Haleon reported earnings per share of PKR 54.45 in CY25 (CY24: PKR 39.11). In 4QCY25, EPS stood at PKR 15.27 (4QCY24: PKR 11.75). Revenue increased by 16% in CY25, supported by a mix of 9% price increases and 7% volumetric growth. The FMCG portfolio grew by 38%, while the OTC portfolio grew by 16%. FMCG accounts for 15% of turnover, and OTC accounts for 85%. The portfolio is divided into 55% essential and 45% non-essential products. Institutional sales contribute roughly 8–10% of total revenue. Jamshoro Expansion project is 90% complete.
Commercial production for Panadol Regular is on track for 4QCY26. Total Panadol capacity will increase from 6 billion units to 9 billion units, facilitating future export ambitions. While Centrum is currently imported from Italy, the company is in discussions with DRAP to allow the manufacture of nutraceuticals in pharmaceutical facilities. Management indicated that a favorable outcome is anticipated.
Sensodyne and toothbrushes have already been successfully localized. Management highlighted that the API prices have been increased owing to rising fuel costs and war surcharge. Haleon is maintaining roughly 90 days of inventory and utilizing its cash reserves negotiate better rates with vendors. The mix of API is 60% imported and 40% local.
Higher pricing has historically led to lower volumes as consumers face difficult economic choices. The management is countering this with increased marketing and trade investments. Going forward, Haleon aims to reach a 5% export base within the next five years, targeting markets in Africa and Southeast Asia. Product registrations are currently underway in 18–20 markets. Industry volumetric growth is expected to remain in low single digits due to macroeconomic volatility. Haleon’s gross margin sustainability hinges on the duration of the ongoing global conflict.
Important Disclosures
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