Haleon (HLN.L): Expect Q2 sales to accelerate driven by the US; buyback progress suggests upside

Research evidence excerpt

Haleon (HLN.L): Expect Q2 sales to accelerate driven by the US; buyback progress suggests upside

Equity Research

30 June 2026 | 5:45AM BST

(HLN.L)Haleon

Expect Q2 sales to accelerate driven by the US; buyback progress suggests upside

HLN.L 12m Price Target: 450p Price: 348.4p Upside: 29.2% CL BUY

Olivier Nicolaï

Haleon will report H1 on July 30th, where we forecast +3.5% +44(20)7774-2895 | olivier.nicolai@gs.com

Goldman Sachs International

organic sales growth in Q2. In North America we expect +2.9%

Tom Hullsgrowth, accelerating from +1% in Q1 as Oral Health, VMS and Pain +44(20)7774-7641 | tom.hulls@gs.com

Relief benefit from shelf resets alongside World Cup activations Goldman Sachs International

despite ongoing declines in NRT. However, the full impact of the Rebecca+44(20)7552-2213Ayo-Adebanjo| rebecca.ayo-adebanjo@gs.com

resets will only be seen in Q3, implying further acceleration Goldman Sachs International

throughout the year. We anticipate continued strength in APAC

Key Data _____________________________________(+5.9%) driven by India, alongside sequential improvements in China

Market cap: £31.5bn / $41.8bn

as the group increases investments in Douyin. In EMEA/LatAm we Enterprise value: £38.5bn / $51.0bn

forecast +2.5% organic sales growth. By category, we expect 3m ADTV: £82.4mnUnited/ $110.7mnKingdom

continued strong momentum in Oral Health at +7.1% in Q2 (35% of Europe Consumer Products

M&A Rank: 3

group sales). Cold/flu is less of a headwind in Q2 given the category Leases incl. in net debt & EV?: No

seasonality while activations behind ENO should support digestive GS Forecast __________________________________

performance. Revenue (£ mn) New 11,030.012/25 11,486.012/26E 11,866.012/27E 12,284.612/28E

Revenue (£ mn) Old 11,030.0 11,445.0 11,856.4 12,284.8