Citi has maintained its 'sell' recommendation on Haleon PLC, revising its 12-month price target down from 340p to 335p. The broker cited growing headwinds in the U.S. retail landscape, including accelerated promotional activity among key pharmacy chains and shifting private-label strategies that are weighing on Haleon’s core consumer health brands. Citi also flagged a deceleration in brand momentum, particularly in over-the-counter analgesics and daily wellness formulations, noting that current valuation multiples fail to price in these persistent pressures.

Analysts at UBS project that Haleon will deliver fourth-quarter organic sales growth of 3.1%, slightly below consensus forecasts of 3.7%, reflecting a delayed onset of the 2025 cold and flu season in Europe and North America. Nevertheless, UBS anticipates a notable uplift in adjusted operating margin to approximately 24.5%, driven by productivity initiatives, supply-chain efficiencies, and the phasing out of legacy promotional allowances. Investors will be watching closely for confirmation of these cost-reduction levers as Haleon seeks to sustain double-digit margin expansion into fiscal 2026.