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Pfizer sells £3 billion in Haleon Plc shares, stake reduced to 23%
Pfizer Inc. sells over £3 billion in Haleon Plc shares, reducing stake to 23% as part of a focus on pharmaceutical innovation. Haleon, known for products like Sensodyne toothpaste, anticipates revenue growth amid cost-cutting efforts.
Pfizer Inc. has sold over £3 billion ($3.8 billion) worth of shares in Haleon Plc, reducing its stake from 32% to about 23%. The US drugmaker sold more than 790 million shares, with the majority at £3.08 and the rest as American Depositary Shares at $7.85.
This move follows Pfizer’s plan to focus on pharmaceutical innovations over consumer health. Haleon will buy back about £315 million of its shares from Pfizer. Since its split from GSK Plc in 2022, Haleon’s shares have seen a slight decline.
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Haleon, known for products like Sensodyne toothpaste, was formed from GSK’s and Pfizer’s consumer-health units. GSK has also sold down its shares in Haleon, raising over £2.5 billion.
Pharmaceutical companies are separating consumer health from core business. Haleon expects revenue growth of up to 6% this year, focusing on cost-cutting and portfolio refinement since the split from GSK.
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Last update: Mar 19, 2024