In times of high inflation, genuine top-line growth carries a premium in a crowded consumer goods market. Therefore, pushing volumes ahead, in addition to prices, has afforded Haleon a higher valuation than peers such as Unilever and Reckitt Benckiser.
The FTSE 100 company, which was spun out of GSK last July, expects organic sales growth to be at the upper end of the 4 per cent to 6 per cent guidance for this year. Underlying sales over the first quarter were up 9.9 per cent, more than twice the 4.2 per cent that analysts had expected. A resurgent cold and flu season boosted sales of respiratory health and pain relief brands that include Beechams and Panadol.
The shares have moved in advance of a brighter
