What were the key takeaways from Haleon’s earnings call?

What is the market's earnings forecast for Haleon next quarter?

What does Haleon do and what are its main business segments?

What factors drove the changes in Haleon's revenue and profit?

What is Haleon's gross profit margin?

Did Haleon beat or miss consensus estimates last quarter?

What is Haleon's latest dividend and current dividend yield?

What guidance did Haleon's management provide for the next earnings period?

- **Growth Drivers**: 4-6% FY25 revenue growth fueled by Oral Health innovation (Clinical White expansion) and emerging markets (India/China JV).
- **Risk Management**: 1% FX headwind offset by cost control; 13-day working capital improvement in FY24 with more gains possible.
- **Key Risks**: Elevated cold/flu inventory in Q1, slow Eroxon launch, and US retail sector stress.
- **Strategic Focus**: Capital allocation prioritizes growth (M&A) and returns (buybacks), with £500M buyback announced.


**【CEO Key Themes】**
- **2025 Growth Outlook**: 4-6% revenue growth driven by innovation, with Q1 softness due to elevated cold/flu inventory in mature markets. 71% of business gained/maintained share in FY24.
- **Emerging Markets Momentum**: India and China (via JV) leading growth. Oral Health division outperforming with Clinical White expansion to 12+ markets and new product launches.
- **Category Dynamics**: VMS category stabilizing post-COVID volatility. Emergency care brand shows seasonal variability tied to flu seasons.

**【CFO Financial Insights】**
- **Currency Impact**: 1% top-line/EPS headwind from FX, concentrated in H1. Long-term mitigation strategies include supply chain optimization and pricing.
- **Working Capital Efficiency**: 13-day improvement in FY24, with further gains possible via inventory management and receivables optimization.
- **Balance Sheet Management**: £500M buyback alongside retained flexibility for bolt-on M&A. Free cash flow remains key capital allocation priority.

**【Q&A Highlights】**
- **China JV Transition**: Full ownership enables operational synergies, though no material accounting changes. China business less impacted by inflation than Europe.
- **Eroxon Performance**: Slow launch for new OTC category, but within FY25 guidance. Innovation pipeline includes clinical platform extensions.
- **US Retail Challenges**: Select drug retailers facing cash constraints, but broader consumer demand remains stable.


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