Haleon plc
HLNHealthcare|Drug Manufacturers - Specialty & Generic|GB
$9.14
-0.01 (-0.11%)
DCF Value
$18.67
Graham Number
$2.74
Cash / Share
$0.19
Financials
Financial Snapshot
Market Cap
$40.19B
Enterprise Value
$37.22B
Revenue (TTM)
$19.38B
Net Income (TTM)
$2.83B
Cash & Investments
$821.0M
Net Cash
-$7.38B
Free Cash Flow (TTM)
$3.08B
Operating CF (TTM)
$3.52B
Debt/Equity
0.50
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $340.0M | $334.0M | $414.0M | $684.0M | $1.04B | $2.25B | $1.32B | $821.0M | |
| Operating Cash Flow | $786.0M | $1.41B | $1.36B | $2.06B | $2.10B | $2.30B | $2.29B | $3.52B | |
| Free Cash Flow | $543.0M | $1.09B | $1.06B | $1.74B | $1.76B | $2.05B | $1.97B | $3.08B | |
| Capital Expenditure | -$243.0M | -$318.0M | -$298.0M | -$328.0M | -$336.0M | -$250.0M | -$314.9M | -$434.4M | |
| Financing Cash Flow | -$925.0M | -$2.44B | -$1.24B | $6.91B | -$1.57B | -$1.54B | -$2.55B | -$4.66B |
R&D Spending
R&D (TTM)
$539.6M
R&D Intensity
2.8%
R&D Growth vs Prior
+75.1%
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.48B | $9.89B | $9.54B | $10.86B | $11.30B | $11.23B | $11.03B | $19.38B | |
| R&D Expense | $292.0M | $304.0M | $257.0M | $300.0M | $311.0M | $298.0M | $308.1M | $539.6M | |
| R&D % of Revenue | 3.4% | 3.1% | 2.7% | 2.8% | 2.8% | 2.7% | 2.8% | 2.8% | |
| SG&A | $3.60B | $4.22B | $3.79B | $4.04B | $4.29B | $4.33B | $4.36B | $7.66B |
Income Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.48B | $9.89B | $9.54B | $10.86B | $11.30B | $11.23B | $11.03B | $19.38B | |
| Cost of Revenue | $3.68B | $3.98B | $3.60B | $4.28B | $4.34B | $4.29B | $3.83B | $6.76B | |
| Gross Profit | $4.80B | $5.91B | $5.95B | $6.58B | $6.96B | $6.95B | $6.99B | $12.62B | |
| R&D | $292.0M | $304.0M | $257.0M | $300.0M | $311.0M | $298.0M | $308.1M | $539.6M | |
| SG&A | $3.60B | $4.22B | $3.79B | $4.04B | $4.29B | $4.33B | $4.36B | $7.66B | |
| Operating Income | $897.0M | $1.60B | $1.64B | $1.82B | $2.00B | $2.21B | $2.41B | $4.40B | |
| Interest Expense | $28.1M | $25.6M | $16.0M | $347.4M | $414.0M | $394.0M | $332.5M | $510.6M | |
| Pretax Income | $886.0M | $1.59B | $1.64B | $1.62B | $1.63B | $1.91B | $2.15B | $3.75B | |
| Net Income | $655.0M | $1.15B | $1.39B | $1.06B | $1.05B | $1.44B | $1.63B | $2.83B | |
| EPS (Diluted) | 0.14 | 0.24 | 0.30 | 0.24 | 0.24 | 0.32 | 0.36 | 0.63 | |
| EBITDA | $1.17B | $1.91B | $2.21B | $2.18B | $2.35B | $2.64B | $2.88B | $5.01B | |
| Shares Out. (M) | 4617.29 | 4617.29 | 4617.29 | 4619.50 | 4631.50 | 4587.50 | 4505.59 | 4460.00 |
Balance Sheet
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $340.0M | $334.0M | $414.0M | $684.0M | $1.04B | $2.19B | $1.32B | $821.0M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $55.0M | $0.00 | $0.00 | |
| Total Current Assets | $5.81B | $5.01B | $5.25B | $4.06B | $4.82B | $5.72B | $4.54B | $4.27B | |
| Total Assets | $35.71B | $34.13B | $34.45B | $34.81B | $34.05B | $34.31B | $32.57B | $32.38B | |
| Total Current Liabilities | $4.27B | $4.01B | $4.24B | $4.37B | $4.64B | $5.81B | $4.92B | $6.21B | |
| Long-Term Debt | $0.00 | $0.00 | $1.0M | $9.89B | $8.71B | $8.54B | $7.66B | $6.14B | |
| Total Liabilities | $8.30B | $7.91B | $7.97B | $18.36B | $17.33B | $18.09B | $16.12B | $16.04B | |
| Stockholders' Equity | $27.32B | $26.11B | $26.36B | $16.33B | $16.61B | $16.17B | $16.40B | $16.28B | |
| Retained Earnings | $5.11B | $37.76B | $37.99B | $26.73B | $27.47B | $27.27B | $16.13B | $27.52B |
Cash Flow Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $786.0M | $1.41B | $1.36B | $2.06B | $2.10B | $2.30B | $2.29B | $3.52B | |
| Capital Expenditure | -$243.0M | -$318.0M | -$298.0M | -$328.0M | -$336.0M | -$250.0M | -$314.9M | -$434.4M | |
| Free Cash Flow | $543.0M | $1.09B | $1.06B | $1.74B | $1.76B | $2.05B | $1.97B | $3.08B | |
| Investing Cash Flow | $291.0M | $1.03B | -$33.0M | -$8.78B | -$134.0M | $528.0M | -$567.3M | -$761.7M | |
| Financing Cash Flow | -$925.0M | -$2.44B | -$1.24B | $6.91B | -$1.57B | -$1.54B | -$2.55B | -$4.66B | |
| Issuance of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | -$38.0M | -$121.0M | -$639.7M | -$1.12B | |
| Net Debt Issuance | $1.0M | $28.0M | $8.0M | $9.49B | -$553.0M | $592.0M | -$1.28B | -$2.15B | |
| Stock Based Comp. | $58.0M | $63.0M | $59.0M | $78.0M | $88.0M | $102.0M | $0.00 | $144.0M | |
| Net Change in Cash | $138.0M | -$6.0M | $82.0M | $205.0M | $383.0M | $1.21B | -$769.7M | -$1.77B |
Dilution Tracker
Shares Outstanding
4398M
5-Year Share Growth
-2.4%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 4617.29 | 4617.29 | 4617.29 | 4619.50 | 4631.50 | 4587.50 | 4505.59 | 4460.00 | |
| Change vs Prior % | — | 0.0% | 0.0% | 0.0% | 0.3% | -1.0% | -1.8% | -1.0% | |
| Stock Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | -$38.0M | -$121.0M | -$639.7M | -$1.12B | |
| Stock Based Comp. | $58.0M | $63.0M | $59.0M | $78.0M | $88.0M | $102.0M | $0.00 | $144.0M |
Margins & Profitability
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 56.6% | 59.7% | 62.3% | 60.6% | 61.6% | 61.9% | 63.3% | 65.1% | |
| Operating Margin % | 10.6% | 16.2% | 17.2% | 16.8% | 17.7% | 19.6% | 21.9% | 22.7% | |
| Net Margin % | 7.7% | 11.6% | 14.6% | 9.8% | 9.3% | 12.8% | 14.8% | 14.6% | |
| EBITDA Margin % | 13.8% | 19.3% | 23.2% | 20.1% | 20.8% | 23.5% | 26.1% | 25.8% | |
| FCF Margin % | 6.4% | 11.0% | 11.1% | 16.0% | 15.6% | 18.3% | 17.9% | 15.9% | |
| ROE % | 2.4% | 4.4% | 5.3% | 6.5% | 6.3% | 8.9% | 9.9% | 9.9% | |
| ROA % | 1.8% | 3.4% | 4.0% | 3.0% | 3.1% | 4.2% | 5.0% | 5.0% | |
| ROIC % | 2.2% | 3.9% | 4.6% | 4.1% | 4.5% | 5.7% | 6.6% | 6.5% | |
| R&D / Revenue % | 3.4% | 3.1% | 2.7% | 2.8% | 2.8% | 2.7% | 2.8% | 2.8% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 16.7% | -3.5% | 13.8% | 4.1% | -0.6% | -1.8% | |
| Gross Profit | 0.0% | 23.1% | 0.7% | 10.5% | 5.8% | -0.2% | 0.6% | |
| Operating Income | 0.0% | 78.1% | 2.5% | 11.4% | 9.4% | 10.5% | 9.3% | |
| Net Income | 0.0% | 74.8% | 21.4% | -23.7% | -1.0% | 37.5% | 13.1% | |
| EPS (Diluted) | 0.0% | 69.3% | 25.0% | -20.0% | 0.0% | 33.3% | 12.5% | |
| Operating Cash Flow | 0.0% | 79.0% | -3.6% | 52.1% | 1.8% | 9.6% | -0.7% | |
| Free Cash Flow | 0.0% | 100.6% | -2.8% | 64.0% | 1.7% | 16.3% | -3.9% | |
| R&D Expense | 0.0% | 4.1% | -15.5% | 16.7% | 3.7% | -4.2% | 3.4% | |
| SG&A Expense | 0.0% | 17.4% | -10.1% | 6.4% | 6.2% | 1.0% | 0.7% | |
| Total Assets | 0.0% | -4.4% | 0.9% | 1.1% | -2.2% | 0.8% | -5.1% | |
| Book Value / Share | 0.0% | -4.3% | 1.0% | -37.9% | 1.3% | -1.6% | 3.4% | |
| Debt | 0.0% | -24.1% | 103.5% | 953.5% | -9.4% | 6.8% | -14.9% | |
| Diluted Shares | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% | -1.0% | -1.8% |
Valuation
P/E (TTM)18.68
10Y Low / Med / High18.47 / 23.82 / 39.88
P/S2.67
10Y Low / Med / High2.56 / 2.81 / 3.10
P/B1.85
10Y Low / Med / High0.96 / 1.80 / 2.15
EV/EBITDA12.75
10Y Low / Med / High11.83 / 16.17 / 22.54
EV/Revenue3.34
10Y Low / Med / High2.58 / 3.40 / 3.80
P/FCF25.10
10Y Low / Med / High16.97 / 17.60 / 48.09
Intrinsic Value Models (per share)
DCF Value
$18.67
Graham Number
$2.74
Cash / Share
$0.19
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | 39.88 | 22.87 | 18.47 | 27.56 | 26.96 | 23.82 | 20.84 | 18.68 | |
| P/S Ratio | 3.08 | 2.56 | 2.68 | 2.81 | 2.65 | 3.10 | 3.05 | 2.67 | |
| P/B Ratio | 0.96 | 0.97 | 0.97 | 1.87 | 1.80 | 2.15 | 2.05 | 1.85 | |
| EV/EBITDA | 22.54 | 13.34 | 11.83 | 18.46 | 16.33 | 16.17 | 14.20 | 12.75 | |
| EV/Revenue | 3.11 | 2.58 | 2.74 | 3.71 | 3.40 | 3.80 | 3.71 | 3.34 |
Analyst Estimates & Quality
Altman Z-Score
2.85
Grey Zone
Piotroski F-Score
8
Strong
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $11.34B | $11.73B | $12.19B |
| Net Income | $1.88B | $2.04B | $2.15B |
| EPS | $0.42 | $0.44 | $0.48 |
| # Analysts (EPS) | 5 | 5 | 7 |
Dividends
Dividend/Share (TTM)
$0.15
Dividend Yield
2.15%
Frequency
Semi-Annual
Recent Payments
| Ex-Date | Pay Date | Amount | Frequency |
|---|---|---|---|
| Aug 14, 2026 | Sep 17, 2026 | $0.06 | Semi-Annual |
| Apr 10, 2026 | May 14, 2026 | $0.13 | Semi-Annual |
| Aug 15, 2025 | Sep 18, 2025 | $0.06 | Semi-Annual |
| Apr 25, 2025 | Jun 5, 2025 | $0.12 | Semi-Annual |
| Aug 16, 2024 | Sep 19, 2024 | $0.05 | Semi-Annual |
| Mar 14, 2024 | May 16, 2024 | $0.11 | Semi-Annual |
| Aug 24, 2023 | Oct 5, 2023 | $0.05 | Semi-Annual |
| Mar 16, 2023 | Apr 27, 2023 | $0.06 | Semi-Annual |
Revenue Segments
By Product
| Segment | 2022 | 2025 |
|---|---|---|
| Respiratory Health | $1.58B | $1.87B |
| Digestive Health | — | $987.0M |
By Geography
| Segment | 2022 |
|---|---|
| CHINA | $907.0M |
| Rest of World | $5.91B |
| UNITED STATES | $3.69B |