Haleon PLC (LSE:HLN, NYSE:HLN) shares fell 3.2% in early trading as investors saw little in the results to justify further gains at current valuations.
While full-year sales and profits met expectations, analysts noted a lack of clear catalysts.
A £500 million share buyback and a 10% dividend increase were positives, but not enough to boost sentiment.
American bank Stifel said: "We reiterate our 'hold' rating on valuation grounds and believe Haleon needs a clearer path to organic growth at the top end of its 4-6% organic growth guidance for 2025 to warrant a further re-rating of the shares."
Organic revenue rose 5% to £11.2 billion in 2024, driven by a 3.7% price increase. However, on a reported basis, sales dipped 0.6% due to currency headwinds.
Adjusted operating profit climbed 9.8% to £2.5 billion, with margins improving by 100 basis points.
In early trading, the stock was down 12.8p at 382.7p.