Haleon is best understood not by its corporate name, but by products in a bathroom cabinet or on a pharmacy shelf: Sensodyne, Panadol, Advil, Voltaren, Centrum, Otrivin, Theraflu, Parodontax, Polident and Tums are brands that people reach for without much thought. Haleon itself only came into existence in 2022, following its separation from GSK, but its brands have been part of daily routines for decades.
That gives the company an unusual position. It is not a pharmaceutical business driven by patents and pipelines, nor is it a typical consumer goods company selling discretionary items. It sits somewhere in between. Its products are habitual, but the reasons for buying them are often immediate and personal: a headache before work, sensitive teeth after a cold drink, or a blocked nose at night.
When we met Haleon, what stood out was how deliberately the company is trying to lean into that space. It focuses on a group of nine “Power Brands”, which account for roughly 60% of sales and closer to 80% of growth. These are the brands where Haleon believes it can build stronger positions over time, supported by clinical credibility and repeat usage. Sensodyne is a good example. It is not positioned as a general toothpaste, but as a treatment for sensitivity. That distinction allows Haleon to operate in a more defined segment where the product solves a specific problem, rather than competing purely on price or branding. It is a subtle shift, but one that runs through much of the portfolio.
The more interesting part of the story is how Haleon sees growth developing, particularly in emerging markets. The opportunity is less about taking share from competitors and more about increasing penetration. In many of its categories, a large proportion of consumers either do not treat conditions at all or use basic solutions rather than targeted products. Management often frames this in simple terms: a third of adults experience sensitive teeth, but only a third of those use a specialist toothpaste; most people experience pain, but only a minority treat it immediately. In markets such as China for example, calcium intake can be materially below recommended levels, yet supplement usage remains relatively low.
These gaps are not short-term inefficiencies. They reflect structural differences in awareness, affordability and access. As incomes rise and healthcare systems evolve, consumers tend to shift from reactive to more proactive behaviour. That might mean trading up from a standard toothpaste to a therapeutic one, adding vitamins to a daily routine, or treating symptoms earlier rather than waiting. Haleon’s goal in this process is not just to supply products, but to shape habits through education.
As incomes rise and healthcare systems evolve, consumers tend to shift from reactive to more proactive behaviour.
This is where scale and local execution are important. Building a category is slower and more complex than gaining share in an established one. It involves working with pharmacists, improving retail presence, adapting pack sizes and price points, and investing in consumer education. In India, for example, Sensodyne has been built over time through a combination of dentist engagement and broader awareness campaigns. In China, supplement brands such as Caltrate are positioned around clear nutritional needs rather than general wellness trends. These are incremental shifts, but they compound.
A recurring theme in our discussions was the role of healthcare professionals in reinforcing that behaviour change. In Oral Health especially, Haleon invests heavily in dentist engagement, conferences and clinical education. The model is less about direct selling and more about building credibility. The company now engages with close to a million healthcare professionals globally, using that network to support recommendations that ultimately feed through into consumer habits.
That approach creates a degree of resilience, but it does not remove competition. Some categories remain more exposed than others. Vitamins and supplements can attract new entrants quickly. Pain relief and digestive products face generic alternatives. Respiratory categories can fluctuate with seasonal demand.
The company has also shown a willingness to reshape its portfolio over time. Recent disposals, including ChapStick and the nicotine replacement therapy business, reflect a focus on areas where Haleon sees a clearer right to win. The balance sheet, which was a concern at listing, has become less central to the story. With the GSK and Pfizer share overhang now cleared and leverage moving towards more typical levels, the focus has shifted towards capital allocation.
Ultimately, Haleon’s progress will be measured in that same bathroom cabinet. Not by new categories, but by how often its products are chosen over others. Growth is about becoming the default option, more frequently, in more households, and in more markets over time.
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