Pfizer’s plan to sell down stake hits Haleon

Plans by Pfizer to begin selling down its 32 per cent stake in Haleon and lower-than-expected first-quarter profit weakened shares in the world’s biggest standalone consumer health business today.

Pfizer, the US drugs giant, spun off Haleon, a joint venture with GSK, the British drugs group, on the London Stock Exchange last July and said yesterday that it would sell down its remaining holding in a “slow and methodical” manner within months.

GSK also retains about a 12 per cent stake in Haleon. Dame Emma Walmsley, GSK’s chief executive, declined last week to outline any timeline to cut its holding, beyond reiterating that it is a “financial stake which we will monetise for value”.

Haleon, the owner of Sensodyne toothpaste and Panadol painkillers, was

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