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    Bruno Monteyne • Sanford C. Bernstein & Co., LLC

    Bruno Monteyne's questions to Haleon PLC (HLN) leadership

    Bruno Monteyne's questions to Haleon PLC (HLN) leadership • Q2 2024

    Question

    Bruno Monteyne asked if the Q4 launch of the Eroxon erectile dysfunction cream would provide growth above and beyond the current guidance. He also questioned if the nine-month extension of the China JV agreement signaled a potential issue or disagreement between partners.

    Answer

    CEO Brian McNamara stated that the Eroxon launch is not expected to have a big impact on 2024 results due to its timing and will likely be a 'slower burn' as a new-to-OTC product. CFO Tobias Hestler described the China JV extension as a 'technical' measure to allow complex but positive discussions with multiple partners to conclude without deadline pressure.

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    Bruno Monteyne's questions to Unilever PLC (UL) leadership

    Bruno Monteyne's questions to Unilever PLC (UL) leadership • Q2 2024

    Question

    Bruno Monteyne questioned the mismatch between Unilever's discussion of 'product superiority' and its weak market share data, asking if the metric has been redefined. He also asked for a quantification of the mix component within the reported volume growth.

    Answer

    CEO Hein M. Schumacher clarified that the company has shifted from 'product superiority' to a more holistic 'unmissable brand superiority' framework covering 6 Ps and 21 metrics, which they believe is the recipe for success. CFO Fernando Fernandez disclosed that for Q2, underlying volume growth (UVG) was composed of 75% pure volume and 25% mix.

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