(Reuters) – Consumer health care company Haleon on Wednesday reported first-quarter revenue slightly below market estimates, weighed down by U.S. retailers drawing inventory and weaker demand for some of its drugs after strong growth last year.
The maker of popular household products such as Sensodyne toothpaste and the painkiller Panadol previously said the first three months of 2024 would be impacted by a milder cold and flu season and slower sales of the painkiller Advil in Canada after sales surged. demand last year.
Demand for drugs such as Contac and Fenbid, which benefited from pent-up demand in China last year as lockdown restrictions were eased, also fell, weighing on Haleon’s quarterly sales growth.
The company’s consensus estimate was for revenue of 2.92 billion pounds ($3.64 billion) for the quarter ended March 31, slightly below expectations of 2.93 billion pounds.
Revenue was down 2.2% year-over-year, according to reports.
The group’s shares fell 1.8% in early trading and were among the biggest losers on the blue-chip index. As of Tuesday’s close, shares were up about 5% this year.
Haleon, the world’s largest standalone consumer health products company, includes the assets of GSK and Pfizer (NYSE:), sells over-the-counter medications, vitamins and oral care products.
Demand for oral care products and multivitamins remained stable during the quarter, and the company reiterated its full-year guidance issued in February.
($1 = 0.8021 pounds)