GlaxoSmithKline to spin off Haleon consumer business in July
At an update to investors, GlaxoSmithKline announced that the proposed listing of Haleon — the newly independent company to be formed following the demerger of the GSK Consumer Healthcare business — is expected in July 2022.
“Today is an important milestone for GSK as we formally introduce Haleon to investors,” Emma Walmsley, GSK CEO said. “It comes ahead of what promises to be the most significant corporate change for GSK in the last 20 years, to create two new growth companies that will positively impact the health of billions of people.”
[Read more: GSK's proposed health spinoff to be named Haleon]
The company is the global leader in each of the major categories in which it operates, which include therapeutic oral health; vitamins, minerals and supplements; pain relief; respiratory health; and digestive health, the organization said.
“Haleon has been built through a series of progressive strategic M&A and divestment moves taken in the last few years, creating a focused, global consumer healthcare business with an exceptional portfolio of brands,” Walmsley said. “Through the demerger we will unlock the potential of both GSK and Haleon, and in today’s meeting will show why we believe Haleon will be a strong, highly successful growth-orientated company.”
[Read more: Unilever's rejected offer for GSK consumer healthcare reportedly raises questions]
The company’s portfolio currently comprises of such global power brands as Sensodyne, Panadol, Advil, Voltaren, Theraflu, Otrivin and Centrum. Included iconic and local strategic brands covers Tums, Eno, Flonase, ChapStick and Emergen-C, the company said.
“We are excited to share our plans for Haleon and the incredible opportunity we have before us. Led by our purpose — to deliver better everyday health with humanity — Haleon is strongly positioned to play a vital role in a growing, more relevant sector than ever,” Brian McNamara, Haleon CEO designate, said. “Today, we will show investors how our world-class portfolio of brands, alongside our competitive capabilities and a compelling strategy to outperform, underpins our confidence in delivering annual organic sales growth of 4-6% in the medium term, and a sustainable financial performance that can drive continued investment in growth and deliver attractive returns to shareholders.”
[Read More: GSK names McNamara to lead forthcoming independent consumer healthcare company]
GSK said that Haleon expects to achieve organic sales growth in the range of 4% to 6% for 2022.