Abstract
Haleon plc will report quarterly results on February 25, 2026 Pre-Market; our preview frames expectations for low single-digit top-line growth, broadly stable margins, and incremental EPS progress, alongside an assessment of segment momentum and how investor positioning may respond to updates on pricing, volumes, and capital structure.Market Forecast
The market currently anticipates Haleon plc to deliver low single-digit revenue growth in the upcoming quarter, with gross margin holding in the mid-60% range, net margin anchored in the mid-teens, and adjusted EPS modestly higher year over year, reflecting continued pricing resilience and ongoing mix benefits. Management has not issued detailed quarterly guidance, and external forecasts available to us for this specific quarter are limited; nonetheless, commentary from recent institutional research points to gradually re-accelerating growth as volumes improve and brand investments compound.Within the business, execution priorities are centered on brand-led growth, price-volume balance, and cost discipline, with Oral Health expected to remain the anchor of profitability and cash generation while e-commerce and pharmacy channels sustain momentum. Pain Relief appears the most promising near-term revenue driver given its breadth of brands and seasonal support, with last quarter’s revenue contribution at $2.56 billion and a constructive outlook for the year-on-year trajectory, supported by expanded distribution and targeted promotions.
Last Quarter Review
Haleon plc’s latest reported quarter delivered revenue of $2.76 billion, a gross profit margin of 64.51%, GAAP net profit attributable to the parent company of $0.40 billion, a net profit margin of 14.71%, and adjusted EPS of $0.09, with revenue down 0.25% year over year and adjusted EPS up 32.07% year over year. A notable highlight was solid profitability despite modest top-line softness, as EBIT of $0.57 billion declined 3.57% year over year while net profit held flat quarter on quarter, indicating disciplined cost control amid mixed revenue conditions.From a business-mix perspective, Oral Health led with $3.31 billion, followed by Pain Relief at $2.56 billion, Digestive Health and Other at $1.98 billion, Vitamins, Minerals and Supplements at $1.70 billion, and Respiratory Health at $1.68 billion, underscoring the continued breadth of the portfolio and the contribution from multiple franchises.
Current Quarter Outlook
Main business: Oral Health
Oral Health is positioned to remain the core earnings engine this quarter as pricing implemented over recent periods normalizes and volume elasticity improves across priority brands. Promotional cadence is likely to be carefully managed to protect franchise equity while restoring volume growth, with marketing allocations favoring channels where conversion rates and returns are highest. Retailer inventory levels have largely adjusted to current demand tempos, which should support cleaner sell-out translation into sell-in as we progress through the quarter, reducing volatility in shipment patterns. The combination of ongoing innovation in sensitivity and gum-health subcategories, balanced go-to-market support across e-commerce and brick-and-mortar, and cost discipline should allow gross margin to stay broadly resilient even as volume mix shifts by market. Currency effects remain a swing factor for reported revenue, but local-currency trends are expected to be steadier as volumes normalize and distribution gains from late last year annualize.Most promising business: Pain Relief
Pain Relief continues to screen as the most compelling near-term growth vector due to strong brand recognition, favorable seasonal dynamics, and solid channel execution, with last quarter’s revenue contribution at $2.56 billion. Targeted innovation and line extensions have broadened usage occasions and supported shelf presence, and retailer category resets are expected to favor well-supported brands that deliver consistent velocity. In the near term, seasonal demand typically lifts certain sub-categories, and incremental distribution wins in pharmacy and mass retail can support unit growth without requiring outsized promotional intensity. As the company optimizes media mix to enhance return on ad spend, price realization should remain disciplined while elasticity benefits accumulate, helping this segment’s revenue trajectory to outpace the corporate average even if the company manages overall promotional intensity conservatively. While explicit year-on-year percentages for the segment are not disclosed in the datasets we reviewed, institutional commentary points to a constructive acceleration profile as volumes rebuild and price carryover continues to flow through the P&L.Key share-price drivers this quarter
Share price performance is likely to hinge on three elements: revenue quality, margin cadence, and capital-structure developments. Revenue quality, defined by the balance of price versus volume and the sustainability of brand-led growth, will be scrutinized to confirm that volume is normalizing as expected while price relapse remains contained; updates that show broad-based volume stabilization across categories should be received positively. Margin cadence will be assessed in the context of gross margin resilience and operating expense pacing, notably the phasing of brand investment: investors typically welcome proof that incremental advertising drives incremental sell-out without undue compression of near-term profitability. Finally, overhang dynamics are in focus: former strategic shareholders have been active with stake disposals, and any signals that the pace of secondary placements is moderating could reduce supply pressure and improve the stock’s risk-reward profile; conversely, indications of continued sizable sell-downs may weigh on sentiment despite operational progress.Analyst Opinions
Across publications dated from January 1, 2026 to February 18, 2026, the analyst stance is overwhelmingly bullish. In our filtered set for this period, the ratio of bullish to bearish opinions is 100% to 0%, with multiple well-known institutions reiterating positive views on Haleon plc and emphasizing re-accelerating growth and margin upside.UBS analyst Guillaume Delmas maintained a Buy rating twice during January, highlighting the attractiveness of Haleon plc’s earnings trajectory as growth re-accelerates and profitability remains well supported by gross margin discipline and brand investments. The research framing underscored the durability of core franchises and the improving balance between price and volume, tied to consistent execution in key channels. Delmas’s stance suggests confidence that any near-term top-line moderation is cyclical rather than structural, and that incremental marketing spend is likely to translate into healthier underlying sell-out over the next few quarters.
Jefferies analyst David Hayes reaffirmed a Buy view in early January with the explicit thesis of re-accelerating top-line growth and operating margin improvement driving valuation re-rating potential. The argument rests on evidence that promotional intensity has remained rational in core categories, that innovation pipelines are contributing to shelf productivity, and that cost-control initiatives are offsetting inflationary pressures in materials and logistics. Hayes’s analysis implies a measured but constructive pathway for EPS progression, consistent with a pattern of low single-digit sales growth compounding with efficiency gains.
Kepler Capital’s Karel Zoete also reiterated a Buy stance in late January, pointing to a favorable setup in the first half of the year as pricing carryover, volume normalization, and mix benefits support both revenue and margin. Kepler’s framing reinforces the idea that Haleon plc’s portfolio remains well positioned to convert marketing outlays into volume gains without undermining price architecture, with the added benefit of cost savings reinforcing EBIT leverage. The inference is that incremental confirmation of these trends in the upcoming print could prompt upward revisions to medium-term estimates, especially if management signals additional operating-model efficiencies.
Goldman Sachs, Morgan Stanley, and Berenberg issued positive views during the broader six-month news flow, but outside the January–February 2026 window we are focusing on. Within the eligible period, the consolidated message from UBS, Jefferies, and Kepler is that Haleon plc’s near-term growth is poised to improve, with enough margin support to translate into EPS traction. The central debate now revolves less around whether growth returns and more around its slope and durability: institutional commentary clusters around the expectation of low single-digit revenue growth this quarter, gradually stepping up as brand investments mature and volume dynamics re-balance across regions and channels.
On balance, the majority view expects the upcoming quarter to validate the improving trajectory: revenue to grow modestly year over year, gross margin to hold in the mid-60% area due to stable pricing and favorable mix, net margin to remain in the mid-teens, and adjusted EPS to edge higher as overhead efficiency and disciplined advertising support flow-through. Analysts also note that clarity around any remaining large-scale shareholder selling could help reduce volatility in the share price response, allowing fundamentals to play a more decisive role in valuation. If management couples a clean revenue-volumes print with steady margin cadence and practical commentary on capital structure and investment phasing, the pathway to estimate stability or mild upward revisions appears plausible under the bullish framework.
In summary, the consensus tone among institutions in the eligible period is favorable. The anticipated earnings narrative emphasizes steady operational delivery, disciplined margin management, and the compounding impact of brand investments. Confirmation of these elements on February 25, 2026 Pre-Market would likely sustain the constructive institutional stance that has shaped expectations into the print.
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