Haleon plc

Good morning, everyone, and welcome to Halian's half-year 2023 Q&A conference call. I'm Sonia Gabriel, Head of Investor Relations, and I'm joined this morning by Brian McNamara, our Chief Executive Officer, and Tobias Hessler, our Chief Financial Officer. Just to remind listeners on the call that in the discussions today, the company may make certain forward-looking statements, including those that refer to our estimates, plans, and expectations. Please refer to this morning's announcement and the company's UK and SEC filings for more details. including factors that could lead to actual results to different material from those expressed in or implied by such forward-looking statements. We've posted today's presentation on the website this morning with prepared remarks running through the results in detail. So with that, we'll go straight to open call for Q&A. Thank you.

As a reminder, if you'd like to ask a question today, that's star followed by one on your telephone keypad. If you wish to withdraw, that's star followed by two. Prepared to ask you a question, please ensure you are unmuted locally. And our first question today comes from Ian Simpson from Barclays. Ian, your line is open. Please go ahead.

Good morning, everyone. Two questions from me, please. Firstly, that 7% to 8% full year 23 organic sales growth guide, that implies 4% to 6% in the second half, which is obviously in line with your medium-term guidance. Is that how you should think about it? You're basically booking the strong first half and just delivering on the algo in the second half. And in terms of the moving parts within that second half, there was some nervousness that tough cold and flu comps in respiratory might be an H2 headwind. Do you feel more relaxed about those now? Or do you expect strength elsewhere in the business to offset tough respiratory comps in the second half? And then in terms of second question, just wondered if we could unpick moving parts in the margin. So you're guiding seven to eight organic, top line, 9% to 11% constant FX EBIT, so margins adding 2% to 3% to EBIT. But then in terms of FX impact on the business, we seem to be looking at sort of 4% top line, 6% to 7% EBIT, so a 2% to 3% drag from FX. So in terms of margins for the year, should we be thinking underlying margin delivery a little bit better than expected, FX headwinds maybe a little bit worse than expected, and Net-net margins probably staying flat in line with the previous guidance. Thank you very much.