Haleon plc (NYSE:HLN) Q1 2024 Earnings Conference Call May 1, 2024 4:00 AM ET

Company Participants

Sonya Ghobrial - Head, Investor Relations
Tobias Hestler - Chief Financial Officer

Conference Call Participants

Rashad Kawan - Morgan Stanley
Guillaume Delmas - UBS
David Hayes - Jefferies
Iain Simpson - Barclays
Bruno Monteyne - Bernstein
Victoria Petrova - Bank of America
Celine Pannuti - JPMorgan
Tom Sykes - Deutsche Bank
Mikheil Omanadze - BNP Paribas Exane
Chris Pitcher - Redburn

Operator

Ladies and gentlemen, welcome to the Haleon Q1 2024 Trading Update Conference Call. I am Davin, the chorus call operator. [Operator Instructions] The conference is being recorded. [Operator Instructions] The conference must not be recorded for publication or broadcast. At this time, it is my pleasure to hand over the conference to Sonya Ghobrial, Head of Investor Relations. Please go ahead, madam.

Sonya Ghobrial

Thanks very much. Good morning, everyone, and welcome to Haleon’s First Quarter Trading Statement Conference Call. I’m Sonya Ghobrial, Head of Investor Relations. I’m joined this morning by Tobias Hestler, our Chief Financial Officer.

Just to remind listeners on the call that in the discussions today, the company may make certain forward-looking statements including those that refer to our estimates, plans and expectations. Please refer to this morning’s announcement and the company’s UK and SEC filings for more details, including factors that could lead actual results to differ materially from those expressed in or implied by any such forward-looking statements.

As usual, we will take you through some prepared remarks before opening the call to Q&A. For those listening to our webcast, who’d like to ask a question, please use the dial-in details on Page 3 of today’s release. Also, while the focus today is on revenue performance, we’ve also provided group profit and margin detail on both a reported and an adjusted basis, with a full reconciliation, including one for organic revenue growth in the appendix. As a reminder and for information, we do not intend to provide quarterly profit data on an ongoing basis, and we’ll only do this for as long as reports our results as part of its financial statements and until our registration rights agreement.

With that, I’d like to hand the call over to Tobias.

Tobias Hestler

Thank you, Sonya, and good morning, everyone. Let me first start with our highlights for the quarter. We had a solid start to the year with 3% organic revenue growth, driven by 5% price and volume/mix down 2%. Positive volume/mix in EMEA LATAM and APAC was offset by a decline in North America. However, growth was held back in the U.S. from inventory adjustments by some retailers, Haleon’s consumption in the U.S. was up mid-single digit and ahead of the market. .