Haleon, the world's biggest standalone consumer health business, has forecast 4% to 6% organic revenue growth in 2023.
The London-listed company, comprising health assets previously owned by GSK and Pfizer, reported organic revenue growth of 9% last year, in what it said was an 'extraordinary' year.
The maker of Sensodyne toothpaste and Panadol painkillers had said in November that it expected an 8% to 8.5% increase in revenue last year.
It said that two thirds of its business either gained or maintained market share during the year.
Read More: GSK Spins Off Haleon In Biggest European Listing For A Decade
'Highly Volatile'
In the company's first full-year results, chief executive Brian McNamara said the company had navigated a highly volatile environment.
"Our organic revenue growth of 9.0% was well balanced between volume and price, with two thirds of the business gaining or holding share," he commented. "This performance reflected the quality of our portfolio of category leading brands, successful innovation, and excellent execution in market."
Players in the consumer health field, like other sectors, have had to contend with sharp cost increases across the business, including raw materials and energy.
Rivals with consumer health operations, such as Bayer and Reckitt, have charged higher prices to offset broader falls in sales volumes.
Forecast for 2023
For the year ahead, Haleon anticipates adjusted operating profit margin to be largely flat, due to adverse foreign exchange conditions.
The group added that it is 'positioned well' to deliver on its medium-term guidance.
Read More: Haleon NEXT Invites Third Cohort Of Applications From Consumer Health Startups
Analyst Viewpoint
Commenting on the group's performance, Barclays analyst Iain Simpson said that the current year looks to have "started well" for the business.
"The momentum from 4Q22 has continued into 1Q23e, with pain and respiratory in growth despite tough comps," he said. "We expect that 1Q23e growth will be largely driven by price given the macro landscape."
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