Average rates: | 2025 | 2024 | 2023 |
USD/£ | 1.31 | 1.28 | 1.24 |
Euro/£ | 1.17 | 1.18 | 1.15 |
CNY/£ | 9.44 | 9.19 | 8.81 |
Financial |
Relevant Note for |
||
statement area |
Relevant climate-related risks |
Relevant ESG targets |
further information |
Property, plant |
- Impact of extreme weather |
- Carbon reduction. |
Note 12 ‘Property, |
and equipment |
events on operations and |
- Water neutrality at our |
plant and equipment’ |
| supply chain. |
manufacturing sites. |
||
- Policy: carbon pricing. |
|||
Goodwill and |
- Impact of extreme weather |
- Carbon reduction. |
Note 14 ‘Intangible |
intangible brands |
events on operations and |
- Recycle-ready packaging. |
assets’ |
| supply chain. |
- Sustainably sourced and |
||
- Reduced availability and |
deforestation-free materials. |
||
| increased price volatility of |
- Reduced use of virgin |
||
| raw materials due to chronic |
petroleum-based plastic. |
||
| climate change. |
|||
- Policy: carbon pricing. |
|||
- Changing consumer |
|||
| preferences. |
|||
Inventory |
- Reduced availability and |
- Recycle-ready packaging. |
Note 15 ‘Inventories’ |
| increased price volatility of |
- Sustainably sourced and |
||
| raw materials due to chronic |
deforestation-free materials. |
||
| climate change. |
- Reduced use of virgin |
||
- Policy: carbon pricing. |
petroleum-based plastic. |
||
Going concern |
- Impact of extreme weather |
- |
Viability assessment |
and viability |
events on operations and |
||
| supply chain. |
2025 | 2024 | 2023 | |
£m | £m | £m | |
North America | 3,866 | 4,042 | 4,195 |
EMEA & LatAm | 4,592 | 4,631 | 4,545 |
APAC | 2,572 | 2,560 | 2,562 |
Group revenue | 11,030 | 11,233 | 11,302 |
2025 | 2024 | 2023 | |
£m | £m | £m | |
Group operating profit | 2,412 | 2,206 | 1,996 |
Reconciling items between Group operating profit and Group | |||
adjusted operating profit 1 | 114 | 294 | 553 |
Total | 2,526 | 2,500 | 2,549 |
North America | 94 7 | 1,000 | 1,107 |
EMEA & LatAm | 1,090 | 1,054 | 1,010 |
APAC | 553 | 539 | 541 |
Corporate and other unallocated | (64) | (93) | (109) |
Total | 2,526 | 2,500 | 2,549 |
2025 | 2024 1 | 2023 1 | |
£m | £m | £m | |
Oral Health | 3,461 | 3,312 | 3,136 |
Vitamins, Minerals and Supplements | 1,685 | 1,696 | 1,640 |
Pain Relie f | 2,564 | 2,564 | 2,652 |
Respiratory Health | 1,873 | 2,122 | 2,244 |
Digestive Health | 98 7 | 1,029 | 1,012 |
Therapeutic Skin Health and Other | 460 | 510 | 618 |
Group revenue | 11,030 | 11,233 | 11,302 |
2025 | 2024 | 2023 | |
£m | £m | £m | |
UK | 374 | 384 | 381 |
US & Puerto Rico | 3,468 | 3,616 | 3,755 |
China | 999 | 987 | 966 |
Rest of the World | 6,189 | 6,246 | 6,200 |
Group revenue | 11,030 | 11,233 | 11,302 |
Other | |||||
EMEA & | reconciling | ||||
North America | LatAm | APAC | items | Total | |
£m | £m | £m | £m | £m | |
Y ear ended 31 December 2025 | |||||
Depreciation and amortisation | 91 | 149 | 51 | 69 | 360 |
Impairment charges | 12 | 4 | 2 | 29 | 4 7 |
Impairment reversal | – | – | – | – | – |
Y ear ended 31 December 2024 | |||||
Depreciation and amortisation | 91 | 144 | 53 | 36 | 324 |
Impairment charges | 8 | 5 | 1 | 193 | 20 7 |
Impairment reversal | – | – | – | (15) | (15) |
Y ear ended 31 December 2023 | |||||
Depreciation and amortisation | 97 | 124 | 49 | 39 | 309 |
Impairment charges | 3 | 5 | 2 | 190 | 200 |
Impairment reversal | – | – | – | – | – |
2025 | 2024 | 2023 | |
£m | £m | £m | |
UK | 302 | 334 | 405 |
US & Puerto Rico | 7,17 7 | 7,523 | 7,622 |
Rest of the World | 20,168 | 20,346 | 20,844 |
Non-current assets | 27,64 7 | 28,203 | 28,871 |
2025 | 2024 | 2023 | |
£m | £m | £m | |
Advertising and promotion 1 | 2,256 | 2,157 | 2,023 |
Distribution costs 1 | 230 | 239 | 237 |
Separation and admission costs | – | 30 | 120 |
Restructuring costs | 89 | 214 | 169 |
2025 | 2024 | 2023 | |
£m | £m | £m | |
Cost of sales | 55 | 123 | 26 |
Selling, general and administration, and other operating expenses | 33 | 90 | 129 |
Research and development | 1 | 1 | 14 |
Total | 89 | 214 | 169 |
2025 | 2024 | 2023 | |
£m | £m | £m | |
Cash | 54 | 146 | 168 |
Non-cash | 35 | 68 | 1 |
Total | 89 | 214 | 169 |
2025 | 2024 | 2023 | ||
£m | £m | £m | ||
KPMG LLP | Audit of Group Consolidated Financial Statements | 12 | 12 | 11 |
Audit of the Company’s subsidiaries | 5 | 5 | 5 | |
Audit services | 17 | 17 | 16 | |
Other services 1 | 1 | 2 | 1 | |
Total | 18 | 19 | 17 |
2025 | 2024 | 2023 | |
‘ 000 | ‘000 | ‘000 | |
North America | 4 | 4 | 5 |
EMEA & LatAm | 12 | 13 | 12 |
APAC | 8 | 7 | 7 |
Total | 24 | 24 | 24 |
2025 | 2024 | 2023 | |
£m | £m | £m | |
Wages and salaries 1 | 1,692 | 1,772 | 1,751 |
Social security costs | 175 | 173 | 176 |
Pensions and other post-employment costs (Note 20) | 25 | 29 | 26 |
Share-based incentive plans (Note 26) | 95 | 117 | 88 |
Severance costs from integration and restructuring activities | 48 | 79 | 108 |
Total | 2,035 | 2,170 | 2,149 |
2025 | 2024 | 2023 | |
£m | £m | £m | |
Wages and salaries | 23 | 22 | 19 |
Social security costs | 5 | 3 | 2 |
Defined contribution schemes | 1 | 1 | 1 |
Share-based incentive plans | 20 | 20 | 15 |
Non-executive directors fees | 2 | 2 | 2 |
Total | 51 | 48 | 39 |
2025 | 2024 | 2023 | |
£m | £m | £m | |
Interest income on financial assets at amortised cost: | |||
Cash and cash equivalents | 57 | 65 | 25 |
Net gain on financial assets measured at fair value through profit or loss | 21 | 17 | 7 |
Net gains and losses arising from: | |||
Financial instruments mandatorily measured at fair value through | |||
profit or loss | – | – | (109) |
Retranslation of loans and bonds | – | – | 111 |
Total finance income | 78 | 82 | 34 |
Interest expense arising on: | |||
Financial liabilities at amortised cost | (340) | (389) | (409) |
Reclassification of hedges from other comprehensive income | 22 | 22 | 23 |
Net gains and losses arising from: | |||
Financial instruments mandatorily measured at fair value through | |||
profit or loss | (50) | 11 | – |
Retranslation of loans and bonds | 50 | (13) | – |
Finance expense arising on lease liabilities | (7) | (5) | (5) |
Other finance expense | (15) | (10) | (11) |
Total finance expense | (340) | (384) | (402) |
Net finance costs | (262) | (302) | (368) |
2025 |
2024 |
2023 |
|
£m |
£m |
£m |
|
Current year charge |
529 |
608 |
570 |
Charge in respect of prior periods |
(20) |
(62) |
(31) |
Pillar Two income tax |
2 |
3 |
– |
Total current taxation |
511 |
549 |
539 |
Total deferred taxation |
(39) |
(114) |
(22) |
Total |
472 |
435 |
51 7 |
2025 |
2024 |
2023 |
|
£m |
£m |
£m |
|
Profit before tax |
2,152 |
1,910 |
1,628 |
UK statutory rate of taxation of 25% (2024: 25%, 2023: 23.5%) |
538 |
478 |
383 |
Differences in overseas taxation rates |
(26) |
(18) |
(2) |
Benefit of substance-based tax rulings |
(7) |
(5) |
(21) |
R&D tax credits |
(8) |
(6) |
(6) |
Tax losses not recognised |
(4) |
– |
– |
Permanent differences on disposals, acquisitions and transfers |
– |
(35) |
155 |
Items non-deductible/taxable for tax purposes |
43 |
64 |
55 |
Reassessment of prior year estimates |
(2) |
(50) |
(65) |
Changes in tax rates |
(62) |
7 |
18 |
Total tax charge |
472 |
435 |
51 7 |
2025 |
2024 |
|
£m |
£m |
|
Deferred tax assets |
289 |
276 |
Deferred tax liabilities |
(3,222) |
(3,353) |
Total |
(2,933) |
(3,077) |
Pensions & |
|||||||
Accelerated |
other post- |
Intra- |
Other net |
||||
capital |
employment |
group |
temporary |
||||
allowances |
Intangibles |
benefits |
Tax losses |
profit |
differences |
Total |
|
£m |
£m |
£m |
£m |
£m |
£m |
£m |
|
As at 1 January 2025 |
(93) |
(3,474) |
23 |
13 |
110 |
344 |
(3,077) |
Hyperinflation adjustment |
– |
1 |
– |
– |
– |
– |
1 |
Exchange adjustments |
4 |
110 |
(1) |
(1) |
1 |
(9) |
104 |
(Charge)/credit to income |
|||||||
statement |
(13) |
45 |
(2) |
(3) |
2 |
10 |
39 |
(Charge)/credit to statement of |
|||||||
comprehensive income |
– |
– |
(6) |
– |
– |
5 |
(1) |
Credit directly to equity |
– |
– |
– |
– |
– |
1 |
1 |
At 31 December 2025 |
(102) |
(3,318) |
14 |
9 |
113 |
351 |
(2,933) |
Pensions & |
|||||||
Accelerated |
other post- |
Intra- |
Other net |
||||
capital |
employment |
group |
temporary |
||||
allowances |
Intangibles |
benefits |
Tax losses |
profit |
differences |
Total |
|
£m |
£m |
£m |
£m |
£m |
£m |
£m |
|
As at 1 January 2024 |
(94) |
(3,613) |
32 |
11 |
175 |
26 7 |
(3,222) |
Hyperinflation adjustment |
(3) |
(2) |
– |
– |
– |
(1) |
(6) |
Exchange adjustments |
– |
19 |
(1) |
– |
(11) |
(7) |
– |
Credit/(charge) to income |
|||||||
statement |
4 |
87 |
(1) |
2 |
(54) |
76 |
114 |
(Charge)/credit to statement of |
|||||||
comprehensive income |
– |
– |
(7) |
– |
– |
9 |
2 |
Arising on business |
|||||||
acquisitions/disposals |
– |
35 |
– |
– |
– |
– |
35 |
At 31 December 2024 |
(93) |
(3,474) |
23 |
13 |
110 |
344 |
(3,077) |
| 2025 | 2024 | 2023 | |||||||
Dividend | Total | Dividend | Total | Dividend | Total | ||||
Paid/ | per share | dividend | Paid/ | per share | dividend | Paid/ | per share | dividend | |
payable | (pence) | (£m) | payable | (pence) | (£m) | payable | (£m) | (£m) | |
18 Sep | |||||||||
2025 interim dividend | 2025 | 2.2 | 19 7 | – | – | – | – | – | – |
5 June | |||||||||
2024 final dividend | 2025 | 4.6 | 415 | – | – | – | – | – | – |
– | – | – | 19 Sep | ||||||
2024 interim dividend | 2024 | 2.0 | 182 | – | – | – | |||
– | – | – | 16 May | ||||||
2023 final dividend | 2024 | 4.2 | 388 | – | – | – | |||
– | – | – | 5 Oct | ||||||
2023 interim dividend | – | – | – | 2023 | 1.8 | 166 | |||
– | – | – | 27 Apr | ||||||
2022 final dividend | – | – | – | 2023 | 2.4 | 222 | |||
2025 | 2024 | 2023 | |
Profit after tax attributable to equity shareholders (£m) | 1,66 7 | 1,442 | 1,049 |
Weighted average number of shares (million) | 9,004 | 9,142 | 9,235 |
Less: weighted average number of treasury shares and shares held | |||
by EBTs (million) 1 | (22) | (10) | (2) |
Basic weighted average number of shares (million) | 8,982 | 9,132 | 9,233 |
Effect of dilutive potential shares (million) | 44 | 43 | 30 |
Diluted weighted average number of shares (million) | 9,026 | 9,175 | 9,263 |
Basic earnings per share (pence) | 18.6 | 15.8 | 11.4 |
Diluted earnings per share (pence) | 18.5 | 15.7 | 11.3 |
Freehold buildings | 20 to 50 years |
Leasehold land and buildings | Lease term or 20 to 50 years |
Plant and machinery | 10 to 20 years |
Equipment and vehicles | 3 to 10 years |
Plant, | Assets | |||
Land and | equipment | under | ||
buildings | and vehicles | construction | Total | |
£m | £m | £m | £m | |
Cost at 1 January 2024 | 970 | 1,708 | 373 | 3,051 |
Hyperinflation adjustment | 3 | 6 | 4 | 13 |
Exchange adjustments | (11) | (25) | (10) | (46) |
Additions | – | – | 250 | 250 |
Additions from business acquisitions | (2) | 1 | – | (1) |
Disposals and write-offs | (2) | (32) | (3) | (37) |
Reclassifications | 54 | 231 | (276) | 9 |
Cost at 31 December 2024 | 1,012 | 1,889 | 338 | 3,239 |
Hyperinflation adjustment | 1 | 1 | – | 2 |
Exchange adjustments | (19) | (19) | (8) | (46) |
Additions | 4 | 8 | 310 | 322 |
Disposals and write-offs | (5) | (57) | (17) | (79) |
Reclassifications | 51 | 181 | (235) | (3) |
Cost at 31 December 2025 | 1,044 | 2,003 | 388 | 3,435 |
Depreciation at 1 January 2024 | (330) | (925) | – | (1,255) |
Hyperinflation adjustment | – | (3) | – | (3) |
Exchange adjustments | 1 | 12 | – | 13 |
Charge for the year | (34) | (138) | – | (172) |
Disposals and write-offs | 1 | 29 | – | 30 |
Reclassifications | – | (4) | – | (4) |
Depreciation at 31 December 2024 | (362) | (1,029) | – | (1,391) |
Hyperinflation adjustment | – | 1 | – | 1 |
Exchange adjustments | 7 | 7 | – | 14 |
Charge for the year | (36) | (153) | – | (189) |
Disposals and write-offs | 4 | 50 | – | 54 |
Reclassifications | – | – | – | – |
Depreciation at 31 December 2025 | (387) | (1,124) | – | (1,511) |
Plant, | Assets | |||
Land and | equipment | under | ||
buildings | and vehicles | construction | Total | |
£m | £m | £m | £m | |
Impairment at 1 January 2024 | (3) | (6) | (7) | (16) |
Exchange adjustments | – | 1 | 1 | 2 |
Impairment losses | (1) | (17) | (15) | (33) |
Disposals and write-offs | 1 | 3 | 3 | 7 |
Reclassifications | – | 1 | – | 1 |
Impairment at 31 December 2024 | (3) | (18) | (18) | (39) |
Exchange adjustments | 1 | (2) | – | (1) |
Impairment losses | (2) | (30) | (1) | (33) |
Disposals and write-offs | 1 | 5 | 14 | 20 |
Reclassifications | – | – | – | – |
Impairment at 31 December 2025 | (3) | (45) | (5) | (53) |
Depreciation and impairment at 31 December 2024 | (365) | (1,047) | (18) | (1,430) |
Depreciation and impairment at 31 December 2025 | (390) | (1,169) | (5) | (1,564) |
Net book value at 31 December 2024 | 64 7 | 842 | 320 | 1,809 |
Net book value at 31 December 2025 | 654 | 834 | 383 | 1,871 |
Land and | Plant and | |||
buildings | equipment | Vehicles | Total | |
£m | £m | £m | £m | |
Net book value at 1 January 2024 | 105 | 1 | 16 | 122 |
Exchange adjustments | (3) | – | (1) | (4) |
Additions | 29 | – | 19 | 48 |
Depreciation | (39) | (1) | (13) | (53) |
Disposals and write-offs | (1) | – | – | (1) |
Net book value at 31 December 2024 | 91 | – | 21 | 112 |
Exchange adjustments | (2) | 1 | (1) | (2) |
Additions | 49 | 1 | 1 7 | 6 7 |
Depreciation | (38) | (1) | (12) | (51) |
Net book value at 31 December 2025 | 100 | 1 | 25 | 126 |
Amortised | ||||||
brands, | ||||||
Indefinite | licences | Assets | ||||
life | and | Computer | under | |||
Goodwill | brands | patents | software | construction | Total | |
£m | £m | £m | £m | £m | £m | |
Cost at 1 January 2024 | 8,31 7 | 18,213 | 391 | 542 | 83 | 27,546 |
Hyperinflation adjustments | 1 | 7 | – | 3 | – | 11 |
Exchange adjustments | 17 | (80) | (2) | (3) | 1 | (67) |
Additions | – | 8 | 4 | 4 | 58 | 74 |
Disposals and write-offs | – | – | (1) | (8) | (32) | (41) |
Reclassifications | – | – | (2) | 45 | (49) | (6) |
Transfer to assets held for sale | (133) | (247) | – | – | – | (380) |
Cost at 31 December 2024 | 8,202 | 17,901 | 390 | 583 | 61 | 27,13 7 |
Hyperinflation adjustments | (1) | (1) | – | – | – | (2) |
Exchange adjustments | (72) | (482) | (15) | (6) | 1 | (574) |
Additions | – | – | 1 | 2 | 88 | 91 |
Disposals and write-offs | – | – | – | (19) | (1) | (20) |
Reclassifications | – | (682) | 682 | 50 | (49) | 1 |
Cost at 31 December 2025 | 8,129 | 16,736 | 1,058 | 610 | 100 | 26,633 |
Amortisation at 1 January 2024 | – | – | (211) | (321) | – | (532) |
Hyperinflation adjustments | – | – | – | (2) | – | (2) |
Exchange adjustments | – | – | – | 2 | – | 2 |
Charge for the period | – | – | (24) | (75) | – | (99) |
Disposals and write-offs | – | – | – | 4 | – | 4 |
Amortisation at 31 December 2024 | – | – | (235) | (392) | – | (627) |
Hyperinflation adjustments | – | – | – | – | – | – |
Exchange adjustments | – | – | 4 | 2 | – | 6 |
Charge for the period | – | – | (51) | (69) | – | (120) |
Disposals and write-offs | – | – | – | 1 7 | – | 1 7 |
Reclassifications | – | – | – | 2 | – | 2 |
Amortisation at 31 December 2025 | – | – | (282) | (440) | – | (722) |
Amortised | ||||||
brands, | ||||||
licences | Assets | |||||
Indefinite | and | Computer | under | |||
Goodwill | life brands | patents | software | construction | Total | |
£m | £m | £m | £m | £m | £m | |
Impairment at 1 January 2024 | – | (140) | (9) | (10) | – | (159) |
Exchange adjustments | – | (3) | – | – | – | (3) |
Impairment losses | – | (135) | (3) | (4) | (32) | (174) |
Disposals and write-offs | – | – | 1 | 4 | 32 | 3 7 |
Impairment at 31 December 2024 | – | (278) | (11) | (10) | – | (299) |
Exchange adjustments | – | 12 | (1) | 1 | – | 12 |
Impairment losses | (2) | (7) | – | (4) | (1) | (14) |
Reclassifications | – | 131 | (131) | – | – | – |
Disposals and write-offs | – | – | – | 2 | 1 | 3 |
Impairment at 31 December 2025 | (2) | (142) | (143) | (11) | – | (298) |
Amortisation and impairment at 31 | ||||||
December 2024 | – | (278) | (246) | (402) | – | (926) |
Amortisation and impairment at 31 | ||||||
December 2025 | (2) | (142) | (425) | (451) | – | (1,020) |
Net book value at 31 December 2024 | 8,202 | 17,623 | 144 | 181 | 61 | 26,211 |
Net book value at 31 December 2025 | 8,12 7 | 16,594 | 633 | 159 | 100 | 25,613 |
2025 | 2024 | |
£m | £m | |
North America | 3,258 | 3,230 |
EMEA & LatAm | 2,855 | 2,827 |
APAC | 2,014 | 2,145 |
Net book value at 31 December | 8,12 7 | 8,202 |
Valuation basis | Value in use | ||
| Key assumptions | Sales growth rates | ||
Profit margins | |||
Terminal growth rates | |||
Discount rates | |||
Taxation rates | |||
Determination of | Growth rates are internal forecasts based on both internal and external market | ||
assumptions | information | ||
Margins reflect past experience, adjusted for expected changes | |||
Terminal growth rates are based on internal projections and external forecasts | |||
of the relevant markets | |||
Discount rates are based on the Group WACC, adjusted where appropriate | |||
Taxation rates are based on appropriate rates for each CGU | |||
Period of specific | |||
projected cash flows | Five years | ||
Terminal growth rates | 2025 | 2024 | |
North America | 2.2% p.a. | 2.1% p.a. | |
EMEA & LatAm | 2.6% p.a. | 2.7% p.a. | |
APAC | 2.3% p.a. | 2.3% p.a. | |
Discount rates (pre-tax) | 2025 | 2024 | |
North America | 8.9% | 7.4% | |
EMEA & LatAm | 11.9% | 11.2% | |
APAC | 10.3% | 9.4% |
2025 | 2024 | |
£m | £m | |
Advil | 3,348 | 3,527 |
Voltaren | 2,725 | 2,725 |
Centrum | 1,762 | 1,798 |
Caltrate | 1,609 | 1,662 |
Otrivin | 1,385 | 1,385 |
Robitussin | 1,10 7 | 1,173 |
Preparation H | 1,042 | 1,108 |
Fenistil | 598 | 598 |
Nexium 1 | – | 574 |
Emergen-C | 439 | 470 |
Theraflu | 436 | 446 |
Panadol | 395 | 395 |
Sensodyne | 275 | 276 |
Excedrin | 17 7 | 189 |
Polident | 129 | 126 |
Biotene | 121 | 127 |
Vitasprint | 118 | 113 |
Corega | 116 | 110 |
Other brands | 812 | 821 |
Total | 16,594 | 17,623 |
| Net impairment | ||||||
| Amortisation | losses/(reversals) | |||||
2025 | 2024 | 2023 | 2025 | 2024 | 2023 | |
£m | £m | £m | £m | £m | £m | |
Cost of sales | 61 | 38 | 55 | 9 | 155 | 185 |
Selling, general and administration | 59 | 61 | 53 | 5 | 4 | 1 |
Total | 120 | 99 | 108 | 14 | 159 | 186 |
2025 | 2024 | |
£m | £m | |
Raw materials and consumables | 242 | 236 |
Work in progress | 7 | 26 |
Finished goods | 776 | 928 |
Total | 1,025 | 1,190 |
| 2025 | 2024 | |||||
Non- | Non- | |||||
Current | current | Total | Current | current | Total | |
£m | £m | £m | £m | £m | £m | |
Trade receivables, net of expected credit loss | ||||||
| allowance | 1,642 | – | 1,642 | 1,588 | – | 1,588 |
Other prepayments and accrued income | 122 | – | 122 | 114 | – | 114 |
Employee loans and advances | 9 | – | 9 | 6 | – | 6 |
VAT receivable | 129 | – | 129 | 151 | – | 151 |
Other third-party receivables | 156 | 3 7 | 193 | 196 | 71 | 26 7 |
Total | 2,058 | 3 7 | 2,095 | 2,055 | 71 | 2,126 |
2025 | 2024 | |
£m | £m | |
At 1 January | 36 | 29 |
Exchange adjustments | – | (1) |
Charge for the year | 43 | 38 |
Subsequent recoveries of amounts provided for | (27) | (25) |
Utilised | (10) | (5) |
At 31 December | 42 | 36 |
| Trade receivables | |||||||
| Days past due | |||||||
181 | Greater | ||||||
0-30 | 31-90 | 91-180 | days- | than | |||
Current | days | days | days | 1 year | 1 year | Total | |
£m | £m | £m | £m | £m | £m | £m | |
Estimated total gross carrying amount | |||||||
at default | 1,44 7 | 101 | 46 | 33 | 23 | 34 | 1,684 |
Expected credit loss | 5 | 1 | 2 | 6 | 5 | 23 | 42 |
| Trade receivables | |||||||
| Days past due | |||||||
181 | Greater | ||||||
0-30 | 31-90 | 91-180 | days- | than | |||
Current | days | days | days | 1 year | 1 year | Total | |
£m | £m | £m | £m | £m | £m | £m | |
Estimated total gross carrying amount | |||||||
at default | 1,406 | 113 | 36 | 26 | 18 | 25 | 1,624 |
Expected credit loss | 4 | 1 | 3 | 2 | 4 | 22 | 36 |
2025 | 2024 | |
£m | £m | |
Pound Sterling (GBP) | 914 | 1,790 |
Indian Rupee (INR) | 49 | 73 |
Taiwan Dollar (TWD) | 30 | 40 |
Euro (EUR) | 29 | 30 |
United States Dollar (USD) | 28 | 27 |
Others | 274 | 290 |
Total | 1,324 | 2,250 |
2025 | 2024 | |
£m | £m | |
Trade payables | 2,058 | 1,973 |
Customer return and rebate accruals | 755 | 738 |
Other payables and accruals | 41 7 | 477 |
Wages and salaries | 280 | 290 |
Accrued interest on financial liabilities | 91 | 104 |
Social security | 50 | 54 |
VAT payables | 45 | 51 |
Deferred income | 34 | 18 |
Total | 3,730 | 3,705 |
Carrying amount of liabilities (£m) | 2025 | 2024 |
Presented within trade and other payables | 11 | 15 |
of which suppliers have received payments | 6 | 8 |
Range of payment due dates | ||
Liabilities that are part of the arrangements | 60-125 | 60-125 |
Comparable trade payables that are not part of the arrangement | 30-125 | 30-125 |
2025 | 2024 | |||||
Non- | Non- | |||||
Current | current | Total | Current | current | Total | |
£m | £m | £m | £m | £m | £m | |
Loan and overdrafts | (43) | (300) | (343) | (43) | (290) | (333) |
Advances 1 | (6) | – | (6) | – | – | – |
Lease liabilities | (48) | (85) | (133) | (50) | (73) | (123) |
Non-voting preference shares | – | (25) | (25) | – | (25) | (25) |
Bonds | (739) | (7,363) | (8,102) | (1,394) | (8,252) | (9,646) |
Total | (836) | (7,773) | (8,609) | (1,487) | (8,640) | (10,127) |
Carrying value | ||
2025 | 2024 | |
Bonds 1 | £m | £m |
USD 1,750m 3.125% Mar 2025 | – | 1,394 |
EUR 850m 1.250% Mar 2026 | 739 | 694 |
USD 2,000m 3.375% Mar 2027 | 1,484 | 1,587 |
EUR 750m 2.875% Sep 2028 | 648 | 620 |
GBP 300m 2.875% Oct 2028 | 300 | 299 |
USD 1,000m 3.375% Mar 2029 | 739 | 785 |
EUR 750m 1.750% Mar 2030 | 654 | 620 |
USD 2,000m 3.625% Mar 2032 | 1,470 | 1,558 |
GBP 300m 4.625% Sep 2033 | 299 | 298 |
EUR 750m 2.125% Mar 2034 | 650 | 617 |
GBP 400m 3.375% Mar 2038 | 399 | 398 |
USD 1,000m 4.000% Mar 2052 | 720 | 776 |
Total | 8,102 | 9,646 |
2025 |
2024 |
|
£m |
£m |
|
Due within one year |
(48) |
(50) |
Due between one and two years |
(43) |
(36) |
Due between two and three years |
(12) |
(19) |
Due between three and four years |
(7) |
(9) |
Due between four and five years |
(4) |
(6) |
Due after five years |
(19) |
(3) |
Total |
(133) |
(123) |
Fair value |
|||||
adjustments, |
|||||
At |
interest on |
At |
|||
1 January |
Foreign |
derivatives and |
31 December |
||
2025 |
Cash flows |
exchange |
reclassification |
2025 |
|
£m |
£m |
£m |
£m |
£m |
|
Reconciliation of movement in liabilities |
|||||
to cash flow statement |
|||||
Long-term borrowings |
(8,567) |
(40) |
226 |
693 |
(7,688) |
Short-term borrowings |
(1,394) |
1,346 |
6 |
(725) |
(767) |
Lease liabilities |
(123) |
60 |
2 |
(72) |
(133) |
Derivative financial instruments |
(30) |
(31) |
2 |
81 |
22 |
Total financial liabilities arising from |
|||||
financing activities |
(10,114) |
1,335 |
236 |
(23) |
(8,566) |
Cash and cash equivalents net of bank overdrafts |
2,20 7 |
(855) |
(49) |
– |
1,303 |
Total |
(7,907) |
480 |
18 7 |
(23) |
(7,263) |
Fair value |
|||||
adjustments, |
|||||
At 1 |
interest on |
At |
|||
January |
Foreign |
derivatives and |
31 December |
||
2024 |
Cash flows |
exchange |
reclassification |
2024 |
|
£m |
£m |
£m |
£m |
£m |
|
Reconciliation of movement in liabilities |
|||||
to cash flow statement |
|||||
Long-term borrowings |
(8,711) |
(1,214) |
16 |
1,342 |
(8,567) |
Short-term borrowings |
(558) |
562 |
(27) |
(1,371) |
(1,394) |
Lease liabilities |
(137) |
60 |
3 |
(49) |
(123) |
Derivative financial instruments |
(102) |
8 |
(1) |
65 |
(30) |
Total financial liabilities arising from |
|||||
financing activities |
(9,508) |
(584) |
(9) |
(13) |
(10,114) |
Cash and cash equivalents net of bank overdrafts |
994 |
1,292 |
(79) |
– |
2,207 |
Total |
(8,514) |
708 |
(88) |
(13) |
(7,907) |
2025 |
2024 |
|
%pa |
%pa |
|
Germany |
||
Rate of increase of future earnings |
3.0 |
3.0 |
Discount rate |
4.1 |
3.4 |
Expected pension increases |
2.0 |
2.0 |
Inflation rate |
2.0 |
2.0 |
Switzerland |
||
Rate of increase of future earnings |
1.8 |
1.8 |
Discount rate |
1.3 |
1.0 |
Expected pension increases |
N/ A |
N/A |
Inflation rate |
1.0 |
1.0 |
Ireland |
||
Rate of increase of future earnings |
2.0 |
2.0 |
Discount rate |
4.3 |
3.4 |
Expected pension increases |
3.0 |
3.0 |
Inflation rate |
2.0 |
2.0 |
Rest of World |
||
Rate of increase of future earnings |
N/ A |
N/A |
Discount rate |
5.5 |
5.7 |
Expected pension increases |
N/ A |
N/A |
Inflation rate |
2.5 |
2.5 |
Germany |
Switzerland |
Ireland |
Rest of World |
|||||
Years |
Male |
Female |
Male |
Female |
Male |
Female |
Male |
Female |
Current |
25.6 |
29.3 |
26.8 |
28. 7 |
27.5 |
30.4 |
27.5 |
28.8 |
Projected for 2045 |
28.4 |
31.5 |
28.6 |
30.4 |
30.2 |
32.6 |
29.0 |
30.3 |
Germany |
Switzerland |
Ireland |
Rest of World |
|||||
Years |
Male |
Female |
Male |
Female |
Male |
Female |
Male |
Female |
Current |
25.5 |
29.2 |
26. 7 |
28.6 |
27.3 |
30.3 |
27.4 |
28.8 |
Projected for 2044 |
28.5 |
31.5 |
28.6 |
30.3 |
30.1 |
32.4 |
28.9 |
30.2 |
2025 | 2024 | 2023 | |
£m | £m | £m | |
German pension schemes | 3 | 3 | 5 |
Swiss pension schemes | 9 | 10 | 9 |
Irish pension schemes | 3 | 5 | 2 |
Other overseas pension schemes | 2 | 2 | – |
Unfunded post-employment healthcare schemes | 8 | 9 | 10 |
Total | 25 | 29 | 26 |
Other post | |||
retirement | Total post | ||
Net pensions | obligations | retirement | |
total | total | obligations | |
£m | £m | £m | |
2025 | |||
Cost of sales | 10 | 8 | 18 |
Research and development | 2 | – | 2 |
Selling, general and administration | 5 | – | 5 |
31 December 2025 | 1 7 | 8 | 25 |
2024 | |||
Cost of sales | 10 | 9 | 19 |
Research and development | 2 | – | 2 |
Selling, general and administration | 8 | – | 8 |
31 December 2024 | 20 | 9 | 29 |
2023 | |||
Cost of sales | 10 | 8 | 18 |
Research and development | 1 | – | 1 |
Selling, general and administration | 7 | – | 7 |
31 December 2023 | 18 | 8 | 26 |
2025 | 2024 | 2023 | |||||||
Other | Other | Other | |||||||
post- | post- | post- | |||||||
employment | employment | employment | |||||||
Pensions | benefits | Total | Pensions | benefits | Total | Pensions | benefits | Total | |
£m | £m | £m | £m | £m | £m | £m | £m | £m | |
31 December | |||||||||
Amounts charged to | |||||||||
operating profit: | |||||||||
Current service cost | 16 | 4 | 20 | 17 | 5 | 22 | 16 | 6 | 22 |
Past service cost/(credit) | 1 | – | 1 | 4 | – | 4 | 1 | – | 1 |
Gain from settlement | – | – | – | (1) | – | (1) | – | – | – |
Net interest cost | – | 4 | 4 | – | 4 | 4 | 1 | 2 | 3 |
Total | 1 7 | 8 | 25 | 20 | 9 | 29 | 18 | 8 | 26 |
Remeasurements | |||||||||
recorded in the statement | |||||||||
of comprehensive income | (40) | 2 | (38) | (6) | (13) | (19) | (6) | 1 | (5) |
Rest of | |||||
Germany | Switzerland | Ireland | World | Total | |
£m | £m | £m | £m | £m | |
Listed equities | 62 | 81 | 34 | 3 | 180 |
Property | – | 70 | – | – | 70 |
Listed bonds | 63 | 10 7 | 150 | 5 | 325 |
Insurance contracts | 24 | 44 | – | – | 68 |
Other assets | – | 43 | 3 | 12 | 58 |
Fair value of assets | 149 | 345 | 18 7 | 20 | 701 |
Asset ceiling restriction | – | (2) | – | – | (2) |
Fair value of assets after asset ceiling | 149 | 343 | 18 7 | 20 | 699 |
Present value of scheme obligations | (165) | (318) | (151) | (31) | (665) |
Recognised on the balance sheet | (16) | 25 | 36 | (11) | 34 |
Included in post-employment benefit assets | – | 25 | 36 | 7 | 68 |
Included in post-employment benefit obligations | (16) | – | – | (18) | (34) |
Total | (16) | 25 | 36 | (11) | 34 |
Actual return on plan assets | 6 | 20 | (19) | 2 | 9 |
Rest of | |||||
Germany | Switzerland | Ireland | World | Total | |
£m | £m | £m | £m | £m | |
Listed equities | 56 | 74 | 32 | 4 | 166 |
Property | – | 68 | – | – | 68 |
Listed bonds | 57 | 88 | 162 | 19 | 326 |
Insurance contracts | 24 | 45 | – | – | 69 |
Other assets | – | 34 | 2 | 13 | 49 |
Fair value of assets | 13 7 | 309 | 196 | 36 | 678 |
Asset ceiling restriction | – | (18) | – | – | (18) |
Fair value of assets after asset ceiling | 13 7 | 291 | 196 | 36 | 660 |
Present value of scheme obligations | (170) | (291) | (169) | (45) | (675) |
Recognised on the balance sheet | (33) | – | 2 7 | (9) | (15) |
Included in post-employment benefit assets | – | – | 27 | 9 | 36 |
Included in post-employment benefit obligations | (33) | – | – | (18) | (51) |
Total | (33) | – | 2 7 | (9) | (15) |
Actual return on plan assets | 11 | 13 | 1 | 3 | 28 |
2025 | 2024 | |
£m | £m | |
Funded | (651) | (662) |
Unfunded | (14) | (13) |
Total | (665) | (675) |
Present | Net | Net post- | ||
Fair value | value of | pensions | employment | |
of assets | obligation | total | obligations | |
£m | £m | £m | £m | |
At 1 January 2024 | 661 | (697) | (36) | (85) |
Exchange adjustments | (28) | 34 | 6 | (2) |
Service cost | – | (17) | (17) | (5) |
Past service cost | – | (4) | (4) | – |
Interest income/(cost) | 17 | (17) | – | (4) |
Settlements and curtailments | – | 1 | 1 | – |
Remeasurements: | ||||
Return on plan assets, excluding amounts included in | ||||
interest | 12 | – | 12 | – |
Loss arising from changes in demographic assumptions | – | (3) | (3) | – |
(Loss)/Gain from change in financial assumptions | – | (1) | (1) | 11 |
Experience (losses)/gains | – | (2) | (2) | 2 |
Employers' contributions | 29 | – | 29 | – |
Scheme participants' contributions | 7 | (7) | – | – |
Benefits paid | (38) | 38 | – | 3 |
At 31 December 2024 | 660 | (675) | (15) | (80) |
Exchange adjustments | 33 | (35) | (2) | 5 |
Service cost | – | (16) | (16) | (4) |
Past service cost | – | (1) | (1) | – |
Interest income/(cost) | 16 | (16) | – | (4) |
Settlements and curtailments | (14) | 14 | – | – |
Remeasurements: | ||||
Return on plan assets, excluding amounts included in | ||||
interest | (8) | – | (8) | – |
Loss arising from changes in demographic assumptions | – | – | – | – |
Gain/(Loss) from change in financial assumptions | – | 39 | 39 | (1) |
Changes in asset ceiling restriction | 16 | – | 16 | – |
Experience (losses)/gains | – | (7) | (7) | (1) |
Employers' contributions | 28 | – | 28 | – |
Scheme participants' contributions | 7 | (7) | – | – |
Benefits paid | (39) | 39 | – | 5 |
At 31 December 2025 | 699 | (665) | 34 | (80) |
2025 | 2024 | |
£m | £m | |
Net pension obligations | 34 | (15) |
Net post-employment obligations | (80) | (80) |
Net post-employment benefit | (46) | (95) |
Post-employment benefit assets recognised on the consolidated balance sheet | 68 | 36 |
Post-employment benefit obligations recognised on the consolidated balance | ||
sheet | (114) | (131) |
Net post-employment benefit | (46) | (95) |
Post-employment | ||||
| Pension | obligations | |||
2025 | 2024 | 2025 | 2024 | |
£m | £m | £m | £m | |
Active | (364) | (347) | (65) | (70) |
Retired | (209) | (224) | (15) | (10) |
Deferred | (92) | (104) | – | – |
Total | (665) | (675) | (80) | (80) |
2025 |
2024 |
|
£m |
£m |
|
0.50% decrease in discount rate: |
||
Increase in annual pension cost |
2.6 |
2.3 |
Increase in annual post-employment benefits cost |
0.2 |
0.2 |
Increase in pension obligation |
42.8 |
45.7 |
Increase in post-employment benefits obligation |
3.2 |
3.1 |
0.50% increase in discount rate: |
||
Decrease in annual pension cost |
(2.8) |
(2.4) |
Decrease in annual post-employment benefits cost |
(0.1) |
(0.1) |
Decrease in pension obligation |
(39.0) |
(41.2) |
Decrease in post-employment benefits obligation |
(2.9) |
(2.8) |
1% increase in the rate of future healthcare inflation: |
||
Increase in annual post-employment cost |
0.1 |
0.2 |
Increase in post-employment obligation |
1.4 |
1.6 |
1% decrease in the rate of future healthcare inflation: |
||
Decrease in annual post-employment cost |
(0.2) |
(0.2) |
Decrease in post-employment obligation |
(1.7) |
(1.8) |
A one year increase in life expectancy: |
||
Increase in annual pension cost |
0.8 |
0.7 |
Increase in annual post-employment benefits cost |
0.1 |
0.1 |
Increase in pension obligation |
16.6 |
17.6 |
Increase in post-employment benefits obligation |
0.8 |
0.7 |
Years |
2025 |
2024 |
Pension benefits |
13 |
14 |
Post-employment benefits |
12 |
12 |
Restructuring |
Other |
||
programmes |
provisions |
Total |
|
£m |
£m |
£m |
|
As at 1 January 2024 |
(94) |
(75) |
(169) |
Exchange adjustments |
2 |
1 |
3 |
Charge for the period |
(95) |
(38) |
(133) |
Reversed unused |
7 |
8 |
15 |
Utilised |
76 |
33 |
109 |
As at 31 December 2024 |
(104) |
(71) |
(175) |
Exchange adjustments |
(1) |
(1) |
(2) |
Charge for the period |
(27) |
(24) |
(51) |
Reversed unused |
12 |
4 |
16 |
Utilised |
71 |
32 |
103 |
As at 31 December 2025 |
(49) |
(60) |
(109) |
2025 | 2024 | |
£m | £m | |
To be settled within one year | (69) | (118) |
To be settled after one year | (40) | (57) |
Total provisions | (109) | (175) |
2025 | 2024 | |
£m | £m | |
Contracted for but not provided in the Consolidated Financial Statements: | ||
Intangible assets | 69 | 105 |
Property, plant and equipment | 162 | 51 |
Total | 231 | 156 |
At | At | ||
31 December | 31 December | ||
2025 | 2024 | ||
Ordinary shares at £0.01 each | Number | 8,952,353,648 | 9,083,725,919 |
Share capital | £’000 | 89,524 | 90,83 7 |
Cash | ||||||||
Cumulative | Treasury | Fair | Capital | flow | ||||
translation | EBT shares | shares | Value | redemption | hedge | Merger | ||
reserve | reserve 1 | reserve | reserve | reserve | reserve | reserve | Total | |
£m | £m | £m | £m | £m | £m | £m | £m | |
As at 1 January 2024 | 626 | (38) | – | – | – | 139 | (11,687) | (10,960) |
Other comprehensive income | – | – | – | – | – | (26) | – | (26) |
Shares transferred to | ||||||||
employees | – | 41 | – | – | – | – | – | 41 |
Repurchase of ordinary shares | ||||||||
and capital reduction | – | – | – | – | 1 | – | – | 1 |
Purchase of shares by | ||||||||
employee benefit trust | – | (5) | – | – | – | – | – | (5) |
Purchase of treasury shares | – | – | (116) | – | – | – | – | (116) |
Exchange movements on | ||||||||
overseas net assets | (132) | – | – | – | – | – | – | (132) |
As at 31 December 2024 | 494 | (2) | (116) | – | 1 | 113 | (11,687) | (11,197) |
Cash | ||||||||
Cumulative | Treasury | Fair | Capital | flow | ||||
translation | EBT shares | shares | Value | redemption | hedge | Merger | ||
reserve | reserve 1 | reserve | reserve | reserve | reserve | reserve | Total | |
£m | £m | £m | £m | £m | £m | £m | £m | |
Other comprehensive income | – | – | – | (15) | – | (12) | – | (27) |
Shares transferred to | ||||||||
employees | – | 10 7 | 1 | – | – | – | – | 108 |
Repurchase of ordinary shares | ||||||||
and capital reduction | – | – | – | – | 1 | – | – | 1 |
Transfer of treasury shares to | ||||||||
employee benefit trust | – | (110) | 110 | – | – | – | – | – |
Purchase of treasury shares | – | – | (151) | – | – | – | – | (151) |
Exchange movements on | ||||||||
overseas net assets | (246) | – | – | – | – | – | – | (246) |
As at 31 December 2025 | 248 | (5) | (156) | (15) | 2 | 101 | (11,687) | (11,512) |
Total | |||
Non- | cumulative | ||
Retained | controlling | translation | |
earnings | interests | exchange | |
£m | £m | £m | |
As at 1 January 2024 | 626 | (1) | 625 |
Exchange movements on overseas net assets | (132) | (2) | (134) |
As at 31 December 2024 | 494 | (3) | 491 |
Exchange movements on overseas net assets | (246) | (1) | (247) |
As at 31 December 2025 | 248 | (4) | 244 |
| Pfizer companies | |||
2025 | 2024 | 2023 | |
£m | £m | £m | |
Dividend paid | – | 165 | 124 |
Pfizer companies | GSK companies | |||
2025 | 2024 | 2025 | 2024 | |
£m | £m | £m | £m | |
Other amounts owing from related parties | – | – | – | 34 |
2025 |
2024 |
|
£m |
£m |
|
Cash and cash equivalents |
1,324 |
2,250 |
Short-term borrowings |
(836) |
(1,487) |
Long-term borrowings |
(7,773) |
(8,640) |
Derivative financial assets associated with long-term borrowings |
3 |
– |
Derivative financial liabilities associated with long-term borrowings |
(23) |
(68) |
Total equity |
16,484 |
16,224 |
Total capital |
9,179 |
8,279 |
BB+ | ||||||
and below | ||||||
AAA | AA | A | BBB | or unrated | Total | |
£m | £m | £m | £m | £m | £m | |
2025 | ||||||
Bank balances and deposits | – | – | 658 | 7 | 42 | 70 7 |
Money market funds | 608 | – | – | – | – | 608 |
Government securities | – | – | – | – | 9 | 9 |
Cash and cash equivalents | 608 | – | 658 | 7 | 51 | 1,324 |
Derivative financial instruments | – | 13 | 74 | – | – | 8 7 |
Total | 608 | 13 | 732 | 7 | 51 | 1,411 |
2024 | ||||||
Bank balances and deposits | – | 1 | 1,658 | 10 | 27 | 1,696 |
Money market funds | 554 | – | – | – | – | 554 |
Government securities | – | – | – | – | – | – |
Cash and cash equivalents | 554 | 1 | 1,658 | 10 | 2 7 | 2,250 |
Derivative financial instruments | – | 14 | 116 | – | – | 130 |
Total | 554 | 15 | 1,774 | 10 | 2 7 | 2,380 |
2025 | 2024 | |||||
Fair value | Fair value | |||||
Notional | Fair value | of | Notional | Fair value | of | |
amount | of assets | liabilities | amount | of assets | liabilities | |
£m | £m | £m | £m | £m | £m | |
Non-current | ||||||
Fair value hedges – interest rate swap | ||||||
contracts | 2,640 | 3 | (23) | 2,445 | – | (63) |
Net investment hedges – foreign exchange | ||||||
contracts | 930 | 6 | (11) | 175 | – | (2) |
Current | ||||||
Fair value hedges – interest rate swap | ||||||
contracts | 742 | – | (1) | 1,396 | – | (18) |
Net investment hedges – cross currency | ||||||
interest rate swaps | – | – | – | 910 | 61 | – |
Net investment hedges – foreign exchange | ||||||
contracts | 1,392 | 41 | (17) | 1,149 | 39 | (20) |
Cash flow hedges – foreign exchange | ||||||
contracts | 75 7 | 11 | (10) | 538 | 13 | (17) |
Derivatives designated and effective as | ||||||
hedging instruments | 6,461 | 61 | (62) | 6,613 | 113 | (120) |
Non-current | ||||||
Cross currency interest rate swap contracts | – | – | – | 499 | – | (5) |
Current | ||||||
Cross currency interest rate swap contracts | 499 | 22 | – | 910 | – | (31) |
Foreign exchange contracts | 1,399 | 4 | (3) | 2,032 | 17 | (4) |
Derivatives classified as held for trading | 1,898 | 26 | (3) | 3,441 | 1 7 | (40) |
Total derivative instruments | 8,359 | 8 7 | (65) | 10,054 | 130 | (160) |
Change in fair |
||||
value |
Carrying |
|||
Notional |
for recognising |
value |
||
principal |
hedge |
assets/ |
||
Average |
value |
ineffectiveness |
(liabilities) |
|
strike price |
£m |
£m |
£m |
|
2025 |
||||
Cash flow hedges |
||||
Below 10 years |
||||
FX forward contracts/FX swaps |
N/ A |
75 7 |
1 |
1 |
Fair value hedges |
||||
Below 10 years |
||||
EUR IRS |
2.0% |
1,39 7 |
(8) |
(8) |
USD IRS |
3.8% |
1,635 |
(16) |
(16) |
GBP IRS |
3.9% |
350 |
3 |
3 |
Net investment hedges |
||||
Below 10 years |
||||
EUR FX Swaps/forwards |
1.1 |
171 |
(1) |
(1) |
CNH FX Swaps/forwards |
8.9 |
1,243 |
1 |
1 |
AUD FX Swaps/forwards |
2.1 |
86 |
(3) |
(3) |
CAD FX Swaps/forwards |
1.8 |
360 |
3 |
3 |
USD FX Swaps/forwards |
1.3 |
416 |
16 |
16 |
TWD FX Swaps/forwards |
40.1 |
46 |
2 |
2 |
EUR Bonds |
N/ A |
2,183 |
10 7 |
(2,169) |
2024 |
||||
Cash flow hedges |
||||
Below 10 years |
||||
FX forward contracts/FX swaps |
N/A |
538 |
(4) |
(4) |
Fair value hedges |
||||
Below 10 years |
||||
EUR IRS |
2.0% |
1,328 |
(20) |
(20) |
USD IRS |
3.4% |
2,512 |
(61) |
(61) |
Net investment hedges |
||||
Below 10 years |
||||
EUR FX Swaps/forwards |
1.2 |
384 |
8 |
8 |
CNH FX Swaps/forwards |
9.0 |
716 |
(6) |
(6) |
AUD FX Swaps/forwards |
2.0 |
81 |
3 |
3 |
CAD FX Swaps/forwards |
1.6 |
96 |
11 |
11 |
TWD FX Swaps/forwards |
40.1 |
47 |
1 |
1 |
CNH CCIRS |
8.6 |
910 |
61 |
61 |
EUR Bonds |
N/A |
2,076 |
77 |
(2,062) |
2025 | 2024 | |||||||
Change in | Balance | Change in | Balance | |||||
value for | in cash | value for | in cash | |||||
Accumulated | calculating | flow | Accumulated | calculating | flow | |||
Carrying | fair value | hedge | hedge | Carrying | fair value | hedge | hedge | |
amount | adjustments 1 | ineffectiveness | reserve 2 | amount | adjustments 1 | ineffectiveness | reserve 2 | |
£m | £m | £m | £m | £m | £m | £m | £m | |
Cash flow hedges | ||||||||
Pre-hedging of long- | ||||||||
term interest rate | – | – | – | (97) | – | – | – | (114) |
Transactional FX | ||||||||
forecast exposure 3 | 75 7 | – | – | (4) | 538 | – | – | 1 |
Fair value hedges | ||||||||
Bonds 4 | (2,703) | 21 | 21 | – | (3,188) | 81 | 81 | – |
Net investment | ||||||||
hedges | ||||||||
Net assets in foreign | ||||||||
currency 5 | 4,505 | (125) | (125) | – | 4,310 | (155) | (155) | – |
Hedging |
Hedged |
|||
gains/(losses) |
future cash |
|||
in other |
Hedge |
flows no |
As hedged |
|
comprehensive |
ineffectiveness |
longer expected |
item affects |
|
income |
in profit or loss |
to occur |
profit or loss |
|
£m |
£m |
£m |
£m |
|
2025 |
||||
Cash flow hedges |
||||
Transactional FX hedge |
19 |
– |
– |
1 7 |
Pre-hedging of long-term interest rates |
||||
Below 10 years |
121 |
– |
– |
19 |
10-30 years |
18 |
– |
– |
2 |
2024 |
||||
Cash flow hedges |
||||
Transactional FX hedge |
9 |
– |
– |
11 |
Pre-hedging of long-term interest rates |
||||
Below 10 years |
138 |
– |
– |
20 |
10-30 years |
23 |
– |
– |
2 |
2025 | 2024 | |||
Carrying | Carrying | |||
value | Fair value | value | Fair value | |
£m | £m | £m | £m | |
Financial assets at fair value through other | ||||
comprehensive income: | ||||
Unlisted equity investments | 6 7 | 6 7 | 82 | 82 |
Financial assets measured at amortised cost: | ||||
Cash and cash equivalents (including government | ||||
securities) | 716 | 716 | 1,696 | 1,696 |
Trade and other receivables and certain other non- | ||||
current assets | 1,818 | 1,818 | 1,796 | 1,796 |
Financial assets mandatorily measured at fair value | ||||
through profit or loss: | ||||
Held for trading derivatives that are not in a designated | ||||
and effective hedging relationship | 26 | 26 | 17 | 17 |
Cash and cash equivalents (money market funds) | 608 | 608 | 554 | 554 |
Derivatives designated and effective as hedging | ||||
instruments | ||||
Fair value hedge | 3 | 3 | – | – |
Cash flow hedge | 11 | 11 | 13 | 13 |
Net investment hedge | 4 7 | 4 7 | 100 | 100 |
Total financial assets | 3,296 | 3,296 | 4,258 | 4,258 |
Financial liabilities measured at amortised cost: | ||||
Short-term loans and overdrafts | (49) | (49) | (43) | (43) |
Other bonds | (3,448) | (3,292) | (4,397) | (4,006) |
Long-term loans | (300) | (300) | (290) | (290) |
Non-voting preference shares | (25) | (25) | (25) | (25) |
Trade and other payables and certain other non-current | ||||
liabilities in scope of IFRS 9 | (3,333) | (3,333) | (3,470) | (3,470) |
Bonds in a designated hedge relationship | (4,654) | (4,438) | (5,249) | (5,108) |
Financial liabilities mandatorily measured at fair value | ||||
through profit or loss: | ||||
Held for trading derivatives that are not in a designated | ||||
and effective hedging relationship | (3) | (3) | (40) | (40) |
Derivatives designated and effective as hedging | ||||
instruments | ||||
Fair value hedge | (24) | (24) | (81) | (81) |
Cash flow hedge | (10) | (10) | (17) | (17) |
Net investment hedge | (28) | (28) | (22) | (22) |
Total financial liabilities | (11,874) | (11,502) | (13,634) | (13,102) |
Net financial assets and financial liabilities | (8,578) | (8,206) | (9,376) | (8,844) |
Level 1 | Level 2 | Level 3 | Total | |
At 31 December 2025 | £m | £m | £m | £m |
Financial assets at fair value through other | ||||
comprehensive income: | ||||
Unlisted equity investments | – | – | 6 7 | 6 7 |
Financial assets at fair value through profit or loss: | ||||
Held for trading derivatives that are not in a designated | ||||
and effective hedging relationship | – | 26 | – | 26 |
Cash and cash equivalents (money market funds) | 608 | – | – | 608 |
Derivatives designated and effective as hedging | ||||
instruments: | ||||
Fair value hedge | – | 3 | – | 3 |
Cash flow hedge | – | 11 | – | 11 |
Net investment hedge | – | 4 7 | – | 4 7 |
Total financial assets | 608 | 8 7 | 6 7 | 762 |
Financial liabilities at fair value through profit or loss: | ||||
Held for trading derivatives that are not in a designated | ||||
and effective hedging relationship | – | (3) | – | (3) |
Derivatives designated and effective as hedging | ||||
instruments | ||||
Fair value hedge | – | (24) | – | (24) |
Cash flow hedge | – | (10) | – | (10) |
Net investment hedge | – | (28) | – | (28) |
Total financial liabilities | – | (65) | – | (65) |
Level 1 | Level 2 | Level 3 | Total | |
At 31 December 2024 | £m | £m | £m | £m |
Financial assets at fair value through other | ||||
comprehensive income: | ||||
Unlisted equity investments | – | – | 82 | 82 |
Financial assets at fair value through profit or loss: | ||||
Held for trading derivatives that are not in a designated | ||||
and effective hedging relationship | – | 17 | – | 1 7 |
Cash and cash equivalents (money market funds) | 554 | – | – | 554 |
Derivatives designated and effective as hedging | ||||
instruments: | ||||
Cash flow hedge | – | 13 | – | 13 |
Net investment hedge | – | 100 | – | 100 |
Total financial assets | 554 | 130 | 82 | 766 |
Financial liabilities at fair value through profit or loss: | ||||
Held for trading derivatives that are not in a designated | ||||
and effective hedging relationship | – | (40) | – | (40) |
Derivatives designated and effective as hedging | ||||
instruments | ||||
Fair value hedge | – | (81) | – | (81) |
Cash flow hedge | – | (17) | – | (17) |
Net investment hedge | – | (22) | – | (22) |
Total financial liabilities | – | (160) | – | (160) |
At 31 December 2025 | At 31 December 2024 | |||||
Non- | Non- | |||||
Financial | financial | Financial | financial | |||
instruments | instruments | Total | instruments | instruments | Total | |
£m | £m | £m | £m | £m | £m | |
Trade and other receivables (Note 16) | 1,801 | 25 7 | 2,058 | 1,780 | 275 | 2,055 |
Other non-current assets (Note 16) | 1 7 | 20 | 3 7 | 16 | 55 | 71 |
Total | 1,818 | 27 7 | 2,095 | 1,796 | 330 | 2,126 |
At 31 December 2025 | At 31 December 2024 | |||||
Non- | Non- | |||||
Financial | financial | Financial | financial | |||
instruments | instruments | Total | instruments | instruments | Total | |
£m | £m | £m | £m | £m | £m | |
Trade and other payables (Note 18) | (3,305) | (425) | (3,730) | (3,268) | (437) | (3,705) |
Other financial liability (Note 27) | – | – | – | (177) | – | (177) |
Provisions (Note 21) | (7) | (102) | (109) | (5) | (170) | (175) |
Other non-current liabilities | (21) | (9) | (30) | (20) | (8) | (28) |
Total | (3,333) | (536) | (3,869) | (3,470) | (615) | (4,085) |
Gross |
Net financial |
||||
Gross |
financial |
assets/ |
|||
financial |
assets/ |
(liabilities) |
Related |
||
assets/ |
(liabilities) |
per balance |
amounts |
Net |
|
(liabilities) |
set off |
sheet |
not offset |
amount |
|
At 31 December 2025 |
£m |
£m |
£m |
£m |
£m |
Financial assets |
|||||
Derivative financial assets |
8 7 |
– |
8 7 |
(47) |
40 |
Financial liabilities |
|||||
Derivative financial liabilities |
(65) |
– |
(65) |
4 7 |
(18) |
Gross |
Net financial |
||||
financial |
assets/ |
||||
Gross financial |
assets/ |
(liabilities) |
Related |
||
assets/ |
(liabilities) |
per balance |
amounts |
Net |
|
(liabilities) |
set off |
sheet |
not offset |
amount |
|
At 31 December 2024 |
£m |
£m |
£m |
£m |
£m |
Financial assets |
|||||
Derivative financial assets |
130 |
– |
130 |
(90) |
40 |
Financial liabilities |
|||||
Derivative financial liabilities |
(160) |
– |
(160) |
90 |
(70) |
2025 |
2024 |
|
Increase/(decrease) |
Increase/(decrease) |
|
in income |
in income |
|
£m |
£m |
|
10 cent appreciation of the US Dollar |
3 |
2 |
10 cent depreciation of the US Dollar |
(3) |
(2) |
10 cent appreciation of the Euro |
(2) |
1 |
10 cent depreciation of the Euro |
2 |
– |
2025 |
2024 |
|
(Decrease)/increase |
(Decrease)/increase |
|
in equity |
in equity |
|
£m |
£m |
|
10 cent appreciation of the CNY |
(13) |
(17) |
10 cent depreciation of the CNY |
13 |
17 |
10 cent appreciation of the Euro |
(216) |
(189) |
10 cent depreciation of the Euro |
182 |
160 |
10 cent appreciation of the US Dollar |
(33) |
(6) |
10 cent depreciation of the US Dollar |
29 |
5 |
2025 |
2024 |
|
Increase/(decrease) |
Increase/(decrease) |
|
in income |
in income |
|
£m |
£m |
|
1% (100 basis points) increase in Pound Sterling interest rates |
16 |
13 |
1% (100 basis points) increase in US Dollar interest rates |
(19) |
(17) |
1% (100 basis points) increase in Euro interest rates |
(7) |
(8) |
Trade |
||||||
payables |
||||||
and other |
||||||
Interest |
liabilities |
|||||
Interest on |
Lease |
on lease |
not in |
|||
Borrowings |
borrowings |
liabilities |
liabilities |
net debt |
Total |
|
At 31 December 2025 |
£m |
£m |
£m |
£m |
£m |
£m |
Due in less than one year |
788 |
253 |
48 |
4 |
3,324 |
4,41 7 |
Between one and two years |
1,54 7 |
210 |
43 |
2 |
8 |
1,810 |
Between two and three years |
1,012 |
190 |
12 |
1 |
1 |
1,216 |
Between three and four years |
89 7 |
148 |
7 |
1 |
– |
1,053 |
Between four and five years |
668 |
129 |
4 |
– |
– |
801 |
After five years |
3,539 |
888 |
19 |
– |
– |
4,446 |
Gross contractual cash flows |
8,451 |
1,818 |
133 |
8 |
3,333 |
13,743 |
At 31 December 2024 |
||||||
Due in less than one year |
1,437 |
270 |
50 |
3 |
3,485 |
5,245 |
Between one and two years |
694 |
253 |
36 |
2 |
8 |
993 |
Between two and three years |
1,587 |
209 |
19 |
1 |
1 |
1,81 7 |
Between three and four years |
919 |
190 |
9 |
– |
– |
1,118 |
Between four and five years |
1,075 |
149 |
6 |
– |
– |
1,230 |
After five years |
4,267 |
1,072 |
3 |
– |
– |
5,342 |
Gross contractual cash flows |
9,979 |
2,143 |
123 |
6 |
3,494 |
15,745 |
2025 |
2024 |
|||
Receivables |
Payables |
Receivables |
Payables |
|
£m |
£m |
£m |
£m |
|
Foreign exchange contracts |
||||
Due in less than one year |
7,039 |
(7,013) |
8,912 |
(8,873) |
Between one and two years |
170 |
(161) |
103 |
(100) |
Between two and three years |
– |
– |
110 |
(104) |
Between four and five years |
894 |
(829) |
– |
– |
Interest rate swap contracts |
||||
Due in less than one year |
1,366 |
(1,350) |
3,302 |
(3,330) |
Between one and two years |
371 |
(367) |
1,242 |
(1,242) |
Between two and three years |
696 |
(697) |
341 |
(347) |
Between three and four years |
255 |
(255) |
620 |
(625) |
Between four and five years |
49 |
(52) |
223 |
(227) |
After five years |
1,244 |
(1,257) |
458 |
(468) |
Gross contractual cash flows |
12,084 |
(11,981) |
15,311 |
(15,316) |
Charge (£m) | 2025 | 2024 |
Equity-settled | ||
Performance Share Plan | 25 | 29 |
Share Value Plan | 60 | 72 |
Sharesave Plan | 1 | 1 |
Cash-settled | ||
Performance Share Plan | 1 | 1 |
Share Value Plan | 8 | 14 |
Total | 95 | 11 7 |
Performance Share | Sharesave | ||||
Plan | Share Value Plan | Plan 1 | |||
Ordinary | |||||
Number of share awards ('000) | shares | ADS | Ordinary shares | ADS | Share options |
At 1 January 2024 | 19,041 | 3,551 | 38,941 | 12,855 | 5,490 |
Awards granted | 11,830 | 945 | 18,442 | 5,329 | 757 |
Dividends reinvested | 475 | 54 | 14 | – | n/a |
Awards released/exercised | (537) | (573) | (6,495) | (2,080) | (206) |
Awards forfeited | (3,130) | (1,060) | (6,032) | (2,199) | (670) |
At 31 December 2024 | 27,679 | 2,91 7 | 44,870 | 13,905 | 5,371 |
Awards granted | 10,241 | 841 | 17,50 7 | 5,414 | 1,711 |
Dividends reinvested | 491 | 44 | 18 | – | n/a |
Awards released/exercised | (6,529) | (820) | (14,555) | (4,629) | (472) |
Awards forfeited | (4,797) | (492) | (4,515) | (1,273) | (363) |
At 31 December 2025 | 27,085 | 2,490 | 43,325 | 13,41 7 | 6,24 7 |
Weighted fair value | 2025 | 2024 |
Performance Share Plan | ||
Ordinary shares | £3.91 | £3.46 |
ADSs | $8.96 | $8.62 |
Share Value Plan | ||
Ordinary shares | £3.74 | £3.20 |
ADSs | $9.72 | $8.14 |
Sharesave Plan 1 | ||
Share options | £1.00 | £1.04 |
2025 Grant | 2024 Grant | |
Weighted average fair value at the measurement date (£) | 1.00 | 1.04 |
Risk-free interest rate (%) | 3.79 | 4.22 |
Expected dividend yield (%) | 2.28 | 2.02 |
Volatility (%) | 21.19 | 20.94 |
Expected life (years) | 3.5 | 3.50 |
Sharesave Plan-related options grant price (including 20% discount) (£) | 2.94 | 3.00 |
Effective % | |||
Company name | ownership Security | Registered address | |
Wholly owned subsidiaries | |||
Altogether Services, Inc. | 100% | Common | c/o United Corporate Services Inc., 10 |
Bank Street, Suite 560, White Plains NY | |||
10606, United States | |||
Consumer Healthcare Holdings | 100% | Ordinary | Building 5, First Floor, The Heights, |
Limited 2 | Weybridge, Surrey, KT13 0NY, England | ||
Consumer Healthcare Intermediate | 100% | Ordinary | Building 5, First Floor, The Heights, |
Holdings Limited 2 | Weybridge, Surrey, KT13 0NY, England | ||
Duncan Consumer Healthcare | 100% | Common | 23rd Floor, The Finance Centre, 26th |
Philippines Inc. | Street Corner 9th Avenue, Bonifacio | ||
Global City, Taguig City, 1634, | |||
Philippines | |||
Ferrosan ApS | 100% | A Shares, | Delta Park 37, 2665, Vallensbæk Strand, |
B shares | Denmark | ||
GlaxoSmithKline Asia Private | 100% | Equity | Patiala Road, Nabha 147201, Dist |
Limited | Patiala, Punjab, India | ||
GlaxoSmithKline Consumer | 100% | Ordinary | Building 5, First Floor, The Heights, |
Healthcare (UK) (No.1) Limited | Weybridge, Surrey, KT13 0NY, England | ||
GlaxoSmithKline Consumer | 100% | Charter | Floor 16, Metropolitan, 235 Dong Khoi, |
Healthcare Vietnam Company | Capital | Ben Nghe Ward, District 1, Ho Chi Minh | |
Limited | City, Vietnam | ||
GlaxoSmithKline Consumer Private | 100% | Equity | Patiala Road, Nabha 147201, Dist |
Limited | Patiala, Punjab, India | ||
GlaxoSmithKline Paraguay S.A. | 100% | Ordinary | Oficial Gilberto Aranda 333, Planta Alta |
casi Salvador del Mundo, Asuncion, | |||
Paraguay | |||
GSK Consumer Healthcare Trinidad | 100% | Ordinary | Trinidad & Tobago Limited Head Office, |
and Tobago Limited | 18 Chotoo Road Extension, Aranguez, | ||
San Juan, Trinidad and Tobago | |||
Haleon Alcala, S.A. | 100% | Ordinary | Ctra de Ajalvir Km 2.500, Alcala de |
Henares, 28806, Madrid, Spain | |||
Haleon Arabia Limited | 100% | Ordinary | 603 Salamah Tower, 6th Floor, Madinah |
Road, Al-Salamah District, Jeddah | |||
21425, Saudi Arabia | |||
Haleon Argentina S.A. | 100% | Ordinary | Tucuman 1, 4th Floor, City of Buenos |
Aires, C1049AAA, Argentina | |||
Haleon Australia Pty Ltd. | 100% | Ordinary | Level 48, 8 Parramatta Square, 10 Darcy |
Street, Parramatta, Sydney NSW 2150, | |||
Australia | |||
Effective % | |||
Company name | ownership Security | Registered address | |
Haleon Austria GmbH | 100% | Ordinary | Schottenring 25, Wien, 1010 |
Haleon Bangladesh Limited | 100% | Ordinary | K-248/1 Dewalibari, Konabari, Gazipur- |
1700, Bangladesh | |||
Haleon Belgium N.V. | 100% | Ordinary | Da Vincilaan 5, 1930 Zaventem, Belgium |
Haleon Brasil Distribuidora Ltda. | 100% | Quotas | Av das Americas, 3500, 4th floor, rooms |
407-420, Rio de Janeiro, RJ, 22621- | |||
000, Brazil | |||
Haleon Canada ULC / Haleon | 100% | A Class | 1133 Melville Street, Suite 3500, The |
Canada SRI | Preference, | Stack, Vancouver BC V6E 4E5, Canada | |
Common | |||
Haleon CH Holding SARL | 100% | Ordinary | Route de l’Etraz, 1197 Prangins, |
Switzerland | |||
Haleon (China) Co., Ltd. | 100% | Registered | Room 506, No.1 Shen’gang Boulevard, |
Capital | Lin-gang Special Area of China Pilot | ||
Free Trade Zone, Shanghai, 200000, | |||
China | |||
Haleon CH Israel Ltd. | 100% | Ordinary | 25 Basel Street, Petech Tikva 49510, |
Israel | |||
Haleon CH SARL 2 | 100% | Ordinary | Route de L’Etraz, 1197 Prangins, |
Switzerland | |||
Haleon Chile SpA | 100% | Interests | Av. Andrés Bello N°2687, 25th floor, Las |
Share | Condes, Chile | ||
Haleon Colombia S.A.S. | 100% | Ordinary | Carrera 7 No. 113-43 Piso 4, Colombia |
Haleon Consumer Health | 100% | Ordinary | 13th Floor, Unit 13.06, Wave Place |
(Thailand) Limited | Building, 55 Wireless Road, Lumpini | ||
Sub-district, Pathumwan District, | |||
Bangkok, 10330, Thailand | |||
Haleon Consumer Healthcare | 100% | Ordinary, | Boulevard Adolfo Ruiz Cortines No. |
Mexico, Sociedad de | Ordinary | 3720, Torre 3 Piso 11, Colonia Jardines | |
Responsabilidad Limitada de | Variable | del Pedregal, Alcaldía Alvaro Obregón, | |
Capital Variable | Ciudad de México, C.P. 01900, Mexico | ||
Haleon Costa Rica S.A. | 100% | Ordinary | Oficentro Terracampus, Edificio, Uno, |
Quinto Piso, Autopista Florencio del | |||
Castillo, kilometro siete, Cartago, La | |||
Unión San Diego, Costa Rica, 30302 | |||
Haleon Czech Republic s.r.o. | 100% | Ordinary | Hvezdova 1734/2c, Prague, 4 140 00, |
Czech Republic | |||
Haleon Denmark Aps | 100% | Ordinary | Delta Park 37, 2665, Vallensbæk Strand, |
Denmark | |||
Haleon EG General Trading LLC | 100% | Quotas | North 90th street, Boomerang Building, |
5th District, Cairo, Egypt | |||
Effective % | |||
Company name | ownership Security | Registered address | |
Haleon EG Limited | 100% | Ordinary | North 90th street, Boomerang Building, |
5th District, Cairo, Egypt | |||
Haleon Finland Oy | 100% | Ordinary | Energiakuja 3, Helsinki, 00180, Finland |
Haleon France | 100% | Ordinary | 23 rue François Jacob, 92500, Rueil- |
Malmaison, France | |||
Haleon Germany GmbH | 100% | Ordinary | Barthstr. 4, 80339, München, Germany |
Haleon Hellas Single Member | 100% | Ordinary | 11 Kifisias Avenue, Athens, Attica, 151 |
Societe Anonyme | 23, Greece | ||
Haleon Holdings (No.2) LLC 2 | 100% | LLC | Corporation Service Company, 251 Little |
Interests | Falls Drive, Wilmington DE 19808, | ||
United States | |||
Haleon Hong Kong Limited | 100% | Ordinary | Unit 2810-2812, 28/F, Airside, 2 |
Concorde Road, Kai Tak Hong Kong, | |||
China | |||
Haleon Hungary Korlátolt | 100% | Membership | H-1124, Csorsz utca 43, Budapest, |
Felelosségu Társaság | Interests | Hungary | |
Haleon Insurance Limited | 100% | Ordinary | Dorey Court, Admiral Park, St Peter Port, |
GY1 4AT, Guernsey | |||
Haleon Intermediate Holdings | 100% | Ordinary | Building 5, First Floor, The Heights, |
Limited 1,2 | Weybridge, Surrey, KT13 0NY, United | ||
Kingdom | |||
Haleon Ireland Dungarvan Limited | 100% | Ordinary | Knockbrack, Dungarvan, Co Waterford, |
X35 RY76, Ireland | |||
Haleon Ireland Limited | 100% | Ordinary | Clocherane, Youghal Road, Dungarvan, |
Waterford, Ireland, X35 Y983 | |||
Haleon Italy Manufacturing S.r.l. | 100% | Quotas | 90, Via Nettunese, 04011, Aprilia (Prov. |
di Latina), Italy | |||
Haleon Italy S.r.l. | 100% | Ordinary | Via Monte Rosa 91, Milano, Italy, 20149 |
Haleon Japan K.K. | 100% | Ordinary | 1-8-1 Akasaka Minato-ku, Tokyo, Japan |
Haleon Kazakhstan Limited | 100% | Charter | 32 A Manasa Str., Bostandyk District, |
Liability Partnership | Capital | Almaty, 050008, Kazakhstan | |
Haleon Kenya Limited | 100% | Ordinary | Likoni Road, PO Box 78392, Nairobi, |
Kenya | |||
Haleon Korea Co., Ltd. | 100% | Ordinary | 9F LS Yongsan Tower, 92 Hangang- |
daero, Yongsan-gu, Seoul, 04386, | |||
Republic of Korea | |||
Haleon Lanka (Private) Limited | 100% | Ordinary | World Trade Center, Level 34, West |
Tower, Echelon Square, Colombo 1, Sri | |||
Lanka | |||
Haleon Lanka Enterprises Limited | 100% | Ordinary, | 121 Galle Road, Kaldemulla, Moratuwa, |
Ordinary B | Sri Lanka | ||
Effective % | |||
Company name | ownership Security | Registered address | |
Haleon Levice, s.r.o. | 100% | Ordinary | Priemyselny Park Gena, Ul. E. Sachsa 4- |
6, 934 01, Levice, Slovakia | |||
Haleon Malaysia Sdn. Bhd. | 100% | Ordinary | Lot 89, Jalan Enggang, Ampang/Hulu |
Kelang Industrial Estate, Selangor Darul | |||
Ehsan, 68000 Ampang, Malaysia | |||
Haleon Netherlands B.V. | 100% | Ordinary | Van Asch van Wijckstraat 55G, 3811 LP, |
Amersfoort, Netherlands | |||
Haleon Netherlands Capital B.V. | 100% | Ordinary | Building 5, First Floor, The Heights, |
Weybridge, Surrey, KT13 0NY, United | |||
Kingdom | |||
Haleon New Zealand ULC | 100% | Ordinary | Level 1, 1.04, 12 Madden Street, |
Auckland, 1010, | |||
New Zealand | |||
Haleon Norway AS | 100% | Ordinary | Lysaker Torg 5, 3rd floor, Lysaker, 1366, |
Norway | |||
Haleon Panama S.A. | 100% | Ordinary | Urbanizacion Industrial Juan D, Calles A |
Y B, Republic of Panama, Panama | |||
Haleon Panama Sociedad de | 100% | Participation | Urbanizacion Industrial Juan D, Calles A |
Responsabilidad Limitada | Interests | Y B, Republic of Panama, Panama | |
Haleon Peru S.R.L | 100% | Ordinary | Av Jorge Basadre 349, piso 5, San |
Isidro, Lima, 05W-109, Peru | |||
Haleon Philippines, Inc. | 100% | Common | 23rd Floor, The Finance Centre, 26th |
Street Corner 9th Avenue, Bonifacio | |||
Global City, Taguig City, 1634, | |||
Philippines | |||
Haleon Poland sp. z.o.o. | 100% | Ordinary | Rzymowskiego 53, 02-697, Warszawa, |
Poland | |||
Haleon Portugal, Lda. | 100% | Ordinary | Empreendimento Alfrapark, Estrada de |
Quota | Alfragide, ng 67, Ediffcio C, Pisa 2, | ||
Amadora, Portugal, 2610-008 | |||
Haleon Romania SRL | 100% | Ordi nary | 1-5 Costache Negri Street, Opera |
Center One, 6th floor (Zone 2), District | |||
5, Bucharest, Romania | |||
Haleon (Shanghai) Health | 100% | Registered | Unit 03, 25th floor, No. 90 Qirong Road, |
Management Consulting Co., Ltd. | Capital | Pilot Free Trade Zone, Shanghai, China | |
Haleon (Suzhou) Pharmaceutical | 100% | Registered | 4 Baodai West Road, Suzhou, Jiangsu |
Co., Ltd. | Capital | Province, 215128, China | |
Haleon (Suzhou) Technology Co., | 100% | Registered | Second floor of the Administrative |
Ltd. | Capital | Building, No. 669, Gangpu, Guoxiang | |
Street, Wuzhong Economic | |||
Development Zone, Suzhou, China | |||
Effective % | |||
Company name | ownership Security | Registered address | |
Haleon Schweiz AG | 100% | Ordinary | Suurstoffi 14, 6343, Rotkreuz, |
Switzerland | |||
Haleon Singapore Pte. Ltd. | 100% | Ordinary | 23, Rochester Park #03-02, Singapore, |
139234, Singapore | |||
Haleon Slovakia s. r. o. | 100% | Ownership | Galvaniho 7/A, Bratislava, 821 04, |
Interests | Slovakia | ||
Haleon South Africa (Pty) Ltd. | 100% | Ordinary | 17 Muswell Road South, Block D - |
Wedgefield Phase 2, Bryanston, | |||
Gauteng, 2191, South Africa | |||
Haleon South Africa No 2 (Pty) Ltd. | 100% | Common | Flushing Meadows Building, The |
Campus, 57 Sloane Street, Bryanston | |||
2021, South Africa | |||
Haleon Spain, S.A. | 100% | Ordinary | Paseo de la Castellana, 259D, planta 32, |
Madrid, Spain, 28046 | |||
Haleon Sweden AB | 100% | Ordinary | Gävlegatan 16, 113 30, Stockholm, |
Sweden | |||
Haleon (Taizhou) Technology Co., | 100% | Registered | Room 718 in Building D, Phase II of |
Ltd. | Capital | New Drug Innovation Base, Taizhou, | |
Jiangsu Province, 225300, China | |||
Haleon Tuketici Sagligi Anonim | 100% | Nominative | Esentepe Mah. Bahar Sk. Özdilek River |
Sirketi | Plaza, Vyndham Grand No: 13 İç Kapı | ||
No: 80 Şişli, Istanbul, Turkey | |||
Haleon UK Capital plc | 100% | Ordinary | Building 5, First Floor, The Heights, |
Weybridge, Surrey, KT13 0NY, England | |||
Haleon UK Corporate Director | 100% | Ordinary | Building 5, First Floor, The Heights, |
Limited | Weybridge, Surrey, KT13 0NY, England | ||
Haleon UK Corporate Secretary | 100% | Ordinary | Building 5, First Floor, The Heights, |
Limited | Weybridge, Surrey, KT13 0NY, England | ||
Haleon UK Enterprises Limited 2 | 100% | Voting | Building 5, First Floor, The Heights, |
shares | Weybridge, Surrey, KT13 0NY, England | ||
Haleon UK Export Limited | 100% | Ordinary | Building 5, First Floor, The Heights, |
Weybridge, Surrey, KT13 0NY, United | |||
Kingdom | |||
Haleon UK Finance (USD) Limited | 100% | Ordinary | Building 5, First Floor, The Heights, |
Weybridge, Surrey, KT13 0NY, England | |||
Haleon UK Finance Limited | 100% | Ordinary | Building 5, First Floor, The Heights, |
Weybridge, Surrey, KT13 0NY, England | |||
Haleon UK Holding Canada Limited | 100% | Ordinary | Building 5, First Floor, The Heights, |
Weybridge, Surrey, KT13 0NY, England | |||
Haleon UK Holding New Zealand | 100% | Ordinary | Building 5, First Floor, The Heights, |
Limited | Weybridge, Surrey, KT13 0NY, England | ||
Effective % | |||
Company name | ownership Security | Registered address | |
Haleon UK Holding Sri Lanka | 100% | Ordinary | Building 5, First Floor, The Heights, |
Limited | Weybridge, Surrey, KT13 0NY, England | ||
Haleon UK Holdings (No.1) | 100% | Non-voting | Building 5, First Floor, The Heights, |
Limited 2 | Preference | Weybridge, Surrey, KT13 0NY, England | |
Shares, | |||
Ordinary | |||
Haleon UK Holdings (No.2) | 100% | A Shares, B | Building 5, First Floor, The Heights, |
Limited 2 | Shares, | Weybridge, Surrey, KT13 0NY, England | |
Preference | |||
Shares, | |||
Deferred | |||
Shares | |||
Haleon UK Holdings (No.3) Limited | 100% | Non-voting | Building 5, First Floor, The Heights, |
Preference | Weybridge, Surrey, KT13 0NY, England | ||
Shares, | |||
Ordinary | |||
Haleon UK Holdings (No.7) | 100% | Ordinary | Building 5, First Floor, The Heights, |
Limited 2 | Weybridge, Surrey, KT13 0NY, England | ||
Haleon UK Holdings Limited 2 | 100% | A Shares, B | Building 5, First Floor, The Heights, |
Shares, C | Weybridge, Surrey, KT13 0NY, England | ||
Shares | |||
Haleon UK IP (No.2) Limited 2 | 100% | Ordinary | Building 5, First Floor, The Heights, |
Weybridge, Surrey, KT13 0NY, United | |||
Kingdom | |||
Haleon UK IP Limited 2 | 100% | Ordinary | Building 5, First Floor, The Heights, |
Weybridge, Surrey, KT13 0NY, England | |||
Haleon UK Research Limited | 100% | Ordinary | Building 5, First Floor, The Heights, |
Weybridge, Surrey, KT13 0NY, England | |||
Haleon UK Services Limited 2 | 100% | Ordinary | Building 5, First Floor, The Heights, |
Weybridge, Surrey, KT13 0NY, England | |||
Haleon UK Trading Limited 2 | 100% | Ordinary | Building 5, First Floor, The Heights, |
Weybridge, Surrey, KT13 0NY, England | |||
Haleon UK Trading Services | 100% | Ordinary | Building 5, First Floor, The Heights, |
Limited 2 | Weybridge, Surrey, KT13 0NY, United | ||
Kingdom | |||
Haleon US Capital LLC 2 | 100% | LLC | Corporation Service Company, 251 Little |
Interests | Falls Drive, Wilmington DE 19808, | ||
United States | |||
Haleon US Holdings Inc. | 100% | Preferred, | Corporation Service Company, 251 Little |
Common | Falls Drive, Wilmington DE 19808, | ||
United States | |||
Effective % | |||
Company name | ownership Security | Registered address | |
Haleon US Holdings LLC 2 | 100% | LLC | Corporation Service Company, 251 Little |
Interests | Falls Drive, Wilmington DE 19808, | ||
United States | |||
Haleon US Inc. | 100% | Common | Corporation Service Company, 251 Little |
Falls Drive, Wilmington DE 19808, | |||
United States | |||
Haleon US IP LLC | 100% | LLC | Corporation Service Company, 251 Little |
Interests | Falls Drive, Wilmington DE 19808, | ||
United States | |||
Haleon US LLC | 100% | LLC | Corporation Service Company, 2595 |
Interests | Interstate Drive Suite 103, Harrisburg | ||
PA 17110, United States | |||
Haleon US Services Inc. | 100% | Common | Corporation Service Company, 251 Little |
Falls Drive, Wilmington DE 19808, | |||
United States | |||
Iodosan S.p.A. | 100% | Ordinary | Via Monte Rosa 91, Milano, Italy, 20149 |
JSC Haleon Rus | 100% | Ordinary | Premises III, Room 9, floor 6, |
Presnenskaya nab. 10, 123112, Moscow, | |||
Russian Federation | |||
Limited Liability Company “Haleon | 100% | Ownership | Pavla Tychyny avenue, 1-V, Kiev, 02152, |
Ukraine” | Interests | Ukraine | |
N.C.H. - Nutrition Consumer Health Ltd | 100% | Ordinary | 14 Hamephalsim St, Petach Tikva, Israel |
Panadol GmbH | 100% | Ordinary | Barthstr. 4, 80339, München, Germany |
PF Consumer Healthcare B.V. | 100% | Class A, | Van Asch van Wijckstraat 55G, 3811 LP |
Class B | Amersfoort, Netherlands | ||
PF Consumer Healthcare Brazil | 100% | Quota | Barueri, at Avenida Ceci, No.1900, Block |
Importadora e Distribuidora de | III, Part 67, Tambore District, Sao Paulo, | ||
Medicamentos Ltda | 06460, Brazil | ||
PF Consumer Healthcare Canada | 100% | Common | 1133 Melville Street, Suite, 3500, The |
ULC / PF Soins De Sante SRI | Stack, Vancouver BC V6E 4E5, Canada | ||
PF Consumer Healthcare Holding | 100% | Ordinary | Van Asch van Wijckstraat 55G, 3811 LP |
B.V. | Amersfoort, Netherlands | ||
PF Consumer Taiwan LLC | 100% | Interests | The Corporation Trust Company, |
Corporation Trust Center, 1209 Orange | |||
Street, Wilmington DE 19801, United | |||
States | |||
Pfizer PFE Colombia S.A.S | 100% | Common | Carrera 7 No. 113 - 43 Piso 4, Colombia |
PT Haleon Indonesia Trading | 100% | Ordinary | Pondok Indah Office Tower 5 Level 12, |
Suite 1201, Jalan Sultan Iskandar Muda | |||
Kav. V-TA, Pondok Pinang, Jakarta | |||
Selatan 12310, Indonesia | |||
Effective % | |||
Company name | ownership Security | Registered address | |
PT Sterling Products Indonesia | 100% | A Shares, B | Pondok Indah Office Tower 5 Level 12, |
Shares | Suite 1201, Jalan Sultan Iskandar Muda | ||
Kav. V-TA, Pondok Pinang, Jakarta | |||
Selatan 12310, Indonesia | |||
PT. Bina Dentalindo 3 | 100% | Ordinary | Gedung Graha Ganesha Lantai 3, Jl |
Raya Bekasi Km 17, No5, Jakarta Timur | |||
13930, Indonesia | |||
Stafford-Miller (Ireland) Limited 2 | 100% | Ordinary | Clocherane, Youghal Road, Dungarvan, |
Waterford, Ireland, X35 Y983 | |||
Sterling Drug (Malaya) Sdn Berhad | 100% | Ordinary | Lot 89, Jalan Enggang, Ampang / Hulu |
Kelang Industrial Estate, Selangor Darul | |||
Ehsan, 68000 Ampang, Malaysia | |||
Sterling Products International, | 100% | Common | Corporation Service Company, 251 Little |
Incorporated | Falls Drive, Wilmington DE 19808, | ||
United States | |||
Treerly Health Co., Ltd. | 100% | Registered | Unit 01A, Room 3901, No 16. East |
Capital | Zhujiang Road, Tianhe District, | ||
Guangzhou City, China | |||
Tianjin TSKF Pharmaceutical Co., | 100% | Ordinary | Cheng Lin Zhuang Industrial Zone, |
Ltd 2 | Dong Li District, Tianjin, 300163, China | ||
Effective % | |||
Company name | ownership | Security | Registered address |
Haleon-Gebro Consumer Healthcare | 50.0% | Ordinary | Bahnhofbichl 13, 6391 Fieberbrunn, |
GmbH | Kitzbühel, Austria | ||
Haleon Pakistan Limited | 85.8% | Ordinary | 11-A, 11th Floor, Sky Tower (East Wing), |
Dolmen City, HC-3, Block 4, Scheme-5, | |||
Clifton, Karachi, Sindh 75600, Pakistan | |||
Haleon US Enterprises Inc. | 88.0% | Common | Corporation Service Company, 251 Little |
Falls Drive, Wilmington DE 19808, United | |||
States | |||
Haleon US LP | 88.0% | Partnership | Corporation Service Company, 251 Little |
Interests | Falls Drive, Wilmington DE 19808, United | ||
States | |||
Haleon Taiwan Consumer Health | 55.0% | Ordinary | 24F, No. 66, Sec 1, Zhong Xiao W. Rd, |
Corporation | Taipei 100, Taiwan |
Name | Company number |
Consumer Healthcare Holdings Limited | 11986432 |
Consumer Healthcare Intermediate Holdings Limited | 11986416 |
GlaxoSmithKline Consumer Healthcare (UK) (No.1) Limited | 00753340 |
Haleon UK Holding Canada Limited | 12342809 |
Haleon UK Holding New Zealand Limited | 12342879 |
Haleon UK Holding Sri Lanka Limited | 09400298 |
Haleon UK Holdings (No.1) Limited | 13355627 |
Haleon UK Holdings (No.3) Limited | 13401293 |
Haleon UK Holdings (No.7) Limited | 13414769 |
Name | Company number |
Haleon UK Corporate Director Limited | 13401336 |
Haleon UK Corporate Secretary Limited | 13434151 |
2025 | 2024 | ||
Notes | £m | £m | |
Fixed assets | |||
Investments | 5 | 22,361 | 22,336 |
Current assets | |||
Debtors: amounts falling due within one year | 6 | 1,559 | 1,504 |
Cash and cash equivalents | 1 | – | |
Total current assets | 1,560 | 1,504 | |
Creditors: amounts falling due within one year | 7 | (1) | (2) |
Net current assets | 1,559 | 1,502 | |
Total assets less current liabilities | 23,920 | 23,838 | |
Creditors: amounts falling due after one year | 8 | (25) | (25) |
Net assets | 23,895 | 23,813 | |
Capital and reserves | |||
Share capital | 9 | 90 | 91 |
Other reserves | 10 | 29 | 46 |
Retained earnings 1 | 11 | 23,776 | 23,676 |
Shareholders' equity | 23,895 | 23,813 |
Share | Other | ||||
capital | reserves | Retained earnings | Total | ||
Notes | £m | £m | £m | £m | |
At 1 January 2025 | 91 | 46 | 23,676 | 23,813 | |
Profit after tax | 11 | – | – | 1,261 | 1,261 |
Dividends to equity shareholders | – | – | (612) | (612) | |
Share-based incentive plans | – | 86 | – | 86 | |
Shares transferred to employees and employees of subsidiaries | – | 108 | (107) | 1 | |
Charge from parent for employee vested shares | – | (61) | 61 | – | |
Purchase of treasury shares | – | (151) | – | (151) | |
Repurchase of ordinary shares and capital reduction | (1) | 1 | (503) | (503) | |
At 31 December 2025 | 90 | 29 | 23,776 | 23,895 |
Share | Other | ||||
capital | reserves | Retained earnings | Total | ||
Notes | £m | £m | £m | £ m | |
At 1 January 2024 | 92 | 72 | 22,383 | 22,547 | |
Profit after tax | 11 | – | – | 2,374 | 2,374 |
Dividends to equity shareholders | – | – | (570) | (570) | |
Share-based incentive plans | – | 102 | – | 102 | |
Shares transferred to employees and employees of subsidiaries | – | 6 | (23) | (17) | |
Purchase of shares by employee benefit trust | – | (5) | – | (5) | |
Charge from parent for employee vested shares | – | (15) | 15 | – | |
Purchase of treasury shares | – | (116) | – | (116) | |
Repurchase of ordinary shares and capital reduction | (1) | 2 | (503) | (502) | |
At 31 December 2024 | 91 | 46 | 23,676 | 23,813 |