NYSE : HLN
Haleon plc — Financial statements
Healthcare · Drug Manufacturers - Specialty & Generic · United Kingdom
Last price 8.66 USD (Oct 30, 2026, 4:00 PM EST) · Market cap 37.69B
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Financial statements
Haleon plc (HLN) reported revenue of 11.15B GBP (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in GBP.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 11.15B | 11.03B | 11.23B | 11.30B | 10.86B | 9.54B |
| Cost of Revenue | 3.84B | 3.89B | 4.13B | 4.34B | 4.13B | 3.56B |
| Gross Profit | 7.31B | 7.14B | 7.10B | 6.96B | 6.73B | 5.98B |
| Selling, General & Admin | 4.38B | 4.33B | 4.33B | 4.17B | 4.04B | 3.79B |
| Research & Development | 310.00M | 315.00M | 297.00M | 297.00M | 303.00M | 248.00M |
| Other Operating Expenses | -10.00M | 17.00M | -7.00M | |||
| Operating Expenses | 4.69B | 4.64B | 4.62B | 4.48B | 4.33B | 4.04B |
| Operating Income | 2.62B | 2.50B | 2.49B | 2.48B | 2.40B | 1.94B |
| Interest Expense | -324.00M | -347.00M | -394.00M | -414.00M | -278.00M | -16.00M |
| Interest & Investment Income | 44.00M | 57.00M | 65.00M | 25.00M | 56.00M | 13.00M |
| Other Non Operating Income (Expenses) | -18.00M | -20.00M | 46.00M | -90.00M | 223.00M | -34.00M |
| EBT Excluding Unusual Items | 2.32B | 2.19B | 2.20B | 2.00B | 2.40B | 1.91B |
| Merger & Restructuring Charges | -232.00M | -89.00M | -213.00M | -171.00M | -49.00M | -45.00M |
| Gain (Loss) on Sale of Assets | 12.00M | 12.00M | 121.00M | -10.00M | 24.00M | 31.00M |
| Asset Writedown | -17.00M | -14.00M | -159.00M | -186.00M | -135.00M | -13.00M |
| Other Unusual Items | 50.00M | 50.00M | -43.00M | -9.00M | -619.00M | -243.00M |
| Pretax Income | 2.13B | 2.15B | 1.91B | 1.63B | 1.62B | 1.64B |
| Income Tax Expense | 496.00M | 472.00M | 435.00M | 517.00M | 499.00M | 197.00M |
| Earnings From Continuing Operations | 1.64B | 1.68B | 1.48B | 1.11B | 1.12B | 1.44B |
| Minority Interest in Earnings | -14.00M | -13.00M | -33.00M | -62.00M | -59.00M | -49.00M |
| Net Income | 1.62B | 1.67B | 1.44B | 1.05B | 1.06B | 1.39B |
| Net Income to Common | 1.62B | 1.67B | 1.44B | 1.05B | 1.06B | 1.39B |
| Shares Outstanding (Basic) | 8.91B | 8.98B | 9.13B | 9.23B | 9.23B | 9.23B |
| Shares Outstanding (Diluted) | 8.95B | 9.03B | 9.18B | 9.26B | 9.24B | 9.23B |
| EPS (Basic) | 0.18 | 0.19 | 0.16 | 0.11 | 0.11 | 0.15 |
| EPS (Diluted) | 0.18 | 0.18 | 0.16 | 0.11 | 0.11 | 0.15 |
| Free Cash Flow | 2.31B | 2.31B | 2.05B | 1.87B | 1.76B | 1.13B |
| Free Cash Flow Per Share | 0.26 | 0.26 | 0.22 | 0.20 | 0.19 | 0.12 |
| Dividend Per Share | 0.07 | 0.07 | 0.07 | 0.06 | 0.02 | |
| Gross Margin | 65.57% | 64.77% | 63.23% | 61.60% | 61.97% | 62.69% |
| Operating Margin | 23.48% | 22.69% | 22.14% | 21.97% | 22.07% | 20.36% |
| Profit Margin | 14.55% | 15.11% | 12.84% | 9.28% | 9.76% | 14.56% |
| Free Cash Flow Margin | 20.76% | 20.96% | 18.26% | 16.51% | 16.20% | 11.82% |
| EBITDA | 2.85B | 2.74B | 2.68B | 2.79B | 2.68B | 2.21B |
| EBITDA Margin | 25.54% | 24.87% | 23.89% | 24.70% | 24.71% | 23.16% |
| D&A For EBITDA | 230.00M | 240.00M | 196.00M | 309.00M | 287.00M | 268.00M |
| EBIT | 2.62B | 2.50B | 2.49B | 2.48B | 2.40B | 1.94B |
| EBIT Margin | 23.48% | 22.69% | 22.14% | 21.97% | 22.07% | 20.36% |
| Effective Tax Rate | 23.25% | 21.93% | 22.78% | 31.76% | 30.84% | 12.04% |
| Advertising Expenses | 2.26B | 2.16B | 2.02B | 2.03B | 1.94B |
Balance sheet
Fiscal year January - December; amounts in GBP.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 826.00M | 1.32B | 2.25B | 1.04B | 684.00M | 414.00M |
| Trading Asset Securities | 26.00M | 78.00M | 5.00M | |||
| Cash & Short-Term Investments | 826.00M | 1.35B | 2.33B | 1.05B | 684.00M | 414.00M |
| Accounts Receivable | 2.29B | 1.64B | 1.59B | 1.35B | 1.49B | 1.32B |
| Other Receivables | 59.00M | 350.00M | 440.00M | 483.00M | 378.00M | 995.00M |
| Receivables | 2.35B | 2.00B | 2.03B | 1.84B | 1.87B | 3.83B |
| Inventory | 1.07B | 1.02B | 1.19B | 1.41B | 1.35B | 951.00M |
| Prepaid Expenses | 122.00M | 114.00M | 107.00M | 106.00M | 56.00M | |
| Other Current Assets | 46.00M | 52.00M | 52.00M | 414.00M | 50.00M | 5.00M |
| Total Current Assets | 4.29B | 4.55B | 5.72B | 4.82B | 4.06B | 5.25B |
| Property, Plant & Equipment | 2.06B | 2.00B | 1.92B | 1.90B | 1.90B | 1.66B |
| Long-Term Investments | 69.00M | 70.00M | 82.00M | 64.00M | 44.00M | |
| Goodwill | 8.13B | 8.20B | 8.32B | 8.40B | 8.25B | |
| Other Intangible Assets | 25.75B | 17.49B | 18.01B | 18.54B | 20.04B | 18.95B |
| Long-Term Deferred Tax Assets | 285.00M | 289.00M | 276.00M | 265.00M | 220.00M | 312.00M |
| Other Long-Term Assets | 132.00M | 111.00M | 107.00M | 151.00M | 157.00M | 31.00M |
| Total Assets | 32.58B | 32.63B | 34.31B | 34.05B | 34.81B | 34.45B |
| Accounts Payable | 3.80B | 2.06B | 1.97B | 1.85B | 1.83B | 1.58B |
| Accrued Expenses | 466.00M | 499.00M | 559.00M | 467.00M | 317.00M | |
| Short-Term Debt | 401.00M | 49.00M | 43.00M | 60.00M | 393.00M | 874.00M |
| Current Portion of Long-Term Debt | 1.51B | 740.00M | 1.44B | 548.00M | 31.00M | 18.00M |
| Current Portion of Leases | 52.00M | 48.00M | 50.00M | 48.00M | 44.00M | 30.00M |
| Current Income Taxes Payable | 265.00M | 267.00M | 235.00M | 288.00M | 210.00M | 202.00M |
| Current Unearned Revenue | 34.00M | 18.00M | 21.00M | 23.00M | 11.00M | |
| Other Current Liabilities | 221.00M | 1.27B | 1.55B | 1.26B | 1.37B | 1.21B |
| Total Current Liabilities | 6.24B | 4.93B | 5.81B | 4.64B | 4.37B | 4.24B |
| Long-Term Debt | 6.18B | 7.71B | 8.63B | 8.86B | 10.06B | 1.00M |
| Long-Term Leases | 111.00M | 85.00M | 73.00M | 89.00M | 117.00M | 87.00M |
| Pension & Post-Retirement Benefits | 111.00M | 114.00M | 131.00M | 157.00M | 161.00M | 253.00M |
| Long-Term Deferred Tax Liabilities | 3.29B | 3.22B | 3.35B | 3.49B | 3.60B | 3.36B |
| Other Long-Term Liabilities | 207.00M | 81.00M | 87.00M | 92.00M | 48.00M | 35.00M |
| Total Liabilities | 16.14B | 16.15B | 18.09B | 17.33B | 18.36B | 7.97B |
| Common Stock | 88.00M | 90.00M | 91.00M | 92.00M | 92.00M | 1.00M |
| Retained Earnings | 27.69B | 27.85B | 27.27B | 27.47B | 26.73B | 37.54B |
| Treasury Stock | -156.00M | -116.00M | ||||
| Comprehensive Income & Other | -11.39B | -11.36B | -11.08B | -10.96B | -10.49B | -11.18B |
| Total Common Equity | 16.38B | 16.43B | 16.17B | 16.61B | 16.33B | 26.36B |
| Minority Interest | 60.00M | 59.00M | 58.00M | 123.00M | 126.00M | 125.00M |
| Shareholders' Equity | 16.44B | 16.48B | 16.22B | 16.73B | 16.46B | 26.48B |
| Total Liabilities & Equity | 32.58B | 32.63B | 34.31B | 34.05B | 34.81B | 34.45B |
| Total Debt | 8.25B | 8.63B | 10.24B | 9.61B | 10.65B | 1.01B |
| Net Cash (Debt) | -7.43B | -7.28B | -7.92B | -8.56B | -9.96B | -596.00M |
| Net Cash Per Share | -0.83 | -0.81 | -0.86 | -0.92 | -1.08 | -0.06 |
| Filing Date Shares Outstanding | 8.88B | 8.91B | 9.05B | 9.23B | 9.23B | 9.23B |
| Total Common Shares Outstanding | 8.88B | 8.91B | 9.05B | 9.23B | 9.23B | 9.23B |
| Working Capital | -1.95B | -383.00M | -94.00M | 178.00M | -311.00M | 1.01B |
| Book Value Per Share | 1.84 | 1.84 | 1.79 | 1.80 | 1.77 | 2.85 |
| Tangible Book Value | -9.37B | -9.19B | -10.04B | -10.25B | -12.11B | -840.00M |
| Tangible Book Value Per Share | -1.05 | -1.03 | -1.11 | -1.11 | -1.31 | -0.09 |
| Land | 1.04B | 1.01B | 967.00M | 927.00M | 914.00M | |
| Machinery | 1.96B | 1.87B | 1.70B | 1.65B | 1.46B | |
| Construction In Progress | 383.00M | 320.00M | 366.00M | 385.00M | 295.00M |
Cash flow statement
Fiscal year January - December; amounts in GBP.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.62B | 1.67B | 1.44B | 1.05B | 1.06B | 1.39B |
| Depreciation & Amortization | 284.00M | 291.00M | 249.00M | 309.00M | 287.00M | 268.00M |
| Other Amortization | 68.00M | 69.00M | 75.00M | |||
| Loss (Gain) From Sale of Assets | -20.00M | -128.00M | 12.00M | -30.00M | -31.00M | |
| Asset Writedown & Restructuring Costs | 58.00M | 47.00M | 192.00M | 200.00M | 143.00M | 1.00M |
| Loss (Gain) From Sale of Investments | 50.00M | 50.00M | -11.00M | 109.00M | -208.00M | |
| Stock-Based Compensation | 97.00M | 86.00M | 102.00M | 76.00M | 15.00M | |
| Other Operating Activities | 337.00M | 168.00M | 174.00M | 452.00M | 615.00M | -120.00M |
| Change in Accounts Receivable | -90.00M | -65.00M | -312.00M | 38.00M | -85.00M | 14.00M |
| Change in Inventory | 79.00M | 133.00M | 216.00M | -131.00M | -292.00M | -17.00M |
| Change in Accounts Payable | 128.00M | 125.00M | 158.00M | 112.00M | 387.00M | 41.00M |
| Change in Other Net Operating Assets | 37.00M | 63.00M | 144.00M | -126.00M | 171.00M | -190.00M |
| Operating Cash Flow | 2.65B | 2.63B | 2.30B | 2.10B | 2.06B | 1.36B |
| Capital Expenditures | -336.00M | -322.00M | -250.00M | -234.00M | -304.00M | -228.00M |
| Sale of Property, Plant & Equipment | 21.00M | 12.00M | ||||
| Cash Acquisitions | -71.00M | |||||
| Divestitures | 24.00M | 13.00M | 446.00M | |||
| Sale (Purchase) of Intangibles | -88.00M | -91.00M | 257.00M | 144.00M | 12.00M | 67.00M |
| Investment in Securities | -6.00M | 700.00M | 100.00M | |||
| Other Investing Activities | 47.00M | 60.00M | 75.00M | 27.00M | -9.19B | 16.00M |
| Investing Cash Flow | -332.00M | -346.00M | 528.00M | -134.00M | -8.78B | -33.00M |
| Long-Term Debt Issued | 46.00M | 1.21B | 11.00B | 8.00M | ||
| Long-Term Debt Repaid | -1.41B | -622.00M | -608.00M | -1.56B | -38.00M | |
| Lease Payments | -64.00M | -60.00M | -60.00M | -55.00M | -45.00M | -38.00M |
| Net Debt Issued (Repaid) | -470.00M | -1.37B | 592.00M | -608.00M | 9.44B | -30.00M |
| Issuance of Common Stock | 18.00M | 4.00M | ||||
| Repurchase of Common Stock | -739.00M | -654.00M | -624.00M | -38.00M | ||
| Common Dividends Paid | -633.00M | -612.00M | -570.00M | -388.00M | -2.68B | -1.15B |
| Other Financing Activities | -293.00M | -511.00M | -935.00M | -534.00M | 134.00M | -62.00M |
| Financing Cash Flow | -2.13B | -3.14B | -1.54B | -1.57B | 6.91B | -1.24B |
| Foreign Exchange Rate Adjustments | -5.00M | -49.00M | -79.00M | -15.00M | 15.00M | -4.00M |
| Net Cash Flow | 179.00M | -904.00M | 1.21B | 383.00M | 205.00M | 83.00M |
| Free Cash Flow | 2.31B | 2.31B | 2.05B | 1.87B | 1.76B | 1.13B |
| Free Cash Flow Margin | 20.76% | 20.96% | 18.26% | 16.51% | 16.20% | 11.82% |
| Free Cash Flow Per Share | 0.26 | 0.26 | 0.22 | 0.20 | 0.19 | 0.12 |
| Levered Free Cash Flow | 1.80B | 1.40B | 2.43B | 1.29B | 3.44B | 891.38M |
| Unlevered Free Cash Flow | 2.00B | 1.62B | 2.67B | 1.55B | 3.62B | 901.38M |
| Free Cash Flow After Leases | 2.25B | 2.25B | 1.99B | 1.81B | 1.71B | 1.09B |
| Cash Interest Paid | 336.00M | 357.00M | 360.00M | 404.00M | 163.00M | 15.00M |
| Cash Income Tax Paid | 454.00M | 439.00M | 593.00M | 445.00M | 324.00M | 310.00M |
| Change in Working Capital | 154.00M | 256.00M | 206.00M | -107.00M | 181.00M | -152.00M |
Ratios
Fiscal year January - December; amounts in GBP.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 38.20B | 44.93B | 42.77B | 37.83B | 36.42B | |
| Enterprise Value | 48.25B | 55.52B | 53.58B | 50.20B | 47.36B | |
| Last Close Price | 8.76 | 9.92 | 9.19 | 7.79 | 7.48 | |
| PE Ratio | 18.04 | 20.02 | 23.69 | 28.32 | 28.52 | |
| PS Ratio | 2.58 | 3.03 | 3.04 | 2.63 | 2.78 | |
| PB Ratio | 1.75 | 2.02 | 2.11 | 1.78 | 1.84 | |
| P/FCF Ratio | 12.30 | 14.44 | 16.66 | 15.92 | 17.19 | |
| P/OCF Ratio | 10.74 | 12.67 | 14.85 | 14.14 | 14.65 | |
| EV/Sales Ratio | 3.26 | 3.74 | 3.81 | 3.49 | 3.62 | |
| EV/EBITDA Ratio | 12.77 | 15.04 | 15.95 | 14.12 | 14.65 | |
| EV/EBIT Ratio | 13.89 | 16.48 | 17.21 | 15.87 | 16.41 | |
| EV/FCF Ratio | 15.54 | 17.84 | 20.86 | 21.12 | 22.35 | |
| Debt / Equity Ratio | 0.50 | 0.52 | 0.63 | 0.57 | 0.65 | 0.04 |
| Debt / EBITDA Ratio | 2.84 | 3.09 | 3.74 | 3.44 | 3.97 | 0.46 |
| Debt / FCF Ratio | 3.56 | 3.73 | 5.00 | 5.15 | 6.05 | 0.90 |
| Net Debt / Equity Ratio | 0.45 | 0.44 | 0.49 | 0.51 | 0.60 | 0.02 |
| Net Debt / EBITDA Ratio | 2.61 | 2.65 | 2.95 | 3.06 | 3.71 | 0.27 |
| Net Debt / FCF Ratio | 3.21 | 3.15 | 3.86 | 4.59 | 5.66 | 0.53 |
| Asset Turnover | 0.35 | 0.33 | 0.33 | 0.33 | 0.31 | 0.28 |
| Inventory Turnover | 3.49 | 3.51 | 3.18 | 3.15 | 3.59 | 3.75 |
| Quick Ratio | 0.51 | 0.68 | 0.75 | 0.62 | 0.58 | 0.64 |
| Current Ratio | 0.69 | 0.92 | 0.98 | 1.04 | 0.93 | 1.24 |
| Return on Equity (ROE) | 10.09% | 10.27% | 8.95% | 6.70% | 5.21% | 5.46% |
| Return on Assets (ROA) | 5.08% | 4.67% | 4.55% | 4.51% | 4.32% | 3.54% |
| Return on Invested Capital (ROIC) | 8.42% | 8.16% | 7.77% | 6.55% | 6.19% | 6.40% |
| Return on Capital Employed (ROCE) | 9.90% | 9.00% | 8.70% | 8.40% | 7.90% | 6.40% |
| Earnings Yield | 5.54% | 4.99% | 4.22% | 3.53% | 3.51% | |
| FCF Yield | 8.13% | 6.93% | 6.00% | 6.28% | 5.82% | |
| Dividend Yield | 2.26% | 1.89% | 1.75% | 1.86% | 0.73% | |
| Payout Ratio | 40.82% | 36.71% | 39.53% | 36.99% | 253.02% | 82.59% |
| Buyback Yield / Dilution | 1.66% | 1.62% | 0.95% | -0.26% | -0.05% | |
| Total Shareholder Return | 3.92% | 3.52% | 2.70% | 1.60% | 0.69% |