Haleon PLC (LSE:HLN, NYSE:HLN) shares fell 1% after the toothpaste and painkillers maker reported slightly stronger first-quarter growth than expected but saw a weaker performance than expected from its vitamins, minerals and supplements (VMS) arm in America.
The FTSE 100 group posted a Q1 update showing 3.5% organic revenue growth, supported by positive contributions from all product categories and regions, beating an average City forecast of 3.3%.
Total reported revenue declined 2.3% year-on-year to £2.85 billion due to currency swings.
Organic growth was driven by a 2.4% rise in pricing and a 1.1% contribution from volume and mix, which analysts said was slightly worse on volumes but slightly better on price.
Oral Health led category performance with 6.6% organic growth, supported by brands such as Sensodyne and Poligrip.
VMS growth of 0.9% organically included a double-digit decline for Centrum in the US, partly due to tough comparative strength a year ago but also "weak market conditions for the multivitamin category and increased promotions amongst competitors".
Haleon also announced the acquisition of the remaining 12% stake in its China OTC joint venture, which will bring the business under full ownership.
Directors backed their previous full-year outlook, with organic revenue growth of 4% to 6% expected, with organic operating profit growth ahead of revenue.