Advil and Sensodyne maker Haleon PLC (LSE:HLN, NYSE:HLN) kept its full-year outlook unchanged as it reported lower first-quarter revenue, though this was in line with expectations.
Organic revenues were 3.0% higher than the same quarter last year, with sales volumes and product mix providing a negative contribution of 2%, held back by a weaker cold and flu season, offset by 5% price growth.
Reported revenue declined 2.2% to £2.9 billion, which was in line with the City consensus forecast, with negative impacts of 4.6% from currency swings and 0.6% from the sale of Lamisil.
Prices benefitted from those carried forward from previous periods and incremental price rises during the quarter.
Adjusted operating profits increased 2.3% to £707 million, which was better than the consensus.
For the full year organic revenue growth of 4-6% is still expected.
The proposed closure of a manufacturing facility in Maidenhead, revealed yesterday, "will result in a more competitive business", Haleon said, with the loss of around 435 jobs expected to result in a total restructuring cost of roughly £90 million by the end of 2026, the majority of which is non-cash, and "will deliver cost savings once completed".