Haleon: BARC Consumer Health Conference Feedback

研报英文原文证据摘录

Haleon: BARC Consumer Health Conference Feedback

Equity Research

European Consumer Staples

29 June 2026

Haleon

BARC Consumer Health

Conference Feedback

We hosted Jayant Singh, Head of HLN's Oral Health. The HLN.L/HLN LN OVERWEIGHT

NEUTRALtherapeutic positioning of Sensodyne sets it apart and has EuropeanStaples Consumer

enabled consistent HSD growth over time. He outlined a Price Target GBp 415

compelling long-term runway for the brand, built on Price (26-Jun-26) GBp 348 Potential Upside/Downside +19.2%

Source: Bloomberg, Barclays Researchinnovation, and pushed back against the excessive promo

narrative. OW

Warren Ackerman

We hosted Haleon at our Barclays Consumer Health Conference, where we heard from +44 (0)20 3134 1903

Jayant Singh, Head of Oral Health. Our key takeaway is that Haleon's strength lies in its warren.ackerman@barclays.com

therapeutic positioning, with this segment growing 1.5x–2.0x faster than the broader Barclays, UK

market. Jayant pushed back on the view that the category is becoming more promotional Alex Sloane

and instead emphasised the consistency and discipline of Haleon’s strategy, which is built +44 (0)20 3555 0645

on first establishing strong brand equity before expanding access through price-pack alexander.sloane@barclays.com

architecture. He was clear on the importance of protecting the therapeutic brand equity of Barclays, UK

the portfolio, which in his view requires disciplined pricing (i.e. not being overly Laurence Whyatt

aggressive on promotions) and tight control of brand perception, particularly across social +44 (0)20 7773 5324

channels. This strategy, if executed consistently, should allow the portfolio to continue laurence.whyatt@barclays.com

delivering HSD growth over the long term, in his view.