Haleon PLC (HLN) 2024 Q2 法說會逐字稿

Hello, everyone. Welcome to our half year results presentation. I'm pleased to be announcing a good set of results for the first half. As we continue to build a track record of consistently strong performance. Our strategy is delivering, and we're capitalizing on Haleon's competitive advantages.

大家好。歡迎來到我們的半年業績發表會。我很高興宣布上半年的一系列良好成果。隨著我們繼續建立持續強勁業績的記錄。我們的策略正在實現，我們正在利用 Haleon 的競爭優勢。

I'm talking about our world-class portfolio of category leading brands, which are trusted by consumers globally as well as our ability to combine deep human understanding and trusted science. On top of that, we made good progress becoming a more agile and competitive organization to underpin our future growth. We're confident about the remainder of the year and confident we will deliver against our medium-term guidance.

我指的是我們世界一流的品類領先品牌組合，這些品牌受到全球消費者的信賴，以及我們將人類深刻的理解與值得信賴的科學相結合的能力。最重要的是，我們在成為一個更敏捷和更具競爭力的組織方面取得了良好進展，以支撐我們未來的成長。我們對今年剩餘時間充滿信心，並相信我們將實現中期指導。

Given the strength of our first half, we're updating our full year guidance. We continue to expect to deliver 4% to 6% organic revenue growth and now expect to see high single-digit organic profit growth.

鑑於上半年的強勁表現，我們正在更新全年指引。我們繼續預計有機收入將成長 4% 至 6%，現在預計有機利潤將實現高個位數成長。

So let's look at our results in more detail. We had a good first half. Organic sales growth was up 3.5% with price at 4.3% and a 0.8% volume mix decline, that decline in volume mix was primarily due to us lapping some tough comparisons from the first half last year. Importantly, we delivered 4.1% organic sales growth in the second quarter with price at 3.4% and volume mix improved up 0.7%.

讓我們更詳細地看看我們的結果。我們上半場表現不錯。有機銷售額成長 3.5%，價格成長 4.3%，銷售組合下降 0.8%，銷售組合下降主要是因為我們與去年上半年進行了一些艱難的比較。重要的是，我們第二季的有機銷售額成長了 4.1%，價格成長了 3.4%，銷量成長了 0.7%。

That's an encouraging trend which we expect to accelerate further in the second half, demonstrating the resilience of our brands. Our nine power brands continued to perform well, up 5.6%. Category leaders like Sensodyne, Parodontax, Polident POLIGRIP, Centrum were particularly strong.

這是一個令人鼓舞的趨勢，我們預計下半年將進一步加速，展現我們品牌的彈性。我們的九個動力品牌持續表現出色，上漲 5.6%。Sensodyne、Parodontax、Polident POLIGRIP、Centrum 等類別領導者的表現特別強勁。

I'm also pleased to report that 69% of the business either gained or maintained share. That's a really strong performance and shows our brands are resonating with consumers. We delivered strong organic profit growth for the half up 11%. Our adjusted operating margin came in at 22.7%, up 50 basis points at actual rates and 160 basis points on an organic basis.

我還很高興地報告，69% 的企業獲得了或維持了份額。這是一個非常強勁的表現，顯示我們的品牌正在與消費者產生共鳴。我們上半年的有機利潤成長強勁，成長了 11%。調整後的營業利益率為 22.7%，以實際利率計算成長 50 個基點，以有機成長 160 個基點。

Importantly, that includes strong investment in A&P, up 9%. We continue to generate strong cash flow with net debt now at GBP8.4 billion representing leverage of 2.9 times. Tobias will take you through the numbers in more detail shortly.

重要的是，其中包括對 A&P 的強勁投資，成長了 9%。我們繼續產生強勁的現金流，淨債務目前為 84 億英鎊，槓桿率為 2.9 倍。托比亞斯很快就會帶您更詳細地了解這些數字。

But first, let's take a closer look at our category performance in the first half. Oral health was once again a standout performer, delivering another exceptional performance across the portfolio. Organic sales were up 9.9% in the first half and 9.1% in the second quarter. All three power brands Sensodyne, Parodontax and POLIGRIP Polident performed very well and gain share.

但首先，讓我們仔細看看上半年我們的品類表現。口腔健康再次表現出色，在整個產品組合中表現出色。上半年有機銷售額成長 9.9%，第二季成長 9.1%。Sensodyne、Parodontax 和 POLIGRIP Polident 三個動力品牌都表現出色，並獲得了市場份額。

With Sensodyne and Parodontax achieving double digit growth. A series of successful innovation fueled this strong growth takes Sensodyne clinical White, our new innovation, which is the one product scientifically proven to whiten teeth by two shades, while also providing 24/7 care for sensitive teeth. Clinical white is now in eight markets, and it's currently tracking as the number one innovation in the US Oral Health market so far this year.

Sensodyne 和 Parodontax 實現了兩位數的成長。一系列成功的創新推動了這一強勁增長，其中包括我們的新創新產品——舒適達臨床美白，這是一款經科學證明可以美白牙齒兩種色調的產品，同時也為敏感牙齒提供24/ 7 全天候護理。Clinical White 目前已進入八個市場，並且目前已成為今年迄今為止美國口腔健康市場的第一大創新。

Or take Parodontax Gum strengthen and protect a new multi-format range across both toothpaste and mouthwash. It addresses an untapped consumer need for more proactive and preventative Gum Care. We've just launched this new range in Italy with really positive early results, and we'll be taking it to a number of new markets later this year.

或採用 Parodontax 口香糖強化和保護新的多規格系列牙膏和漱口水。它滿足了消費者對更主動和預防性牙齦護理的未開發需求。我們剛剛在義大利推出了這個新系列，並取得了非常積極的早期成果，今年稍後我們將把它推向許多新市場。

In Denture Care, we recently launched our successful POLIGRIP max holding comfort innovation in the US, following strong performance in other markets over the last two years, POLIGRIP max holding comfort addresses a key consumer need for a secure and long-lasting hold for dentures alongside superior comfort, providing a soft cushioning layer to help absorb pressure from dentures. It's an innovation that's driving meaningful share growth and has huge potential.

在義齒護理領域，在過去兩年在其他市場表現強勁之後，我們最近在美國成功推出了POLIGRIP max 握持舒適度創新產品，POLIGRIP max 握持舒適度滿足了消費者對安全、持久地握持假牙的關鍵需求卓越的舒適度，提供柔軟的緩衝層，幫助吸收假牙的壓力。這是一項能夠推動有意義的份額成長並具有巨大潛力的創新。

Turning now to vitamins, minerals and supplements, where our differentiated portfolio is continuing to see a return to strong growth. We delivered organic sales growth of 9.2% in the first half up 8.5% in the second quarter. Centrum and Caltrate were again the driving force behind that strong performance supported by innovation and excellent in-market execution.

現在轉向維生素、礦物質和補充劑，我們的差異化產品組合繼續恢復強勁成長。上半年我們的有機銷售額成長了 9.2%，第二季成長了 8.5%。Centrum 和 Caltrate 再次成為由創新和出色的市場執行所支持的強勁業績背後的驅動力。

Centrum is a great example of how we've delivered on that brand, strong potential, take Centrum Silver. We've activated the trusted science credentials for Centrum Silver through clinical data from a number of organizations, more recently Harvard Medical School.

Centrum 就是一個很好的例子，展示了我們如何傳遞品牌的強大潛力，以 Centrum Silver 為例。我們透過多個組織（最近是哈佛醫學院）的臨床數據啟動了 Centrum Silver 的可信科學證書。

This shows clear evidence that taking Centrum Silver improves brain and memory health in older adults. These benefits have resulted in strong demand in many markets, including US and China, and we're expanding the reach of the Centrum brand to new consumers. The launch of Centrum [central] in Brazil is a good example of this driving meaningful share growth with low income consumer groups.

這清楚地表明服用 Centrum Silver 可以改善老年人的大腦和記憶健康。這些優勢導致了包括美國和中國在內的許多市場的強勁需求，我們正在將 Centrum 品牌的影響力擴大到新消費者。Centrum 在巴西的推出就是一個很好的例子，說明這推動了低收入消費者群體的份額大幅成長。

Moving now to Caltrate, which has a 30-year legacy of providing quality bone health supplements. Caltrate as among the most clinically studied calcium supplement brands in the world were driving the performance of Caltrate with Caltrate capsules in China via scientific claim of improved calcium absorption. That claim is resonating really well with consumers and was one of the factors behind the brand's strong growth in the first half.

現在轉向 Caltrate，該公司擁有 30 年提供優質骨骼健康補充劑的傳統。鈣質作為全球臨床研究最多的鈣補充劑品牌之一，透過改善鈣吸收的科學主張，推動了鈣質和鈣質膠囊在中國的表現。這一說法引起了消費者的強烈共鳴，也是該品牌上半年強勁成長的因素之一。

As we anticipated, our over-the-counter pain relief category was impacted by tough comparatives with a 4.4% organic sales decline in the first half and a 4% decline in Q2. That was primarily a result of the lifting of COVID lockdown restrictions in China at the end of 2022, resulting in Fenbid more than doubling during the first half last year and to a lesser extent, from strong demand last year for Advil in Canada linked to a drug shortage of children's medicines.

正如我們預期的那樣，我們的非處方止痛藥類別受到了嚴峻的比較的影響，上半年有機銷售額下降了 4.4%，第二季度下降了 4%。這主要是由於中國在 2022 年底取消了新冠疫情封鎖限制，導致芬必得在去年上半年上漲了一倍多，在較小程度上是由於去年加拿大對 Advil 的強勁需求，這與藥品短缺 兒童藥品。

Panadol was a bit weaker than expected, largely a result of a softer market driven by lower COVID-related illnesses. But encouragingly, Panadol continues to drive market share gains across key market combinations. Advil is a good example of how we're innovating to drive growth, which, along with strong commercial execution is helping us win back market share and we saw an improving trend in Q2.

Panadol 的表現略弱於預期，主要是因為新冠相關疾病減少導致市場疲軟。但令人鼓舞的是，必理痛持續推動主要市場組合的市佔率成長。Advil 是我們如何透過創新來推動成長的一個很好的例子，這與強大的商業執行力一起幫助我們贏回了市場份額，我們在第二季度看到了改善的趨勢。

We recently launched Advil targeted relief in the US. This is the first topical pain reliever from Advil has four active ingredients that start working on contact and provides consumers with up to eight hours of relief at the source. So far, consumer feedback has been excellent.

我們最近在美國推出了 Advil 定向救援。這是 Advil 的首款外用止痛藥，含有四種活性成分，在接觸時開始發揮作用，從源頭為消費者提供長達 8 小時的緩解效果。到目前為止，消費者的回饋非常好。

In Respiratory Health, organic revenue declined by 2.3% in the half impacted by a tough comparative. Q2 declined 1.5%, which was held back by our own proactive inventory management. I'll cover this in more detail shortly. Performance once again was underpinned by innovation and strong commercial execution. Our new Otrivin Nasal Mist product is a good example here, launched in four markets so far, Poland, Portugal, Greece and the UK.

在呼吸健康領域，受嚴峻的比較影響，上半年有機收入下降了 2.3%。第二季下降了 1.5%，這是由我們自己的主動庫存管理所抑制的。我很快就會更詳細地介紹這一點。創新和強大的商業執行力再次支撐了業績。我們的新 Otrivin 鼻噴產品就是一個很好的例子，目前已在波蘭、葡萄牙、希臘和英國這四個市場推出。

This innovative new dispensing technology, which is unique to Haleon, is delivering strong performance and has had great feedback from consumers is backed by a real-world evidence study that scientifically proves the impact of voter event and relieving symptoms of a blocked nose. This is an exciting innovation and one that has significant potential for growth as we roll it out globally.

這種創新的新型點膠技術是Haleon 獨有的，具有強大的性能，並得到了消費者的良好反饋，並得到了現實世界證據研究的支持，該研究科學地證明了選民事件的影響和緩解鼻塞症狀。這是一項令人興奮的創新，隨著我們在全球範圍內的推廣，它具有巨大的成長潛力。

I'm now going to touch on phenylephrine or PE. You have seen that last year, the US FDA advisory committee recommended the removal of oral PE from its approved list of ingredients for cough and cold medicines. To be clear, this was a question of efficacy, not safety. No formal decision has yet been made by the FDA.

我現在要談談去氧腎上腺素或 PE。大家已經看到，去年美國FDA諮詢委員會建議將口服PE從其核准的咳嗽和感冒藥成分清單中刪除。需要明確的是，這是一個有效性問題，而不是安全性問題。FDA 尚未做出正式決定。

In anticipation of the FDA's ultimate decision we decided to proactively run down our inventory in the US of oral products containing PE, we expect to ship reformulated cough and cold medicines, not containing PE in time for the season that inventory rundown adversely impacted our category growth by around 2% in the first half or just under 0.5% for the group. This should reverse in the second half.

考慮到FDA 的最終決定，我們決定主動減少在美國含有PE 的口服產品的庫存，我們預計將及時運送重新配製的咳嗽和感冒藥，不含PE，因為庫存減少對我們的品類增長產生了不利影響。這種情況應該會在下半場扭轉。

Finally, let's turn to digestive health and other, which was up 4.9% in the first half and up 7.5% in Q2. All three subcategories digestive health, skin health and smoking cessation delivered growth. Digestive Health was up low single digit, underpinned by Tums, ENO and Benefiber. Skin Health was up high single digit with Fenistil and Bactroban seeing double digit growth. Our smoking cessation portfolio was up low single digits.

最後，我們來看看消化健康及其他，上半年成長了 4.9%，第二季成長了 7.5%。消化健康、皮膚健康和戒菸這三個子類別均實現了成長。在 Tums、ENO 和 Benefibre 的支撐下，消化健康指數上漲了低個位數。Skin Health 成長了個位數，其中 Fenistil 和 Bactroban 實現了兩位數成長。我們的戒菸組合成長了低個位數。

Let's now touch on our strong execution and commitment to financial discipline, which includes driving operational efficiency managing our manufacturing footprint and evolving our portfolio. On distribution, we've been working with our freight and distribution partners to drive efficiencies, which has led to a 25% reduction in those costs.

現在讓我們來談談我們對財務紀律的強大執行力和承諾，其中包括提高營運效率、管理我們的製造足跡和發展我們的產品組合。在配送方面，我們一直與貨運和配送合作夥伴合作提高效率，使這些成本降低了 25%。

We've also started work on the proposed closure of our oral health site in the UK and expect to transfer production to a more modern cost effective site in Slovakia, by 2026.

我們也開始計劃關閉英國的口腔健康工廠，並預計在 2026 年將生產轉移到斯洛伐克更具成本效益的現代化工廠。

Finally, we remain proactive in managing our portfolio for growth. We completed the disposal of ChapStick in May. And at the end of June, we announced the divestment of our Nicotine Replacement Therapy business outside the US to Dr. Reddy's. That sale includes brands such as Nicotinell and Nicabate. They're great brands, but aren't core for us outside the US.

最後，我們仍然積極主動地管理我們的投資組合以實現成長。我們在五月完成了 ChapStick 的處置。六月底，我們宣布將美國以外的尼古丁替代療法業務剝離給 Dr. Reddy's。此次銷售的品牌包括 Nicotinell 和 Nicobate 等。它們是偉大的品牌，但不是我們在美國以外的核心品牌。

Tobias will cover the financial impact of that divestment in a minute. I'll now talk you through the steps we've taken this year to become a more agile and competitive organization to drive our future growth, alongside optimizing existing processes and organizational structures. We've been working to accelerate our speed to market, making the business more consumer focused and allowing us to invest in future growth.

托比亞斯將立即討論該撤資的財務影響。現在，我將向您介紹我們今年為成為一個更敏捷和更具競爭力的組織所採取的步驟，以推動我們未來的成長，同時優化現有流程和組織結構。我們一直在努力加快上市速度，使業務更加以消費者為中心，並讓我們能夠投資未來的成長。

As I said back in February, this work will result in around GBP300 million of gross annualized savings. We continue to expect about a third of that GBP300 million to come through in 2024 and the rest in 2025 to date, we've made good progress. We are reinvesting part of the savings in A&P, and we're also investing in clinical and real-world evidence studies to support new and differentiated claims, giving our products a strong competitive advantage.

正如我在 2 月所說，這項工作將帶來約 3 億英鎊的年度總節省。我們仍然預計 3 億英鎊中的約三分之一將在 2024 年實現，其餘部分將在 2025 年實現，迄今為止，我們已經取得了良好進展。我們將部分節省下來的資金再投資於 A&P，我們也投資於臨床和現實世界的證據研究，以支持新的差異化主張，從而使我們的產品具有強大的競爭優勢。

Turning now to our responsible business agenda which you can read about in more detail in our first-ever responsible business report we published in April. Today, I'm going to focus on the work we're doing with our commercial partners to support our health inclusivity goal.

現在轉向我們的負責任的商業議程，您可以在我們四月發布的第一份負責任的商業報告中更詳細地閱讀該議程。今天，我將重點討論我們與商業合作夥伴正在進行的工作，以支持我們的健康包容性目標。

We want to empower 50 million people a year to be more included in opportunities for Better Everyday Health. A good example of this is our work with Alibaba to empower self-care for young people living in rural communities in China. Here we're talking about those communities who typically have lower health literacy and which faced challenges accessing health care.

我們希望每年讓 5000 萬人有更多機會獲得更好的日常健康。一個很好的例子是我們與阿里巴巴合作，為生活在中國農村社區的年輕人提供自我保健能力。在這裡，我們談論的是那些通常健康素養較低並且在獲得醫療保健方面面臨挑戰的社區。

In collaboration with the Amity foundation, we have built a partnership that includes in school health education for both students and teachers, which aim to improve health literacy. This program includes an initiative with Alibaba to provide donations for each Haleon brand sold as part of the campaign.

我們與 Amity 基金會合作，建立了合作夥伴關係，其中包括針對學生和教師的學校健康教育，旨在提高健康素養。該計劃包括與阿里巴巴合作的一項倡議，為活動中銷售的每個 Haleon 品牌提供捐款。

While it's still early, we're seeing a strong uplift in our e-com sales for those products. So as you can see, we've had a good first half and our strategy is delivering. We are executing well and are becoming a more consumer focused and agile business and we're making good progress against our responsible business goals.

雖然現在還為時過早，但我們已經看到這些產品的電子商務銷售強勁成長。正如您所看到的，我們的上半場表現不錯，我們的策略正在兌現。我們執行得很好，正在成為一家更以消費者為中心、更加敏捷的企業，我們在實現負責任的業務目標方面取得了良好進展。

With that, I'll turn it over to Tobias to take you through the numbers.

接下來，我將把它交給托比亞斯來帶你了解這些數字。

Thanks, Brian. Good morning, everyone. As usual, I'll focus mostly on our adjusted results as this is the most meaningful way to understand our performance. A full reconciliation of adjusted to IFRS results are in the release published today. In the first half, we saw both good sales growth and our value-creating growth algorithm working, which together delivered strong financial results.

謝謝，布萊恩。大家早安。像往常一樣，我將主要關注調整後的結果，因為這是了解我們表現的最有意義的方式。今天發布的新聞稿中包含了根據 IFRS 調整後的結果的完整調節結果。上半年，我們看到了良好的銷售成長和我們的價值創造成長演算法的發揮作用，兩者共同帶來了強勁的財務表現。

In H1, revenue of GBP5.7 billion reflected 3.5% organic growth with price up 4.3% and volume mix down 0.8%. Gross profit grew ahead of sales growth, resulting in a 63.8%, gross margin, up 170 basis points organically with strong pricing as well as productivity and efficiency savings driving margin expansion.

上半年，營收為 57 億英鎊，有機成長 3.5%，價格上漲 4.3%，銷量下降 0.8%。毛利成長領先銷售成長，毛利率達到 63.8%，有機成長了 170 個基點，強勁的定價以及生產力和效率節省推動了利潤率擴張。

Operating profit of GBP1.3 billion was up 11% on an organic basis, resulting in a 22.7% margin. That's up 160 basis points, organically. Operating leverage and productivity savings offset strong A&P investment up 9% as we continue to invest in our brands. The business continues to be cash generative with GBP0.8 billion of free cash flow.

營業利益為 13 億英鎊，有機成長 11%，利潤率為 22.7%。有機成長了 160 個基點。隨著我們繼續投資於我們的品牌，營運槓桿和生產力節省抵消了強勁的 A&P 投資，成長了 9%。該業務繼續產生現金，擁有 8 億英鎊的自由現金流。

We also further reduce leverage ending the first half on 2.9 times net debt to adjusted EBITDA. That is after paying back the $700 million bond, which was due in March and spending GBP315 million of the GBP500 million allocated to share buybacks earlier this year. Underpinning this strong performance is our well-balanced geographic profile driving resilient growth.

我們也進一步降低了截至上半年淨債務與調整後 EBITDA 的 2.9 倍的槓桿率。這是在償還了 3 月到期的 7 億美元債券以及今年稍早分配給股票回購的 5 億英鎊中的 3.15 億英鎊之後的結果。支撐這一強勁業績的是我們均衡的地理分佈，推動了彈性成長。

Our revenue is split 65% developed and 35% emerging markets, providing Haleon with consistent and higher growth opportunities. As you can see on the table over the last three years, we have delivered volume growth across both developed and emerging markets. This was combined with strong pricing, which was higher than normal in this period given cost inflation.

我們的營收分為 65% 的已開發市場和 35% 的新興市場，為 Haleon 提供了持續且更高的成長機會。正如您在過去三年的表格中看到的那樣，我們在已開發市場和新興市場都實現了銷售成長。再加上強勁的定價，考慮到成本通膨，這段時期的定價高於正常水準。

The long-term fundamentals, including population growth, a growing middle class and significant unmet consumer needs are all favorable drivers for the consumer health industry. Our geographic footprint, coupled with the defensive nature of our products serving everyday health care needs means for all well positioned to deliver consistent and strong growth in both volume and price.

人口成長、中產階級不斷壯大以及消費者需求未滿足等長期基本面都是消費者健康產業的有利驅動力。我們的地理足跡，加上我們滿足日常醫療保健需求的產品的防禦性，意味著我們能夠在數量和價格上實現持續強勁的成長。

Looking at the last three years at a group level, volume mix has been resilient. Despite lapping tough COVID comparatives, high levels of inflation and navigating a more challenging consumer backdrop. And as you can see on the chart in Q2, we delivered positive volume mix growth and pricing started to normalize. As we move through 2024 and into 2025, we fully expect this positive volume momentum to continue with a gradual return to more balanced growth between price and volume mix.

從集團層級來看過去三年，銷售組合一直具有彈性。儘管面臨嚴峻的新冠肺炎疫情比較、高通膨水平以及更具挑戰性的消費環境。正如您在第二季的圖表中看到的那樣，我們實現了銷售組合的積極成長，並且定價開始正常化。隨著 2024 年和 2025 年的到來，我們完全預期這種積極的銷售動能將繼續下去，並逐步恢復到價格和銷售組合之間更平衡的成長。

Let me now take you through the drivers of H1 revenue growth. Organic revenue increased 3.5%. Volume mix was down 0.8% with continued positive volume mix in EMEA, LatAm and Asia Pacific more than offset by decline in North America. Price was up 4.3%. This included both carry forward price in Q1 as well as incremental price taken in the first half. Revenue growth was partially offset by the two divestments we completed and by 3.4% adverse translational FX, which and as previously guided was most pronounced in Q1.

現在讓我帶您了解上半年營收成長的驅動因素。有機收入成長 3.5%。歐洲、中東和非洲、拉丁美洲和亞太地區的銷量持續成長，銷量組合下降了 0.8%，但被北美地區的銷量下降所抵消。價格上漲4.3%。這包括第一季的結轉價格以及上半年的增量價格。收入成長部分被我們完成的兩項撤資和 3.4% 的不利平移外匯所抵消，正如先前的指導，這一情況在第一季最為明顯。

Now let's turn to the individual regions. Starting with North America organic revenue declined 1.3% with a 4.5% decline in volume mix more than offsetting positive pricing. In Q2, organic revenue was up 1% with 1.7% price and improved volume mix down 0.7%. Volume mix for the region was negatively impacted by a couple of factors.

現在讓我們轉向各個地區。從北美開始，有機收入下降了 1.3%，銷量下降了 4.5%，足以抵消積極的定價。第二季度，有機收入成長 1%，價格上漲 1.7%，銷售組合改善後下降 0.7%。該地區的銷量結構受到幾個因素的負面影響。

As I mentioned, that Q1, we saw some US retailers holding on average about one week less stock than historic levels. This stabilized in Q2, and that was also around a 1% adverse impact from our deliberate reduction in shipments of products containing PE, which Bryan touched on earlier. We expect this to reverse in H2.

正如我所提到的，第一季度，我們看到一些美國零售商的庫存平均比歷史水平少了大約一周。這一情況在第二季度趨於穩定，而且我們故意減少含有 PE 的產品出貨量也造成了約 1% 的負面影響，布萊恩早些時候曾提到這一點。我們預計這種情況會在下半年出現逆轉。

Turning to the categories. Oral Health performed well with mid-single-digit growth, largely driven by strong Sensodyne performance with clinical white continuing to resonate with consumers. VMS was up double digit with strong growth by Emergen-C and Centrum. Digestive health and other was up low single digit and pain relief declined.

轉向類別。口腔健康業務表現良好，實現了中個位數成長，這主要是由於舒適達的強勁表現以及臨床白色繼續引起消費者的共鳴。隨著 Emergen-C 和 Centrum 的強勁成長，VMS 成長了兩位數。消化系統健康狀況和其他方面的健康狀況均呈現低個位數成長，疼痛緩解效果也有所下降。

There was improved momentum in both categories in Q2 was Advil stabilizing, a new Tums format innovation and a new Benefiber campaign supporting performance. Operating profit declined 8% organically due to a decline in revenue and increased A&P spend to support consumption growth in the first half, combined with the impact of M&A and foreign exchange, operating margin declined 170 basis points to 21.3%.

第二季度這兩個類別的勢頭均有所改善，其中 Advil 穩定劑、新的 Tums 格式創新和新的 Benefibre 活動支持了業績。由於上半年收入下降以及A&P支出增加以支持消費成長，營業利潤有機下降8%，加上併購和外匯的影響，營業利潤率下降170個基點至21.3%。

Focusing on the US market in more detail, despite the more subdued sell-in for the reasons I just mentioned, based on the sellout and consumer consumption data, Haleon delivered both value and volume growth in H1. Although the market is still in volume decline, this is improving and importantly, Healon has gained both value and volume share.

更詳細地關注美國市場，儘管由於我剛才提到的原因，銷售更加疲弱，但根據銷售和消費者消費數據，Haleon 在上半年實現了價值和銷售的成長。儘管市場銷售仍然下降，但情況正在改善，重要的是，Healon 已經獲得了價值和銷售份額。

Turning to Europe, Middle East, Africa and Latin America. Organic revenue increased 7.9%, driven by price up 6.4% and volume mix up 1.5%. The region benefited from carry forward pricing taken in 2023, along with some incremental pricing taken in the first half. In Q2, organic revenue was up 7.2%. As expected, the benefit of carried forward pricing reduced in the quarter, resulting in overall pricing up 5.3% and volume was up 1.9%.

轉向歐洲、中東、非洲和拉丁美洲。受價格上漲 6.4% 和銷售成長 1.5% 的推動，有機收入成長 7.9%。該地區受益於 2023 年採取的結轉定價以及上半年採取的一些增量定價。第二季度，有機收入成長 7.2%。如預期的那樣，本季結轉定價的收益減少，導致整體定價上漲 5.3%，成交量上漲 1.9%。

Growth was broad based across the region. Latin America and Central Eastern Europe grew double digit. Middle East and Africa grew high single digit. Northern Europe and Germany were up mid-single digit and Southern Europe grew low-single digit.

該地區的成長基礎廣泛。拉丁美洲和中東歐成長了兩位數。中東和非洲成長高個位數。北歐和德國出現中個位數成長，南歐則出現低個位數成長。

Turning to the categories, growth was also broad-based. Oral Health revenue increased double digits with all the three power brands up double digits. VMS and digestive health and other were up high-single digit with strong central performance. Respiratory was up mid-single digit, helped by Otrivin and strong Theraflu performance in Central and Eastern Europe. Pain relief was also up mid-single digit with the turnaround and Voltaren performance continuing as well as good local brand growth.

就類別而言，成長也是廣泛的。口腔健康收入成長了兩位數，三大強勢品牌均達到兩位數成長。VMS 和消化健康等指標均出現高個位數成長，核心表現強勁。由於 Otrivin 和 Theraflu 在中歐和東歐的強勁表現，呼吸系統業務成長了中個位數。隨著扭虧為盈、扶他林的持續表現以及本土品牌的良好成長，止痛藥也實現了中個位數的成長。

Operating profit growth was strong, up 24.1% organically, driven by pricing and operational efficiency improvements. This was partly offset by strong investment in A&P, delivering margin up 340 basis points organically. Combined with the impact of divestments and foreign exchange movements, this resulted in a 25.9% operating profit margin.

在定價和營運效率改善的推動下，營運利潤成長強勁，有機成長 24.1%。這在一定程度上被 A&P 的強勁投資所抵消，使利潤率有機增長了 340 個基點。加上撤資和外匯變動的影響，營業利益率達 25.9%。

I'll now turn to Asia Pacific. Organic revenue increased 3.5% with 2.2% price and 1.3% volume mix. In Q2, organic revenue increased 3.7% with 2.8% price and 0.9% volume mix. Across the region, performance was particularly strong in India, with strong Sensodyne and ENO performance, supported by new innovations, including ENO Chewy Bites.

我現在談談亞太地區。有機收入成長 3.5%，價格成長 2.2%，銷售成長 1.3%。第二季度，有機收入成長 3.7%，價格成長 2.8%，銷售成長 0.9%。在整個地區，印度的表現尤其強勁，在包括 ENO Chewy Bites 在內的新創新的支持下，Sensodyne 和 ENO 表現強勁。

China revenue was flat due to lapping the tough ended prior comparative as Brian touched on earlier. Growth for the first half was broad-based across all categories except pain relief given China. Oral Health grew double digit, with double-digit growth in key markets, including China, supported by strong Sensodyne momentum.

正如布萊恩早些時候提到的，由於與先前的比較相比，中國的收入持平。上半年除止痛藥（考慮中國）外，所有類別均廣泛成長。口腔健康業務實現兩位數成長，在舒適達強勁勢頭的支持下，包括中國在內的主要市場實現了兩位數成長。

VMS was strong, underpinned by strength of Caltrate. Respiratory Health also saw double-digit growth, driven by Flonase and Theraflu. Operating profit increased 9% organically and up 120 basis points, underpinned by strong operating leverage and operational efficiencies. These more than offset increased A&P spend ahead of sales growth.

VMS 很強大，以 Caltrate 的實力為基礎。在 Flonase 和 Theraflu 的推動下，呼吸健康業務也實現了兩位數的成長。由於強勁的營運槓桿和營運效率，營運利潤有機成長 9%，成長 120 個基點。這些足以抵消銷售成長之前增加的 A&P 支出。

The impact from divestments as well as adverse translational foreign exchange movements, mainly in the Chinese Renminbi and Japanese Yen combined, this resulted in a 23.2% operating margin.

受撤資以及不利的外匯變動（主要是人民幣和日圓）的影響，營業利潤率為 23.2%。

Turning now to our operating profit drivers. Gross profit of GBP3.6 billion was up 6.3% organically and ahead of revenue growth. Pricing and efficiency programs in the supply chain, more than offset higher labor costs and easing material cost inflation, delivering 170 basis points of gross margin expansion. A&P was up 9% to further grow and differentiate our brands.

現在轉向我們的營業利潤驅動因素。毛利 36 億英鎊，有機成長 6.3%，領先營收成長。供應鏈中的定價和效率計劃不僅抵消了勞動力成本上升的影響，還緩解了材料成本通膨，使毛利率增加了 170 個基點。A&P 上漲 9%，以進一步發展和差異化我們的品牌。

Savings from the productivity program, which were realized a bit earlier than originally expected, resulted in a decline in other SG&A spend, delivering total SG&A growth of 3.5%, together with an increase in R&D spend of 4%, this resulted in operating profit growth of 11% organically, demonstrating strong execution across key P&L items.

生產力計劃節省的實現時間比最初預期要早一些，導致其他 SG&A 支出下降，SG&A 總額增長 3.5%，加上研發支出增加 4%，從而導致營業利潤增長有機率達到11%，展示了關鍵損益項目的強大執行力。

Turning now to our operating profit bridge. Operating leverage of GBP136 million resulted in 160 basis points of operating margin expansion. Net M&A had a GBP30 million negative impact, mainly from the divestment of Lamisil and ChapStick and was around of 40 basis points drag on operating margin.

現在轉向我們的營業利潤橋。1.36 億英鎊的營運槓桿導致營運利潤率擴大 160 個基點。淨併購產生了 3000 萬英鎊的負面影響，主要來自 Lamisil 和 ChapStick 的撤資，並對營業利潤率產生了約 40 個基點的拖累。

Finally, there was also an GBP84 million or 70 basis points adverse impact from foreign exchange. That mainly reflected movements in the USD, Euro and Chinese Renminbi and some emerging market currencies with the impact as expected, reducing in Q2. Taken together, this resulted in a 1.7% increase in operating profit and a 22.7% margin.

最後，外匯也造成了 8,400 萬英鎊或 70 個基點的不利影響。這主要反映了美元、歐元和人民幣以及一些新興市場貨幣的波動，影響符合預期，但第二季有所減少。總而言之，營業利潤增加了 1.7%，利潤率增加了 22.7%。

Now taking you through the other items in the P&L. Net financing costs were lower due to our reduced debt profile and use of commercial paper, partially offset by higher interest rates. Our effective tax rate of 24.5% is within the full year guidance range. Overall, this resulted in diluted earnings of 9p per share. EPS was supported by a reduction in the weighted average share count. Following the purchase and subsequent cancellation of 102.3 million ordinary shares.

現在帶您了解損益表中的其他項目。由於我們的債務狀況減少和商業票據的使用，淨融資成本較低，但部分被較高的利率所抵銷。我們 24.5% 的有效稅率在全年指引範圍內。總體而言，這導致每股攤薄收益為 9 便士。每股收益受到加權平均股數減少的支撐。購買並隨後註銷 1.023 億股普通股後。

Turning to the adjusting items, net amortization and impairment of intangible assets included a GBP17 million reversal of the impairment of ChapStick. As previously guided, restructuring costs increased largely due to the productivity program as well as costs associated with the Maidenhead closure. As a reminder, the savings and costs related to Maidenhead are incremental to the productivity program. Both examples of deliberate actions we're taking to drive a more agile and competitive organization.

至於調整項目，無形資產的淨攤銷和減損包括對 ChapStick 減損的轉回 1,700 萬英鎊。正如先前的指導，重組成本的增加主要是由於生產力計劃以及與梅登黑德關閉相關的成本。提醒一下，與梅登黑德相關的節省和成本是生產力計畫的增量。這兩個例子都是我們為推動組織變得更加敏捷和更具競爭力而採取的深思熟慮的行動。

So how did we do on cash? We continue to be highly cash generative and for the first half, free cash flow was GBP0.8 billion working capital and other movements on outflow of GBP229 million, which improved compared to the same period last year, given lower inventory levels as well as improved payment terms with some key vendors. Sale of intangibles includes the proceeds from the drastic disposal we completed in May this year.

那我們在現金方面表現如何呢？我們繼續保持高度現金產生能力，上半年，自由現金流為 8 億英鎊，營運資金和其他流出為 2.29 億英鎊，與去年同期相比有所改善，原因是庫存水準較低，且改善與一些主要供應商的付款條件。無形資產出售包括我們今年五月完成的大規模出售所得的收益。

Turning to Haleon's debt and liquidity profile. We reduced our net debt by GBP0.1 billion in the first half and by GBP2.3 billion since the de-merger. Fduring the first half, we repaid $700 million bond. We also returned circa GBP700 million to shareholders in the form of a dividend and the share buyback.

轉向 Haleon 的債務和流動性狀況。上半年我們的淨債務減少了 1 億英鎊，分拆後淨債務減少了 23 億英鎊。上半年，我們償還了7億美元的債券。我們也以股利和股票回購的形式向股東返還約 7 億英鎊。

As previously guided, our optimal leverage in the medium term remains around 2.5 times net debt to adjusted EBITDA. So what does this mean for our 2024 guidance? We are confident in delivering full year organic revenue growth in the 4% to 6% range consistent with our medium-term guidance.

如同先前的指導，我們中期的最佳槓桿率仍然是淨債務與調整後 EBITDA 的 2.5 倍左右。那麼這對我們的 2024 年指導意味著什麼？我們有信心實現全年有機收入成長 4% 至 6%，符合我們的中期指引。

As Brian said, we now expect high-single digit organic operating profit growth with positive operating leverage, not just from accelerating volume mix in H2, but also from the changes we're implementing to be more agile and competitive. All of this, as we continue to invest in both A&P and R&D.

正如布萊恩所說，我們現在預計高個位數的有機營運利潤成長和積極的營運槓桿，不僅來自於下半年銷售組合的加速，還來自我們正在實施的更敏捷和更具競爭力的變革。所有這一切，都源自於我們繼續投資於 A&P 和研發。

The net impact of M&A is expected to dilute revenue and adjusted operating profit by circa 1.5% and circa 4% respectively. This includes the Lamisil and ChapStick disposals and assumes that the disposal of the Nicotine Replacement Therapy business outside the US completes early Q4 2024. We have also shared in the release the expected adverse translational of foreign exchange impact for the year.

併購的淨影響預計將分別稀釋收入和調整後營業利潤約 1.5% 和約 4%。這包括 Lamisil 和 ChapStick 的處置，並假設美國境外尼古丁替代療法業務的處置在 2024 年第四季初完成。我們也在新聞稿中分享了今年外匯影響的預期不利影響。

I'm pleased with the financial performance in the first half with strong operating profit growth, reflecting both the strength of the portfolio and our geographic footprint and demonstrating that our value-creating growth algorithm is working. I would also like to highlight just how much our shareholder register has evolved since our listing.

我對上半年的財務表現感到滿意，營業利潤成長強勁，反映了投資組合的實力和我們的地理足跡，並證明我們的價值創造成長演算法正在發揮作用。我還想強調自上市以來我們的股東名冊發生了多大變化。

This follows the share offerings by GSK and Pfizer and has resulted in a significant increase in our free float and increased liquidity. The market absorption of this additional stock and the evolution from a pharma to a more typical consumer company share register has been a huge accomplishment since coming to market.

這是繼葛蘭素史克（GSK）和輝瑞（Pfizer）發行股票之後，我們的自由流通量和流動性顯著增加。自上市以來，市場對這些額外股票的吸收以及從一家製藥公司向更典型的消費公司股份登記冊的演變是一項巨大的成就。

Taking together all of this positions us well for the future and coupled with the deliberate actions being implemented to become more agile and competitive gives me even more confidence in Haleon's ability to deliver superior shareholder value.

綜合所有這些因素，我們為未來做好了準備，再加上為變得更加敏捷和更具競爭力而採取的深思熟慮的行動，讓我對 Haleon 提供卓越股東價值的能力更有信心。

Now back to Brian.

現在回到布萊恩。

Thank you, Tobias. So to sum up, our strategy is delivering and we're continuing to build a track record of consistently strong performance. Haleon as a resilient business with a great portfolio of leading brands and a growing market. And the opportunity ahead is significant.

謝謝你，托比亞斯。總而言之，我們的策略正在兌現，我們將繼續建立持續強勁業績的記錄。Haleon 是一家富有彈性的企業，擁有眾多領先品牌和不斷成長的市場。未來的機會是巨大的。

Having delivered a good set of results for the first half and to reiterate two bases remarks, we're confident in our ability to deliver between 4% to 6% organic revenue growth and high single digit organic profit growth for the full year. We're also well placed to deliver our medium term guidance of 4% to 6% annual organic sales growth with organic profit ahead of that. Thank you for your continued support and interest in Haleon.

上半年取得了一系列良好的業績，並重申了兩個基本觀點，我們對全年實現 4% 至 6% 的有機收入增長和高個位數有機利潤增長的能力充滿信心。我們也有能力實現年度有機銷售額成長 4% 至 6% 的中期指導，並提前實現有機利潤。感謝您對海倫的持續支持與關注。

Good morning, everyone, and welcome to Haleon half-year 2024 Q&A call. I'm Sonya Ghobrial, Head of Investor Relations, and I'm joined this morning by Brian McNamara, our Chief Executive Officer; and Tobias Hestler, our Chief Financial Officer.

大家早安，歡迎參加 Haleon 2024 年半年問答電話會議。我是投資者關係主管索尼婭·戈布里爾 (Sonya Ghobrial)，今天早上我們的執行長布萊恩·麥克納馬拉 (Brian McNamara) 也加入了我的行列。以及我們的財務長 Tobias Hestler。

Just to remind listeners on the call that in the discussions today, the company may make certain forward-looking statements, including those refer to our estimates, plans and expectations. Please refer to this morning 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 such forward-looking statements.

只是提醒電話會議上的聽眾，在今天的討論中，公司可能會做出某些前瞻性聲明，包括那些涉及我們的估計、計劃和期望的聲明。請參閱今天上午的公告以及該公司向英國和美國證券交易委員會提交的文件，以了解更多詳細信息，包括可能導致實際結果與此類前瞻性聲明中明示或暗示的結果存在重大差異的因素。

We've posted today's presentation on the website this morning with prepared remarks and a video running through the results in detail. So hopefully, you've all had the chance to see that ahead of this call. With that, we'll restrict to end the call with Q&A from my last time. Thank you.

今天早上，我們在網站上發布了今天的演示文稿，其中包含準備好的評論和詳細介紹結果的影片。希望你們在這次電話會議之前都有機會看到這一點。這樣，我們將限制以上次的問答方式結束通話。謝謝。

Guillaume Delmas, UBS.

紀堯姆·德爾馬斯，瑞銀集團。

Thank you. Morning, Brian, Tobias and Sonya. I've got two questions, please. The first one is on North America. I'm wondering if you could talk a bit about the trading conditions there because it seems your pricing is very quickly normalizing between the first and the second quarter, and we've also heard some of your large competitors, clearly not shying away from raising the promotion or intensity.

謝謝。早安，布萊恩、託拜厄斯和索妮亞。我有兩個問題，請教。第一個是在北美。我想知道您是否可以談談那裡的交易條件，因為您的定價似乎在第一季和第二季之間很快就正常化了，而且我們也聽說了您的一些大型競爭對手，顯然並不迴避提高價格促銷或強度。

And on top of data, I mean, it's been several quarters now in the US that we've seen a significant gap between your sell-in and your sell-out. So wondering if with the reversal, the end of retailers destocking, the discrepancy between sell-in and sell-out should correct from Q3 and therefore, what I'm getting to is some meaningful acceleration for North America from a sales gross standpoint.

我的意思是，除了數據之外，在美國已經有幾個季度了，我們已經看到賣出和賣出之間存在巨大差距。因此，我想知道隨著這種逆轉、零售商去庫存的結束、售入和售出之間的差異是否應該從第三季度開始糾正，因此，從銷售總額的角度來看，我所得到的是北美地區一些有意義的加速。

And then my second question it's on your organic sales growth outlook for the second half because here when I exclude pain relief and respi from your Q2, our first half organic sales growth, I basically get 60% of your turnover growing in excess of 8% in the first six months of the year.

然後我的第二個問題是關於你們下半年的有機銷售成長前景，因為當我從你們第二季度的有機銷售增長中排除止痛和呼吸時，我基本上得到了你們60% 的營業額增長超過8%今年的前六個月。

So my question here is you've got a more favorable base of comparison for both pain and respi in the second half. So a, do you expect both units to be back into positive organic sales growth territory from Q3 and assuming continued momentum for the remaining 60% (technical difficulty) I mean, would it be fair to assume an organic sales growth in the second half towards the top end of your 4% to 6% range. So any help on that would be great. Thank you.

所以我的問題是，你對下半場的疼痛和呼吸有一個更有利的比較基礎。那麼，您是否預期這兩個部門將從第三季開始恢復正有機銷售成長區域，並假設剩餘 60%（技術難度）繼續保持成長勢頭，我的意思是，假設下半年有機銷售增長到4%到6% 範圍的上限。因此，對此的任何幫助都會很棒。謝謝。

Thanks for the questions Guillaume and I'll take the first question and I'll pass it to Tobias for the second question. So in North America, as we just to get us grounded. We are down a little over 1% in the first half, but 1% growth in Q2. We saw the inventory reductions in Q1 that we had shared with everybody. And then obviously in Q2, we made the decision to proactively take down inventory of our phenylephrine products ahead of the FDA decision and just a reminder that it is about efficacy, not safety for phenylephrine, but we took that, that proactive approach.

感謝紀堯姆提出的問題，我將回答第一個問題，然後將其傳遞給托比亞斯來回答第二個問題。所以在北美，我們只是為了讓自己接地氣。上半年我們下降了 1% 多一點，但第二季度成長了 1%。我們已經與大家分享了第一季的庫存減少。顯然，在第二季度，我們決定在FDA 做出決定之前主動減少去氧腎上腺素產品的庫存，只是提醒人們，這是關於去氧腎上腺素的功效，而不是安全性，但我們採取了這種積極主動的方法。

So that's impacting obviously the volume and the growth in the US, you're right, consumption has continued to be strong at mid-single digits ahead of the market. So we feel good about the underlying business and the fact that we're growing market share. So I would fully expect that in the back half you will see some of that net sales growth now coming through (technical difficulty) on the business as we have a lot of those changes kind of in the base with the inventory reductions and things like that. So overall, I think I'd leave it there. Tobias, on the second question?

因此，這顯然影響了美國的銷售和成長，你是對的，消費持續強勁，領先市場中個位數。因此，我們對基礎業務以及市場份額不斷增長的事實感到滿意。因此，我完全預計，在後半段，您將看到業務中的一些淨銷售額增長（技術難度），因為我們在基礎上發生了很多變化，包括庫存減少等。總的來說，我想我會把它留在那裡。托比亞斯，關於第二個問題？

Yeah, So for H2 organic sales growth. I mean, first of all, I mean, if you just look at the four to six guidance, I mean, it really implies five to nine in the second half. So I think, yes, it's clearly at the upper end of the range as well -- as a minimum. And I think, look, we're not going to guide to individual categories for the second half of the year above.

是的，下半年的自然銷售成長也是如此。我的意思是，首先，我的意思是，如果你只看四到六的指導，我的意思是，它實際上意味著下半場的五到九。所以我認為，是的，它顯然也處於該範圍的上限——至少是最低限度。我認為，看，我們不會為上述下半年的個別類別提供指導。

I mean, would expect that, Oral Health and VMS continued to go strong and of course, in oral care, we're still in a situation that all brands have been doing extremely well, that is not something you usually have in the very long run also denture care has done very, very well in H1. So and also VMS has come back a bit strongly, but there also were hitting a bit of a base effect from last year as well. And yes, absolutely the big trainers on pain relief and on manual pain relief are behind us, plus a bit of the destocking as well that has happened in H1.

我的意思是，預計 Oral Health 和 VMS 會繼續強勁，當然，在口腔護理方面，我們仍然處於所有品牌都做得非常好的情況，這不是你通常會在很長一段時間內遇到的情況運行假牙護理在上半年也做得非常非常好。因此，VMS 已經強勢回歸，但去年的基礎效應也受到了影響。是的，絕對是止痛和手動止痛方面的大型培訓師在我們身後，加上上半年發生的一些去庫存。

Thank you. And just a follow-up on North America, Brian, on the competitive environment and promotional intensity and how you're reacting to this.

謝謝。布萊恩，這只是北美的後續行動，關於競爭環境和促銷強度以及您對此的反應。

Yeah, I know, thanks, Guillaume. I did not answer your question on promotional intensity. So apologize, listen, we -- we're in a bit of a less promotionally sensitive business in OTC and in oral health our strategy has always been lower promotion on our brands where we invest heavily into A&P and heavily in the dental detailing piece.

是的，我知道，謝謝，紀堯姆。我沒有回答你關於促銷力道的問題。所以抱歉，聽著，我們在非處方藥和口腔健康領域從事促銷敏感度較低的業務，我們的策略一直是對我們的品牌進行較低的促銷，我們在 A&P 和牙科細節產品上投入了大量資金。

So we're not seeing any banding in the categories we compete with that is radically different. Of course, every year, there's ups and downs in promotional intensity and stuff, but there's nothing systemic happening in our categories worth noting.

因此，在我們競爭的類別中，我們沒有看到任何完全不同的劃分。當然，每年的促銷強度和內容都會有起有落，但我們的類別中沒有發生任何值得注意的系統性事件。

Thank you very much.

非常感謝。

Iain Simpson, Barclays.

伊恩辛普森，巴克萊銀行。

Thank you. Thank you very much. Couple of questions for me, if I can. Firstly, just to make sure we've got the magnitude of that Phenylephrine swing, right? Am I right in thinking that was a 40 bit volume destock at group level in your Q2 and that all should reverse into Q3 say that sequentially you were down 40 bps, Q2, you're up 40 bps, Q3. So it's a sequentially 80 bps volume swing grew, just want to make sure I've got the moving parts on that, right.

謝謝。非常感謝。如果可以的話，請教我幾個問題。首先，只是為了確保我們了解去氧腎上腺素波動的幅度，對吧？我是否正確地認為，第二季度集團層面的庫存量減少了40 位，並且一切都應該逆轉到第三季度，也就是說，第二季度您下降了40 個基點，第三季度您上升了40個基點。因此，成交量波動連續增長了 80 個基點，只是想確保我已經掌握了移動部件，對吧。

And then secondly, you’re not just sort of marginal profit guidance given the strong H1 and given that you're have I presume a ton more volume leverage in the second half implies I guess the A&P spending is going up quite a lot in the second half. I guess part of that is probably the rocks on launch. But anything else that we should kind of have an eye on in terms of where you might be spending money in the H2. Thanks very much.

其次，考慮到上半年的強勁表現，你不僅僅是一種邊際利潤指導，而且考慮到你擁有更多的銷售槓桿，我認為下半年的銷售槓桿意味著我猜 A&P 支出在下半場。我想部分原因可能是發射時的岩石。但我們也應該關註一下你可能在 H2 上花錢的地方。非常感謝。

Thanks, Ian. So I'll take both of those. So yes, on the PE, you guys, right, where we said it's about a half a point impact for the group, it's about a two-point impact on PE, and that is a swing. So I think that is you've got that correct. And then on H1 and H2. So I mean, absolutely -- I mean, first of all, I want to say really pleased with the performance, the really positive that the model is delivering and then also, I mean, as a result, we're really confident on our full year guidance.

謝謝，伊恩。所以我會接受這兩個。所以，是的，在 PE 上，你們是對的，我們說這對團隊來說大約是半分的影響，對 PE 來說大約是兩分的影響，這就是搖擺。所以我認為你說的是對的。然後是 H1 和 H2。所以我的意思是，絕對 - 我的意思是，首先，我想說對性能非常滿意，模型所提供的真正積極的東西，然後我的意思是，因此，我們對我們的產品非常有信心全年指導。

And I mean, ultimately, the profit guidance was upgraded is almost two times the midpoint of your organic revenue guidance that we have given. So now why is it lower in H2, which is correct. So, maybe once that box -- when you look at last year H1 was 9 and H2 was 12. So we're cycling over a much stronger H2 from prior year. And then it's really four reasons why organic profit growth is going to be lower, then the 11% we've seen in H1. And I think you already mentioned two of them or one of them in your question Ian.

我的意思是，最終，升級後的利潤指導幾乎是我們給出的有機收入指導中點的兩倍。那麼現在為什麼它在 H2 中較低，這是正確的。所以，也許曾經有過那個盒子——當你看去年的時候，H1 是 9，H2 是 12。因此，我們將比去年更強的 H2 進行騎乘。這實際上是有機利潤成長低於我們上半年看到的 11% 的四個原因。我認為您已經在問題伊恩中提到了其中兩個或其中一個。

So I think the biggest one really and I'll go through them in order of sort of sizing and magnitude. The first reason it's going to be lower is the phasing of the cost inflation. Cost inflation was really at its highest point in H1 of last year. And then we saw costs starting to come down in H2 of last year and you saw that come through in our Q4 margins last year when gross margin started to grow then ahead of the rate of sales growth.

所以我認為確實是最大的一個，我將按照規模和大小的順序來瀏覽它們。成本下降的第一個原因是成本通膨的階段性。去年上半年，成本通膨確實達到了最高點。然後我們看到去年下半年的成本開始下降，去年第四季的利潤率也反映了這一點，當時毛利率開始成長，然後超過了銷售成長率。

So top one was really a low prior gross profit comparator. So as we get into H2 this year, we're going to start lapping the benefit of those lower cost and usually you have the normal time lag when the costs come in until they run through inventory to come out. So that won't repeat in H2 of this year. Then the second reason is the one you mentioned, Ian.

因此，排名第一的確實是先前毛利較低的比較者。因此，當我們進入今年下半年時，我們將開始享受這些較低成本的好處，並且通常在成本進入到庫存耗盡之前會出現正常的時間延遲。因此，今年下半年不會再出現這種情況。那麼第二個原因就是你提到的那個，伊恩。

So, yes A&P growth will be higher in H2 than it was in H1. And also here a reminder, last year, A&P in H2 was only up 1%. So and then in addition, we're going to fully support the launch of Eroxon in addition to continue investing in the brands that deliver on the growth of continued high and strong investment into the launches. We made especially clinical wide on Sensodyne and on the high-growth drivers like Centrum plus all the geographic expansion that is running.

因此，是的，下半年的廣告費用成長將高於上半年。也要提醒大家的是，去年下半年的 A&P 只漲了 1%。因此，除此之外，我們將全力支持 Eroxon 的推出，並繼續投資那些能夠帶來持續高額和強勁投資成長的品牌。我們特別對 Sensodyne 和 Centrum 等高成長驅動因素以及正在進行的所有地理擴張進行了臨床廣泛的研究。

The third is a bit of phasing mainly R&D. You've seen R&D spend was only up low single digits in H1. That is not driven by project phasing, which is different. So that's going to reverse out and significantly accelerate in the second half of the year and then look much smaller, but some other factors in the H2 that won't repeat.

第三個是主要是研發的階段性。您已經看到上半年的研發支出只增加了較低的個位數。這不是由專案分期驅動的，這是不同的。因此，這種情況將在下半年出現逆轉並顯著加速，然後看起來要小得多，但下半年的一些其他因素不會重複。

For example, we had an employee tax credit in the US in Q3 last year, so that won't repeat. So those are the drivers. But the overall very pleased with the high single-digit guidance for the year and very confident in that one.

例如，我們去年第三季在美國有員工稅收抵免，所以不會重複。這些就是驅動因素。但總體而言，人們對今年高個位數的指導感到非常滿意，並且對此非常有信心。

Brilliant. Thanks very much.

傑出的。非常感謝。

Bruno Monteyne, Bernstein.

布魯諾蒙泰尼，伯恩斯坦。

Thank you. So the first question is going back on the organic growth. if I understood you correctly, Tobias, I think you just said on the first question. So the organic growth should be at least at the minimum at the upper end of the four to six range, just making sure I understood it correctly.

謝謝。所以第一個問題是回到有機成長。如果我理解正確的話，託拜厄斯，我想你剛剛說了第一個問題。因此，有機成長至少應該在四到六範圍的上端，只要確保我理解正確即可。

But then my real question is about the launch of the erectile dysfunction cream at the end of this year. And remember from when you sort of IPOed, you always said sort of launches switches are above and beyond organic growth, but these launches should be actually in or same quarter before the filling the channel with that. Am I right that the kind of growth from that launch will therefore be above and beyond the usual guidance? And wouldn't that flip you at the top end or actually over the 4% to 6% range.

但我真正的問題是關於今年年底推出的勃起功能障礙霜。請記住，當您進行 IPO 時，您總是說某種發布切換超出了有機增長，但這些發布實際上應該是在填充渠道之前的同一季度或同一季度。因此，此次發布帶來的成長將超越通常的指導，我這樣說對嗎？這不會讓你處於頂端或實際上超過 4% 到 6% 的範圍嗎？

And the second one is just a question on behalf of Tom Sykes. On the China JV, I did notice that you are delaying the sort of getting one year of extension before you do the new agreement. Is that because you can't really agree that should we see that as bad news, at least sort of there's a bit of an issue we were able to finish the discussions in time.? Thank you.

第二個問題只是代表湯姆·賽克斯提出的問題。關於中國合資企業，我確實注意到你們在簽署新協議之前推遲了一年的延期。是因為你不能真正同意我們是否應該將其視為壞消息，至少在我們能夠及時完成討論方面存在一些問題。謝謝。

Great, thanks, Bruno. Listen, I’ll take the Eroxon question and pass to Tobias on the Chinese JV. So first of all, we are excited about the first erectile dysfunction OTC launch in the US. So we're excited about the opportunity there. We said we would launch at some point before the end of this year. So I wouldn't expect it to have a big impact potentially on this year's results.

太好了，謝謝，布魯諾。聽著，我將回答 Eroxon 的問題，然後將有關中國合資企業的問題轉給托比亞斯。首先，我們對第一個勃起功能障礙非處方藥在美國上市感到興奮。所以我們對那裡的機會感到興奮。我們說過我們將在今年年底前的某個時候推出。因此，我預計它不會對今年的業績產生重大影響。

And as we -- and we'll give guidance for next year when we get to next year. But if we think about that category, we think it has a very strong potential but it is a new to OTC category. It is a topical product versus systemic product and obviously it's a direct to OTC, not an OTC switch. So Eroxon doesn't have any brand awareness.

當我們到達明年時，我們將為明年提供指導。但如果我們考慮這個類別，我們認為它具有非常強大的潛力，但它對非處方藥類別來說是一個新的類別。這是一個局部產品與全身產品的對比，顯然它是直接轉為 OTC，而不是 OTC 轉換。所以Eroxon沒有任何品牌知名度。

So I think it's got great potential. It will give us a bit of a slower burn potentially because of some of those factors. But we're really happy to be at a point where we can announce it will launch before the end of the year. And excited about the future potential. Tobias, you want to touch on China?

所以我認為它有很大的潛力。由於其中一些因素，它可能會讓我們的燃燒速度變慢一些。但我們真的很高興能夠宣布它將在今年年底前推出。並對未來的潛力感到興奮。託拜厄斯，你想談談中國嗎？

So on your first question, Bruno (technical difficulty) second half growth, yes, I mean the full year guidance of four to six for full year implies five to nine in H2. So I think that five to nine, puts you really into squarely into the upper half of that at the lower end in the upper half of our full year range. And then, of course, some above that depending on where you put us in this five to nine for the second half of the year with our full year guidance.

因此，關於你的第一個問題，布魯諾（技術難度）下半年的成長，是的，我的意思是全年四到六的全年指導意味著下半年五到九。所以我認為五到九，讓你真正進入我們全年範圍上半部的下半部的上半部。當然，還有一些高於這個數字，具體取決於您根據我們的全年指導將我們下半年的五到九分排在什麼位置。

Then on the China JV, so we've extended it by nine months. So it was also expire in September of this year. So we've extended that it to June, so that's a nine month extension. I would call this more of a technical extension, it maybe give you the background of this well. So the joint venture is really the over the counter medicines part of the business in China, which is about 40% of our Chinese business.

然後是中國合資企業，所以我們將其延長了九個月。所以今年9月也到期了。所以我們將其延長至六月，即延長了九個月。我更願意將其稱為技術擴展，它可能會為您提供這口井的背景資訊。所以合資企業其實是中國非處方藥業務的一部分，約占我們中國業務的40%。

And (technical difficulty) sales of oral health and VMS is clearly outside that joint venture. It's a complex joint venture with a number of partners. I mean we own 55% in it, 25% are owned by a publicly listed entity, 20% are owned by an entity that is owned by a private shareholder and two of the provincial governments, the listed entity, the other entity as a majority shareholder, obviously, as a result, we have a number of parties have involved in that.

而且（技術難度）口腔健康和 VMS 的銷售顯然不屬於該合資企業。這是一家由眾多合作夥伴組成的複雜合資企業。我的意思是我們擁有55%的股份，25%由一家上市實體擁有，20%由一家私人股東和兩個省政府擁有的實體擁有，上市實體，另一個實體佔多數股東，顯然，因此，我們有很多方面都參與其中。

And on top of that in the Chinese environment, including of course, government partners as well. So it just takes a bit of time. The relationship is really good. And we mentioned in the release we're in active discussions with the partners on how to continue and run this business going forward and to enable the conclusion of those.

除此之外，在中國環境中，當然也包括政府合作夥伴。所以只需要一點時間。關係確實很好。我們在新聞稿中提到，我們正在與合作夥伴積極討論如何繼續和經營這項業務，並最終達成這些目標。

We've just agreed now to extend it. So we're not up against a very hard -- a hard deadline that the discussions are really positive, I think all the parties are aligned on the value of the joint venture and on the collaborations that are all pulling in one direction. And, as you would expect, we will update you then as soon as we have news on what the future is.

我們現在剛同意延長期限。因此，我們並沒有面臨一個非常艱難的截止日期，討論確實是積極的，我認為所有各方都對合資企業的價值以及所有朝著同一個方向發展的合作達成了一致。而且，正如您所期望的，一旦我們有關於未來的消息，我們將立即向您更新。

Thank you.

謝謝。

Chris Pitcher, Redburn Atlantech.

克里斯·皮徹，Redburn Atlantech。

Thanks very much and advance. Apologies, not technically issues I've listened to the presentation, I've read through the pages. I apologize if I've covered stuff that's already been said. In terms of the general consumer environment across your brands. Are you seeing any evidence of some soft demand across perhaps some of your more discretionary brands?

非常感謝並提前。抱歉，這不是技術問題，我已經聽了演示，也已經閱讀了頁面。如果我涵蓋了已經說過的內容，我深感抱歉。就您品牌的一般消費者環境而言。您是否發現某些較自由裁量的品牌有需求疲軟的跡象？

I mean, one brand performance released now for me in this environment is the strong growth in Centrum double digit growth. Are you able to give us a bit more detail on whether Centrum growth is coming from you've launched and a lot of new markets, how much is that a sort of new market driven growth? How much is sort of like-for-like growth across your existing sales base? Thanks very much.

我的意思是，在這種環境下，我現在發布的一個品牌業績是 Centrum 兩位數的強勁成長。您能否更詳細地介紹一下 Centrum 的成長是否來自您推出的許多新市場，而這種新市場驅動的成長有多少？您現有銷售基礎的年增率是多少？非常感謝。

Thanks for the question, Chris. Listen, specifically on Centrum, we feel really good about the performance there. And it is a combination of two things. As you said, we announced we launched a few new markets like India, Egypt and some other markets. At this point, it's still early in those markets. It's doing well, those launches, but probably not having a significant material impact on the overall growth of the business yet.

謝謝你的提問，克里斯。聽著，特別是在 Centrum，我們對那裡的表演感覺非常好。它是兩件事的結合。正如你所說，我們宣布推出一些新市場，如印度、埃及和其他一些市場。目前，這些市場仍處於早期階段。這些產品的推出表現良好，但可能尚未對業務的整體成長產生重大的實質影響。

We're quite optimistic, it will down the road. I think the big driver of the Centrum growth is something we've talked about, which is this COSMOS study that we completed in that now had -- just had the third readout of the study in partnership with Harvard Business School, they show this Centrum silver with for instance in the US is about 50% of our business targeted towards older men and women improves cognitive function by 50% -- 60% in Centrum silver is taken daily.

我們非常樂觀，它會持續下去。我認為 Centrum 成長的重要動力是我們已經討論過的，這就是我們現在完成的 COSMOS 研究——剛剛與哈佛商學院合作進行了該研究的第三次宣讀，他們展示了這個 Centrum例如，在美國，白銀約占我們業務的50%，針對老年男性和女性，可將認知功能提高50%——每天服用Centrum 銀的60%。

So as a result of that, we've really seen strong take-up behind that claim. And we think this is a big opportunity -- it's a big opportunity for us to continue to drive those kind of scientific claims behind that category that does have tend to have less science. I'd say that's the big driver between behind our VMS and Centrum growth.

因此，我們確實看到了這項主張背後的強烈接受。我們認為這是一個巨大的機會——對我們來說，這是一個巨大的機會，可以繼續推動那些科學性往往較低的類別背後的科學主張。我想說這是我們 VMS 和 Centrum 成長背後的重要推手。

Can I just confirm, did you say five, zero the US businesses or [1%, 5%] ?

我可以確認一下，你是說美國企業是五、零還是[1%, 5%] ？

(multiple speakers) I'm sorry, I'm sorry, Chris, I didn't hear you. You broke up. Yes, Centrum silver (multiple speakers) 50% of our business. Yes.

（多個發言者）對不起，對不起，克里斯，我沒聽到你說話。你們分手了。是的，Centrum 銀牌（多個揚聲器）占我們業務的 50%。是的。

Thanks very much.

非常感謝。

Thank you.

謝謝。

David Hayes, Jefferies.

大衛·海耶斯，杰弗里斯。

Thank you. Good morning, also two for me. Just on the oral care, obviously, impressive growth continuing, but we've seen some of that's driven by the rollout of the whitening range -- the new whitening range. I just wondered whether there's any kind of way of quantifying that to I guess we're thinking more about thinking the comping effect next year just to get a sense of the benefit in terms of channel pipe fill?

謝謝。早安，也給我兩個。顯然，就口腔護理而言，令人印象深刻的成長仍在繼續，但我們已經看到其中一些成長是由美白系列（新的美白系列）的推出所推動的。我只是想知道是否有任何一種方法可以量化這一點，我想我們會更多地考慮明年的補償效應，只是為了了解渠道管道填充方面的好處？

And then secondly, on the share buyback shift to going into the market, just to kind of share buyback, we assume is completely independent of any size or plans, kind of indicates that you are going to sell down again this year, but I guess if they did sell down again this year is it still within the options that you would then participate in that rather than continuing to buy through the rest of the year? Thank you so much.

其次，關於股票回購轉向進入市場，只是股票回購的一種，我們假設完全獨立於任何規模或計劃，這表明你今年將再次拋售，但我想如果他們今年確實再次拋售，您是否仍然可以參與其中，而不是在今年剩餘時間內繼續購買？太感謝了。

Thanks David, let me take the share buyback question, then Brian will come on the oral care one. So sort of on the share buyback, it's not a shift, right? I think it's ultimately what you'd expect -- would expect the company to have that has the share buyback program is a program that buys it up back on an open line. This is a muscle, we still need to build. We have never done that, right.

謝謝大衛，讓我來回答股票回購問題，然後布萊恩將回答口腔護理問題。因此，就股票回購而言，這並不是一種轉變，對吧？我認為這最終正如你所期望的那樣——期望該公司擁有股票回購計劃，該計劃是一個公開回購股票的計劃。這是一塊肌肉，我們還需要鍛鍊。我們從來沒有這樣做過，對吧。

So I think we now put the machine in place and we need to learn that muscle how to operate and run that and I think it's something that's totally normal and that opens up with avenues to do it across all the three avenues that are available us through share buybacks.

所以我認為我們現在把機器安裝到位，我們需要學習如何操作和運行它，我認為這是完全正常的事情，並且開闢了通過我們可以通過的所有三種途徑來做到這一點的途徑股票回購。

One is on the open market, secondly, buying it buy back directly from Pfizer at a given discount. And then thirdly, of course, participating in a placing. And for us, it's just all the optionalities. And also, I think you saw in the stock exchange announcement, I think said up to GBP185 million. So I don't think we don't have to buy GBP185 million from the open market. It's just opening up all the three avenues. That's all -- that is optionality for us and ensuring we can complete the 500 million share buyback by the end of this year.

一是在公開市場上買，二是直接從輝瑞以一定的折扣買回來。第三，當然，參加排名。對我們來說，這只是所有的選擇。而且，我想你在證券交易所的公告中看到了，我認為最高可達 1.85 億英鎊。因此，我認為我們不必從公開市場購買 1.85 億英鎊。它只是打開了所有三個途徑。僅此而已——這對我們來說是可選的，並確保我們能夠在今年年底前完成 5 億股股票的回購。

David on oral health, just to reaffirm very, very happy with the performance we've seen there and the share growth across all three of our franchises are Denture car; parodontax and Sensodyne, you're right, clinical, why is doing quite well. Whitening is a really fast-growing category, as I've said, in the past, pointing toothpastes tend to be not good for sensitivity.

大衛談到口腔健康，只是重申對我們在那裡看到的表現非常非常滿意，以及我們所有三家特許經營店的份額增長都是假牙汽車； parodontax 和 Sensodyne，你說得對，臨床，為什麼做得很好。美白是一個成長非常快的品類，正如我所說，過去，點牙膏往往對敏感不好。

So having a product that's clinically proven, I think we've been able to secure dental recommendation behind this. They typically don't recommend whitening toothpaste. But listen, every year we come out with a big innovation on the Sensodyne franchise, last year was Pronamel Active Enamel repair, a few years back, it was a sensitivity plus gum, it was rapid.

因此，擁有經過臨床驗證的產品，我認為我們已經能夠在背後獲得牙科推薦。他們通常不推薦美白牙膏。但聽著，每年我們都會在 Sensodyne 系列產品上推出一項重大創新，去年是 Pronamel 活性牙釉質修復，幾年前是敏感性加口香糖，速度很快。

So every year we have a big launch in the beginning of the year and other launches throughout the markets will continue to see that trend as we go forward. I also think clinical way is a product that will drive growth in year two, year three of launch. We think add long-term potential. So I wouldn't necessarily quantify pipeline or what it looks like just know that this is our model. We have big launches every year successful and we follow them up the following year..

因此，每年我們都會在年初推出大型產品，隨著我們的前進，整個市場的其他產品也將繼續看到這種趨勢。我還認為臨床方式是一種將在推出後第二年、第三年推動成長的產品。我們認為增加長期潛力。因此，我不一定會量化管道或它的外觀，只是知道這是我們的模型。我們每年都會成功推出大型產品，並在第二年跟進。

Thanks you.

感謝您。

Thank you so much. Rashad Kawan, Morgan Stanley.

太感謝了。拉沙德·卡萬，摩根士丹利。

Hey, good morning, guys. Thanks for taking my questions. Just two from me, please. First one, can you update us on what you're seeing in China? You said it was flat in the first half, obviously tough cold and flu comps, of course. But what was the performance ex cold and flu? And obviously, it's been a tough backdrop across the board here. What are you seeing in terms of consumption across your categories.

嘿，早上好，夥計們。感謝您回答我的問題。請給我兩個。首先，您能為我們介紹一下您在中國看到的最新情況嗎？你說上半場表現平平，當然，顯然是因為感冒和流感的影響。但是感冒和流感後的表現如何呢？顯然，這裡的整體背景很艱難。您在各個類別的消費方面看到了什麼？

Second question on running down your oral Phenylephrine stock. Obviously, the FDA hasn't made formal decision there. So just curious as to how you think about these decisions. What drives you take action at this point in time? Thank you.

第二個問題是關於減少口服去氧腎上腺素庫存。顯然，FDA 尚未就此做出正式決定。所以只是好奇你如何看待這些決定。是什麼促使您此時採取行動？謝謝。

Thanks Rashad. So let me do China. So I think last year, China was up over 20%. This year, it's flat and it was up 20% last year due to the pretty much depended -- defended upside. So doing flat on top of the 20, I think is a really strong performance. So I think it just means the rest of the portfolio is doing really, really well for us.

謝謝拉沙德。那麼就讓我來做中國吧。所以我認為去年中國成長了 20% 以上。今年，它持平，去年上漲了 20%，因為它很大程度上依賴防禦性上漲。因此，在 20 名的基礎上持平，我認為這是一個非常強勁的表現。所以我認為這只是意味著投資組合的其餘部分對我們來說非常非常好。

So I think overall, the business has really grown through Fenbid. It is also, but step back on Fenbid actually very pleased with what we've done on Fenbid in China. We were able to retain quite a bit of the consumers that came into the category through COVID. So the brand is now quite a bit bigger than it was pre COVID in China.

所以我認為總體而言，芬必得的業務確實已經成長了。也是的，但回到芬必得，其實我們對芬必得在中國所做的事情非常滿意。我們能夠留住相當多透過新冠疫情進入該類別的消費者。因此，該品牌現在在中國的規模比新冠疫情爆發前大得多。

So from that point of view also on Fenbid, even you had the roller coaster, you could take sort of a three or four years look at it also goods, not feel good about China, really good growth in the VMS business in the oral care business and also a bit of base effect oral care was a bit weaker in the first half of last year, too. But still overall good performance.

所以從這個角度來看，在芬必得上，即使你經歷了過山車，你也可以花三四年時間看看它也是商品，對中國感覺不好，口腔護理領域的 VMS 業務增長確實很好去年上半年，業務和基礎效應口腔護理也有點疲軟。但整體表現還是不錯的。

And I think it goes back to then our brands, right. These are health care brands, right. I think we are sort of not that directly exposed to through the economic health of the market and the business, so I think, which speaks to the defensive nature of the brand that were selling.

我認為這可以追溯到我們的品牌，對吧。這些都是保健品牌，對吧。我認為我們並沒有直接受到市場和業務的經濟健康狀況的影響，所以我認為，這說明了所銷售品牌的防禦性質。

Yeah, let me jump on the -- thanks for Rashad on the Phenylephrine question. Yes, we did make the decision to kind of a take down our inventory and Phenylephrine and launch products for cough cold season, not including Phenylephrine. The FDA didn't make that decision as you know, there was a 14 to 0 recommendation to the FDA from advisory committee that Phenylephrine wasn't efficacious, but obviously is still safe, we stand behind the efficacy of Phenylephrine.

是的，讓我繼續下去——感謝拉沙德提出的去氧腎上腺素問題。是的，我們確實決定減少庫存和去氧腎上腺素，並推出針對感冒季節咳嗽的產品，不包括去氧腎上腺素。如你所知，FDA 沒有做出這個決定，諮詢委員會以 14 比 0 的比例向 FDA 推薦去氧腎上腺素無效，但顯然仍然是安全的，我們支持去氧腎上腺素的功效。

But we worked with our retail partners to do this in a way that allows us to assure that we will have the product on the shelf for the cold and flu season. Our main focus was to make sure that we can deliver for the cold and flu season that consumers could would have the products available to use and we're not sure when the FDA will make that decision and what the outcome of that decision will be when the products would need to be phased out and moved off the shelf. So we decided to get proactively ahead of that to ensure we can continue supply.

但我們與零售合作夥伴合作，確保我們能夠在感冒和流感季節將產品上架。我們的主要重點是確保我們能夠在感冒和流感季節提供消費者可以使用的產品，我們不確定 FDA 何時會做出該決定以及該決定的結果會是什麼這些產品需要逐步淘汰並下架。因此，我們決定提前採取行動，以確保我們能夠繼續供應。

Thank you very much.

非常感謝。

Jeremy Fialko, HSBC.

傑里米·菲亞爾科，匯豐銀行。

Hi, morning. Thanks for taking the questions. As a couple from me. First one is on pricing. I think you'd implied that obviously pricing was going to step down for Q1 to Q2, which indeed is what we have seen. But then actually from kind of here on out, it's a relatively stable picture with the sort of the price rises sort of roughly offsetting the carryover effect. So just wanted to check that is still the message.

嗨，早安。感謝您提出問題。作為我的情侶。第一個是關於定價。我認為您暗示顯然第一季到第二季的定價將會下降，這確實是我們所看到的。但實際上從現在開始，這是一個相對穩定的局面，價格上漲大致抵消了結轉效應。所以只是想檢查一下這是否仍然是該訊息。

And then secondly, if you could talk about a bolt on M&A is something which you said your keen to do. How you feel the market for the sort of midsized transactions is at the moment, so whether you think that could be a little bit more movements over the coming, say, 6 to 12 months? Thanks.

其次，您是否可以談談您所說的熱衷於併購的事情。您對目前中型交易的市場有何看法？謝謝。

Jeremy, I'll start with the bolt-on question and then Tobias will talk of the pricing, just to get grounded on what we said in the past, which is first of all, we love the portfolio we have, we don't believe we need to do anything with the portfolio to deliver on our guidance that we've given.

傑里米，我將從附加問題開始，然後托比亞斯將談論定價，只是為了以我們過去所說的為基礎，首先，我們喜歡我們擁有的投資組合，我們不喜歡相信我們需要對投資組合採取任何措施來兌現我們給予的指導。

But that said, we want to proactively and actively manage the portfolio. And as a result, you saw the three divestments that we did, we did those because we felt like we generated more shareholder value and divesting that and keeping and we will continue to proactively manage that portfolio.

但話雖如此，我們希望積極主動管理投資組合。結果，你看到了我們所做的三項撤資，我們這樣做是因為我們覺得我們創造了更多的股東價值，並撤資並保留，我們將繼續積極管理該投資組合。

Bolt-on M&A is clearly something we are actively and we'll actively look at, it's in our capital allocation priorities, invest in growth one, two bolt on M&A, three return cash to shareholders. So I won't make any specific comments of what we're doing, but obviously, if something strategically makes sense and it creates value for the business. We're very open to doing that.

螺栓式併購顯然是我們正在積極進行的事情，我們將積極關注它，它是我們資本配置的優先事項，一是投資於增長，二是螺栓式併購，三是向股東返還現金。因此，我不會對我們正在做的事情做出任何具體評論，但顯然，如果某件事在戰略上有意義並且為業務創造了價值。我們非常願意這麼做。

And on your price, but Jeremy, yeah, you've got that I think exactly right. That's exactly what we expect. The step down was predominantly EMEA and LatAm and that is all driven by the roll over because most of the pricing negotiations across Europe are done in Q1. So in Q1, you still see the impact from prior year in Q2, you see the new pricing that was agreed.

至於你的價格，但是傑里米，是的，你說的我認為完全正確。這正是我們所期望的。降價主要是歐洲、中東和非洲和拉丁美洲，這都是由展期推動的，因為整個歐洲的大部分定價談判都是在第一季完成的。因此，在第一季度，您仍然會看到上一年第二季度的影響，您會看到商定的新定價。

So I think, the step-down is really the expected one from how the pricing works. It's not a change in how we're dealing with our customers. And I think in the other regions, it's much more stable, of course, in the US, you have pricing taking at different times of the year. So that might be a little bit more spiky up and down depending on the cycle over a year where you didn't take the increase or you did. But it's really the EMEA, the Euro pricing so and as you said, a step down to Q2 and then much more stable throughout the rest of the year.

所以我認為，從定價方式來看，降價確實是預期的。這並不是我們與客戶打交道的方式的改變。我認為在其他地區，它要穩定得多，當然，在美國，你會在一年中的不同時間進行定價。因此，根據一年中您沒有增加或增加的周期，這可能會有點上下波動。但實際上是歐洲、中東和非洲地區，歐元定價，所以正如你所說，下降到第二季度，然後在今年剩餘時間更加穩定。

Okay, thanks.

好的，謝謝。

Olivier Nicolai, Goldman Sachs.

奧利維爾·尼科萊，高盛。

Hi, good morning, Brian, Tobias and Sonya. First question on net debt-to-EBITDA, which is below 2.9 times now. So big achievements today, but post the disposals of NRT and could things a stronger EBIT growth this year. Is it fair to assume that you could reach your 2.5 times midterm guidance as soon as year end? And is there more disposals to come, but that was the first question.

嗨，早上好，布萊恩、托比亞斯和索妮亞。第一個問題是關於淨負債與 EBITDA 的比率，目前低於 2.9 倍。今天取得瞭如此巨大的成就，但在出售 NRT 後，今年的息稅前利潤成長可能會更加強勁。假設您在年底就能達到中期目標的 2.5 倍是否公平？是否還會有更多的處置，但這是第一個問題。

And secondly, on just want to highlight, obviously very strong gross margin expansion in H1, 150 bps. How much of it is linked to lower input cost pressures or productivity gains. Do you see any benefits yet from the Maidenhead closure to kick in? And I guess more broadly, since you have achieved, really good top-line growth, since 2022. Should we expect a bit more focus on margin progression since you are still a bit below peers? Thank you.

其次，我想強調的是，上半年的毛利率擴張明顯非常強勁，達 150 個基點。其中有多少與較低的投入成本壓力或生產力的提高有關。您認為梅登黑德關閉有什麼好處嗎？我想更廣泛地說，因為自 2022 年以來你們已經實現了非常好的營收成長。既然你們仍然略低於同行，我們是否應該更專注於利潤成長？謝謝。

Good, thanks, and thanks, Oliver. Sort of, I mean on net debt down to 2.9, this really strong also we returned $700 million to shareholders in H1 as part of that was supported by the ChapStick proceeds, but also by some very, very strong cash flows that half of those come through. It's true at the end of the year, we're going to get the proceeds from the smokers divest, but also things up for you then roll this forward into '25.

很好，謝謝，謝謝，奧利佛。某種程度上，我的意思是淨債務降至2.9，這非常強勁，我們在上半年向股東返還了7 億美元，其中一部分得到了ChapStick 收益的支持，但也得到了一些非常非常強勁的現金流的支持，其中一半來自通過。確實如此，到今年年底，我們將從吸煙者剝離中獲得收益，但也會為您做好準備，然後將其推進到 25 年。

It's also going to take and EBITDA out, right? So the impact of what it brings the cash in, which is helpful, the impact on leverage is, of course much smaller. Look, we're confident on our medium-term guidance range, which we said around 2.5, and we're working towards that and then, of course, net debt.

它還會扣除 EBITDA，對嗎？因此，它帶來的現金的影響是有幫助的，對槓桿的影響當然也小得多。看，我們對我們的中期指導範圍充滿信心，我們說約為 2.5，我們正在努力實現這一目標，當然還有淨債務。

The net debt, formula reacts very, very heavy, big to short-term FX movements as well. So it's very hard to predict a spot lending is a little bit like landing a seven four seven on the aircraft carrier. So it's hard to give you that. But I mean, if you take a step back is a highly cash-generative business. We've been very clear in our capital allocation priorities and the building blocks for that. So I think the debt is coming down over time.

淨債務公式對短期外匯波動的反應也非常非常大。因此很難預測現貨貸款有點像在航空母艦上降落七四七。所以很難給你這個。但我的意思是，如果退一步來說，這是一項能產生大量現金的業務。我們的資本配置優先事項及其建置模組非常明確。所以我認為債務隨著時間的推移正在減少。

On your gross margin question, so I think we've seen, of course, I mean, if you look at H1, so clearly, there's still, the help from pricing because pricing was, but to roll over a bit higher in H1 some of that reduced slightly in the second half of the year, given the rollover from Q1 that as we've talked about in the prior question.

關於你的毛利率問題，所以我認為我們已經看到，當然，我的意思是，如果你看一下上半年，那麼很明顯，定價仍然有幫助，因為定價是，但在上半年會稍微高一些考慮到第一季的展期，正如我們在上一個問題中討論的那樣，這一數字在下半年略有減少。

Then what we're seeing is easing inflation. So there is still inflation, but it's for -- it's a material cost. I mean, there's the first few materials are now adding actually getting into deflation. But then we have labor costs to cover because I think a lot of our cost of goods are tied to either our own labor or than the labor of our contract manufacturers because I think that our conversion is very much labor intensive.

然後我們看到的是通膨有所緩解。所以通貨膨脹仍然存在，但它是為了——這是物質成本。我的意思是，最初的幾種材料現在實際上正在進入通貨緊縮。但我們還有勞動力成本需要支付，因為我認為我們的許多商品成本要么與我們自己的勞動力相關，要么與我們合約製造商的勞動力相關，因為我認為我們的轉換是非常勞動力密集型的。

It's less exposed to the material cost. So that's clearly easing compared to last year. But we're also seeing efficiencies improvement as we bring up our operating efficiencies in the sites. And I think that helps offset. And I think all these factors together and there's a bit of freight cost as well. Last year, we shipped a lot of airfreight because we had this unexpected spike in demand, so that was also a bit of help there.

它受到材料成本的影響較小。因此，與去年相比，情況明顯有所緩解。但隨著我們提高站點的營運效率，我們也看到了效率的提升。我認為這有助於抵消。我認為所有這些因素加在一起，還有一點運費。去年，我們運送了大量空運貨物，因為需求意外激增，所以這也起到了一定的幫助。

Your Maidenhead question, not yet. I think it takes time to shift production. So I think these impacts are the positive impact of further (technical difficulty) we haven't shut down the site yet we announced that we will do that. So these are usually [two-ish] year processes and to happen in the -- as we shift production, you're going to see that you see the benefits come through over time as the production moves across (inaudible)

你的梅登黑德問題，還沒有。我認為轉移生產需要時間。因此，我認為這些影響是進一步（技術難度）的正面影響，我們尚未關閉該網站，但我們宣布將這樣做。因此，這些通常是[兩年左右]的過程，並且發生在－當我們轉移生產時，你會看到隨著生產的轉移，你會看到隨著時間的推移，效益會顯現出來。（聽不清楚）

Thanks.

謝謝。

Thank you.

謝謝。

(Operator Instructions) Celine Pannuti, JPMorgan.

（操作員指示）Celine Pannuti，摩根大通。

Thank you. Good morning, everyone. I have one question on margin in the US, which was down 175 basis points reported. Can you flesh out you said it's higher A&P maybe a category aware of why that was quite dropped. And did I understand correctly that you said that's last year H2 margin at a tax credit. So this year we are phasing that plus further A&P. So are we expecting US margin to be down 700 basis points for the year? Thank you.

謝謝。大家早安。我有一個關於美國保證金的問題，據報道，美國保證金下降了 175 個基點。你能否具體說明一下，你說 A&P 更高，也許是一個知道為什麼它被大幅下降的類別。我是否正確理解你說的是去年下半年的稅收抵免利潤。因此，今年我們將分階段進行該專案以及進一步的 A&P。那麼我們預計今年美國利潤率將下降 700 個基點嗎？謝謝。

Yeah, thanks Celine. So, yes, I think good US margin was down. I think it's a factor of, I think, of several points. One, of course, the volume decline in the market given the sell in and also the stock in the inventory or the retailer destocking. So I think that, of course, if you know, volume, but you're in a declining volume environment that leaves some marks on the gross margin side.

是的，謝謝席琳。所以，是的，我認為美國的良好利潤率下降了。我認為這是幾個因素的一個因素。一，當然，由於銷售以及庫存中的庫存或零售商去庫存，市​​場銷售下降。所以我認為，當然，如果你知道銷量，但你正處於銷量下降的環境中，這會在毛利率方面留下一些痕跡。

And of course, that is very hard to offset with efficiencies that the team, of course is still running. And then secondly, it's really I think most importantly is the step up in A&P and the investments we're making into the market you saw and maybe you have seen in my slides to sell outright mid-single-digit sell-out growth. And look, I'd say it's the overall environment -- the US market overall is still in a slight volume decline, right.

當然，這很難用團隊仍在運作的效率來抵消。其次，我認為最重要的是 A&P 的進步以及我們對您所看到的市場的投資，也許您在我的幻燈片中看到了徹底的中個位數銷售成長。看，我想說的是整體環境——美國市場整體銷售仍然略有下降，對吧。

So we've been gaining volume. So we have to work for that plus I think Brian mentioned earlier also I think the launches we've done and the support we put behind the Sensodyne support reasons behind the Centrum -- the Centrum claims, we've also launched Benefiber extensions. I think there's strong support to deliver the continued growth in the market overall there.

所以我們的銷量一直在增加。所以我們必須為此努力，我想 Brian 之前也提到過，我認為我們所做的發布以及我們對 Sensodyne 支持 Centrum 背後的原因的支持 - Centrum 聲稱，我們還推出了 Benefibre 擴展。我認為那裡有強大的支持來實現整個市場的持續成長。

A lot for us to we're not guiding on segment margin, but you should expect us to continue to invest in the US as well and also on top of that behind the Eroxon launch later this year.

對我們來說，我們並沒有對細分市場利潤率進行指導，但你應該期望我們繼續在美國進行投資，並在今年稍後推出 Eroxon 的基礎上進行投資。

Iain Simpson, Barclays.

伊恩辛普森，巴克萊銀行。

Thank you. Thank you very much for allowing me a follow up. I just wondered if we could sort of briefly touch on some of the items between EBIT and EPS because certainly historically, there's been pretty good EBIT and above delivery, but EPS is not unlawful in the last year or two.

謝謝。非常感謝您允許我跟進。我只是想知道我們是否可以簡單地談談息稅前利潤和每股收益之間的一些項目，因為從歷史上看，息稅前利潤和以上交付確實相當不錯，但每股收益在過去一兩年並不違法。

So as we kind of think through '25, I guess if you've told, we have saw finance costs come down a little bit this year, presumably we'll get continued benefit there from deleverage. Nothing where it's happening to tax rate unless you're going to tell me otherwise and share count presumably comes down as well. I'm just trying to think about how confident we can be that that 6% EPS growth that you did in H1 '24, that we are now kind of in in place running forwards where EBIT growth translates to EPS growth. Thanks very much.

因此，當我們思考 25 年時，我想如果你已經告訴過的話，我們今年的財務成本有所下降，想必我們會從去槓桿化中持續受益。除非你另外告訴我，否則稅率不會發生任何變化，而且股票數量可能也會下降。我只是想想想，我們對 24 年上半年每股收益增長 6% 的信心有多大，我們現在已經做好了將息稅前利潤 (EBIT) 增長轉化為每股收益 (EPS) 增長的準備。非常感謝。

Thanks, thanks Ian. So look, yes, net finance costs should continue to come down as a -- as our net debt goes down, I think you've seen that very much come through in H1 or net finance costs were 11% lower than a year ago. So I think that's absolutely happening on the adjusted tax rate. We're bang on in the middle of the guidance range we've given early in the year already on '24 to '25.

謝謝，謝謝伊恩。所以，是的，隨著我們的淨債務下降，淨財務成本應該繼續下降，我想你已經看到上半年實現了很大目標，或者說淨財務成本比一年前下降了 11%。所以我認為調整後的稅率絕對會發生這種情況。我們正處於我們年初在 24 至 25 年間給出的指導範圍的中間位置。

So I think that I think -- I believe we are here absolutely in the right range. Of course, there's still pluses and minuses on that asset Pillar two laws are enacted around the world. So I think there -- that could easily that, but it's within this range of plus minus 50 bps. Let's see where we get to on the -- but I think very confident that's the right range.

所以我認為我認為我們現在絕對處於正確的範圍內。當然，該資產仍然有利有弊，世界各地頒布了兩項支柱法律。所以我認為——這很容易實現，但它在正負 50 bps 的範圍內。讓我們看看我們能達到什麼程度——但我非常有信心這是正確的範圍。

Then let me mention one of the things you didn't mention which is the non-controlling interest that those were very much higher last year given the defendant spikes and it sits in the joint venture part. So that was much higher on minority interest that's normalized now.

然後讓我提一下你沒有提到的一件事，那就是非控股權益，鑑於被告的激增，去年的非控制權益要高得多，而且它屬於合資企業部分。因此，現在已經正常化的少數股東權益要高得多。

So what we have in H1 is actually a pretty good run rate for the rest of the year. So probably take a look at H1, I would say it's pretty balanced in H1 and H2, what we expect on that line. And then yes, from the share buybacks, we're going to get the benefit of the share count coming down, which has also been happening. So all of those, I think moving in the right direction and support to EPS overall.

因此，我們上半年的運行率實際上在今年剩餘時間內都相當不錯。所以可能看看 H1，我想說 H1 和 H2 相當平衡，這正是我們對此的期望。然後，是的，從股票回購中，我們將從股票數量下降中受益，這也一直在發生。因此，我認為所有這些都在朝著正確的方向發展，並且總體上支持每股收益。

Thank you.

謝謝。

Thanks.

謝謝。

(multiple speakers) If we take one more question and I will come back (inaudible)

（多名發言者）如果我們再提出一個問題，我會回來（聽不清楚）

David Hayes, Jefferies.

大衛·海耶斯，杰弗里斯。

Hello. I'm going to join the theme of second question's. So just a follow-up on the margin question we had earlier on the US of Celine, I think is there also a one-off cost associated with the switch on the FDA reviewed products you have to buy those products back (technical difficulty) them off, which is that part of the equation in the first half as well, which obviously we wouldn't see in the second half. We'll understand whether that was contributing to the margin performance. Thank you.

你好。我要加入第二個問題的主題。因此，只是我們之前在美國 Celine 提出的保證金問題的後續行動，我認為是否還存在與 FDA 審查產品的切換相關的一次性成本，您必須將這些產品買回來（技術難度） off，這也是前半部分等式的一部分，顯然我們在後半部不會看到。我們將了解這是否對利潤率表現有所貢獻。謝謝。

Thanks, David. I mean not material, right? I mean there might be a packaging material here or there that's left over, right. But I think we've really proactively started at the beginning of the year to ramp down those inventory and not to reprice them, right. So the big mark in the P&Ls from just the less selling less, of course, of higher margin brands into the market that is going to reverse out in the second half of the year. I think the write-offs on that. We're not buying it back, right.

謝謝，大衛。我的意思是不是物質的，對嗎？我的意思是這裡或那裡可能有剩餘的包裝材料，對吧。但我認為我們從今年年初就開始主動減少庫存，而不是重新定價，對吧。因此，損益表中的一大標誌是，當然，利潤率較高的品牌進入市場的銷售量減少，而這種情況將在今年下半年逆轉。我認為沖銷了。我們不會回購它，對吧。

So the write-off should be not materially. All, of course, always some stuff left here or there, but not in the grand scheme of things that should impact the group margins materially in anyway.

因此，沖銷應該不是實質的。當然，總有一些東西會留在這裡或那兒，但無論如何，這些東西不會對集團利潤產生重大影響。

Great. (multiple speakers)

偉大的。（多個發言者）

So listen, thanks, everyone for joining us today. As you can see from the results, our model is de-levering, we feel really good about our first half do less on yet, and the IR team know if you have any further questions. But before we leave the call, I'd like to express a big thank you, Sonya.

所以聽著，謝謝大家今天加入我們。正如您從結果中看到的，我們的模型正在去槓桿化，我們對上半年的減少感到非常滿意，IR 團隊知道您是否有任何進一步的問題。但在我們結束通話之前，我要向您表示衷心的感謝，索尼婭。

Today we'll be her last Haleon investor call. It has been an absolute pleasure working with Sonya these last 4.5 years. I'm forever grateful for all she did to help in the creation of Haleon. She's had a huge impact. I wish her well in her new life at Diageo and just want to say a big thank you, Sonya and well done and wish you well.

今天我們將是她最後一次參加海倫投資者電話會議。在過去的 4.5 年裡，與索尼婭一起工作非常愉快。我永遠感激她為創造海倫所做的一切。她產生了巨大的影響。我祝福她在帝亞吉歐的新生活一切順利，我只想對索妮亞表示衷心的感謝，幹得好，祝你一切順利。

Okay, everyone, if you have any further questions you can reach out to the IR team and have a great rest of the summer.

好的，各位，如果您還有任何其他問題，可以聯絡 IR 團隊，祝您暑假愉快。