double-digit revenue growth across all of its divisions: in Europe, Middle East & Africa and Latin America; North America; and Asia Pacific.
Looking ahead, Haleon now expects revenue growth to be towards the upper end of its 4% to 6% guidance range. For 2022, the company reported revenue of £10.86 billion.
All other 2023 guidance remains unchanged.
Haleon said it will provide a full update with its first-quarter trading statement on May 3.
Shares in Haleon were up 2.1% to 350.95 pence each in London on Thursday morning.
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