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    Callum Elliott • Bernstein

    Callum Elliott's questions to Haleon PLC (HLN) leadership

    Callum Elliott's questions to Haleon PLC (HLN) leadership • H1 2025

    Question

    Callum Elliott of Bernstein requested more detail on the U.S. retailer environment, asking for the size of the drug channel as a percentage of revenue and what actions Haleon can take to offset this headwind. He also asked if the current business struggles would lead to a deprioritization of the ambitious strategic plans outlined at the Capital Markets Day, such as expanding access for lower-income consumers.

    Answer

    CEO Brian McNamara stated that while Walmart is their largest U.S. customer, the drug channel is also a significant portion of the business. He emphasized that Haleon's primary action is to drive market share and category growth. McNamara firmly stated that the Capital Markets Day ambitions remain unchanged, as significant productivity gains are providing the flexibility to fund these strategic initiatives while navigating current headwinds.

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    Callum Elliott's questions to Haleon PLC (HLN) leadership • H1 2025

    Question

    Callum Elliott asked for more detail on the U.S. retailer environment, specifically the size of the drug channel and what Haleon can do to offset this drag. He also questioned if current business struggles would deprioritize the ambitious strategic plans from the Capital Markets Day, such as expanding access for lower-income consumers.

    Answer

    CEO Brian McNamara stated that Walmart is their largest U.S. customer and the drug channel is smaller but significant. He emphasized that Haleon's role is to drive market growth and share gains. He affirmed that the Capital Markets Day ambitions remain unchanged, highlighting that productivity gains are funding strategic investments and providing flexibility to manage current headwinds.

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    Callum Elliott's questions to Haleon PLC (HLN) leadership • H1 2025

    Question

    Callum Elliott from Bernstein sought details on the U.S. retailer environment, asking for the channel split, the size of the drug channel, and what actions Haleon can take to mitigate these external pressures. He also questioned if current business challenges would deprioritize the long-term strategic initiatives outlined at the Capital Markets Day.

    Answer

    CEO Brian McNamara stated that Walmart is their largest U.S. customer, and while the drug channel is significant, it's smaller than Walmart. He emphasized that Haleon's role is to drive market growth and gain share, particularly in oral health. McNamara firmly stated that the Capital Markets Day ambitions remain unchanged, highlighting ongoing investments in lower-income consumer products and innovation, funded by strong productivity gains and gross margin improvement.

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    Callum Elliott's questions to Unilever PLC (UL) leadership

    Callum Elliott's questions to Unilever PLC (UL) leadership • H1 2025

    Question

    Callum Elliott of Bernstein asked for an update on the organizational redesign segmenting markets and questioned if management was concerned about having 'too many plates spinning' with numerous strategic initiatives underway.

    Answer

    CEO Fernando Fernandez confirmed the new sales force structure in the top 24 markets is complete, while the 'one Unilever' markets are growing nearly 5% with a leaner organization. He addressed the concern about managing multiple initiatives by stating that portfolio rotation towards higher growth is a core responsibility and that speed and multitasking are essential in the FMCG sector.

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    Callum Elliott's questions to Altria Group Inc (MO) leadership

    Callum Elliott's questions to Altria Group Inc (MO) leadership • Q3 2024

    Question

    Callum Elliott followed up on the NJOY litigation, asking about confidence in avoiding an import ban. He also questioned if JT's recent U.S. acquisition affects the Ploom partnership and asked for a timeline on the FDA's proposed rule for PMTA tracking numbers on imports.

    Answer

    CEO William Gifford stated that while litigation is unpredictable, NJOY's teams are working to avoid the fourth patent and that the lawsuit reflects JUUL's concern over NJOY's market success. He confirmed the Ploom JV is progressing well with no impact from JT's other activities. Regarding the FDA rule, Gifford said Altria has urged the FDA to act on its existing authority and could not provide a specific timeline for implementation.

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