Pfizer has sold further shares in Sensodyne maker Haleon for £2.4 billion, reducing its holding from 22% to 15%. The US drugs giant sold 640 million shares in Haleon at 380p each, marking a 7.6% reduction in its stake in the consumer healthcare firm.
Haleon was established in 2019 through a merger of the consumer healthcare divisions of GSK and Pfizer, later becoming an independent entity when it was listed on the London Stock Exchange in July 2022. GSK initially retained a 12.9% stake post-flotation but has since sold off its entire holding in May for £1.2 billion.
Pfizer had previously divested around £2.6 billion worth of Haleon shares in March. The recent sale and repurchase of 60.5 million shares at the same price further align with Pfizer’s gradual reduction strategy in its stake in Haleon since the listing in 2022.
Haleon’s CEO, Brian McNamara, stated that the share repurchase will enable the company to return £500 million to shareholders through buybacks this year. The company has been executing plans to diminish debts, streamline operations, and divest non-core assets, such as selling nicotine replacement brands to Dr. Reddy’s Laboratories for £500 million in June.
Furthermore, Haleon has also recently divested ChapStick lip balm in a deal valued at around £383 million and athlete’s foot treatment Lamisil last year. The company aims to focus on high-growth brands like Sensodyne, Panadol, Advil, and Centrum, while aiming to achieve cost savings of approximately £300 million over the next two years.
As Haleon continues its strategic realignment and focus on key brands, its efforts to simplify operations and drive growth in core areas remain at the forefront of its business strategy.