(Reuters) -Client healthcare firm Haleon reported first-quarter income barely under market estimates on Wednesday, resulting from retailer destocking in U.S. and cooling demand for a few of its medicines after a surge final yr.
The maker of fashionable family merchandise corresponding to Sensodyne toothpaste and pain-reliever Panadol, had earlier mentioned that the primary three months of 2024 can be impacted by a softer chilly and flu season and a slowdown in painkiller Advil’s gross sales in Canada, following a surge in demand final yr.
Demand for medicines corresponding to Contac and Fenbid, which benefited from pent-up demand in China final yr after lockdown restrictions had been lifted have additionally cooled, impacting Haleon’s quarterly gross sales progress.
Revenues stood at 2.92 billion kilos ($3.64 billion) for the quarter ended March 31, barely lacking expectations of two.93 billion kilos, in line with a company-compiled consensus.
On a reported foundation, income was down 2.2% on final yr.
Shares within the group fell 1.8% in early buying and selling, to turn into one of many prime losers on the blue-chip index. The inventory has risen about 5% this yr as of Tuesday’s shut.
Haleon, the world’s largest standalone client well being firm, comprising belongings from GSK and Pfizer (NYSE:), sells non-prescription medicine, nutritional vitamins and oral care merchandise.
Demand for its oral well being merchandise and multivitamins held regular throughout the reported quarter, and the corporate re-affirmed its full-year outlook outlined in February.
($1 = 0.8021 kilos)