Haleon 1st Half Pretax Profit Rose on Strong Brand Performance; Rejects Zantac Claims -- Update
20 Settembre 2022 - 9:56AM
Dow Jones News
By Michael Susin
Haleon PLC on Tuesday reported an increase in pretax profit for
the first half of 2022, driven by a robust brand performance, and
said that it isn't a party to any claims related to the heartburn
drug Zantac.
The consumer-healthcare business, which was spun out of GSK PLC
and is partly owned by Pfizer Inc., reported pretax profitof 864
million pounds ($988 million) for the six months compared with
GBP737 million for the same period a year ago.
First-half revenue rose to GBP5.19 billion from GBP4.58 billion,
while organic revenue growth increased 11.6%, consisting of 7.9%
volumes and 3.7% price mix, and boosted by a robust product
performance with Panadol, Theraflu, Otrivin, Advil and Centrum
particularly strong, it said.
The company backed its full-year guidance, with organic revenue
growth expected to be in the range of 6%-8%, while adjusted
operating margin--which strips out exceptional and other one-off
items--is expected to be slightly down from 22.8% at constant
currency on last year.
"Whilst navigating the current macroeconomic challenges and
uncertainties, positive momentum in our business has continued into
the second half. This combined with the strength of the business
reinforces our confidence that we are well positioned to deliver on
guidance this year and over the medium term," Chief Executive
Officer Brian McNamara said.
The company reiterated its medium-term guidance, with annual
organic revenue growth target in the range of 4% and 6% and its
intention to start an initial dividend payout.
Haleon said that it has rejected requests from Pfizer Inc. and
GSK PLC for indemnification related to Zantac litigation in the
U.S., given that the joint venture agreement only covers their
consumer healthcare businesses. The company added that at that
time, neither GSK nor Pfizer marketed Zantac in the U.S. or
Canada.
The litigation dates back to 2019 when the U.S. Food & Drug
Administration alerted the public that some medicines--including
Zantac--included higher than the allowed levels of
N-nitrosodimethylamine, a contaminant found in drinking water,
soil, and common foods.
Shares at 0705 GMT were up 4.6 pence, or 1.8%, at 264.0
pence.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
September 20, 2022 03:41 ET (07:41 GMT)
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