(Reuters) -Consumer healthcare company Haleon reported first-quarter revenue slightly below market estimates on Wednesday, due to retailer destocking in U.S. and cooling demand for some of its medicines after a surge last year.
The maker of popular household products such as Sensodyne toothpaste and pain-reliever Panadol, had earlier said that the first three months of 2024 would be impacted by a softer cold and flu season and a slowdown in painkiller Advil's sales in Canada, following a surge in demand last year.
Demand for medicines such as Contac and Fenbid, which benefited from pent-up demand in China last year after lockdown restrictions were lifted have also cooled, impacting Haleon's quarterly sales growth.
Revenues stood at 2.92 billion pounds ($3.64 billion) for the quarter ended March 31, slightly missing expectations of 2.93 billion pounds, according to a company-compiled consensus.
On a reported basis, revenue was down 2.2% on last year.