The reaffirmed FY 2026 guidance and strong adjusted EPS growth provide a positive narrative, but the reported EPS decline and large restructuring charge create uncertainty. Monitor Q3 trading statement on 29 October 2026 for organic revenue trajectory and restructuring cost realization. The $2bn debt maturity in March 2027 is the next major refinancing event.
Price Chart
Executive Summary
Haleon reported H1 2026 results with revenue of £5,602m (+2.2% reported, +2.6% organic), adjusted operating profit up 8.2% at constant currency to £1,364m, and adjusted diluted EPS up 12.0% to 10.3p. Reported operating profit declined 2.6% to £1,172m due to £169m in restructuring costs. The FY 2026 outlook was reaffirmed: 3-5% organic revenue growth and high-single digit adjusted operating profit growth. The results show solid underlying margin expansion and strong cash generation, but reported EPS declined and the restructuring charge is significant, making the overall picture mixed.
Key Facts
- H1 2026 reported revenue of £5,602m, up 2.2% vs H1 2025
- Organic revenue growth of 2.6% (2.1% price, 0.5% volume/mix)
- Reported operating profit declined 2.6% to £1,172m, impacted by £169m restructuring costs
- Adjusted operating profit up 8.2% at constant currency to £1,364m; margin expanded 120bps to 24.3%
- Reported diluted EPS fell 4.5% to 8.5p; adjusted diluted EPS rose 12.0% to 10.3p
- Free cash flow of £769m, up from £734m
- Interim dividend of 2.4p, up 9% vs prior year
- Completed £457m of £500m share buyback allocation for 2026
- Net debt of £7.5bn, leverage at 2.5x net debt/adjusted EBITDA
- FY 2026 outlook unchanged: 3-5% organic revenue growth, high-single digit adjusted operating profit growth
Financial Impact
H1 2026 revenue £5,602m (+2.2% reported); adjusted operating profit £1,364m (+9.7% AER); adjusted diluted EPS 10.3p (+12.0%)
Risk Factors
- Restructuring costs of £169m in H1 2026 may continue to weigh on reported earnings
- Respiratory Health revenue declined 4.8% organically due to weak cold/flu season
- North America reported revenue declined 1.1% due to FX headwinds
- Higher effective tax rate of 25.9% vs 24.4% in prior year
- Geopolitical disruption in Middle East impacting regional performance
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-088450 |
| Document: hln-20260630x6k.htm | 0001104659-26-088450 |
| Document: 0001104659-26-088450-index-headers.html | 0001104659-26-088450 |
| Document: 0001104659-26-088450-index.html | 0001104659-26-088450 |
| Document: 0001104659-26-088450.txt | 0001104659-26-088450 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 1, 2026 4w ago | 6-K | $10.07 $9.03 | ▼ −10.33% | ▼ −11.51% | $8.73 (−13.26%) |
Aug 21, 2026 5w ago | 6-K | $10.00 $9.36 | ▼ −6.40% | ▼ −5.87% | $8.73 (−12.65%) |
Aug 19, 2026 6w ago | 6-K | $9.87 $9.36 | ▼ −5.17% | ▼ −3.22% | $8.73 (−11.50%) |
Aug 19, 2026 6w ago | 6-K | $9.87 $9.36 | ▼ −5.17% | ▼ −3.22% | $8.73 (−11.50%) |
Aug 17, 2026 6w ago | 6-K | $9.58 $9.24 | ▼ −3.55% | ▼ −1.57% | $8.73 (−8.82%) |
Aug 11, 2026 7w ago | 6-K | $9.93 $9.23 | ▼ −7.05% | ▼ −5.99% | $8.73 (−12.03%) |
Aug 11, 2026 7w ago | 6-K | $9.93 $9.23 | ▼ −7.05% | ▼ −5.99% | $8.73 (−12.03%) |
Aug 3, 2026 8w ago | 6-K | $9.80 $10.03 | ▲ +2.35% | ▲ +1.11% | $8.73 (−10.87%) |
Jul 30, 2026 9w ago | 6-K | $10.11 $10.04 | ▼ −0.69% | ▼ −4.66% | $8.73 (−13.60%) |
Jul 2, 2026 13w ago | 6-K | $9.82 $10.11 | ▲ +2.95% | ▲ +3.37% | $8.73 (−11.05%) |
US Market Status
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