Haleon PLC (LSE:HLN, NYSE:HLN)'s stock took a 2.6% hit in early trading, erasing roughly £800 million in market value, following the company's third-quarter revenue and profit report that fell short of market expectations.
For the quarter ending 30 September 2023, Haleon reported a 5% organic increase in revenue, totalling £2.79 billion, slightly below the anticipated £2.83 billion.
Underlying earnings were £689 million compared with £725 million a year earlier and a consensus figure of £694 million.
Despite these challenges, Haleon maintained its full-year profit and revenue forecasts, though it acknowledged potential impacts from currency fluctuations.
CEO Brian McNamara expressed confidence in the company's ability to achieve strong growth and remain resilient in the uncertain economic and geopolitical climate.
At 8.20 am, the shares were off 8.6p at 322.5p.