Haleon (HLN) 20-F 15 Mar 24 2023 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Mar. 15, 2024
Entity Addresses [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Document Period End Date	Dec. 31, 2023
Entity File Number	001-41411
Entity Registrant Name	Haleon plc
Entity Incorporation, State or Country Code	X0
Entity Address, Address Line One	Building 5, First Floor
Entity Address, Adress Line Two	The Heights
Entity Address, City or Town	Weybridge
Entity Address, Postal Zip Code	KT13 0NY
Entity Address, Country	GB
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Entity Common Stock, Shares Outstanding			9,234,573,831
Entity Central Index Key	0001900304
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	KPMG LLP	KPMG LLP
Auditor Location	London, United Kingdom	New York, NY, USA
Auditor Firm ID	1118	185
Document Financial Statement Error Correction [Flag]	false
Deloitte LLP
Entity Addresses [Line Items]
Auditor Name		Deloitte LLP
Auditor Location		London, United Kingdom
Auditor Firm ID		1147
Ordinary shares, nominal value £0.01 per share
Entity Addresses [Line Items]
Title of 12(b) Security	Ordinary shares, nominal value £0.01 per share
Trading Symbol	HLN
Security Exchange Name	NYSE
American Depositary Shares, each representing two Ordinary Shares
Entity Addresses [Line Items]
Title of 12(b) Security	American Depositary Shares, each representing two Ordinary Shares
Trading Symbol	HLN
Security Exchange Name	NYSE
3.024% Callable Fixed Rate Senior Notes due 2024
Entity Addresses [Line Items]
Title of 12(b) Security	3.024% Callable Fixed Rate Senior Notes due 2024
Trading Symbol	HLN/24
Security Exchange Name	NYSE
Callable Floating Rate Senior Notes due 2024
Entity Addresses [Line Items]
Title of 12(b) Security	Callable Floating Rate Senior Notes due 2024
Trading Symbol	HLN/24A
Security Exchange Name	NYSE
3.125% Fixed Rate Senior Notes due 2025
Entity Addresses [Line Items]
Title of 12(b) Security	3.125% Fixed Rate Senior Notes due 2025
Trading Symbol	HLN/25
Security Exchange Name	NYSE
3.375% Fixed Rate Senior Notes due 2027
Entity Addresses [Line Items]
Title of 12(b) Security	3.375% Fixed Rate Senior Notes due 2027
Trading Symbol	HLN/27
Security Exchange Name	NYSE
3.375% Fixed Rate Senior Notes due 2029
Entity Addresses [Line Items]
Title of 12(b) Security	3.375% Fixed Rate Senior Notes due 2029
Trading Symbol	HLN/29
Security Exchange Name	NYSE
3.625% Fixed Rate Senior Notes due 2032
Entity Addresses [Line Items]
Title of 12(b) Security	3.625% Fixed Rate Senior Notes due 2032
Trading Symbol	HLN/32
Security Exchange Name	NYSE
4.000% Fixed Rate Senior Notes due 2052
Entity Addresses [Line Items]
Title of 12(b) Security	4.000% Fixed Rate Senior Notes due 2052
Trading Symbol	HLN/52
Security Exchange Name	NYSE
Business Contact [Member]
Entity Addresses [Line Items]
Contact Personnel Name	Amanda Mellor
Entity Address, Address Line One	Building 5
Entity Address, Adress Line Two	First Floor
Entity Address, Address Line Three	The Heights
Entity Address, City or Town	Weybridge
Entity Address, Postal Zip Code	KT13 0NY
Entity Address, Country	GB
City Area Code	+44
Local Phone Number	1932 822000

Consolidated income statement

Consolidated income statement - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Consolidated income statement
Revenue	£ 11,302	£ 10,858	£ 9,545
Cost of sales	(4,555)	(4,281)	(3,595)
Gross profit	6,747	6,577	5,950
Selling, general and administration	(4,413)	(4,483)	(4,086)
Research and development	(311)	(300)	(257)
Other operating (expense)/income	(27)	31	31
Operating profit	1,996	1,825	1,638
Finance income	34	51	17
Finance expense	(402)	(258)	(19)
Net finance costs	(368)	(207)	(2)
Profit before tax	1,628	1,618	1,636
Income tax	(517)	(499)	(197)
Profit after tax for the year	1,111	1,119	1,439
Profit attributable to shareholders of the Group	1,049	1,060	1,390
Profit attributable to non-controlling interests	£ 62	£ 59	£ 49
Basic earnings per share (pence)	£ 0.114	£ 0.115	£ 0.151
Diluted earnings per share (pence)	£ 0.113	£ 0.115	£ 0.151

Consolidated statement of compr

Consolidated statement of comprehensive income - GBP (£) £ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Consolidated statement of comprehensive income
Profit after tax for the year		£ 1,111	£ 1,119	£ 1,439
Items that may be subsequently reclassified to the income statement:
Exchange movements on overseas net assets		(420)	598	(34)
Exchange movements on overseas net assets of non-controlling interests		(7)	(10)
Fair value movements on cash flow hedges		8	204	11
Reclassification of cash flow hedges to the income statement		(23)	(18)
Related tax on items that may be subsequently reclassified to the income statement	[1]	4	(44)	(2)
Total		(438)	730	(25)
Items that will not be reclassified to the income statement:
Remeasurement gains on defined benefit plan		5	123	27
Related tax on items that will not be reclassified to the income statement		1	(29)	(12)
Total		6	94	15
Other comprehensive (expenses)/income, net of tax for the year		(432)	824	(10)
Total comprehensive income, net of tax for the year		679	1,943	1,429
Total comprehensive income for the year attributable to:
Shareholders of the Group		624	1,894	1,380
Non-controlling interests		£ 55	£ 49	£ 49
[1] Includes tax on fair value movements on cash flow hedges of £(2) m (2022: £(48) m), netted off by tax on reclassification of cash flow hedges to the income statement of £ 6 m (2022: £4 m ) .

Consolidated statement of com_2

Consolidated statement of comprehensive income (Parenthetical) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Consolidated statement of comprehensive income
Tax on fair value movements on cash flow hedges	£ 2	£ 48
Tax on reclassification of cash flow hedges to the income statement	£ 6	£ 4

Consolidated balance sheet

Consolidated balance sheet - GBP (£) £ in Millions	Dec. 31, 2023	Dec. 31, 2022
Non-current assets
Property, plant and equipment	£ 1,780	£ 1,757
Right of use assets	122	142
Intangible assets	26,855	28,436
Deferred tax assets	265	220
Post-employment benefit assets	36	25
Derivative financial instruments	65	44
Other non-current assets	114	132
Total non-current assets	29,237	30,756
Current assets
Inventories	1,408	1,348
Trade and other receivables	1,856	1,881
Cash and cash equivalents	1,044	684
Derivative financial instruments	23	50
Current tax receivables	91	96
Assets held for sale	396
Total current assets	4,818	4,059
Total assets	34,055	34,815
Current liabilities
Short-term borrowings	(656)	(437)
Trade and other payables	(3,526)	(3,621)
Derivative financial instruments	(40)	(31)
Current tax payables	(288)	(210)
Short-term provisions	(130)	(71)
Total current liabilities	(4,640)	(4,370)
Non-current liabilities
Long-term borrowings	(8,800)	(10,003)
Deferred tax liabilities	(3,487)	(3,601)
Post-employment benefit obligations	(157)	(161)
Derivative financial instruments	(150)	(175)
Long-term provisions	(39)	(26)
Other non-current liabilities	(53)	(22)
Total non-current liabilities	(12,686)	(13,988)
Total liabilities	(17,326)	(18,358)
Net assets	16,729	16,457
Equity
Share capital	92	92
Other reserves	(10,960)	(10,491)
Retained earnings	27,474	26,730
Shareholders' equity	16,606	16,331
Non-controlling interests	123	126
Total equity	£ 16,729	£ 16,457

Consolidated statement of chang

Consolidated statement of changes in equity - GBP (£) £ in Thousands		Shareholders' equity	Share capital	Share premium	Other reserves	Retained earnings	Non-controlling interests	Total
Beginning Balance at Dec. 31, 2020		£ 26,112,000	£ 1,000		£ (11,170,000)	£ 37,281,000	£ 111,000	£ 26,223,000
Profit after tax		1,390,000				1,390,000	49,000	1,439,000
Other comprehensive income/(expenses)		(10,000)			(25,000)	15,000		(10,000)
Total comprehensive (expenses)/income		1,380,000			(25,000)	1,405,000	49,000	1,429,000
Contribution from parent		11,000			11,000			11,000
Distributions to non-controlling interests							(35,000)	(35,000)
Dividends to equity shareholders	[1]	(1,148,000)				(1,148,000)		(1,148,000)
Ending Balance at Dec. 31, 2021		26,355,000	1,000		(11,184,000)	37,538,000	125,000	26,480,000
Profit after tax		1,060,000				1,060,000	59,000	1,119,000
Other comprehensive income/(expenses)		834,000			740,000	94,000	(10,000)	824,000
Total comprehensive (expenses)/income		1,894,000			740,000	1,154,000	49,000	1,943,000
Issue of share capital of the former ultimate holding company		21,758,000	21,758,000					21,758,000
Capital reduction of the former ultimate holding company		(21,758,000)	(21,758,000)					(21,758,000)
Transactions between the former ultimate holding company and equity shareholder	[1]	70,000		£ 70,000				70,000
Effect of change of ultimate holding company		(118,000)	(1,000)	(70,000)	(47,000)			(118,000)
Transactions with equity shareholders	[1]	(47,000)				(47,000)		(47,000)
Distributions to non-controlling interests							(48,000)	(48,000)
Dividends to equity shareholders	[1]	(11,930,000)				(11,930,000)		(11,930,000)
Issue of share capital		22,150,000	11,543,000	10,607,000				22,150,000
Capital reduction		(22,058,000)	(11,451,000)	£ (10,607,000)				(22,058,000)
Share based incentive plans		15,000				15,000		15,000
Ending Balance at Dec. 31, 2022		16,331,000	92,346		(10,491,000)	26,730,000	126,000	16,457,000
Profit after tax		1,049,000				1,049,000	62,000	1,111,000
Other comprehensive income/(expenses)		(425,000)			(431,000)	6,000	(7,000)	(432,000)
Total comprehensive (expenses)/income		624,000			(431,000)	1,055,000	55,000	679,000
Distributions to non-controlling interests							(58,000)	(58,000)
Dividends to equity shareholders		(388,000)				(388,000)		(388,000)
Share based incentive plans		76,000				76,000		76,000
Tax on share-based incentive plans		1,000				1,000		1,000
Purchase of shares by employee benefit trusts		(38,000)			(38,000)			(38,000)
Ending Balance at Dec. 31, 2023		£ 16,606,000	£ 92,000		£ (10,960,000)	£ 27,474,000	£ 123,000	£ 16,729,000
[1] Equity shareholders refers to GSK and Pfizer, which held equity interests of 68% and 32% in the Group respectively prior to the demerger as described in Note 1

Consolidated statement of cha_2

Consolidated statement of changes in equity (Parenthetical)	6 Months Ended
	Jun. 30, 2022
GSK Group | CHHL2
Proportion of ownership interest in subsidiary	68%
Pfizer Group | CHHL2
Proportion of ownership interest in associate	32%

Consolidated cash flow statemen

Consolidated cash flow statement - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Profit after tax	£ 1,111	£ 1,119	£ 1,439
Taxation charge	517	499	197
Net finance costs	368	207	2
Depreciation of property, plant and equipment and right of use assets	201	180	174
Amortisation of intangible assets	108	107	94
Impairment and assets written off, net of reversals	200	143	1
Loss/(gain) on sale of intangible assets, property, plant and equipment and businesses	12	(30)	(31)
Share-based incentive plan expense	76	15
Other non-cash movements	(11)	9	(22)
Increase/(decrease) in pension and other provisions	70	(43)	(36)
Changes in working capital:
Increase in inventories	(131)	(292)	(17)
Decrease/(increase) in trade receivables	38	(85)	14
Increase in trade payables	112	387	41
Net change in other receivables and payables	(126)	171	(190)
Taxation paid	(445)	(324)	(310)
Net cash inflow from operating activities	2,100	2,063	1,356
Cash flows from investing activities
Purchase of property, plant and equipment	(234)	(304)	(228)
Proceeds from sale of property, plant, and equipment			12
Purchase of intangible assets	(102)	(24)	(70)
Proceeds from sale of intangible assets	246	36	137
Purchase of business, net of cash acquired	(71)
Loans to related parties		(9,211)
Proceeds from settlement of amounts invested with GSK finance companies		700	100
Interest received	27	19	16
Net cash outflow from investing activities	(134)	(8,784)	(33)
Cash flows from financing activities
Payment of lease liabilities	(55)	(45)	(38)
Interest paid	(404)	(163)	(15)
Dividends paid to shareholders	(388)	(2,682)	(1,148)
Distributions to non-controlling interests	(58)	(48)	(35)
Contribution from parent		18	4
Repayment of borrowings	(553)	(1,518)
Proceeds from borrowings		11,004	8
Purchase of shares by employee benefit trust	(38)
Other financing cash flows	(72)	345	(12)
Net cash (outflow)/inflow from financing activities	(1,568)	6,911	(1,236)
Increase in cash and cash equivalents and bank overdrafts	398	190	87
Cash and cash equivalents and bank overdrafts at the beginning of the period	611	406	323
Exchange adjustments	(15)	15	(4)
Cash and cash equivalents and bank overdrafts at the end of the period	994	611	406
Cash and cash equivalents and bank overdrafts at the end of the period comprise:
Cash and cash equivalents	1,044	684	414
Overdrafts	(50)	(73)	(8)
Cash and cash equivalents and bank overdrafts at the end of the period	£ 994	£ 611	£ 406

General information

General information	12 Months Ended
	Dec. 31, 2023
General information
General information	1. General information Haleon is a public company limited by shares, incorporated under the laws of England and Wales with registered number 13691224. The Company has ordinary shares with a nominal value of £0.01 per share. The Group’s shares are listed and traded on the London Stock Exchange (LSE) with American Depositary Shares (ADSs) listed and traded on the New York Stock Exchange (NYSE) (LSE/NYSE: HLN). The registered address of the Company is Building 5, First Floor, The Heights, Weybridge, Surrey, England, KT13 0NY. ​ Basis of preparation The Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (IASB IFRS), including interpretations issued by the IFRS Interpretations Committee (IFRIC) and International Financial Reporting Standards as adopted by the United Kingdom (UK IFRS) (together IFRS) and the Companies Act 2006. IFRS as adopted by the UK differs in certain respects from IFRS as issued by the IASB. The differences have no impact on the Group’s Consolidated Financial Statements for the years presented. ​ Until July 2022, Haleon UK Holdings (No.2) Limited (HHL2) (previously, GlaxoSmithKline Consumer Healthcare Holdings (No.2) Limited (CHHL2)), the former ultimate holding company of the Group and the accounting predecessor, was jointly owned by GSK plc and its subsidiaries which held the majority controlling equity interest of 68%, and Pfizer Inc. and its subsidiaries which held a non-controlling equity interest of 32%. In July 2022, following the execution of a series of legal acts and contractual arrangements, including the spin-off to the shareholders of GSK, the Company was established to succeed HHL2 as the new ultimate holding company of the Group, with 55% of its equity interest held by the shareholders of GSK, 32% of its equity interest held by Pfizer and approximately 13% of its equity interest held by GSK. This corporate restructuring was contemplated and executed as one single economic event yet sequenced via multiple legal proceedings and activities. Management concluded that the predecessor (carryover) basis of accounting is appropriate because the corporate restructuring was instigated by GSK and its shareholders without the involvement of outside third parties or new investors. ​ This set of Consolidated Financial Statements have been prepared as if the Group had been in existence throughout all the periods presented by applying the principles of predecessor accounting in accordance with SEC Regulation C Rule 405 and IFRS although the actual legal transaction and corporate reorganisation occurred in July 2022. There was no economic change or event impacting the reporting entity because the business activities of the predecessor and successor remained identical and only the legal form and ownership allocation has changed. ​ Accounting convention The Consolidated Financial Statements are prepared on a historical cost basis unless otherwise indicated. The Consolidated Financial Statements are presented in Pound Sterling (GBP, £), the functional currency of the Company and presentation currency of the Group, and all values are denominated in millions of GBP (£m or £ million) unless stated otherwise. ​ Financial period These Consolidated Financial Statements cover the financial year from 1 January 2023 to 31 December 2023, with comparative figures for the financial years from 1 January 2022 to 31 December 2022 and from 1 January 2021 to 31 December 2021. ​ Going concern The Directors have reviewed the Group’s cash flow forecasts, financial position and exposure to principal risks and have formed the view that the Group will generate sufficient cash to meet its ongoing requirements for at least 12 months from the date the Financial Statements have been authorised. At 31 December 2023, the Group had cash and cash equivalents, net of bank overdrafts, of £994m and undrawn credit facilities of $1.3bn and £900m with initial maturity dates of September 2024 and September 2026, respectively. As a result, the Directors believe that it is appropriate to adopt the going concern basis of accounting in preparing the Group’s Consolidated Financial Statements. ​ Basis of consolidation Entities over which the Group has the power to direct the relevant activities so as to affect the returns to the Group, generally through control over the financial and operating policies from either voting or contractual rights, are accounted for as subsidiaries. Interests acquired in entities are consolidated from the date the Group acquires control and interests sold are deconsolidated from the date control ceases. ​ Where, as part of a business combination, the Group is not able to exercise control over a particular operation due to the existence of legal or other restrictions, the associated assets and liabilities are not consolidated, and a financial asset or liability is recognised for the economic benefit or obligation to be received under the contribution agreement. The assets and liabilities are consolidated, and the associated financial asset or liability derecognised, on the date at which the Group is able to exercise control over these operations. Transactions and balances between subsidiaries are eliminated and no profit before tax is recognised on sales between subsidiaries until the products are sold to customers outside the Group. Transactions with non-controlling interests are recorded directly in equity. Deferred tax relief on unrealised intra-group profit is accounted for only to the extent that it is considered recoverable. Refer to Note 30 ‘Subsidiaries’ for a list of the Group’s subsidiary undertakings. ​ Foreign currencies The Consolidated Financial Statements are presented in GBP, which is also the Company’s functional currency. Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. ​ Foreign currency transactions in individual Group companies are translated into functional currency using exchange rates at the date of the transaction. Foreign exchange gains and losses from settlement of these transactions, and from translation of monetary assets and liabilities at the rates prevailing on the reporting period date, are recognised in the income statement except when deferred in equity as qualifying hedges. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was measured. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated. ​ In preparing the Consolidated Financial Statements, the balances in individual Group companies are translated from their functional currency into GBP. The income statement, the cash flow statement and all other movements in assets and liabilities are translated at average rates of exchange as a proxy for the transaction rate, or at the transaction rate itself if more appropriate. Assets and liabilities are translated at the closing rates at the end of the reporting period. ​ The effect of exchange rate differences during the year on net assets of foreign operations is recorded in equity. ​ The Group applies hedge accounting to certain exchange differences arising between the functional currencies of a foreign operation and the functional currency of the parent entity, regardless of whether the net investment is held directly or through an intermediate parent. Differences arising on retranslation of a financial liability designated as a foreign currency net investment hedge are recorded in other comprehensive income/(expenses) and accumulated in equity to the extent that the hedge is effective, which may be subsequently reclassified to the consolidated income statement. These differences are reported within profit or loss to the extent that the hedge is ineffective. Gains and losses on the hedging instrument accumulated in equity are reclassified to profit or loss on the disposal or partial disposal of the foreign operation. ​ The principal currencies and relevant exchange rates in the key markets where the Group operates are shown below: ​ ​ ​ ​ ​ ​ ​ ​ ​ Average rates Year end rates ​ 2023 2022 2021 2023 2022 2021 USD/£ 1.24 1.24 1.38 1.27 1.20 1.35 Euro/£ 1.15 1.17 1.16 1.15 1.13 1.19 CNY/£ 8.81 8.31 8.86 9.06 8.31 8.56 ​ ​ Impact of climate change In preparing these Consolidated Financial Statements we have considered the impact of climate change. The Group does not believe that there is a material impact on the financial reporting judgements and estimates arising from climate change in the short term and as a result the valuation of our assets and liabilities has not been significantly impacted by these risks as at 31 December 2023. In concluding, we specifically considered the impact of climate change on the following areas: ​ ​ ​ ​ ​ Financial Statement area Relevant climate-related risks Relevant ESG targets Relevant Note for further information Property, plant and equipment - Damage and disruption caused by extreme weather events - Carbon pricing regulations - Carbon reduction - Water neutrality at our manufacturing sites Note 12 ‘Property, plant and equipment’ Goodwill and intangible brands - Damage and disruption caused by extreme weather events - Reduced availability and increased price volatility of raw materials due to climate change - Carbon pricing regulations - Loss of attractiveness due to consumers’ increasing expectations - Carbon reduction - Recycle-ready packaging - Sustainably sourced and deforestation-free ingredients and packaging - Reduced use of virgin petroleum-based plastic Note 14 ‘Intangible assets’ Inventory - Reduced availability and increased price volatility of raw materials due to climate change - Carbon pricing regulations - Recycle-ready packaging - Sustainably sourced and deforestation-free ingredients and packaging - Reduced use of virgin petroleum-based plastic Note 15 ‘Inventories’ Going concern and viability - Damage and disruption caused by extreme weather events ​ ​ ​ Whilst there is currently no short-term impact anticipated from climate change, the judgements and estimates of the Group will be regularly reviewed in light of the increasing risks and dynamic regulatory landscape as this continues to evolve.

Accounting policies

Accounting policies	12 Months Ended
	Dec. 31, 2023
Accounting policies
Accounting policies	2. Accounting policies The accounting policies adopted are the same as those which were applied for the previous financial year except as set out below under the heading ‘Recent accounting developments’. ​ Where an accounting policy is generally applicable to a specific note to the Consolidated Financial Statements, the policy is described within that note. ​ The accounting policies below have been applied throughout the Consolidated Financial Statements and apply to the Financial Statements as a whole. ​ Revenue The Group receives revenue for supply of goods to external customers against orders received. The majority of contracts that the Group enters into relate to sales orders containing single performance obligations for the delivery of consumer health products. ​ Product revenue is recognised when control of the goods is passed to the customer. The point at which control passes is determined by each customer arrangement, but generally occurs on delivery to the customer. ​ Revenue represents net invoice value (i.e., list price after the deduction of discounts, pricing allowances, customer incentives, promotional rebates and coupons). Revenue includes fixed and variable consideration. ​ Variable consideration arises on the sale of goods as a result of discounts and allowances given and accruals for estimated future returns and rebates. Discounts can either be on-invoice or off-invoice whilst allowances and rebates are generally off-invoice. The discounts, allowances and promotional rebates are recognised as a deduction from revenue at the time that the related revenue is recognised or when the Group has committed to pay the consideration, whichever is later. Variable consideration is not included in the transaction price until it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur. ​ ​ The methodology and assumptions used to estimate returns and rebates are monitored and adjusted regularly in light of contractual and legal obligations, historical trends, past experience and projected market conditions. Once the uncertainty associated with the returns and rebates is resolved, revenue is adjusted accordingly. The differences between actual amounts settled and the estimated accrued amounts are recognised as a change in management estimate in the subsequent reporting period. The assumptions used in estimation are based on known facts with a high level of accuracy. In addition, the Group’s promotional programmes are typically short-term in nature resulting in lower inherent estimation uncertainty. ​ Some contracts for the sale of consumer health products provide customers with a right to return the goods within a specified period. A refund liability is recognised for the goods that are expected to be returned (i.e., the amount not included in the transaction price). A right of return asset (and the corresponding adjustment to cost of sales) is also recognised for the right to recover the goods from the customer. The Group uses the most likely amount method to estimate the variable consideration in contracts with a right to return. ​ The Group also provides retrospective volume rebates to certain customers once the products purchased during the period exceed the threshold specified in the contract. A refund liability is recognised for the expected future rebates (i.e., the amount not included in the transaction price). The Group applies the most likely amount method to estimate the variable consideration in the contract related to rebates. Volume rebates and refund liabilities are recognised in trade and other payables. ​ The Group has elected to apply the practical expedient not to disclose the aggregate amount of transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) as at the end of the reporting period. ​ Research and development Research and development (R&D) expenditure is charged to the income statement in the period in which it is incurred. R&D expenditure comprises expenditure that is directly attributable to the research and development of new products or variants, including the costs attributable to the generation or improvement of intellectual property and product registrations, depreciation and amortisation of equipment, real estate and IT assets used by the R&D function. ​ Recent accounting developments On 20 June 2023, the UK Finance (No.2) Bill 2022-23 was substantively enacted in the UK, including legislation to implement in the UK certain parts of the OECD’s Pillar Two regime for periods beginning on or after 1 January 2024. Refer to Note 9 ‘Taxation’ for further information about the anticipated impact of this legislation. On 19 July 2023, the UK Endorsement Board adopted the temporary, mandatory deferred tax exception to IAS 12, as issued by the IASB in May 2023. The exception has been applied and the Group has neither recognised nor disclosed information about deferred tax assets or liabilities relating to Pillar Two income taxes. ​ IFRS 17 ‘Insurance Contracts’ is effective from 1 January 2023 and introduces a new model for accounting for insurance contracts. We have reviewed existing arrangements and concluded that IFRS 17 is not material for the Group. We have also reviewed other new standards or amendments to standards that have been issued by the IASB and are effective from 1 January 2023 and concluded that they are not material to the Group. ​ All new accounting standards, amendments to accounting standards and interpretations that have been published by the IASB and are not effective for 31 December 2023 reporting periods, have not been early adopted by the Group. These standards, amendments or interpretations are not expected to have a material impact on the entity in the current or future reporting periods.

Critical accounting judgements

Critical accounting judgements and key sources of estimation uncertainty	12 Months Ended
	Dec. 31, 2023
Critical accounting judgements and key sources of estimation uncertainty
Critical accounting judgements and key sources of estimation uncertainty	3. Critical accounting judgements and key sources of estimation uncertainty In preparing the Consolidated Financial Statements, management is required to make judgements about when or how items should be recognised in the Consolidated Financial Statements and estimates and assumptions that affect the amounts of assets, liabilities, income and expenses reported in the Consolidated Financial Statements. Actual amounts and results could differ from those estimates. ​ There are no critical accounting judgements. The following is the key source of estimation uncertainty. ​ Indefinite life brands Estimation of the recoverable amount of indefinite life brands requires significant estimates of the value of each brand. The Group reviews indefinite life brands for impairment at least annually or when there is an indication that the assets may be impaired. The recoverable amounts of indefinite life brands are estimated using the fair value less costs to sell methodology. These calculations use management’s estimates consistent with current budgets and plans that have been formally approved, assumptions of market participants and are based on discounted cash flow forecasts using estimated long-term growth rates. Refer to Note 14 ‘Intangible assets’ for further details about the Group’s indefinite life brands and sensitivity analysis of Preparation H.

Segment information

Segment information	12 Months Ended
	Dec. 31, 2023
Segment information
Segment information	4. Segment information The Group is organised into business units based on geographical areas and has three reportable segments: ​ – North America – Europe, Middle East, Africa and Latin America (EMEA & LatAm) – Asia Pacific (APAC) ​ No operating segments have been aggregated to form the above reportable operating segments. ​ The Group’s Commercial Operations Board, which consists of the CEO, CFO and other members of senior leadership, is the Chief Operating Decision Maker (CODM) who monitors the operating results of the Group’s reportable segments separately for the purpose of making decisions about resource allocation and performance assessment. The CODM uses a measure of adjusted operating profit to assess the performance of the reportable segments. Adjusted operating profit is defined as operating profit less net intangible amortisation and impairment of brands, licences, and patents, restructuring costs, transaction-related costs, separation and admission costs, and disposals and others. The CODM does not review IFRS operating profit or total assets on a segment basis. ​ The composition of these geographical segments is reviewed on an annual basis. Analysis of revenue and adjusted operating profit by geographical segment is included below: ​ Revenue by segment ​ ​ ​ ​ ​ ​ 2023 £m 2022 2021 North America 4,195 4,116 3,525 EMEA & LatAm 4,545 4,270 3,877 APAC 2,562 2,472 2,143 Group revenue 11,302 10,858 9,545 ​ Transactions between Haleon’s geographical regions are carried out at arm’s length terms in accordance with appropriate transfer pricing rules and Organisation for Economic Cooperation and Development (OECD) principles. ​ Adjusted operating profit by segment ​ ​ ​ ​ ​ 2023 £m 2022 2021 Group operating profit 1,996 1,825 1,638 Reconciling items between Group operating profit and Group adjusted operating profit 1 553 647 534 Total 2,549 2,472 2,172 ​ ​ ​ ​ North America 1,107 1,070 828 EMEA & LatAm 1,010 977 960 APAC 541 506 461 Corporate and other unallocated (109) (81) (77) Total 2,549 2,472 2,172 ​ 1 The reconciling items above include: a) Net amortisation and impairment of intangible assets of £224 m (2022: £172 m, 2021: £16 m): Amortisation and impairment of intangible assets, excluding computer software and impairment of goodwill net of reversals of impairment. b) Restructuring costs of £169 m (2022: £41 m, 2021: £195 m): Expenses related to business transformation activities where the plans are sufficiently detailed and well advanced, and where a valid expectation to those affected has been created. c) Transaction-related costs of £2 m (2022: £8 m, 2021: £ nil ): Costs related to acquisition of a manufacturing site. d) Separation and admission costs of £ 120 m (2022: £411 m, 2021: £278 m): Costs incurred in relation to and in connection with separation and listing of the Group as a standalone business. e) Disposals and others of £38 m (2022: £15 m, 2021: £45 m): Gains and losses on disposals of assets and businesses, tax indemnities related to business combinations and other items. ​ ​ The primary products sold by each of the reportable segments consist of Oral Health, Vitamins, Minerals and Supplements, Pain Relief, Respiratory Health, Digestive Health and Other products and the product portfolio is consistent across the reportable segments. Analysis of revenue by market category is included below: ​ Revenue by market category ​ ​ ​ ​ ​ ​ 2023 £m 2022 2021 Oral Health 3,136 2,957 2,724 Vitamins, Minerals and Supplements 1,640 1,675 1,501 Pain Relief 2,652 2,551 2,237 Respiratory Health 1,736 1,579 1,132 Digestive Health and Other 2,138 2,096 1,951 Group revenue 11,302 10,858 9,545 ​ Revenue attributable to the country of domicile and foreign countries with the most significant contribution to the Group’s revenue are included below: ​ Revenue by geography ​ ​ ​ ​ ​ ​ 2023 £m 2022 2021 UK 381 348 327 US & Puerto Rico 3,755 3,692 3,187 China 966 907 801 Rest of the World 6,200 5,911 5,230 Group revenue 11,302 10,858 9,545 ​ Other segmental information ​ ​ ​ ​ ​ ​ ​ ​ North America EMEA & APAC Other Total £m Year ended 31 December 2023 ​ ​ ​ ​ ​ Impairment charges 3 5 2 190 200 Impairment reversal – – – – – ​ ​ ​ ​ ​ ​ Year ended 31 December 2022 ​ ​ ​ ​ ​ Impairment charges 2 7 1 133 143 Impairment reversal – – – – – ​ ​ ​ ​ ​ ​ Year ended 31 December 2021 ​ ​ ​ ​ ​ Impairment charges 5 5 2 25 37 Impairment reversal – – – (48) (48) ​ Non-current assets attributable to the country of domicile and all foreign countries with significant non-current assets are included below: ​ ​ ​ ​ ​ ​ ​ 2023 £m 2022 2021 UK 405 440 430 US & Puerto Rico 7,622 8,519 7,884 Rest of the World 20,844 21,508 20,551 Non-current assets 28,871 30,467 28,865 ​ Non-current assets by location excludes derivatives, deferred tax assets and post-employment benefit assets.

Other operating income

Other operating income	12 Months Ended
	Dec. 31, 2023
Other operating income
Other operating income	5. Other operating (expense)/ income Other operating expense/income includes income and expense from all other operating activities which are not related to the ordinary course of business of the Group, such as gains/losses from disposals and transaction-related costs. ​ In 2023, the Group recognised £10m loss on disposal of the Lamisil brand. ​ In 2022, the Group recognised a £24m gain on the disposal of the Polocard brand, a product sold in Poland. In 2021 the Group recognised a net gain on disposals of intangible assets and businesses of £31m, which included divestments of Transderm Scop, Acne-Aid and Baldriparan.

Operating profit

Operating profit	12 Months Ended
	Dec. 31, 2023
Operating profit
Operating profit	6. Operating profit Expenditure is recognised in respect of goods and services received when supplied in accordance with contractual terms. Provision is made when an obligation exists for a future liability in respect of a past event and where the amount of the obligation can be reliably estimated. Advertising & Promotion (A&P) expenditure is charged to the income statement as incurred. Shipment costs on intercompany transfers are charged to cost of sales; distribution costs on sales to customers are included in selling, general and administration (SG&A). ​ Key expenses included in operating profit ​ ​ ​ ​ ​ ​ ​ ​ 2023 £m 2022 2021 Advertising and promotion 1 ​ 2,023 2,026 1,941 Distribution costs 1 ​ 237 237 209 Separation and admission costs ​ 120 411 278 Restructuring costs ​ 169 41 195 ​ 1 Reported within selling, general and administration. ​ Separation and admission costs represent costs incurred in relation to and in connection with the separation and listing of the Group as a standalone business in 2022. Separation and admission costs are reported within cost of sales (2023: £4m, 2022: £4m, 2021: £nil) and the selling, general and administration expense (2023: £116m, 2022: £407m, £2021: £278m). ​ Restructuring costs Restructuring costs are recognised and provided for, where appropriate, in respect of the direct expenditure of a business reorganisation where the plans are sufficiently detailed and well advanced, and where a valid expectation to those affected has been created by either starting to implement the restructuring plans or announcing its main features. Restructuring costs are those mainly related to specific Board-approved restructuring programmes, including integration costs following material acquisitions, which are structural in nature and significant in scale. ​ Restructuring costs include severance and other personnel costs, professional fees, impairments of assets, and other related items. ​ Haleon may undertakesrestructuring programmes in response to changes in the Group’s trading environment and overall strategy or following significant acquisitions. Costs, both cash and non-cash, of these programmes are provided for as individual elements are approved and meet the accounting recognition criteria. As a result, charges may be incurred over a number of years following the initiation of a major restructuring programme. ​ Restructuring costs in 2023 mainly relate to business transformation activities associated with our programme to increase productivity and agility. In 2022 and 2021, restructuring costs mainly related to activities aiming to generate synergies from the integration of the Pfizer Group’s Consumer Healthcare business into the Group’s business, following the Pfizer Transaction completed on 31 July 2019. Refer to Note 21 ‘Provisions’ for further details about the Group’s restructuring provisions. ​ A breakdown of the restructuring costs is included below: ​ ​ ​ ​ ​ ​ ​ ​ 2023 £m 2022 2021 Cost of sales ​ 26 19 44 Selling, general and administration, and other operating expenses ​ 129 25 150 Research and development ​ 14 (3) 1 Total ​ 169 41 195 ​ ​ ​ ​ ​ ​ ​ ​ 2023 £m 2022 2021 Cash ​ 168 39 175 Non-cash ​ 1 2 20 Total ​ 169 41 195 ​ Fees payable to the Group’s auditors (and their associates) included in operating profit In April 2023 KPMG LLP (UK) was appointed as external auditor for the Group. In the previous year, in light of UK and US rules on independence, the Group had two external auditors KPMG LLP (US) and Deloitte LLP. KPMG LLP (US) was appointed to conduct an audit of the Group’s financial statements under the rules and standards of the US Securities and Exchange Commission (SEC) and the US Public Company Accounting Oversight Board (PCAOB) standards. Deloitte LLP was engaged in respect of the statutory audit of the financial statements of the Group’s parent company and its subsidiaries in accordance with International Standards of Auditing (UK ISAs). A fee breakdown for each firm is shown in the table below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 £m 2022 2021 KPMG LLP (UK) Audit of Group Consolidated Financial Statements ​ 11 – – ​ Audit of the Company’s subsidiaries ​ 5 – – ​ Audit services ​ 16 – – ​ Other services 1 ​ 1 – – Total ​ ​ 17 – – KPMG LLP (US) Audit of Group Consolidated Financial Statements ​ – 14 – ​ Audit services ​ – 14 – ​ Other services 1 ​ – 3 – Total ​ ​ – 17 – Deloitte LLP Audit of Parent Company and Consolidated Financial Statements 2 ​ – 10 5 ​ Audit of the Company’s subsidiaries ​ – 5 6 ​ Audit services ​ – 15 11 ​ Other assurance services 3 ​ – 6 2 Total ​ ​ – 21 13 ​ 1 Other services provided by KPMG relate to permissible tax compliance and advisory services £ nil (2022: £2.5 m), other audit-related services £1.2 m (2022: £0.3 m) and other services £nil (2022: £0.2 m) 2 Includes (2022: £ nil , 2021: £0.9 m) in relation to incremental audit work performed for audit opinions issued in compliance with PCAOB auditing standards in preparation for the proposed separation of the Group from GSK. 3 Includes (2022: £3 m, 2021: £2.4 m) in relation to reporting accountant work performed in preparation for the proposed separation of the Group from GSK.

Employees and remuneration of k

Employees and remuneration of key management personnel	12 Months Ended
	Dec. 31, 2023
Employees and remuneration of key management personnel
Employees and remuneration of key management personnel	7. Employees and remuneration of key management personnel Employees The average number of employees by individual geographical segment and the Group’s total employment costs are included below. ​ Average number of employees ​ ​ ​ ​ ​ ​ 2023 '000 2022 2021 North America 5 5 6 EMEA & LatAm 12 10 12 APAC 7 6 5 Total 1 24 21 23 1 The increase in average number of employees is mainly due to the build-up of sales force in India after the termination of the Consignment Selling Agreement (CSA) with Unilever, employees of the acquired manufacturing site in Brazil, and the recruitment for Haleon standalone support function after the demerger. The increase was partially offset by the impact of the productivity programme. ​ Aggregate remuneration of all employees including Directors ​ ​ ​ ​ ​ ​ 2023 £m 2022 2021 Wages and salaries 1,723 1,534 1,287 Social security costs 176 163 147 Pensions and other post-employment costs (Note 20) 54 52 30 Share-based incentive plans (Note 26) 88 78 59 Severance costs from integration and restructuring activities 108 8 95 Total 2,149 1,835 1,618 ​ Remuneration of key management personnel Key management personnel comprises the Executive Directors and the Executive Team. The compensation of key management personnel in respect of their services to the Group in aggregate was as follows: ​ Remuneration of key management personnel ​ ​ ​ ​ ​ ​ 2023 £m 2022 2021 Wages and salaries 19 18 12 Social security costs 2 1 1 Pensions and other post-employment costs 1 1 2 Share-based incentive plans 15 9 7 Non-executive directors fees 2 – – Total 39 29 22 ​ Directors’ remuneration In 2021, two of GSK nominated Directors had responsibility for managing the Consumer Healthcare business and also undertook a variety of work relating to the wider GSK. It is not deemed practicable to make an apportionment of remuneration for the Company. The remainder were remunerated as Executives of GSK or Pfizer and received no remuneration in respect of their services to the Company. ​

Net finance costs

Net finance costs	12 Months Ended
	Dec. 31, 2023
Net finance costs
Net finance costs	8. Net finance costs Net finance costs comprise finance expense and finance income. Finance income includes income on cash and cash equivalents and income on other financial assets. Finance expense includes interest costs in relation to financial liabilities including interest on bonds and lease liabilities, which represents the unwind of the discount rate applied to lease liabilities. Borrowing costs are recognised based on the effective interest method. ​ Net finance costs ​ ​ ​ ​ ​ ​ 2023 £m 2022 2021 Interest income on financial assets at amortised cost: ​ ​ ​ Other receivables – 38 10 Cash and cash equivalents 25 18 3 Financial assets measured at fair value through profit or loss 7 (5) 4 Net gains and losses arising from: ​ ​ ​ Financial instruments mandatorily measured at fair value through profit or loss (109) 208 (35) Retranslation of loans and bonds 111 (208) 35 Total finance income 34 51 17 Interest expense arising on: ​ ​ ​ Financial liabilities at amortised cost (409) (274) (7) Derivatives at fair value through profit or loss – 6 (5) Reclassification of hedges from other comprehensive income 23 18 – Finance expense arising on lease liabilities (5) (4) (4) Other finance expense (11) (4) (3) Total finance expense (402) (258) (19) Net finance costs (368) (207) (2) ​

Taxation

Taxation	12 Months Ended
	Dec. 31, 2023
Taxation
Taxation	9. Taxation Income tax Income tax expense represents the sum of the current and deferred taxes. ​ Current tax payable or recoverable is based on taxable profit for the year, and any adjustments in respect of prior periods. Taxable profit differs from profit as reported in the income statement because some items of income or expense are taxable or deductible in different years or may never be taxable or deductible. The amount of current tax payable or receivable is the best estimate of the amount expected to be paid to, or received from, tax authorities. It is calculated using tax rates and laws that have been substantively enacted at the reporting date. ​ Tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they either relate to income taxes levied by the same taxation authority on either the same taxable entity or on different taxable entities which intend to settle the current tax assets and liabilities on a net basis. ​ ​ Tax is charged or credited to the income statement, except when it relates to items charged or credited to other comprehensive income/(expense) or directly to equity, in which case the tax is recognised in other comprehensive income/(expense) or in equity. ​ The Group recognises provisions for uncertain tax positions when it is probable that a tax authority would not accept an uncertain tax treatment. This is done by assuming the tax authority will examine all the amounts and would have full knowledge of all related information when making those examinations. Uncertain tax positions are assessed and measured on an issue-by-issue basis within the jurisdictions that we operate either using management’s estimate of the most likely outcome where the issues are binary, or the expected value approach where the issues have a range of possible outcomes. ​ Where open tax matters exist, the ultimate liability for such matters may vary from the amounts provided and is dependent upon the outcome of negotiations with the relevant tax authorities or, if necessary, litigation proceedings. At 31 December 2023, the Group had recognised provisions of £148m in respect of such uncertain tax positions (2022: £159m and 2021: £150m). Due to the number of uncertain tax positions held and the number of jurisdictions to which these relate, it is not practicable to give meaningful sensitivity estimates. ​ The Group recognises interest on late paid taxes as part of financing costs, and any penalties, if applicable, as part of the income tax expense. ​ Tax charged to the income statement The major components of income tax expense are: ​ Taxation charge/(credit) based on profits for the period ​ ​ ​ ​ ​ ​ 2023 £m 2022 2021 Current year charge 570 412 361 Charge in respect of prior periods (31) 25 (50) Total current taxation 539 437 311 Total deferred taxation (22) 62 (114) Total 517 499 197 ​ The tax charge on the Group’s profit for the year can be reconciled from the standard rate of corporation tax in the UK of 23.5% (2022: 19%, 2021: 19%) as follows: Reconciliation of the taxation rate on the Group profits ​ ​ ​ ​ ​ ​ 2023 £m 2022 2021 Profit before tax 1,628 1,618 1,636 UK statutory rate of taxation of 23.5% (2022: 19% , 2021: 19% ) 383 307 311 Differences in overseas taxation rates (2) 72 105 Benefit of substance-based tax rulings (21) (15) (18) R&D tax credits (6) (3) (2) Tax losses not recognised – 1 3 Permanent differences on disposals, acquisitions and transfers 155 – (164) Items non-deductible/taxable for tax purposes 55 56 3 Re-assessment of prior year estimates (65) 5 (70) Changes in tax rates 18 76 29 Total tax charge 517 499 197 ​ The Group has a substantial business presence in many countries around the world. The effect of overseas tax rates represents the tax impact on profits arising outside the UK that are then taxed at rates different to the statutory rate in the UK. In 2023 this results in a reduction to the tax charge due to the increase in the statutory rate of tax in the UK, whereas in 2022 and 2021 this impact was to increase the tax charge. In all years, beneficial incentives offered in certain countries have reduced the overall tax charge. ​ The tax effect of disposals, acquisitions and transfers can vary from the accounting profit or loss that arises. The items recorded in 2023 and 2021 relate to intra-group transfers. The tax impact of these transfers are a charge and a credit respectively, reflected in deferred tax, and relates to the different tax rates and rules that exist in various jurisdictions around the world. ​ Items non-deductible/taxable for tax purposes include irrecoverable withholding taxes, charges on controlled foreign companies, as well as legal and transactional fees that are not deductible for tax purposes. ​ ​ The re-assessment of prior year estimates includes settlements reached following conclusion of tax authority review and differences between final tax return submissions and liabilities accrued in these financial statements; the release of prior year uncertain tax positions and a one-off deferred tax adjustment of £37m. ​ The impact of changes in tax rates results from the revaluation of temporary differences due to new tax rates coming into force. In 2023, this primarily relates to new Cantonal legislation substantively enacted in Switzerland that increases the applicable tax rate from 2025. In 2022 and 2021, similar changes to tax rates impacted the Group in the US and the UK respectively. ​ Future tax charges, and therefore the effective tax rate, may be affected by factors such as acquisitions, disposals, restructurings, the location of research and development activity, tax regime reforms, agreements with tax authorities and resolution of open matters as the Group continues to bring its tax affairs up to date around the world. ​ On 20 June 2023, the UK Finance (No.2) Bill 2022-23 was substantively enacted in the UK, including legislation to implement in the UK certain parts of the OECD’s Pillar Two regime for periods beginning on or after 1 January 2024. These rules will apply to the Group. The primary purpose of this legislation is to introduce a global minimum tax rate of 15%, to address concerns about the tax contributions of large multinationals. The Group operates in territories where the tax rate is below 15%. ​ Tax authorities around the world are responding to the new rules in a variety of ways, with examples being the introduction of corporate income tax, amendments to statutory rates of tax, and the introduction of ‘Domestic Minimum Top Up Taxes’. The precise implementation of the changes will dictate how any additional tax will be calculated and reported by the Group in the future. Based on the rules in force at the reporting date, it is estimated that the impact of Pillar Two will increase the adjusted effective tax rate of the Group by less than 1%, primarily driven by top up taxes in respect of Switzerland. ​ In addition to the amounts charged to the income statement, tax of £6m has been credited directly to equity or through comprehensive income/(expense) (2022: £73m debit, 2021: £14m debit) of which a £5m credit (2022: £5m debit, 2021: £nil), is included in current tax and a £1m credit (2022: £68m debit, 2021: £14m debit) is included in deferred tax and principally relates to cash flow hedges and post-employment benefits. ​ Deferred tax Deferred tax is the tax expected to be payable or recoverable in the future arising from temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. It is accounted for using the statement of financial position liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that temporary differences or taxable profits will be available against which deductible temporary differences can be utilised. ​ Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are not recognised to the extent they arise from the initial recognition of non-tax deductible goodwill. In addition, the Group has neither recognised nor disclosed information about deferred tax assets or liabilities relating to Pillar Two income taxes as required by the temporary, mandatory deferred tax exception to IAS 12. Refer to Note 2 ‘Accounting policies’. ​ Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint arrangements, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. ​ The carrying amount of deferred tax assets is reviewed at each reporting period date and adjusted to reflect changes in the Group’s assessment that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised, based on tax rates that have been enacted or substantively enacted by the reporting period date. ​ Deferred tax assets and liabilities comprise of: ​ ​ ​ ​ ​ 2023 £m 2022 Deferred tax assets 265 220 Deferred tax liabilities (3,487) (3,601) Total (3,222) (3,381) ​ Movement in deferred tax assets and liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accelerated capital allowances Intangibles Pensions & other post-employment benefits Tax losses Intra-group profit Other net Total £m As at 1 January 2023 (90) (3,641) 30 14 135 171 (3,381) Exchange adjustments 6 153 (1) (1) (12) (9) 136 (Charge)/credit to income statement (10) (125) 6 (2) 52 101 22 (Charge)/credit to statement of comprehensive income – – (3) – – 3 – Credit directly to equity – – – – – 1 1 At 31 December 2023 (94) (3,613) 32 11 175 267 (3,222) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accelerated capital allowances Intangibles Pensions & other post-employment benefits Tax losses Intra-group profit Other net Total £m As at 1 January 2022 (66) (3,438) 50 9 117 283 (3,045) Exchange adjustments (6) (233) 3 1 12 17 (206) (Charge)/credit to income statement (18) (78) 1 4 6 23 (62) (Charge)/credit to statement of comprehensive income – – (24) – – (44) (68) Reclassification and other movements – 108 – – – (108) – At 31 December 2022 (90) (3,641) 30 14 135 171 (3,381) ​ Provision for deferred tax liabilities of £37m (2022: £40m) has been made in respect of the taxation that would arise on the future distribution of retained profits by certain overseas subsidiaries. Deferred tax is not provided on temporary differences of £206m (2022: £385m) arising on unremitted profits as management can control any future reversal and does not consider such a reversal to be probable. ​ The Group has recognised a deferred tax asset for trading losses of £11m (2022: £14m) on the basis of management forecasts which demonstrate these losses should be recovered in the foreseeable future. No deferred tax asset has been recognised in respect of gross tax losses of £260m (2022: £266m) due to the unpredictability of future profits. Included in this unrecognised amount are US state tax losses of £175m (2022: £178m) which can only be carried forward for between 15 and 20 years. These losses expire at various dates over the next 17 years. Other unrecognised losses may be carried forward indefinitely.

Dividends

Dividends	12 Months Ended
	Dec. 31, 2023
Dividends
Dividends	10. Dividends Dividends are recognised on the date that the shareholder’s right to receive payment is established. Interim dividends are recognised when they become payable to Company’s shareholders. Final dividends are recognised when they are approved by shareholders. The Board are proposing a final dividend for the year ended 31 December 2023 of 4.2p per ordinary share. Subject to shareholder approval at the AGM, it will be paid on 16 May 2024 to holders of ordinary shares and ADS on the register as of 15 March 2024. ​ Dividends declared and paid during the year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 ​ Paid/payable Dividend per share (pence) Total dividend (£m) Paid/payable Dividend per share (£) Total dividend (£m) Paid/payable Dividend per share (£) Total dividend (£m) 2023 interim dividend 5 Oct 2023 1.8 166 n/a n/a n/a n/a n/a n/a 2022 final dividend 27 Apr 2023 2.4 222 n/a n/a n/a n/a n/a n/a Pre-demerger dividends 1 n/a n/a n/a n/a 11,930 11,930 n/a 1,148 1,148 ​ 1 During 2022 and 2021, the Group declared and paid a series of dividends to GSK and Pfizer under the Shareholders’ Agreement valid at that time. The dividends per share for the dividends declared and paid before the demerger activities that took place in July 2022 were paid from the former ultimate holding company of CHHL2 and were calculated based on CHHL2’s share structure. In 2022, the Group utilised a £9,211 m loan plus £37 m of interest receivable from its former equity shareholders, prior to the demerger, to partially fund the pre-separation dividend and the final sweep dividend.

Earnings per share

Earnings per share	12 Months Ended
	Dec. 31, 2023
Earnings per share
Earnings per share	11. Earnings per share Basic earnings per share is calculated by dividing the profit attributable to shareholders by the Company’s weighted average number of share units in issue during the year after deducting treasury shares or shares held by employee benefit trusts (EBTs) if any. ​ Basic earnings per share for the year ended 31 December 2021 has been adjusted retrospectively, as required by IAS 33 ‘Earnings per share’, to reflect the share structure of the Company resulting from the increase in the number of ordinary shares outstanding as a result of the demerger activities that took place in July 2022. As a result, basic earnings per share for the year ended 31 December 2021 has been calculated by dividing the profit attributable to shareholders by the Company’s weighted average number of shares in issue, with 9,234,573,831 shares outstanding upon the completion of the demerger activities. ​ Diluted earnings per share has been calculated after adjusting the weighted average number of shares used in the basic calculation to assume the conversion of all potentially dilutive shares. There were no dilutive shares in 2021. ​ The total number of shares held in connection with employee long-term incentive schemes as at 31 December 2023 was 10.4m. These were acquired for the purpose of meeting equity settled share-based payment obligations and are sufficient for the expected vesting in Q1 2024. ​ Earnings per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Profit after tax attributable to equity shareholders (£m) 1,049 1,060 1,390 Weighted average number of shares (million) 9,235 9,235 9,235 Weighted average number of shares (held by EBTs) (million) 1 (2) – – Basic weighted average number of shares (million) 9,233 9,235 9,235 Effect of dilutive potential shares (million) 30 4 – Diluted weighted average number of shares (million) 9,263 9,239 9,235 Basic earnings per share (pence) 11.4 11.5 15.1 Diluted earnings per share (pence) 11.3 11.5 15.1 1 The total number of shares held as at 31 December 2023 was 10.4 m. The impact of these shares on the basic weighted average number of shares was only 2 m because these shares were acquired towards the end of the accounting period. These shares were acquired to meet the equity settled share-based payment obligations vesting in Q1 2024.

Property, plant and equipment

Property, plant and equipment	12 Months Ended
	Dec. 31, 2023
Property, plant and equipment.
Property, plant and equipment	12. Property, plant and equipment Land, buildings, plant, equipment and vehicles are valued at their cost, less any accumulated depreciation and any accumulated impairment losses. ​ Assets under construction are carried at cost, less any recognised impairment losses. Depreciation of these assets commences when the assets are ready for their intended use. ​ The cost of property, plant and equipment includes directly attributable incremental costs incurred in acquisition and installation of the assets. ​ Depreciation is recognised on a straight-line basis, over the estimated useful lives of the asset. Residual values and useful lives are reviewed, and where appropriate adjusted annually. Estimated useful lives of the major categories of assets are shown below: ​ ​ ​ Freehold buildings 20 to 50 years Leasehold land and buildings Lease term or 20 to 50 years Plant and machinery 10 to 20 years Equipment and vehicles 3 to 10 years ​ Property, plant and equipment is subject to review for impairment if triggering events or circumstances indicate an impairment may exist. If an indication of impairment exists, the recoverable amount of the asset or cash generating unit is estimated and any impairment loss is charged to the income statement as it arises. ​ Where there has been a change in the estimates used to determine recoverable amount and an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, not to exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years and an impairment loss reversal is recognised immediately in the income statement. ​ On disposal of property, plant and equipment, the cost and related accumulated depreciation and impairments are derecognised from the Consolidated Financial Statements and the net amount, less any proceeds, is taken to the income statement. ​ Property, plant and equipment ​ ​ ​ ​ ​ ​ ​ Land and Plant, Assets under Total £m Cost at 1 January 2022 920 1,486 299 2,705 Exchange adjustments 59 86 20 165 Additions 4 9 292 305 Disposals and write-offs (13) (130) – (143) Reclassifications (40) 201 (222) (61) Cost at 31 December 2022 930 1,652 389 2,971 Exchange adjustments (44) (69) (19) (132) Additions 1 1 230 232 Additions from business acquisitions 24 14 22 60 Disposals and write-offs (4) (54) – (58) Reclassifications 63 164 (249) (22) Cost at 31 December 2023 970 1,708 373 3,051 ​ ​ ​ ​ ​ Depreciation at 1 January 2022 (277) (833) – (1,110) Exchange adjustments (16) (52) – (68) Charge for the year (29) (113) – (142) Disposals and write-offs 9 110 – 119 Depreciation at 31 December 2022 (313) (888) – (1,201) Exchange adjustments 12 40 – 52 Charge for the year (33) (119) – (152) Disposals and write-offs 2 44 – 46 Reclassifications 2 (2) – – Depreciation at 31 December 2023 (330) (925) – (1,255) ​ ​ ​ ​ ​ Impairment at 1 January 2022 (6) (22) (4) (32) Exchange adjustments (1) (3) – (4) Impairment losses – (8) – (8) Disposals and write-offs 4 20 – 24 Reclassifications – 7 – 7 Impairment at 31 December 2022 (3) (6) (4) (13) Exchange adjustments – 1 – 1 Impairment losses – (4) (3) (7) Disposals and write-offs – 3 – 3 Impairment at 31 December 2023 (3) (6) (7) (16) ​ ​ ​ ​ ​ Depreciation and impairment at 31 December 2022 (316) (894) (4) (1,214) Depreciation and impairment at 31 December 2023 (333) (931) (7) (1,271) ​ ​ ​ ​ ​ Net book value at 31 December 2022 614 758 385 1,757 Net book value at 31 December 2023 637 777 366 1,780 ​ No impairment losses have been charged to cost of sales for 2023 (2022: £nil, 2021: £2m), and £7m for 2023 (2022: £8m, 2021: £15m) has been charged to selling, general and administration. ​ Reversals of impairment arise from subsequent reviews of the impaired assets where the conditions which gave rise to the original impairments are deemed no longer to apply. No impairment reversals have been credited to cost of sales for 2023 (2022: £nil, 2021: £12m). ​ Reclassifications include £22m for 2023 (2022: £54m) related to assets under construction that have been reclassified to computer software in intangible assets during the year. ​ ​ Impact of climate change Management undertook a modelling exercise to estimate the potential impact that extreme weather events could have on the Group’s manufacturing sites. Management considered that the hazards with the greatest potential impact over the long-term time horizon are riverine and flash flooding, and heatwaves. Given the geographical spread of the Group’s manufacturing sites, the prospect of every site being impacted in any given year, or for every year, is considered remote and as a result, the level of loss potentially arising would not be considered significant for the Group. In addition, the majority of the Group’s assets have useful lives that end ahead of the medium- to long-term timescales expected for extreme climate events to occur. Therefore, we consider that there is no material impairment risk on the property, plant, and equipment balances for the year as a result of climate change.

Right of use assets

Right of use assets	12 Months Ended
	Dec. 31, 2023
Right of use assets
Right of use assets	13. Right of use assets When the Group leases an asset, a ‘right of use asset’ is recognised for the leased item and a lease liability is recognised for any lease payments to be paid over the lease term at the lease commencement date except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low-value assets (defined as assets with an initial fair value less than approximately £10,000). ​ The right of use asset is initially measured at cost, being the present value of the lease payments paid or payable, plus any initial direct costs incurred in entering into the lease and less any lease incentives received. Non-lease components are accounted for separately from the lease components in plant and equipment leases but are not separately accounted for in land and buildings or vehicle leases. ​ Right of use assets where title is expected to pass to the Group at a point in the future are depreciated in a manner consistent to that for owned property, plant and equipment. In other cases, right of use assets are depreciated over the shorter of the useful life of the asset or the lease term. The lease term is the non-cancellable period of the lease plus any periods for which the Group is ‘reasonably certain’ to exercise any extension options. If right of use assets are considered to be impaired, the carrying value is reduced accordingly. ​ Lease liabilities are initially measured at the value of the lease payments over the lease term that are not paid at the commencement date and are usually discounted using the incremental borrowing rates of the applicable Group entity (the rate implicit in the lease is used if it is readily determinable). Lease payments included in the lease liability include both fixed payments and in-substance fixed payments during the term of the lease. ​ After initial recognition, the lease liability is recorded at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments or if the Group’s assessment of the lease term changes; any changes in the lease liability as a result of these changes also results in a corresponding change in the recorded right of use asset. ​ Right of use assets ​ ​ ​ ​ ​ ​ ​ Land and Plant and Vehicles Total £m Net book value at 1 January 2022 88 1 10 99 Exchange adjustments 8 – 1 9 Additions 62 – 10 72 Depreciation (30) (1) (7) (38) Net book value at 31 December 2022 128 – 14 142 Exchange adjustments (6) – (1) (7) Additions 39 1 13 53 Depreciation (39) – (10) (49) Disposals and write-offs (17) – – (17) Net book value at 31 December 2023 105 1 16 122 ​ The total cash outflow for leases amounted to £55m in 2023 (2022: £45m, 2021: £38m). The Group has lease commitments relating to leases that have not commenced at year end of £1m (2022: £30m). Refer to Note 19 ‘Borrowings’ for further details on the Group’s lease liabilities.

Intangible assets

Intangible assets	12 Months Ended
	Dec. 31, 2023
Intangible assets
Intangible assets	14. Intangible assets Goodwill Goodwill arising on consolidation represents the excess of the fair value of the consideration transferred over the fair value of the Group’s share of the identifiable assets and liabilities of the acquired subsidiaries at the date of acquisition. Goodwill is not subject to amortisation but is tested annually for impairment, or more frequently where indicators of impairment exist and is carried at cost less any accumulated impairment losses. ​ For the purpose of impairment testing, assets are grouped in cash generating units (CGUs). A CGU is identified as the lowest aggregation of assets that generate largely independent cash inflows, and which is looked at by management for monitoring and managing the business. ​ If the recoverable amount of the CGU is less than the carrying amount, an impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the CGU and then to the other assets of the CGU pro rata on the basis of the carrying amount of each asset in the CGU. Any impairment loss is immediately recognised in the consolidated income statement and an impairment loss recognised for goodwill is not subsequently reversed. ​ The recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. ​ Management uses the approved three-year strategic plan and the projected cash flows for a further two-year period as the basis for the Group CGUs value in use calculations. ​ On disposal, the attributable amount of goodwill is included in the determination of the gain or loss on disposal. ​ Other intangibles Intangible assets are recognised when they are identifiable, the Group controls the asset, it is probable that future economic benefits attributed to the asset will flow to the Group and the cost of the asset can be reliably measured. ​ Separately purchased brands are initially measured at cost, being the purchase price as at the date of acquisition. Acquired brands are valued independently and recognised at fair value when the Group completes a business combination from third parties, where brands have a value which is substantial and long term and where the brands either are contractual or legal in nature or can be sold separately from the rest of the businesses acquired. The determination of the fair values of the separately identified intangibles is based, to a considerable extent, on management’s judgement. Brands are amortised over their estimated useful lives of up to 20 years, except where it is considered that the useful economic life is indefinite. ​ Indefinite life brands mainly comprise trademarks and brands for which there is no foreseeable limit to the period over which they are expected to generate net cash inflows. These are considered to have an indefinite life, given the strength and durability of the brands and the level of advertising and promotion support. These brands are in relatively similar, stable and profitable market sectors, with similar risk profiles, and their size, diversification and market shares mean that the risk of market-related factors causing a reduction in the lives of the brands is considered to be relatively low. The Group is not aware of any material legal, regulatory, contractual, competitive, economic or other factors which could limit their useful lives. Accordingly, they are not amortised. ​ Intangible assets are stated at cost less provisions for amortisation and impairments. Licences, patents, know-how and marketing rights separately acquired or acquired as part of a business combination are amortised over their estimated useful lives, generally not exceeding 20 years, using the straight-line basis from the time they are available for use. The estimated useful lives for determining the amortisation charge consider patent lives, where applicable, as well as the value obtained from periods of non-exclusivity. Asset lives are reviewed and, where appropriate, adjusted annually. ​ Any development costs incurred by the Group and associated with acquired licences, patents, know-how or marketing rights are written off to the income statement when incurred. ​ The costs of acquiring and developing computer software for internal use and internet sites for external use are capitalised as intangible fixed assets where the software or site supports a significant business system and the expenditure leads to the creation of an asset. Enterprise Resource Planning (ERP) systems software is amortised over 7-10 years and other computer software over 3-5 years. ​ The carrying values of all non-current assets are reviewed for impairment, either on a standalone basis or as part of a larger CGU, when there is an indication that the assets might be impaired. Additionally, intangible assets with indefinite useful lives and intangible assets which are not yet available for use are tested for impairment annually. Any provision for impairment is charged to the income statement. If the recoverable amount of an intangible is less than the carrying amount, an impairment loss is recognised in the income statement. The recoverable amount is the higher of fair value less costs of disposal and value in use. Impairment losses are only reversed if there has been a change in estimates used to determine recoverable amounts and only to the extent that the revised recoverable amounts do not exceed the carrying values that would have existed, net of amortisation, had no impairments been recognised. ​ Intangible assets ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill Indefinite life Amortised Computer Assets under construction Total £m Cost at 1 January 2022 8,246 18,325 697 472 – 27,740 Exchange adjustments 150 1,090 (3) 14 – 1,251 Additions – 178 3 21 – 202 Disposals and write-offs – (122) (23) (6) – (151) Reclassifications – – – 54 – 54 Transfer to assets held for sale – (6) – – – (6) Cost at 31 December 2022 8,396 19,465 674 555 – 29,090 Exchange adjustments (82) (689) (11) (10) (1) (793) Additions 3 – 7 4 76 90 Disposals and write-offs – – (28) (24) – (52) Reclassifications – (7) 44 17 8 62 Transfer to assets held for sale – (556) (295) – – (851) Cost at 31 December 2023 8,317 18,213 391 542 83 27,546 ​ ​ ​ ​ ​ ​ ​ Amortisation at 1 January 2022 – – (197) (219) – (416) Exchange adjustments – – (12) (3) – (15) Charge for the period – – (43) (64) – (107) Disposals and write-offs – – 23 5 – 28 Transfer to assets held for sale – – – – – – Amortisation at 31 December 2022 – – (229) (281) – (510) Exchange adjustments – – 8 8 – 16 Charge for the period – – (39) (69) – (108) Disposals and write-offs – – 28 21 – 49 Reclassifications – – (32) – – (32) Transfer to assets held for sale – – 53 – – 53 Amortisation at 31 December 2023 – – (211) (321) – (532) ​ ​ ​ ​ ​ ​ ​ ​ Impairment at 1 January 2022 – (122) – (7) – (129) Exchange adjustments – (3) – – – (3) Impairment losses – (129) – (6) – (135) Disposals and write-offs – 122 – 1 – 123 Impairment at 31 December 2022 – (132) – (12) – (144) Exchange adjustments – 6 – – – 6 Impairment losses – (184) (1) (1) – (186) Reversal of impairment losses – – – – – – Reclassifications – – (8) – – (8) Disposals and write-offs – – – 3 – 3 Transfer to assets held for sale – 170 – – – 170 Impairment at 31 December 2023 – (140) (9) (10) – (159) ​ ​ ​ ​ ​ ​ ​ Amortisation and impairment at 31 December 2022 – (132) (229) (293) – (654) Amortisation and impairment at 31 December 2023 – (140) (220) (331) – (691) ​ ​ ​ ​ ​ ​ ​ Net book value at 31 December 2022 8,396 19,333 445 262 – 28,436 Net book value at 31 December 2023 8,317 18,073 171 211 83 26,855 ​ The net book value of computer software included £122m (2022: £133m) of internally generated costs. During the year ended 31 December 2022, additions to indefinite life brands included £174m of non-cash purchases which were settled by offsetting a liability owed to the Group by GSK. ​ In 2023, the Group completed the disposal of the rights in Lamisil, an amortised brand, for cash consideration of £235m. This resulted in a pre-tax loss on disposal of £10m. Lamisil was transferred to asset held for sale, and subsequently disposed of before the end of the year. ​ ​ On 21 December 2023, the Group entered into a binding agreement for the sale of the ChapStick brand to Suave Brands Company, a portfolio company of Yellow Wood Partners. Under the terms of the transaction, the Group will receive pre-tax cash proceeds of approximately £337m ($430m), as well as a passive minority interest in the Suave Brands Company. Cash proceeds include approximately £16m ($20m) from the release of working capital allocated to ChapStick. At the time of entering into the binding agreement, the minority interest in the Suave Brands Company was valued at approximately £63m ($80m). The Group recognised an impairment of £170m in the income statement as the consideration received net of cost to sell was less than the carrying value of the brand. The Group has reclassified £377m of intangible asset after impairment and £16m of inventory relating to the brand as an asset held for sale. The divestment is consistent with the Group’s strategy of proactively managing its portfolio. Asset held for sale include the recoverable assets attributable to the ChapStick brand. Goodwill impairment Goodwill mainly arose from the Novartis Transaction in 2015 (£2.6bn) and the Pfizer Transaction in 2019 (£5.6bn). ​ Goodwill is allocated to the Group’s CGUs as follows: ​ ​ ​ ​ ​ 2023 £m 2022 £m North America 3,247 3,277 EMEA & LatAm 2,926 2,955 APAC 2,144 2,164 Net book value at 31 December 8,317 8,396 ​ The recoverable amounts of the CGUs are assessed using a value in use model (2022: value in use). Value in use is calculated using a discounted cash flow approach, with a pre-tax discount rate applied to the projected risk-adjusted pre-tax cash flows and terminal value. The discount rate used is based on the pre-tax weighted average cost of capital (WACC) of the CGUs. The discount rates are specific to each CGU and are determined based on the cost of capital, including a market premium and country-specific political risk premiums. ​ Details relating to the discounted cash flow model used in the impairment tests of the APAC, EMEA & LatAm, and North America CGUs are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Valuation basis Value in use Key assumptions Sales growth rates ​ Profit margins ​ Terminal growth rates ​ Discount rates Taxation rates Determination of assumptions Growth rates are internal forecasts based on both internal and external market information. ​ Margins reflect past experience, adjusted for expected changes. ​ Terminal growth rates are based on internal projections and external forecasts of the relevant markets. ​ Discount rates are based on the Group WACC, adjusted where appropriate. Taxation rates are based on appropriate rates for each CGU. Period of specific projected cash flows Five years Terminal growth rates ​ 2023 2022 ​ North America 2.0% p.a. 2.4% p.a. ​ EMEA & LatAm 2.6% p.a. 3.3% p.a. ​ APAC 2.4% p.a. 3.3% p.a. Discount rates (pre-tax) ​ 2023 2022 ​ North America 7.9% 8.0 % ​ EMEA & LatAm 13.2% 11.9 % ​ APAC 10.2% 9.3 % ​ ​ The terminal growth rate does not exceed the long-term projected growth rate for the Group. Goodwill is monitored for impairment at individual CGU level. In each case the valuation indicated substantial headroom such that it is remote that a reasonably possible change to key assumptions would result in an impairment of goodwill. ​ Indefinite life brands and amortised brands impairment Indefinite life brands comprise a portfolio of consumer health products. The net book value of the major brands are as follows: ​ ​ ​ ​ ​ 2023 £m 2022 £m Advil 3,521 3,707 Voltaren 2,725 2,725 Centrum 1,850 1,943 Caltrate 1,680 1,811 Otrivin 1,385 1,385 Robitussin 1,174 1,239 Preparation H 1,103 1,164 Nexium 706 743 Fenistil 598 598 Emergen-C 464 490 Theraflu 444 452 Panadol 396 395 Sensodyne 281 291 Nicotinell 246 246 Excedrin 186 196 Polident 130 134 Biotene 126 130 Vitasprint 118 120 Corega 116 118 ChapStick 1 – 575 Other brands 824 871 Total 18,073 19,333 ​ ​ ​ 1 ChapStick has been classified as an asset held for sale as at 31 December 2023. ​ The Group tests all its indefinite life brands for impairment by applying a fair value less costs to sell model using a three-year strategic plan approved by management and cash flows beyond the three-year period are extrapolated using the terminal growth rates. All brands were tested for impairment using brand-specific assumptions which included a discount rate equal to the Group’s post-tax WACC of 7.5% (2022: 7.0%; 2021: 6.0%) adjusted where appropriate for country and currency risks, and apply to the post-tax cash flows. This valuation methodology uses significant inputs which are not based on observable market data, and therefore this valuation technique is classified as level 3 of the fair value hierarchy. In addition to the discount rate, the main assumptions include future sales price and volume growth, product contribution and the future expenditure required to maintain the product’s marketability and registration in the relevant jurisdictions. These assumptions are based on past experience and are reviewed as part of management’s budgeting and strategic planning cycle. The terminal growth rates applied of between 0% and 3% (2022: 0% and 3%; 2021: -3% and 3%) are management’s estimates which align with those of market participants’ estimate of future long-term average growth rates for the relevant markets. ​ In 2023, the Group recorded a non-cash impairment charge of £170m upon signing a definitive agreement to dispose ChapStick, an indefinite life brand, which has been classified as an asset held for sale as at 31 December 2023. In addition, the Group also recorded an impairment of £15m relating to a collection of smaller brands as these brands are experiencing sales volume decline year on year. ​ Additionally, in 2023, the carry value of Preparation H continues to be sensitive to reasonably possible changes in key assumptions. The post- tax discount rate used for the brand is 6.8% (2022: 6.75%) and terminal growth rate is 2.5% (2022: 2.5% ). If the discount rate for Preparation H had been ​ Other than as disclosed above, management do not consider that any reasonably possible changes in the key assumptions would cause the fair value less costs to sell of the individually significant brands disclosed above to fall below their carrying values. ​ In 2022, the Group recorded an impairment charge of £111m for Preparation H since the carrying value of the brand was higher than the recoverable amount. The decrease in recoverable amount was mainly driven by an increase in the discount rate applied to the forecasted future cash flows from 6% to 6.75%. If the discount rate for Preparation H had been 0.25% higher or the revenue growth rate, including terminal growth rate, had been 0.25% lower than management’s estimates respectively, the Group would have had to recognise a further impairment of £70m or £75m respectively. ​ ​ For Robitussin’s impairment testing in 2023, we have applied a post-tax discount rate of 6.5% (2022: 6.75%) and terminal growth rate of 2.5% (2022: 2.5%). Robitussin’s carrying value is no longer sensitive to any reasonably possible changes to key assumptions in 2023. ​ Robitussin was sensitive to reasonably possible changes in key assumptions in 2021 and continued to be sensitive in 2022. Although the brand had recovered from the lower cold and flu incidence resulting from COVID-19 social distancing measures from previous years, the discount rate increased in 2022 causing the brand’s headroom to continue to be low at approximately 15% of its carrying value. The only reasonably possible change in key assumptions that would make the recoverable amount of Robitussin be equal or less than the carrying value would be to increase the discount rate of 6.75% by 0.6%. ​ ​ ​ For 2021, the income statement charge for net impairment losses includes impairments of Zyrtec, Treely and capitalised costs for a discontinued research and development project, netted off by reversal of impairments in relation to Alvedon, Abreva and Solpadeine. ​ Certain assets were transferred from intangible assets to assets held for sale and subsequently disposed of during the year. ​ A breakdown of the amortisation, impairment losses and reversals is included below: ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortisation Net impairment ​ 2023 £m 2022 2021 2023 £m 2022 2021 Cost of sales 55 61 57 185 129 (32) Selling, general and administration 53 46 37 1 6 8 Research and development – – – – – 8 Total 108 107 94 186 135 (16) ​ Impact of climate change The Group has stress tested the future cash flows for the potential impact of climate change and concluded that there is sufficient headroom for goodwill. Preparation H’s recoverable amount is sensitive to reasonably possible changes in key assumptions that would lead to an immaterial additional impairment charge due to either physical damage in our manufacturing sites or the associated costs of future transition risk. Carbon pricing is the highest potential transition risk that could have a medium risk in medium- to long-term time frame. With continued decarbonisation efforts and Haleon’s focus on meeting the targets to minimise carbon pricing impacts, this is not expected to have a material impact on the key assumptions used in the impairment assessment.

Inventories

Inventories	12 Months Ended
	Dec. 31, 2023
Inventories
Inventories	15. Inventories Inventories are included in the Consolidated Financial Statements at the lower of cost (including raw materials, direct labour, other direct costs and related production overheads) and net realisable value. Cost is determined on a first in, first out basis. Net realisable value is the estimated selling price less the estimated costs necessary to make a sale. ​ Composition of inventory balances ​ ​ ​ ​ ​ 2023 £m 2022 Raw materials and consumables 298 310 Work in progress 20 35 Finished goods 1,090 1,003 Total 1,408 1,348 ​ The total cost of inventories recognised as an expense and included in cost of sales amounted to £4,196m in 2023 (2022: £3,970m, 2021: £3,462m). This includes inventory write-down of £178m (2022: £118m, 2021: £174m). The Group reverses and reassesses its inventory provisions in full every reporting period. ​ The reversals of prior year write-downs of inventories in 2023 is £74m (2022: £40m, 2021: £63m) and these reversals principally arise from the reassessment of usage or demand expectations prior to inventory expiration. ​ Impact of climate change The Group’s inventory turnover cycle is much shorter than the longer-term time horizons associated with the climate-related risks and therefore the risk of material write-down of Haleon’s inventory is deemed to be low.

Trade and Other Receivables

Trade and Other Receivables	12 Months Ended
	Dec. 31, 2023
Trade and other receivables.
Trade and other receivables	16. Trade and other receivables Trade receivables are initially measured at the original invoice amount and subsequently measured at amortised cost less allowances for expected credit losses which are measured at an amount equal to lifetime expected credit losses. In determining credit risk, the Group considers reasonable and supportable information that is relevant and available without undue costs or effort. This includes both quantitative and qualitative information and analysis based on the Group’s ageing of the receivables, customers’ payment history, and forward-looking information including wider macroeconomic factors. Trade receivables sold under a non-recourse factoring agreement are derecognised at the point of sale as risks and rewards are substantially transferred. ​ When a trade receivable is determined to have no reasonable expectation of recovery it is written off, firstly against any expected credit loss allowance available and then to the income statement. ​ Subsequent recoveries of amounts previously provided for or written off are credited to the income statement. Long-term receivables are discounted where the effect is material. ​ Trade and other receivables ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ Current £m Non-current £m Total £m Current Non-current Total £m Trade receivables, net of expected credit loss allowance 1,352 – 1,352 1,487 – 1,487 Other prepayments and accrued income 107 – 107 106 – 106 Employee loans and advances 5 – 5 6 – 6 Other third-party receivables 392 114 506 282 132 414 Total 1,856 114 1,970 1,881 132 2,013 ​ ​ Expected credit loss allowance ​ ​ ​ ​ ​ 2023 £m 2022 At 1 January 41 53 Exchange adjustments (2) 2 Charge for the year 2 14 Subsequent recoveries of amounts provided for (7) (19) Utilised (5) (9) At 31 December 29 41 ​ Set out below is the information about the credit risk exposure of the Group’s trade receivables using a provision matrix: ​ Year ended 31 December 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade receivables ​ ​ ​ Days past due ​ Current ​ 0-30 days ​ 31-90 days ​ 91-180 days ​ 181 days- ​ Greater ​ Total £m Estimated total gross carrying amount at default 1,210 ​ 102 ​ 25 ​ 12 ​ 15 ​ 17 ​ 1,381 Expected credit loss 5 ​ 1 ​ 1 ​ 2 ​ 4 ​ 16 ​ 29 ​ Year ended 31 December 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade receivables ​ ​ ​ Days past due ​ Current ​ 0-30 days ​ 31-90 days ​ 91-180 days ​ 181 days- ​ Greater ​ Total £m Estimated total gross carrying amount at default 1,386 ​ 58 ​ 30 ​ 15 ​ 12 ​ 27 ​ 1,528 Expected credit loss 6 ​ 1 ​ 1 ​ 2 ​ 4 ​ 27 ​ 41 ​ ​ Concentrations of credit risk with respect to trade receivables are limited due to the Group’s customer base being large and diverse. No single customer represents more than 10% of the Group’s sales. ​ Within other third-party receivables, £230m (2022: £157m) was classified as financial assets. The expected credit loss in other receivables is not deemed significant, hence no credit loss allowance is recognised. ​

Cash and cash equivalents

Cash and cash equivalents	12 Months Ended
	Dec. 31, 2023
Cash and cash equivalents.
Cash and cash equivalents	17. Cash and cash equivalents Cash and cash equivalents comprise of cash at bank and in hand and short-term highly liquid deposits which are primarily held for operating purposes with an original maturity of three months or less, that are readily convertible to a known amount of cash and subject to an insignificant risk of changes. ​ Cash and cash equivalents include £50m in 2023 (2022: £78m) not available for general use due to restrictions applying in the subsidiaries where it is held. Restrictions include exchange controls and taxes on repatriation. ​ Cash and cash equivalents held in the following currencies, that mostly influence the Group, are presented below: ​ ​ ​ ​ ​ 2023 £m 2022 Pound Sterling (GBP) 634 253 Taiwan Dollar (TWD) 46 72 United States Dollar (USD) 39 59 Indian Rupee (INR) 36 49 Euro (EUR) 29 25 Others 260 226 Total 1,044 684 ​

Trade and other payables

Trade and other payables	12 Months Ended
	Dec. 31, 2023
Trade and other payables
Trade and other payables	18. Trade and other payables Trade payables are initially recognised at fair value and then held at amortised cost. Long-term payables are discounted where the effect is material. Trade payables are derecognised when the original liability is either discharged, usually through payment, or substantially modified. ​ Composition of trade and other payables ​ ​ ​ ​ ​ 2023 £m 2022 Trade payables 1,855 1,835 Customer return and rebate accruals 717 738 Other payables and accruals 374 558 Wages and salaries 365 290 Accrued interest on financial liabilities 100 104 Social security 45 39 VAT payables 49 34 Deferred income 21 23 Total 3,526 3,621 ​ ​ ​ Customer return and rebate accruals are provided for by the Group at the point of sale in respect of the estimated rebates, discounts or allowances payable to customers. Accruals are made at the time of sale but the actual amounts paid are based on claims made some time after the initial recognition of the sale. The level of accrual is reviewed and adjusted quarterly in light of historical experience of actual rebates, discounts or allowances given and returns made and any changes in arrangements. The assumptions used in estimation are based on known facts with a high level of accuracy. In addition, the Group’s promotional programmes are typically short-term in nature resulting in lower inherent estimation uncertainty. ​ Customer return and rebate accruals are not presented net against any trade receivables that may be owing from the same customer as the offsetting criteria in IAS 32 have not been met. ​ Refer to Note 24, ‘Related party transactions’ for further details on amounts payable to GSK and Pfizer. ​ The Group does not have significant financing arrangements for trade payables.

Borrowings

Borrowings	12 Months Ended
	Dec. 31, 2023
Borrowings.
Borrowings	19. Borrowings All borrowings are initially recorded at fair value, net of transaction costs. Borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing. ​ ​ Lease liabilities The corresponding liability to the lessor is recognised as a lease obligation within short-term and long-term borrowings. The carrying amount is subsequently increased to reflect interest on the lease liability and reduced by lease payments made. ​ For calculating the discounted lease liability on leases, the implicit rate in the lease is used. If this is not available, the incremental borrowing rate with a lease-specific adjustment is used. Finance costs are charged to the income statement to produce a constant periodic rate of charge on the remaining balance of the obligations for each accounting period. ​ Variable rents are not part of the lease liability and the right of use asset. These payments are charged to the income statement as incurred. Short-term and low-value leases are not capitalised, and lease rentals are also charged to the income statement as incurred. ​ Composition of borrowings ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ Current £m Non-current £m Total £m Current Non-current Total £m Commercial paper – – – (302) – (302) Loan and overdrafts (60) – (60) (91) – (91) Lease liabilities (48) (89) (137) (44) (117) (161) Non-voting preference shares – (25) (25) – (25) (25) Bonds (548) (8,686) (9,234) – (9,861) (9,861) Total (656) (8,800) (9,456) (437) (10,003) (10,440) ​ ​ ​ ​ ​ ​ Carrying value Bonds 1 2023 £m 2022 $300 m SOFR + 0.89% callable medium term note due 2024 2 - 249 $700 m 3.024% callable medium term note due 2024 548 581 $1,750 m 3.125% medium term note due 2025 1,336 1,385 €850 m 1.250% medium term note due 2026 707 694 $2,000 m 3.375% medium term note due 2027 1,561 1,653 £300 m 2.875% medium term note due 2028 299 299 $1,000 m 3.375% medium term note due 2029 775 822 €750 m 1.750% medium term note due 2030 650 663 $2,000 m 3.625% medium term note due 2032 1,551 1,652 €750 m 2.125% medium term note due 2034 646 659 £400 m 3.375% medium term note due 2038 398 398 $1,000 m 4.000% medium term note due 2052 763 806 Total 9,234 9,861 1 These instruments contain a variety of different features including early redemption options, call options, put options and mandatory early redemption options, which depend on different triggering events such as change in control, change in laws, regulations and tax law. These features are considered embedded derivatives. These features have not been accounted for separately from the instruments as they are considered closely related to the bonds. 2 The Group exercised its option to redeem at par the $300 m of Callable Floating Rate Senior Notes due 2024 on 24 March 2023. ​ ​ The issuers, Haleon UK Capital plc (formerly GSK Consumer Healthcare Capital UK plc), Haleon US Capital LLC (formerly GSK Consumer Healthcare Capital US LLC) and Haleon Netherlands Capital B.V. (formerly GSK Consumer Healthcare Capital NL B.V.) formally changed their names in March 2023. ​ Short-term borrowings As at 31 December 2023, the Group had within short-term borrowings, Pre-Separation USD Notes of $700m (£548m) (31 December 2022: £nil). The average effective pre-swap interest rate of all short-term notes in issue as at 31 December 2023 was 3.02% (31 December 2022: nil). ​ The Group has access to a £2bn Euro commercial paper programme and a $10bn US Dollar commercial paper programme pursuant to which members of the Group may issue commercial paper from time to time. The weighted average interest rate on the commercial paper as at 31 December 2023 was nil (31 December 2022: 3.23%). ​ As at 31 December 2023, the Group had short-term bank loans of £10m (31 December 2022: £18m). The weighted average interest rate on short-term bank loans as at 31 December 2023 was 7.8% (31 December 2022: 6.7%). ​ Long-term borrowings As at 31 December 2023, the Group had within long-term borrowings, Euro Medium Term Notes and USD Notes of £8,686m (31 December 2022: £9,861m), of which £4,783 m (31 December 2022: £5,299 m) will fall due in more than five years. The average effective pre-swap and post-swap interest rate of all long-term notes in issue as at 31 December 2023 was ​ On 2 March 2023, the Group exercised its option to redeem at par the $300m of Callable Floating Rate Senior Notes due 2024 on 24 March 2023. The carrying value of the bond was equal to the par value at the settlement date hence no gain or loss was recognised. ​ On 17 July 2022, as part of the demerger activities, the Company issued 25,000,000 non-voting preference shares of £1.00 each to Pfizer Inc. with a coupon rate of 9.5% per annum. The non-voting preference shares (NVPS) command a mandatory quarterly coupon and can only be redeemed after a period of five years. The Group has, therefore, classified the non-voting preference shares as a financial liability. Pfizer Inc. has subsequently disposed of the NVPS to an external third party. ​ ​ Committed credit facilities The Group has undrawn credit facilities of £900m and $1,300m with initial maturity dates of September 2026 and September 2024 respectively. As at 31 December 2023, no amounts were drawn under these facilities. ​ Lease liabilities The maturity analysis of lease liabilities recognised on the Group balance sheet is as follows: ​ ​ ​ ​ ​ 2023 £m 2022 Due within one year (48) (44) Due between one and two years (36) (36) Due between two and three years (25) (25) Due between three and four years (14) (21) Due between four and five years (7) (13) Due after five years (7) (22) Total (137) (161) ​ Refer to Note 8 ‘Net finance costs’ for further details on finance expense arising on lease liabilities. ​ Movement in assets and liabilities arising from financing activities ​ ​ ​ ​ ​ ​ ​ ​ At 1 January Cash flows Foreign Fair value At Reconciliation of movement in liabilities to cash flow statement ​ ​ ​ ​ ​ Long-term borrowings (9,886) 243 412 520 (8,711) Short-term borrowings (320) 310 15 (563) (558) Lease liabilities (161) 55 8 (39) (137) Derivative financial instruments (112) 72 – (62) (102) Total financial liabilities arising from financing activities (10,479) 680 435 (144) (9,508) Cash and cash equivalents net of bank overdrafts 611 398 (15) – 994 Total (9,868) 1,078 420 (144) (8,514) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At 1 January Cash flows Foreign Fair value At Reconciliation of movement in liabilities to cash flow statement ​ ​ ​ ​ ​ Long-term borrowings – (9,209) (772) 95 (9,886) Short-term borrowings (41) (277) – (2) (320) Lease liabilities (117) 45 (11) (78) (161) Derivative financial instruments (2) (345) – 235 (112) Total financial liabilities arising from financing activities (160) (9,786) (783) 250 (10,479) Cash and cash equivalents net of bank overdrafts 406 190 15 – 611 Total 246 (9,596) (768) 250 (9,868) ​

Pensions and other post-employm

Pensions and other post-employment benefits	12 Months Ended
	Dec. 31, 2023
Pensions and other post-employment benefits
Pensions and other post-employment benefits	20. Pensions and other post-employment benefits The Group operates pension arrangements which cover the Group’s material obligations to provide pensions to retired employees. These arrangements have been developed in accordance with local practices in the countries concerned. Pension benefits can be provided by state schemes, by defined contribution schemes, whereby retirement benefits are determined by the value of funds arising from contributions paid in respect of each employee, or by defined benefit schemes, whereby retirement benefits are based on employee pensionable remuneration and length of service. In certain countries, pension benefits are provided on an unfunded basis, some are administered by trustee companies. The Group also provides other post-employment benefits, mainly post-employment healthcare plans in the US. These plans are predominantly unfunded. Formal, independent, actuarial valuations of the Group’s main plans are undertaken regularly, normally at least every three years. ​ For defined benefit retirement plans, the difference between the fair value of the plan assets and the present value of the plan liabilities is recognised as an asset or a liability on the consolidated balance sheet. Defined benefit plan liabilities are assessed using the projected unit funding method and applying the principal actuarial assumptions at the reporting period date consistent with the advice of qualified actuaries. Pension scheme assets are measured at fair value at the balance sheet date. The amount of any pension fund asset recognised on the balance sheet is limited to any future refunds from the plan or the present value of reductions in future contributions to the plan. ​ The amount charged to operating costs in the income statement is the cost of accruing pension benefits promised to employees over the year, plus the costs of individual events such as past service benefit changes, settlements, curtailments plus the finance charge for interest on net liability (such events are recognised immediately in the income statement). ​ Remeasurements of the net defined benefit liability (or asset) comprise actuarial gains and losses and the return on plan assets excluding amounts included in net interest. Actuarial gains and losses are taken to the consolidated statement of comprehensive income. Actuarial gains and losses comprise both the effects of changes in actuarial assumptions and experience adjustments arising from differences between the previous actuarial assumptions and what has actually occurred. The return on plan assets, in excess of interest income, and costs incurred for the management of plan assets are also taken to other comprehensive income. ​ The costs of other post-employment liabilities are calculated in a similar way to defined benefit pension schemes and spread over the period during which benefit is expected to be derived from the employees’ services. Future cash flows are discounted at rates reflecting the yields of high-quality corporate bonds. ​ The Group’s contributions to defined contribution plans are charged to the income statement as incurred. ​ Discount rates are derived from AA-rated corporate bond yields, except in countries where there is no deep market in corporate bonds, government bond yields are used instead. Discount rates are selected to reflect the term of the expected benefit payments. Projected inflation rate and pension increases are long-term predictions based on the yield gap between long-term index-linked and fixed-interest government bonds, where available, or on long-term inflation forecasts. ​ For the year ended 31 December 2021, GSK operated certain pension schemes in which the Group’s UK and US employees participated. These schemes included defined benefit arrangements where the assets were held independently of the Group’s finances and which were funded partly by contributions from members and partly by contributions from GSK at rates advised by independent qualified actuaries. ​ Before the demerger from GSK in July 2022, it was announced that GSK’s UK defined benefit plans and US cash balance pension plans were closed to future accruals and GSK would continue to maintain the plans only for existing participants. GSK charged the Group a management fee relating to the pension arrangements for the Group’s UK and US employees calculated as if the arrangements were on a defined contribution basis. The costs of such defined contribution arrangements were not included with the pension charge. This arrangement is not in practice post demerger. ​ ​ Following the demerger from GSK, the Group operates its own defined contribution pension schemes for the Group’s UK and US employees. ​ In addition, there are a number of post-employment healthcare schemes, the principal one of which is in the US. ​ Assumptions The Group has applied the following financial assumptions in assessing the defined benefit liabilities: ​ ​ ​ ​ ​ 2023 %pa 2022 Germany ​ ​ Rate of increase of future earnings 3.0 3.0 Discount rate 3.3 3.7 Expected pension increases 2.1 2.5 Inflation rate 2.1 2.5 Switzerland ​ ​ Rate of increase of future earnings 2.0 2.0 Discount rate 1.4 2.2 Expected pension increases N/A N/A Inflation rate 1.3 1.3 Ireland ​ ​ Rate of increase of future earnings 2.0 2.0 Discount rate 3.3 3.6 Expected pension increases 3.0 3.0 Inflation rate 2.1 2.4 Rest of World ​ ​ Rate of increase of future earnings N/A N/A Discount rate 5.1 5.4 Expected pension increases N/A N/A Inflation rate 2.5 2.5 ​ The average life expectancy assumed now for an individual at the age of 60 and projected to apply in the years stated below for an individual then at the age of 60 is as follows: ​ As at 31 December 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Germany Switzerland Ireland Rest of World Years Male Female Male Female Male Female Male Female Current 25.3 29.0 26.6 28.5 26.9 29.7 27.3 28.7 Projected for 2043 28.1 31.3 28.5 30.2 29.7 31.9 28.9 30.2 ​ As at 31 December 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Germany Switzerland Ireland Rest of World Years Male Female Male Female Male Female Male Female Current 25.7 29.4 26.5 28.4 26.8 29.5 27.3 28.6 Projected for 2042 28.7 31.7 28.4 30.1 29.4 31.7 28.8 30.1 ​ The mortality rates are based on standard tables in each country (Heubeck 2018 in Germany, BVG 2020 in Switzerland and ILT15 in Ireland) with allowances for future improvements. ​ Income statement ​ ​ ​ ​ ​ ​ 2023 £m 2022 2021 German pension schemes 5 5 4 Swiss pension schemes 9 9 5 Irish pension schemes 2 5 6 Other overseas pension schemes 28 24 5 Unfunded post-employment healthcare schemes 10 9 10 Total 54 52 30 Analysed as: ​ ​ ​ Defined benefit pension schemes 26 27 22 Defined contribution pensions schemes 28 25 8 ​ The costs of the defined benefit pension and post-employment healthcare schemes are charged in the income statement as follows: ​ ​ ​ ​ ​ ​ Net pensions Other post- Total post- employment obligations £m 2023 ​ ​ ​ Cost of sales 10 8 18 Research and development 1 – 1 Selling, general and administration 7 – 7 31 December 2023 18 8 26 2022 ​ ​ ​ Cost of sales 12 9 21 Research and development 1 – 1 Selling, general and administration 5 – 5 31 December 2022 18 9 27 2021 ​ ​ ​ Cost of sales 10 10 20 Research and development – – – Selling, general and administration 2 – 2 31 December 2021 12 10 22 ​ The amounts recorded in the income statement and statement of comprehensive income in relation to the defined benefit pension and post-employment healthcare schemes were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 ​ Pensions £m Other post- employment benefits £m Total £m Pensions Other Total £m Pensions Other Total £m 31 December ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts charged to operating profit: ​ ​ ​ ​ ​ ​ ​ ​ ​ Current service cost 16 6 22 16 7 23 18 8 26 Past service cost/(credit) 1 – 1 1 – 1 (4) – (4) Gain from settlement – – – – – – (3) – (3) Net interest cost 1 2 3 1 2 3 1 2 3 Total 18 8 26 18 9 27 12 10 22 Remeasurements recorded in the statement of comprehensive income (6) 1 (5) (91) (32) (123) (8) (19) (27) ​ Balance sheet The assets of funded schemes are generally held in separately administered trusts, either as specific assets or as a proportion of a general fund or are insurance contracts. Assets are invested in different classes in order to maintain a balance between risk and return. Investments are diversified to limit the financial effect of the failure of any individual investment. ​ The pension plans are exposed to risk that arises because the estimated market value of the plans’ assets might decline, the investment returns might reduce, or the estimated value of the plans’ liabilities might increase. ​ Long-term investment strategies for the plans, with investments across a broad range of assets, have been agreed with the trustees to include return-seeking assets to generate future returns and liability-matching assets to better match future pension obligations. The main market risks within the asset portfolio are credit risk, interest rates, long-term inflation, equities and property risk. ​ The plan liabilities are a series of future cash flows with relatively long duration. On an IAS 19 basis, these cash flows are sensitive to changes in the expected long-term inflation rate and the discount rate (AA corporate bond yield curve) where an increase in long-term inflation corresponds with an increase in the liabilities, and an increase in the discount rate corresponds with a decrease in the liabilities. ​ The fair values of the assets and liabilities of the German, Swiss and Irish defined benefit pension schemes, together with aggregated data for other defined benefit pension schemes in the Group are as follows: ​ 31 December 2023 ​ ​ ​ ​ ​ ​ ​ Germany Switzerland Ireland Rest of World Total £m Listed equities 53 76 47 5 181 Property – 71 – – 71 Listed bonds 56 91 154 19 320 Insurance contracts 23 49 – – 72 Other assets 1 31 2 12 46 Fair value of assets 133 318 203 36 690 Asset ceiling restriction – (29) – – (29) Fair value of assets after asset ceiling 133 289 203 36 661 Present value of scheme obligations (184) (289) (174) (50) (697) Recognised on the balance sheet (51) – 29 (14) (36) Included in post-employment benefit assets – – 29 7 36 Included in post-employment benefit obligations (51) – – (21) (72) Total (51) – 29 (14) (36) Actual return on plan assets 11 16 20 2 49 ​ 31 December 2022 ​ ​ ​ ​ ​ ​ ​ Germany Switzerland Ireland Rest of World Total £m Listed equities 48 81 69 6 204 Property – 70 – – 70 Listed bonds 49 80 110 21 260 Insurance contracts 26 46 – – 72 Other assets – 8 2 12 22 Fair value of assets 123 285 181 39 628 Asset ceiling restriction – (34) – – (34) Fair value of assets after asset ceiling 123 251 181 39 594 Present value of scheme obligations (185) (251) (163) (47) (646) Recognised on the balance sheet (62) – 18 (8) (52) Included in post-employment benefit assets – – 18 7 25 Included in post-employment benefit obligations (62) – – (15) (77) Total (62) – 18 (8) (52) Actual loss on plan assets (19) (36) (67) (3) (125) ​ ​ The defined benefit pension obligation is analysed as follows: ​ ​ ​ ​ ​ 2023 £m 2022 Funded (684) (633) Unfunded (13) (13) Total (697) (646) ​ The movement in the net defined benefit liability is as follows: ​ ​ ​ ​ ​ ​ ​ Fair value Present Net pensions total £m Net post -employment obligations £m At 1 January 2022 680 (822) (142) (100) Exchange adjustments 45 (56) (11) (8) Service cost – (16) (16) (7) Past service cost – (1) (1) – Interest income/(cost) 6 (7) (1) (2) Remeasurements: ​ ​ ​ ​ Return on plan assets, excluding amounts included in interest (131) – (131) – Gain from change in financial assumptions – 235 235 25 Experience (losses)/gains – (13) (13) 7 Employers' contributions 28 – 28 – Scheme participants' contributions 7 (7) – – Benefits paid (41) 41 – 1 At 31 December 2022 594 (646) (52) (84) Exchange adjustments 6 (8) (2) 6 Service cost – (16) (16) (6) Past service cost – (1) (1) – Interest income/(cost) 18 (19) (1) (2) Remeasurements: ​ ​ ​ ​ Return on plan assets, excluding amounts included in interest 31 – 31 – Gain from change in financial assumptions – (24) (24) (1) Experience (losses)/gains – (3) (3) 2 Employers' contributions 32 – 32 – Scheme participants' contributions 7 (7) – – Benefits paid (27) 27 – 1 At 31 December 2023 661 (697) (36) (85) ​ ​ A reconciliation of the net post-employment benefit to the balances recognised on the consolidated balance sheet is as follows: ​ ​ ​ ​ ​ 2023 £m 2022 Net pension obligations (36) (52) Net post-employment obligations (85) (84) Net post-employment benefit (121) (136) Post-employment benefit assets recognised on the consolidated balance sheet 36 25 Post-employment benefit obligations recognised on the consolidated balance sheet (157) (161) Net post-employment benefit (121) (136) ​ Employer contributions for 2024 are estimated to be approximately £31m in respect of defined benefit pension schemes and £1m in respect of post-employment medical benefits. ​ The defined benefit pension and post-employment obligations analysed by membership category is as follows: ​ ​ ​ ​ ​ ​ ​ Pension Post-employment obligations ​ 2023 £m 2022 2023 £m 2022 Active (354) (389) (76) (81) Retired (229) (150) (5) (3) Deferred (115) (107) (4) – Total (697) (646) (85) (84) ​ The approximate effect of changes in assumptions used on the benefit obligations and on the annual defined benefit and post-employment costs are detailed below. This information has been determined by taking into account the duration of the liabilities and the overall profile of the plan membership. ​ Sensitivity analysis ​ ​ ​ ​ ​ 2023 £m 2022 0.50% decrease in discount rate: ​ ​ Increase in annual pension cost 2.2 2.2 Increase in annual post-employment benefits cost 0.2 0.2 Increase in pension obligation 47.4 42.9 Increase in post-employment benefits obligation 3.8 3.7 0.50% increase in discount rate: ​ ​ Decrease in annual pension cost (2.1) (2.5) Decrease in annual post-employment benefits cost (0.2) (0.2) Decrease in pension obligation (42.7) (38.8) Decrease in post-employment benefits obligation (3.5) (3.3) 1% increase in the rate of future healthcare inflation: ​ ​ Increase in annual post-retirement cost 0.3 0.3 Increase in post-retirement obligation 2.4 2.3 1% decrease in the rate of future healthcare inflation: ​ ​ Decrease in annual post-retirement cost (0.3) (0.3) Decrease in post-retirement obligation (2.4) (2.6) A one year increase in life expectancy: ​ ​ Increase in annual pension cost 0.7 0.6 Increase in annual post-employment benefits cost 0.1 – Increase in pension obligation 18.0 16.2 Increase in post-employment benefits obligation 0.9 1.0 ​ ​ The weighted average duration of the defined benefit obligation is as follows: ​ ​ ​ ​ Years 2023 2022 Pension benefits 14 15 Post-employment benefits 14 13 ​

Provisions

Provisions	12 Months Ended
	Dec. 31, 2023
Provisions
Provisions	21. Provisions Provisions are recognised where a legal or constructive obligation exists at the balance sheet date, as a result of a past event, where the amount of the obligation can be reliably estimated and where the outflow of economic benefit is probable. ​ Provisions are measured at management’s best estimate of the most likely outcome of the expenditure required to settle the obligation at the reporting date and are discounted to present value where the effect is material. Provisions are classified as non-current where the exact timing of settlement is uncertain but they are expected to be settled in more than 12 months. ​ Provisions ​ ​ ​ ​ ​ ​ Restructuring Other Total As at 1 January 2022 (112) (27) (139) Exchange adjustments (4) (2) (6) Charge for the period (7) (50) (57) Reversed unused 35 5 40 Utilised 50 15 65 Other movements 2 (2) – As at 31 December 2022 (36) (61) (97) Exchange adjustments 1 2 3 Charge for the period (87) (30) (117) Reversed unused 4 3 7 Utilised 25 10 35 Other movements (1) 1 – As at 31 December 2023 (94) (75) (169) ​ ​ ​ ​ ​ 2023 £m 2022 To be settled within one year (130) (71) To be settled after one year (39) (26) Total provision (169) (97) ​ Other provisions include employee-related, legal, environmental, and other provisions. Refer to Note 6, ‘Operating profit’ for further details about the Group’s restructuring costs.

Contingent liabilities and comm

Contingent liabilities and commitments	12 Months Ended
	Dec. 31, 2023
Contingent liabilities and commitments
Contingent liabilities and commitments	22. Contingent liabilities and commitments Contingent liabilities Contingent liabilities are potential future outflows where the likelihood of payment is considered more than remote, but is not considered probable or cannot be measured reliably. No provision is made for contingent liabilities, but there is a chance that they will result in an obligation in the future. ​ At 31 December 2023, contingent liabilities, comprising guarantees and other items arising in the normal course of business, amounted to £29m (2022: £30m). ​ The Group is involved in significant legal and administrative proceedings, principally relating to product liabilities. The most significant of these matters, other than tax matters, are described herein. Provision is made for the outcome of tax, legal and other disputes where it is both probable that the Group will suffer an outflow of funds and it is possible to make a reliable estimate of that outflow. ​ Legal proceedings The Group may become involved in legal proceedings, in respect of which it is not possible to determine whether a potential outflow is probable, or to make a reliable estimate of the expected financial effect, if any, that could result from the proceedings. In these cases, appropriate disclosure about such cases would be included but no provision would be made. Costs associated with claims made by the Group against third parties are charged to the income statement as they are incurred. ​ The Group makes provision for these proceedings on a regular basis as summarised in the accounting policy above. ​ With respect to each of the legal proceedings described below, other than those for which a provision has been made, the Group is unable to make a reliable estimate of the expected financial effect at this stage. The Group does not believe that information about the amount sought by the plaintiffs, if that is known, would be meaningful with respect to those legal proceedings. This is due to a number of factors, including, but not limited to, the stage of proceedings, the entitlement of parties to appeal a decision and clarity as to theories of liability, damages and governing law. ​ The Group’s position could change over time, and, therefore, there can be no assurance that any losses that result from the outcome of any legal proceedings will not exceed by a material amount the value of the provisions reported in the Group’s financial statements. If this were to happen, it could have a material adverse impact on the results of operations of the Group in the reporting period in which the judgements are incurred or the settlements entered into. ​ Zantac litigation GSK and/or Pfizer have been named as defendants (alongside other manufacturers of ranitidine, as well as retailers and distributors) in personal injury lawsuits, as well as economic injury and medical monitoring class actions, filed in the US involving Zantac. The Group understands that outside the US, there are class actions and individual actions pending against GSK and Pfizer in Canada, along with a class action against GSK in Israel. ​ The Group is not a party to any Zantac claims and the Group has never marketed Zantac in any form in the US or Canada. The Group is not primarily liable for any OTC or prescription Zantac claims. ​ The Group has received notices of potential claims for indemnification relating to OTC Zantac arising out of the Stock and Asset Purchase Agreement (SAPA), which the Group has rejected on the basis that the scope of the indemnities set out in the SAPA only covers the Consumer Healthcare businesses of GSK and Pfizer as conducted when their Consumer Healthcare joint venture was formed in 2018. At that time, neither GSK nor Pfizer marketed OTC Zantac in the US or Canada. ​ Proton pump inhibitor litigation The Group is a defendant in the ongoing proton pump inhibitor (PPI) litigation, in which plaintiffs allege that their use of PPIs caused serious bodily injuries, predominantly kidney-related injuries. ​ The Group reached a settlement agreement with plaintiffs’ counsel to resolve the vast majority of PPI cases (Nexium24HR and Prevacid24HR) pending against the Group. The financial impact was recognised in the Group’s Consolidated Financial Statements for 2022, and is not material to the Group’s financial position, results of operations or cash flows. ​ German competition litigation In 2013, GlaxoSmithKline Consumer Healthcare GmbH & Co. KG and other members of a working group of a German trademark association were fined by the Federal Cartel Office of Germany as a result of the exchange of certain information related to retailers during meetings from 2004 to 2006. ​ Following the fine imposed by the Federal Cartel Office in 2013, the Group is party to civil proceedings in Germany brought by or on behalf of retailers against the Group and other manufacturers of branded drugstore products, alleging that the exchange of information within the working group led to higher purchase prices being paid by the retailers, and claiming that the Group and other working group members are jointly and severally liable for potential damages. The proceedings are taking place in different courts across Germany and are at different stages. ​ Commitments Commitments are contractual obligations to acquire certain classes of assets in the future. These amounts are not recorded in the Consolidated Financial Statements. ​ ​ ​ ​ ​ 2023 £m 2022 Contracted for but not provided in the Consolidated Financial Statements: ​ ​ Intangible assets 134 107 Property, plant and equipment 58 126 Total 192 233 ​

Share capital, share premium an

Share capital, share premium and other reserves	12 Months Ended
	Dec. 31, 2023
Share capital, share premium and other reserves
Share capital, share premium and other reserves	23. Share capital, share premium and other reserves Share capital represents the par value of shares that have been issued. ​ Share premium includes any premiums received on the issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium, net of any related income tax benefits. ​ Other reserves include the following: ​ – EBT shares reserve comprise shares held by an employee benefit trust in connection with the Group’s share-based incentive plans. – Cash flow hedge reserve comprises gains and losses relating to these types of financial instruments. – Merger reserve arises as a result of business combinations of entities under common control. – Other reserves comprises mainly differences between the fair value of the consideration paid for an investment, and the carrying value of assets and liabilities acquired from business combinations under common control. ​ Translation reserve arises from the foreign currency translation of the Group’s foreign operations into the Group’s presentation currency. ​ Retained earnings includes all current and prior years’ retained profits, remeasurement gains/(losses), including any tax impacts on defined benefit plans. ​ Share capital and share premium ​ ​ ​ ​ ​ ​ At Ordinary shares at £0.01 each Number 9,234,573,831 Share capital £'000 92,346 Share premium £'000 – ​ The table above presents the movement of share capital and share premium of the Company for the year ended 31 December 2023. All ordinary shares are issued and fully paid. All ordinary shares rank equally with regard to the Company’s residual assets. Holders of these shares are entitled to dividends declared from time to time and are entitled to one vote per share at general meetings of the Company. All rights attached to the Company’s shares held by the Group are suspended until those shares are reissued. The redeemable preference shares carry limited class voting rights and no dividend rights. ​ Other reserves The analysis of other reserves is as follows: ​ ​ ​ ​ ​ ​ ​ ​ Cumulative translation reserve EBT shares 1 Cash flow Merger Total £m As at 1 January 2022 448 – 8 (11,640) (11,184) Other comprehensive income – – 142 – 142 Effective portion of changes in fair value of hedging instruments – – – – – Amount reclassified to income statement – – – – – Effect of change in ultimate holding company – – – (47) (47) Exchange movements on overseas net assets 598 – – – 598 As at 31 December 2022 1,046 – 150 (11,687) (10,491) Other comprehensive income – – 12 – 12 Effective portion of changes in fair value of hedging instruments – – – – – Amount reclassified to income statement – – (23) – (23) Purchase of shares by employee benefit trust – (38) – – (38) Exchange movements on overseas net assets (420) – – – (420) As at 31 December 2023 626 (38) 139 (11,687) (10,960) ​ 1 Shares owned through an EBT. The total number of shares held in connection with employee share schemes as at 31 December 2023 was 10.4 m. ​ ​ The cumulative translation exchange in equity is attributable to: ​ ​ ​ ​ ​ ​ Shareholders Non- Total cumulative translation reserve £m As at 1 January 2022 448 16 464 Exchange movements on overseas net assets 598 (10) 588 As at 31 December 2022 1,046 6 1,052 Exchange movements on overseas net assets (420) (7) (427) As at 31 December 2023 626 (1) 625 ​

Related party transactions

Related party transactions	12 Months Ended
	Dec. 31, 2023
Related party transactions
Related party transactions	24. Related party transactions A related party under IFRS is a person or entity that is related to the Group. These include both people and entities that have, or are subject to, influence or control over the Group. ​ Related parties Upon the completion of the demerger on 18 July 2022, GSK ceased to be a related party of the Group under IAS 24, ‘Related Party Disclosures’. ​ There were no significant transactions with Pfizer for the year ended 31 December 2023. The Group undertook significant transactions with entities from within GSK during the period ended 18 July 2022, and the year ended 31 December 2021 and with entities from within Pfizer for the years ended 31 December 2022 and 2021. ​ The Group had transactions with related parties under manufacture and supply agreements, distribution agreements, support service agreements, provision of research and development, toll-manufacturing services and transitional services agreements. In addition, the Group earned net interest income resulting from funds on-lent to GSK and Pfizer. All related party transactions are undertaken at arm’s length in accordance with the Group transfer pricing policy. ​ Where the legal completion of local transfer of assets and liabilities has been delayed, but the Group is able to exercise control over the relevant activities, the relevant net assets and profits have been recognised in the results. ​ Transaction values for the year ended 31 December (unless otherwise indicated): ​ ​ ​ ​ ​ ​ ​ ​ Pfizer companies GSK companies ​ 2023 £m 2022 2021 Period ended 2021 Sales of goods – – – 91 114 Purchases of goods – – – (41) (81) Services, royalties, and other income – – – 74 20 Services, royalties, and other expense – (5) (68) (135) (354) Interest income – 12 – 30 10 Interest expense – – – (2) (4) Dividend paid 124 3,801 367 8,129 781 ​ Balance outstanding as at 31 December: ​ ​ ​ ​ ​ ​ Pfizer companies GSK companies ​ 2023 £m 2022 2023 £m 2022 Other amounts owing to related parties – – – – Other amounts owing from related parties – – 32 51 Loan amounts owing to related parties – – – – Loan amounts owing from related parties – – – – ​ Pre demerger, the Group had a £9,211m loan receivable from GSK/Pfizer together with £37m accrued interest receivable. This loan was primarily funded by proceeds from the bond offerings during the first half of 2022 (refer to Note 19 ‘Borrowings’). The loan receivable and interest accrued were exchanged to partially settle the £11,930m of pre-demerger dividend. ​ ​ As at 31 December 2023, other amounts owing from GSK of £32m (2022: £51m) comprise balances arising from arrangements set up with GSK before the demerger activities. Since these balances occurred when GSK was still a related party of the Group, they are disclosed in the table above. ​ As at 31 December 2021, the loan amounts owing from related parties of £1,508m were held with GSK finance companies as part of the Group’s banking arrangements received at the new risk-free benchmark rate –0.05% and were repayable on demand. ​ As at 31 December 2021, the loan amounts owing to related parties of £825m were held with GSK finance companies as part of the Group’s banking arrangements. These balances were unsecured with interest largely paid at the new risk free benchmark rate +0.10% and were repayable on demand.

Capital and financial risk mana

Capital and financial risk management	12 Months Ended
	Dec. 31, 2023
Capital and financial risk management
Capital and financial risk management	25. Capital and financial risk management Financial assets are measured at amortised cost, fair value through other comprehensive income (FVTOCI) or fair value through profit or loss (FVTPL). The measurement basis is determined by reference to both the business model for managing the financial asset and the contractual cash flow characteristics of the financial asset. For financial assets other than trade receivables, a 12-month expected credit loss allowance is recorded on initial recognition. If there is subsequent evidence of a significant increase in the credit risk of an asset, the allowance is increased to reflect the full lifetime expected credit loss. If there is no realistic prospect of recovery, the asset is written off. ​ Derivatives and hedge accounting Derivative financial instruments are used to manage exposure to market risks. The principal derivative instruments used by the Group are forward foreign exchange contracts and swaps. ​ Derivative financial instruments are classified as held-for-trading and are measured at fair value. Derivatives designated as hedging instruments are classified on inception as fair value hedges, cash flow hedges or net investment hedges. The treatment of changes in the value of derivatives depends on their use as explained below. ​ Fair value hedges Certain derivatives are held to hedge the risk of changes in value of a specific bond or other loan. In these situations, the Group designates the liability and related derivative to be part of a fair value hedge relationship. The carrying value of the bond is adjusted by the fair value of the risk being hedged, with changes going to the income statement. Gains and losses on the corresponding derivative are also recognised in the income statement. The amounts recognised are offset in the income statement to the extent that the hedge is effective. Ineffectiveness may occur if the critical terms do not exactly match, or if there is a value adjustment resulting from a change in credit risk (in either the Group or the counterparty to the derivative) that is not matched by the hedged item. When the relationship no longer meets the criteria for hedge accounting, the fair value hedge adjustment made to the bond is amortised to the income statement using the effective interest method. ​ Cash flow hedges Derivatives are also held to hedge the uncertainty in timing or amount of future forecast cash flows. Such derivatives are designated as being part of cash flow hedge relationships. For an effective hedge, gains and losses from changes in the fair value of derivatives are recognised in equity. Any ineffective elements of the hedge are recognised in the income statement. Ineffectiveness may occur if there are changes to the expected timing of the hedged transaction. If the hedged cash flow relates to a non-financial asset, the amount accumulated in equity is subsequently included within the carrying value of that asset. For other cash flow hedges, amounts deferred in equity are taken to the income statement at the same time as the related cash flow. When a derivative no longer qualifies for hedge accounting, any cumulative gain or loss remains in equity until the related cash flow occurs. When the cash flow takes place, the cumulative gain or loss is taken to the income statement. If the hedged cash flow is no longer expected to occur, the cumulative gain or loss is taken to the income statement immediately. ​ Net investment hedges Certain derivatives and financial liabilities are designated as hedges of the currency risk on the Group’s investment in foreign subsidiaries. Differences arising on retranslation of a financial liability designated as a foreign currency net investment hedge and the fair value of derivatives are recorded in equity to the extent that the hedge is effective. These differences on retranslation and the fair value of derivatives are reported within the income statement to the extent that the hedge is ineffective. Gains and losses accumulated in equity are included in the income statement when the foreign operation is disposed of. ​ Derivatives for which hedge accounting is not applied Derivatives not designated as hedges are held in order to hedge certain balance sheet items and commodity exposures. No hedge accounting is applied to these derivatives, which are carried at fair value with changes being recognised in the income statement. ​ Risk management The key objectives of the Group’s treasury activities are to minimise the net cost of financial operations and reduce volatility arising from financial risks. ​ Treasury activities are governed by the Board. The Group has a Treasury Risk Committee (TRC), chaired by the CFO, that meets on a regular basis to review treasury activities. The TRC’s members receive management information relating to treasury activities. ​ The Group may use a variety of financial instruments to finance its operations and derivative financial instruments to manage market risks from these operations. Derivatives principally comprise of foreign exchange forward contracts and swaps which are used to manage interest rate and foreign exchange risk on borrowings. ​ Derivatives are used exclusively for hedging purposes in relation to underlying business activities and not as trading or speculative instruments. ​ Capital management The Group manages its capital to ensure that entities in the Group are able to operate as going concerns whilst availing themselves of intercompany funding where appropriate. ​ ​ ​ ​ ​ 2023 £m 2022 Cash and cash equivalents 1,044 684 Short-term borrowings (656) (437) Long-term borrowings (8,800) (10,003) Derivative financial assets associated with long-term borrowings 69 44 Derivative financial liabilities associated with long-term borrowings (169) (181) Total equity 16,729 16,457 Total capital 8,217 6,564 ​ As at 31 December 2023, the Group’s long-term credit rating with S&P Global Ratings (S&P) is BBB (stable outlook) (2022: BBB) and with Moody’s Investors Service (Moody’s) it is Baa1 (stable outlook) (2022: Baa1). The Group’s short-term credit ratings are A-2 and P-2 with S&P and Moody’s, respectively (2022: A-2 and P-2 respectively). ​ Liquidity risk management The Group’s policy is to borrow centrally in order to meet anticipated funding requirements. The strategy is to diversify liquidity sources and to maintain broad access to financial markets. Each day, the Group sweeps cash to or from a number of global subsidiaries and central treasury accounts for liquidity management purposes. ​ The Group uses both notional and physical cash pool arrangements as appropriate by location and currency. For notional cash pools, liquidity is drawn against foreign currency balances to provide both local funding and central liquidity as required and with balances actively managed and maintained to appropriate levels. As balances in notional pooling arrangements are not settled across currencies, gross cash and overdraft balances are reported. At 31 December 2023, the Group had £656m (2022: £437m) of borrowings repayable within one year and held £1,044m (2022: £684m) of cash and cash equivalents. ​ The Group uses short-term financing to manage working capital requirements and has access to a $10,000m US commercial paper programme and a £2,000m Euro commercial paper programme, both of which were established in August 2022. At 31 December 2023, the Group had nil (2022: $225m) of US commercial paper in issue and nil (2022: €130m) of Euro commercial paper in issue. ​ The Group has access to two revolving credit facilities: a $1,300m facility maturing in September 2024; and a £900m facility maturing in September 2026 with a one-year extension option. These committed facilities were undrawn at 31 December 2023. ​ Long-term financing consists of $8,448m in USD bonds, as well as €2,350m Euro bonds and £700m GBP bonds issued under a £10,000m Euro Medium Term Note programme. Refer to Note 19 ‘Borrowings’ for further details about the Group’s bonds. ​ Foreign exchange risk management Foreign currency transaction exposures arising on internal and external trade flows are selectively hedged. The Group’s objective is to minimise the exposure of overseas operating subsidiaries to transaction risk by matching local currency income with local currency costs where possible. Foreign currency cash flows may be hedged selectively as approved by the TRC. Cash surpluses or borrowing requirements of subsidiary companies are usually managed centrally using foreign exchange forward contracts and swaps to hedge future repayments back into the originating currency. ​ Borrowings denominated in, or swapped into, foreign currencies that match investments in overseas Group assets may be treated as a hedge against the relevant assets. Forward contracts in major currencies are also used to reduce exposure to the Group’s investment in overseas assets. Refer to ‘Net investment hedges’ section of this Note for further details. ​ ​ Credit risk management Credit risk is the risk that a counterparty will default on its contractual obligations, resulting in financial loss to the Group, and arises on cash and cash equivalents and favourable derivative financial instruments held with banks and financial institutions as well as credit exposures to wholesale and retail customers, including outstanding receivables. ​ The Group considers its maximum credit risk to be £2,777m (2022: £2,441m) which is the total of the Group’s financial assets, excluding other investments which bear equity risk rather than credit risk. ​ The Group’s greatest concentration of credit risk at 31 December 2023 is £342m with HSBC (A-/A3), and £158m with Citigroup Inc. (BBB+/A3). The Group’s greatest concentration of credit risk at 31 December 2022 was £310m with HSBC (A-/A3), and £158m with Citigroup Inc. (BBB+/A3). ​ There has been no change in the estimation techniques or significant assumptions made during the current reporting period in assessing the loss allowance for financial assets at amortised cost since the adoption of IFRS 9. ​ Treasury-related credit risk The Group has continued to maintain a consistent approach to counterparty risk throughout the year. The aggregate credit risk in respect of financial instruments that the Group may have with one counterparty is limited by reference to the long-term credit ratings assigned for that counterparty by a recognised credit rating agency (e.g., S&P or Moody’s.) The Group measures expected credit losses over cash and cash equivalents as a function of individual counterparty credit ratings and associated 12-month default rates. Based on the available credit ratings, the credit risk of outstanding financial instruments has not increased significantly since their initial recognition. Expected credit losses over cash and cash equivalents and third-party financial derivatives are deemed to be immaterial and so have not been recognised. No such loss has been experienced during 2023 and 2022. The credit ratings of counterparties are set out in the below table. ​ ​ ​ ​ ​ ​ ​ ​ ​ AAA/Aaa AA/Aa A/A BBB/Baa BB+/Ba1 Total £m 2023 ​ ​ ​ ​ ​ ​ Bank balances and deposits 22 2 229 248 84 585 Money market funds 93 363 – – – 456 Cash and cash equivalents 115 365 229 248 84 1,041 Government securities – – – – 3 3 Derivative financial instruments – 2 87 – – 89 Total 115 367 316 248 87 1,133 ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ ​ ​ Bank balances and deposits – 87 276 252 59 674 Money market funds 10 – – – – 10 Cash and cash equivalents 10 87 276 252 59 684 Derivative financial instruments – – 59 35 – 94 Total 10 87 335 287 59 778 ​ The credit ratings in the above tables are as assigned by S&P and Moody’s. Where the opinion of the two rating agencies differs, the lower rating of the two is assigned to the counterparty. Where local rating or Fitch data is the only source available, the ratings are converted to global ratings equivalent to those of S&P or Moody’s using published conversion tables. ​ Wholesale and retail credit risk The Group does not have a substantial wholesale and retail credit risk as a result of its diversified geographical presence, product offering, consumer profile, and historical credit loss information. Where appropriate, the Group utilises credit insurance and receivables factoring to minimise the credit risk of the trade receivables in the Group (refer to Note 16 ‘Trade and other receivables’ for further details about the Group’s expected credit losses). Factoring arrangements are based on a portfolio approach and are used to mitigate risk arising from large credit risk concentrations. All factoring arrangements are non-recourse. ​ ​ Interest rate risk management The Group manages the interest rate risk on its net debt portfolio, with the objectives of minimising the effective net interest cost and income statement volatility. ​ The Group’s main interest rate risk arises from borrowings and investments with floating rates and from the refinancing of maturing fixed-rate debt where any changes in interest rates will affect future cash flows. The policy on interest rate risk management limits the net amount of floating-rate debt to a specific cap. ​ 77% of the Group’s debt was held at fixed rates as at 31 December 2023 (2022: 87%), including the impact of swaps. Any bond debt with less than three months to maturity is considered floating rate. ​ Interest rate and forward starting interest rate swaps The forward starting interest rate contracts, exchanging floating interest for fixed interest, were designated as cash flow hedges to hedge the interest variability of the interest cash flows associated with the future fixed-rate debt. ​ The interest rate swap contracts, exchanging fixed interest rate for floating interest, have been designated as fair value hedges to hedge the variability in fair value associated with the Group’s fixed-rate debt. The interest rate swaps and the interest payments on the loan occur simultaneously and the fair value of interest rate swaps and the fair value of related debt affect the income statement at the same time. ​ Derivative financial instruments and hedging Derivative financial instruments are used to mitigate exposure to foreign exchange transactional risks of the Group. The fair value of a derivative financial instrument is classified as a non-current asset or liability if the remaining maturity is more than 12 months and as a current asset or liability if the maturity is less than 12 months. All foreign exchange contracts are for periods of 12 months or less. ​ The Group has the following derivative financial instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ Notional amount £m Fair value of assets £m Fair value of liabilities £m Notional Fair value Fair value Non-current ​ ​ ​ ​ ​ ​ Fair value hedges – interest rate swap contracts 3,210 – (109) 2,207 2 (139) Net investment hedges – cross currency interest rate swaps 910 44 – 910 1 (36) Current ​ ​ ​ ​ ​ ​ Net investment hedges – foreign exchange contracts 1,140 5 (3) 329 1 (8) Cash flow hedges – foreign exchange contracts 437 14 (5) – – – Derivatives designated and effective as hedging instruments 5,697 63 (117) 3,446 4 (183) ​ ​ ​ ​ ​ ​ ​ Non-current ​ ​ ​ ​ ​ ​ Cross currency interest rate swap contracts 1,409 20 (40) 1,409 41 – Current ​ ​ ​ ​ ​ ​ Foreign exchange contracts 2,116 5 (33) 3,364 49 (23) Derivatives classified as held for trading 3,525 25 (73) 4,773 90 (23) Total derivative instruments 9,222 88 (190) 8,219 94 (206) ​ Fair value hedges At issuance in March 2022, $1,750m and €850m bonds were converted from fixed rate to floating rate using interest rate swaps as shown in the above table. These bonds and swaps were designated in fair value hedges. ​ Cash flow hedges In 2022, the Group entered into forward starting interest rate swaps (derivatives) to pre-hedge interest rate risk on the fixed rate bonds issued in March 2022. These derivatives were designated in a cash flow hedge relationship. The derivatives were settled in March 2022 and as a result cash flow hedges were terminated with a net cash inflow of £206m. The element of gains/losses of these cash flow hedges relating to other comprehensive income is being amortised to the income statement as per the maturity profile of the loan notes. ​ In 2023, the Group established a programme of hedging highly probable forecast transactional foreign exchange exposure using foreign exchange contracts (FX forwards and FX swaps). The key exposure designated under cash flow hedge accounting are forecast receipts from customers and payments to suppliers, capital expenditure and other administration expenses payable in foreign currency. ​ ​ Net investment hedges At 31 December 2023 and 31 December 2022, certain foreign exchange contracts and cross currency interest rate swaps were designated as net investment hedges in respect of the foreign currency translation risk arising on consolidation of the Group’s net investment in its European (Euro) and Chinese (CNY) foreign operations as shown in the table above. ​ The carrying value of the EUR bonds in Note 19 ‘Borrowings’ included £1,503m (2022: £1,526m) that were also designated as hedging instruments in net investment hedges in respect of the foreign currency translation risk arising on consolidation of the Group’s net investment in its European (Euro) foreign operations. For net investment hedges, the balance in the foreign currency translation reserve in relation to continuing hedges is £(77)m (2022: £140m). ​ ​ The following tables provide information regarding hedging instruments and the related hedged items as at 31 December: ​ Hedging instruments ​ ​ ​ ​ ​ ​ ​ Average Notional Change in fair value Carrying value 2023 ​ ​ ​ ​ Cash flow hedges ​ ​ ​ ​ Below 10 years ​ ​ ​ ​ FX forward contracts/FX swaps N/A 437 8 8 Fair value hedges ​ ​ ​ ​ Below 10 years ​ ​ ​ ​ EUR IRS 1.3% 739 (35) (35) USD IRS 3.4% 2,471 (74) (74) Net investment hedges ​ ​ ​ ​ Below 10 years ​ ​ ​ ​ EUR FX swaps 1.1 631 1 1 CNH CCIRS 8.6 910 44 44 CNH FX swaps/forward 9.0 510 1 1 EUR bonds N/A 869 18 (858) 10-30 years ​ ​ ​ ​ EUR bonds N/A 652 13 (646) ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ Fair value hedges ​ ​ ​ ​ Below 10 years ​ ​ ​ ​ EUR IRS 1.3% 754 (59) (59) USD IRS 3.1% 1,454 (78) (78) Net investment hedges ​ ​ ​ ​ Below 10 years ​ ​ ​ ​ EUR FX swaps 1.2 329 (7) (7) CNH CCIRS 8.6 910 (35) (35) EUR bonds N/A 887 (55) (867) 10-30 years ​ ​ ​ ​ EUR bonds N/A 665 (43) (659) ​ ​ Hedged items ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ Carrying amount £m Accumulated fair value adjustments 1 £m Change in value for calculating hedge ineffectiveness £m Balance in cash flow hedge reserve 2 £m Carrying Accumulated 1 Change in Balance in 2 Cash flow hedges ​ ​ ​ ​ ​ ​ ​ ​ Pre-hedging of long-term interest rate – – – (133) – – – (150) Transactional FX forecast exposure 3 437 – – (7) – – – ​ Fair value hedges ​ ​ ​ ​ ​ ​ ​ ​ Bonds 4 (3,131) 109 109 – (2,078) 122 122 – Net investment hedges ​ ​ ​ ​ ​ ​ ​ ​ Net assets in foreign currency 5 3,571 (77) (77) – 2,791 140 140 – ​ 1 Accumulated fair value adjustments on the hedged items included in the carrying amount of the hedged item. 2 Balance in cash flow hedge reserve for continued transactional FX forecast hedges and discontinued hedges net of tax. 3 In 2023 the Group established a programme to hedge forecast transactional foreign exchange exposure. 4 The difference in change in value for calculating hedge ineffectiveness between derivatives and bonds is due to upfront cash receipt on derivatives and hedge ineffectiveness. 5 Relates to net investment hedges which is part of the translation reserve in equity. ​ The following table details the effectiveness of the hedging relationships and the amounts reclassified from the hedging reserve to the income statement for cash flow hedges, recognised under finance income or expense. There was no ineffectiveness on fair value or net investment hedges. ​ ​ ​ ​ ​ ​ ​ Hedging Hedge Hedged As hedged 2023 ​ ​ ​ ​ Cash flow hedges ​ ​ ​ ​ Transactional FX hedge 9 – – 2 Pre-hedging of long-term interest rates ​ ​ ​ ​ Below 10 years 158 – – 19 10-30 years 29 – – 3 ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ Cash flow hedges ​ ​ ​ ​ Pre-hedging of long-term interest rates ​ ​ ​ ​ Below 10 years 169 3 – 18 10-30 years 35 – – – ​ Fair value of financial assets and liabilities excluding lease liabilities The table on the next page presents the carrying amounts and the fair values of the Group’s financial assets and liabilities. The fair values of the financial assets and liabilities are included at the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ​ The following methods and assumptions were used to estimate the fair values: ​ – Cash and cash equivalents carried at amortised cost, trade and other receivables and certain other non-current assets, loans amounts owing from/(to) related parties, trade and other payables and certain other non-current liabilities: approximates to the carrying amount. – Cash and cash equivalents (money market funds) carried at fair value: based on net asset value of the funds. – Short-term loans, overdrafts and commercial paper: approximates to the carrying amount because of the short maturity of these instruments. – Interest rate swaps and foreign exchange contracts: based on present value of contractual cash flows using market-sourced data (exchange rates and interest rates) at the balance sheet date. – Long-term loans: based on executable quotes or thinly traded prices (a level 2 fair value measurement) for European and US Medium Term Notes; based on present value of contractual cash flows for non-voting preference shares and based on the approximation of the carrying amount in the case of other floating-rate bank loans. ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ Carrying value £m Fair value £m Carrying Fair value Financial assets measured at amortised cost: ​ ​ ​ ​ Cash and cash equivalents 588 588 674 674 Trade and other receivables and certain other non-current assets 1,595 1,595 1,663 1,663 Loan amounts owing from related parties – – – – Financial assets mandatorily measured at fair value through profit or loss: ​ ​ ​ ​ Held for trading derivatives that are not in a designated and effective hedging relationship 25 25 90 90 Cash and cash equivalents (money market funds) 456 456 10 10 Derivatives designated and effective as hedging instruments ​ ​ ​ ​ Fair value hedge – – 2 2 Cash flow hedge 14 14 – – Net investment hedge 49 49 2 2 Total financial assets 2,727 2,727 2,441 2,441 Financial liabilities measured at amortised cost: ​ ​ ​ ​ Short-term loans and overdrafts (60) (60) (91) (91) Other bonds (4,601) (4,301) (7,783) (6,935) Commercial papers – – (302) (302) Non-voting preference shares (25) (25) (25) (25) Trade and other payables and certain other non-current liabilities in scope of IFRS 9 (3,123) (3,123) (3,253) (3,253) Bonds in a designated hedge relationship (4,634) (4,474) (2,078) (2,081) Financial liabilities mandatorily measured at fair value through profit or loss: ​ ​ ​ ​ Held for trading derivatives that are not in a designated and effective hedging relationship (73) (73) (23) (23) Derivatives designated and effective as hedging instruments ​ ​ ​ ​ Fair value hedge (109) (109) (139) (139) Cash flow hedge (5) (5) – – Net investment hedge (3) (3) (44) (44) Total financial liabilities (12,633) (12,173) (13,738) (12,893) Net financial assets and financial liabilities (9,906) (9,446) (11,297) (10,452) ​ Financial instruments held at fair value shown according to the fair value hierarchy is provided below. Financial assets and liabilities held at fair value are categorised by the valuation methodology applied in determining their fair value. Where possible, quoted prices in active markets are used (level 1). Where such prices are not available, the asset or liability is classified as level 2, provided all significant inputs to the valuation model used are based on observable market data. If one or more of the significant inputs to the valuation model is not based on observable market data, the instrument is classified as level 3. ​ ​ ​ ​ ​ ​ ​ At 31 December 2023 Level 1 Level 2 Level 3 Total £m Financial assets at fair value through profit or loss: ​ ​ ​ ​ Held for trading derivatives that are not in a designated and effective hedging relationship – 25 – 25 Cash and cash equivalents (money market funds) 456 – – 456 Derivatives designated and effective as hedging instruments: ​ ​ ​ ​ Cash flow hedge – 14 – 14 Net investment hedge – 49 – 49 Total financial assets 456 88 – 544 Financial liabilities at fair value through profit or loss: ​ ​ ​ ​ Held for trading derivatives that are not in a designated and effective hedging relationship – (73) – (73) Derivatives designated and effective as hedging instruments ​ ​ ​ ​ Fair value hedge – (109) – (109) Cash flow hedge – (5) – (5) Net investment hedge – (3) – (3) Total financial liabilities – (190) – (190) ​ ​ ​ ​ ​ At 31 December 2022 Level 1 Level 2 Level 3 Total £m Financial assets at fair value through profit or loss: ​ ​ ​ ​ Held for trading derivatives that are not in a designated and effective hedging relationship – 90 – 90 Cash and cash equivalents (money market funds) 10 – – 10 Derivatives designated and effective as hedging instruments in a fair value hedge ​ ​ ​ ​ Fair value hedge – 2 – 2 Cash flow hedge – – – – Net investment hedge – 2 – 2 Total financial assets 10 94 – 104 Financial liabilities at fair value through profit or loss: ​ ​ ​ ​ Held for trading derivatives that are not in a designated and effective hedging relationship – (23) – (23) Derivatives designated and effective as hedging instruments in a fair value hedge ​ ​ ​ ​ Fair value hedge – (139) – (139) Cash flow hedge – – – – Net investment hedge – (44) – (44) Total financial liabilities – (206) – (206) ​ Other assets and liabilities in scope of IFRS 9 ​ Trade and other receivables and other non-current assets The following table reconciles financial instruments within trade and other receivables and other non-current assets which fall within the scope of IFRS 9 to the relevant balance sheet amounts. ​ The financial assets are predominantly non-interest earning. Non-financial instruments include tax receivables and prepayments, which are outside the scope of IFRS 9. ​ ​ ​ ​ ​ ​ ​ ​ ​ At 31 December 2023 At 31 December 2022 ​ Financial instruments £m Non-financial instruments £m Total £m Financial Non-financial Total £m Trade and other receivables (Note 16) 1,567 289 1,856 1,634 247 1,881 Other non-current assets (Note 16) 28 86 114 29 103 132 Total 1,595 375 1,970 1,663 350 2,013 ​ ​ Trade and other payables, other provisions and other non-current liabilities The following table reconciles financial liabilities within trade and other payables, other provisions and other non-current liabilities which fall within the scope of IFRS 9 to the relevant balance sheet amounts. Accrued wages and salaries are included within financial liabilities. Non-financial instruments include payments on account, tax and social security payables and provisions which do not arise from contractual obligations to deliver cash or another financial asset, which are outside the scope of IFRS 9. ​ ​ ​ ​ ​ ​ ​ ​ ​ At 31 December 2023 At 31 December 2022 ​ Financial instruments £m Non-financial instruments £m Total £m Financial Non-financial Total £m Trade and other payables (Note 18) (3,064) (462) (3,526) (3,224) (397) (3,621) Provisions (Note 21) (11) (158) (169) (11) (86) (97) Other non-current liabilities (48) (5) (53) (18) (4) (22) Total (3,123) (625) (3,748) (3,253) (487) (3,740) ​ Offsetting of financial assets and liabilities Financial assets and liabilities are offset and the net amount reported in the balance sheet where there is a legally enforceable right to offset the recognised amounts, and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. There are also arrangements that do not meet the criteria for offsetting but still allow for the related amounts to be offset in certain circumstances, such as bankruptcy or the termination of a contract. ​ The following tables set out the financial assets and liabilities that are offset, or subject to enforceable master netting arrangements and other similar agreements but not offset, as at 31 December 2023 and 31 December 2022. The column ‘Net amount’ shows the impact on the Group’s balance sheet if all offset rights were exercised. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At 31 December 2023 Gross financial Gross financial Net financial Related Net amount £m Financial assets ​ ​ ​ ​ ​ Derivative financial assets 88 – 88 (68) 20 Financial liabilities ​ ​ ​ ​ ​ Derivative financial liabilities (190) – (190) 68 (122) ​ ​ ​ ​ ​ ​ At 31 December 2022 ​ ​ ​ ​ ​ Financial assets ​ ​ ​ ​ ​ Derivative financial assets 94 – 94 (58) 36 Financial liabilities ​ ​ ​ ​ ​ Derivative financial liabilities (206) – (206) 58 (148) ​ Amounts which do not meet the criteria for offsetting on the balance sheet but could be settled net in certain circumstances principally relate to derivative transactions under International Swaps and Derivatives Association (ISDA) agreements where each party has the option to settle amounts on a net basis in the event of default of the other party. As there is presently not a legally enforceable right of offset, these amounts have not been offset in the balance sheet but have been presented separately in the tables above. ​ Sensitivity analysis Foreign exchange sensitivity The two major foreign currencies in which the Group’s financial instruments are denominated are US Dollars and Euros. Financial instruments are only considered sensitive to foreign exchange rates where they are not in the functional currency of the entity that holds them. Intercompany loans which are fully hedged to maturity with a currency swap have been excluded from this analysis. ​ ​ ​ ​ ​ 2023 (Decrease)/increase in income £m 2022 10 cent appreciation of the US Dollar – (1) 10 cent depreciation of the US Dollar – 1 10 cent appreciation of the Euro 3 13 10 cent depreciation of the Euro (2) (10) ​ The equity impact, shown below, for foreign exchange sensitivity relates to derivative and non-derivative financial instruments hedging the Group’s net investments in its European (Euro) and Chinese (CNY) foreign operations. ​ ​ ​ ​ ​ ​ ​ ​ 2023 (Decrease)/increase in equity £m 2022 10 cent appreciation of the CNY (17) (11) 10 cent depreciation of the CNY 16 11 10 cent appreciation of the Euro (210) (182) 10 cent depreciation of the Euro 177 152 ​ Interest rate sensitivity The Group is exposed to interest rate risk on its outstanding borrowings and investments where any changes in interest rates will affect future cash flows or the fair values of financial instruments. The table below shows the Group’s hypothetical sensitivity to changes in interest rates in relation to Pound Sterling, US Dollar and Euro variable rate financial assets and liabilities, including derivatives. If the interest rates applicable to floating-rate financial assets and liabilities were to have increased by 1% (100 basis points), and assuming other variables had remained constant, it is estimated that the Group’s finance income for 2023 would have decreased by approximately £47m (2022: decreased by approximately £45m). A 1% (100 basis points) movement in US Dollar interest rates would not ​ ​ ​ ​ ​ 2023 Increase/(decrease) in income £m 2022 1% ( 100 basis points) increase in Pound Sterling interest rates 17 6 1% ( 100 basis points) increase in US Dollar interest rates (43) (32) 1% ( 100 basis points) increase in Euro interest rates (19) (18) ​ ​ Contractual cash flows for non-derivative financial liabilities and derivative instruments The following table provides an analysis of the anticipated contractual cash flows including interest payable for the Group’s borrowings on an undiscounted basis. Interest is calculated based on debt held at the balance sheet date without taking account of future issuance. Floating-rate interest is estimated using the prevailing interest rate at the balance sheet date. Cash flows in foreign currencies are translated using spot rates at the balance sheet date. ​ ​ ​ ​ ​ ​ ​ ​ ​ At 31 December 2023 Borrowings Interest on Lease Interest Trade Total £m Due in less than one year 608 275 48 22 3,110 4,063 Between one and two years 1,336 236 36 5 13 1,626 Between two and three years 707 220 25 2 – 954 Between three and four years 1,561 176 14 1 – 1,752 Between four and five years 299 163 7 – – 469 After five years 4,783 1,143 7 – – 5,933 Gross contract

Employee share schemes

Employee share schemes	12 Months Ended
	Dec. 31, 2023
Employee share schemes
Employee share schemes	26. Employee share schemes Incentives in the form of share awards are provided to employees under share schemes. The fair value of equity-settled share schemes is calculated at the grant date using a fair value model and is charged to the income statement over the vesting period with a corresponding adjustment to the equity share-based payment reserve. At the end of each reporting period, the Group reviews its charge and revises it accordingly based on the number of shares expected to vest. The impact of the revision of the original estimates, if any, is recognised in profit or loss such that the cumulative expense reflects the revised estimate. ​ For cash-settled share-based payments, the fair value of service rendered is based on the fair value of the liability related to the share-based instrument granted. ​ Description of the Group’s plans The Group operates a number of share-based payment schemes for Executive Directors and other employees which are predominantly equity-settled, however may be cash-settled in certain locations. ​ Performance Share Plan Under the Performance Share Plan, awards are granted to Executive Directors and other employees over ordinary shares or ADS in Haleon plc at no cost. The percentage of each award that vests is based upon the performance of the Group over a defined measurement period with dividends reinvested during the same period. The performance conditions attached to each award are based on two measures over a three-year performance period. These are currently cumulative free cash flow (50%) and the ratio of net debt/adjusted EBITDA (50%). In addition, an environmental, social and governance (ESG) qualifier applies which can reduce the level of the overall vesting by up to 75%. The fair value of the awards is determined based on the closing share price on the day of grant. Starting from 2024, the performance conditions are planned to be cumulative free cash flow (50%), adjusted diluted EPS (30%) and organic operating margin improvement (20%) with the ESG qualifier working the same way. ​ Share Value Plan Under the Share Value Plan, awards are granted to qualifying employees over ordinary shares or ADS in Haleon plc at no cost. These awards generally vest after three years and there are normally no performance conditions attached. The fair value of these awards is determined based on the closing share price on the day of grant and adjusted for the expected dividend yield of 1.54% (2022: 1.59%) during the vesting period. ​ Share Save and Share Reward Plans The Share Save and Share Reward Plans are HMRC-approved savings-related plans. These plans are made available to all UK employees. ​ The Share Save Plan enables participants to save up to £500 per month, over a fixed three-year period. At the end of the fixed period the savings can be used to purchase ordinary shares in the Company at a predetermined discount of up to 20%, which is set at the time of each Share Save launch. ​ Participants of the Share Reward Plan contribute up to £125 per month to purchase Haleon plc ordinary shares. The Company then matches these purchases on a one-for-one ​ Deferred Annual Bonus Plan (DABP) Executive Directors are required to defer 50% of any bonus earned into an award over ordinary shares or ADS under the DABP, which will normally vest on the third anniversary of grant, subject to continued employment. DABP awards are eligible for dividend equivalent payments in respect of dividends that would have been paid on the ordinary shares or ADS up to the date the awards vest. ​ Legacy GSK share plans Incentives in the form of shares in the Group’s equity shareholder, GSK plc, were provided to employees under share award schemes until the demerger date. The share-based compensation charge for these schemes has been recorded in the income statement as selling, general and administration (2022: £61m, 2021: £59m). This expense was incurred in the form of a charge from GlaxoSmithKline Services Unlimited, as calculated under IFRS 2. The share-based payment schemes that were operated prior to demerger have vested early with all Haleon participants treated as good leavers. ​ Haleon has also issued Deferred Investment Awards, representing the conversion of legacy GSK awards subsequently issued in Haleon plc ordinary shares. This is a cash-settled share-based payment transaction. ​ ​ The total cost between each of the relevant schemes is as below: ​ ​ ​ ​ Charge (£m) 2023 2022 Equity-settled ​ ​ Performance Share Plan 17 6 Share Value Plan 58 9 Share Save Plan 1 – Cash-settled ​ ​ Share Value Plan 11 2 Total 87 17 ​ The Group has £13m of outstanding liabilities as at 31 December 2023 in relation to cash-settled awards (2022: £2m). There were no cancellations or modifications to awards in 2023 or 2022. ​ The movements in ordinary shares, ADS awards and share options during the year, split between each of the relevant schemes, are shown below: ​ ​ ​ ​ ​ ​ ​ ​ Performance Share Plan Share Value Plan Share Save Plan 1 Number of share awards ('000) Ordinary shares ADS Ordinary shares ADS Share options At 1 January 2022 ​ ​ ​ ​ ​ Awards granted 9,479 1,620 23,664 7,590 4,623 Dividends reinvested – – – – – Awards released/exercised – – – – – Awards cancelled – – – – – At 31 December 2022 9,479 1,620 23,664 7,590 4,623 Awards granted 9,785 2,093 18,881 6,370 1,163 Dividends reinvested 230 44 7 – n/a Awards released/exercised – – (653) (319) (9) Awards cancelled (453) (206) (2,958) (786) (287) At 31 December 2023 19,041 3,551 38,941 12,855 5,490 ​ 1 Number of share options exercisable as at 31 December 2023 was 168,350 (2022: nil ). ​ Fair value of awards The weighted average fair values of share awards and share options granted during the year were as below: ​ ​ ​ ​ Weighted fair value 2023 2022 Performance Share Plan ​ ​ Ordinary shares £3.33 £2.74 ADS $8.37 $6.23 Share Value Plan ​ ​ Ordinary shares £3.21 £2.70 ADS $8.00 $6.03 Share Save Plan 1 ​ ​ Share options £0.93 £0.89 ​ 1 Weighted average exercise prices (£) for options exercised during the year was £ 2.27 . ​ ​ For the purposes of valuing options in relation to the Share Save Plan to arrive at the share-based payment charge, a Black-Scholes option pricing model has been used. The assumptions used in the model are as follows: ​ ​ ​ ​ ​ 2023 Grant 2022 Grant Weighted average fair value at the measurement date (£) 0.93 0.89 Risk-free interest rate (%) 3.53 3.54 Expected dividend yield (%) 1.88 1.59 Volatility (%) 23.63 31.37 Expected life (years) 3.5 3 Share Save Plan-related options grant price (including 20% discount) (£) £2.66 £2.27 ​ ​ The expected volatility reflects the assumption that the historical volatility over a period similar to the life of the share options is indicative of future trends, which may not necessarily be the actual outcome. ​ At 31 December 2023, the range of exercise prices on options outstanding were between £2.27 and £2.66 (2022: £2.27) with remaining weighted average contractual life of 2.3 years (2022: 3.0 years). The weighted average market price on exercise during the year was £3.28. ​ There has been no change in the effective exercise price of any outstanding options during the year. ​ Employee benefit trusts The Group sponsors employee benefit trusts (EBTs) to acquire and hold shares in Haleon plc to satisfy awards made under employee share plans. The trustees of the EBTs purchase shares with finance provided by the Group by way of gifts or loans. The costs of running the EBTs are charged to the income statement. Shares held by the EBTs are deducted from other reserves and amortised down to the value of proceeds, if any, receivable from other subsidiaries on exercise by a transfer to retained earnings. The trustees have waived their rights to dividends on the shares held by the EBTs. At 31 December 2023, the EBTs held 10.4m shares (2022: 0.2m shares) with a market value of £34m (2022: £1m). ​

Business acquisitions and dispo

Business acquisitions and disposals	12 Months Ended
	Dec. 31, 2023
Business acquisitions and disposals.
Business acquisitions and disposals	27. Business acquisitions and disposals Business combinations where common control exists at the time of the transaction are accounted for by adopting the principles of predecessor accounting. Such business combinations are accounted for by recognising all assets and liabilities acquired at their previous carrying values with effect from the beginning of the earliest period reported in the financial statements. No new goodwill arises from such transactions and the differences between the fair value of the consideration paid and the carrying value of assets and liabilities acquired is recorded within equity in the merger reserve. ​ Business combinations where common control does not exist before the transaction are accounted for using the acquisition accounting method. Identifiable assets, liabilities and contingent liabilities acquired are measured at fair value at acquisition date. The consideration transferred is measured at fair value and includes the fair value of any contingent consideration. Where the consideration transferred, together with the non-controlling interest, exceeds the fair value of the net assets, liabilities and contingent liabilities acquired, the excess is recorded as goodwill, denominated in the currency of the operation acquired. ​ The costs related to business combinations are charged to the income statement in the period in which they are incurred. Where not all the equity of a subsidiary is acquired, the non-controlling interest is recognised either at fair value or at the non-controlling interest’s share of the net assets of the subsidiary, on a case-by-case basis. ​ Disposal groups are generally measured at the lower of their carrying value or fair value less costs to sell. Any gain or loss resulting from the disposal is recognised in the consolidated income statement. ​ Changes in the Group’s ownership percentage of subsidiaries are accounted for within equity. ​ Acquisitions On 28 April 2023, the Group completed the acquisition of the Jacarepaguá (Brazil) manufacturing site from GSK for a final consideration of £70m (BRL 434m) as a part of the demerger which has been accounted for as business combination. The fair value of the assets and liabilities recorded has been finalised in the year ending 31 December 2023 which resulted in the recognition of a bargain purchase gain of £7m. The gain from bargain purchase is a result of an increase in the fair value of identified assets during the period prior to the closing date. ​ ​

Non-controlling interests

Non-controlling interests	12 Months Ended
	Dec. 31, 2023
Non-controlling interests.
Non-controlling interests	​ ​ 28. Non-controlling interests Non-controlling interests comprises equity interests in entities not attributable, directly or indirectly, to a parent. The Group’s non-controlling interests are individually not material.

Post balance sheet events

Post balance sheet events	12 Months Ended
	Dec. 31, 2023
Post balance sheet events
Post balance sheet events	29. Post balance sheet events On 29 February 2024 the Board proposed a final dividend of 4.2p per ordinary share for a total amount of £388m. Subject to shareholder approval at the Company’s AGM, this dividend will be paid on 16 May 2024 to holders of ordinary shares and ADRs on the register as of 15 March 2024. The dividend will be paid out of retained profits. ​

Subsidiaries

Subsidiaries	12 Months Ended
	Dec. 31, 2023
Subsidiaries
Subsidiaries	30. Subsidiaries Accounting policy A subsidiary is an entity directly or indirectly controlled by the Company. Control is achieved where the Company has existing rights that give it the current ability to direct the activities that affect the Company’s returns and exposure or rights to variable returns from the entity. ​ The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original acquisition and the non-controlling shareholder’s share of changes in equity since the date of the acquisition. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance. ​ No subsidiaries are excluded from the Group consolidation. ​ List of subsidiaries A full list of the Company’s subsidiaries (as defined in the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008) as at 31 December 2023 is detailed below: ​ ​ ​ ​ ​ ​ ​ ​ ​ Company name Effective % ownership Security Registered address Wholly owned subsidiaries ​ ​ ​ Altogether Services, Inc. 100% Common c/o United Corporate Services Inc., 10 Bank Street, Suite 560, White Plains NY 10606, United States Consumer Healthcare Holdings Limited 2 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Consumer Healthcare Intermediate Holdings Limited 2 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Duncan Consumer Healthcare Philippines Inc. 100% Common 23rd Floor, The Finance Centre, 26th Street Corner 9th Avenue, Bonifacio Global City, Taguig City, 1634, Philippines Ferrosan (No.2) AB 4 100% Ordinary Gävlegatan 16, 113 30, Stockholm, Sweden Ferrosan ApS 100% A Shares, B Shares Delta Park 37, 2665, Vallensbæk Strand, Denmark Glaxo Wellcome Ceylon Limited 100% Ordinary, Ordinary B 121 Galle Road, Kaldemulla, Moratuwa, Sri Lanka GlaxoSmithKline Asia Private Limited 100% Equity Patiala Road, Nabha 147201, Dist Patiala, Punjab, India GlaxoSmithKline Consumer Healthcare (Hong Kong) Limited 100% Ordinary 23/F., Tower 6, The Gateway, 9 Canton Road, Tsimshatsui, Kowloon, Hong Kong GlaxoSmithKline Consumer Healthcare (Thailand) Limited 100% Ordinary 13th Floor, Unit 13.06, Wave Place Building, 55 Wireless Road, Lumpini Sub-district, Pathumwan District, Bangkok, 10330, Thailand GlaxoSmithKline Consumer Healthcare (UK) (No.1) Limited 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England GlaxoSmithKline Consumer Healthcare GmbH 100% Ordinary Schottenring 25, Wien, 1010 GlaxoSmithKline Consumer Healthcare GmbH & Co. KG 2 100% Partnership Capital Barthstr. 4, 80339, München, Germany GlaxoSmithKline Consumer Healthcare Investments (Ireland) (No 3) Limited 4 100% Ordinary Knockbrack, Dungarvan, Co Waterford, X35 RY76, Ireland ​ ​ ​ ​ ​ ​ ​ ​ Company name Effective % ownership Security Registered address GlaxoSmithKline Consumer Healthcare Japan K.K. 100% Ordinary 1-8-1 Akasaka Minato-ku, Tokyo, Japan GlaxoSmithKline Consumer Healthcare Mexico, S. De R.L. de C.V. 100% Ordinary, Ordinary Variable Boulevard Adolfo Ruiz Cortines No. 3720, Torre 3 Piso 11, Colonia Jardines del Pedregal, Alcaldía Alvaro Obregón, Ciudad de México, C.P. 01900, Mexico GlaxoSmithKline Consumer Healthcare Pte. Ltd. 2 100% Ordinary 23, Rochester Park #03-02, Singapore, 139234, Singapore GlaxoSmithKline Consumer Healthcare Sdn. Bhd. 100% Ordinary Lot 89, Jalan Enggang, Ampang / Hulu Kelang Industrial Estate, Selangor Darul Ehsan, 68000 Ampang, Malaysia GlaxoSmithKline Consumer Healthcare Vietnam Company Limited 100% Charter Capital Floor 16, Metropolitan, 235 Dong Khoi, Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam GlaxoSmithKline Consumer Private Limited 100% Equity Patiala Road, Nabha 147201, Dist Patiala, Punjab, India GlaxoSmithKline Dungarvan Limited 100% Ordinary Knockbrack, Dungarvan, Co Waterford, X35 RY76, Ireland GlaxoSmithKline Panama S.A. 100% Ordinary Urbanizacion Industrial Juan D, Calles A Y B, Republic of Panama, Panama GlaxoSmithKline Paraguay S.A. 100% Ordinary Oficial Gilberto Aranda 333, Planta Alta casi Salvador del Mundo, Asuncion, Paraguay GlaxoSmithKline Tuketici Sagligi Anonim Sirketi 100% Nominative Esentepe Mah. Bahar Sk. Özdilek River Plaza, Vyndham Grand No: 13 İç Kapı No: 80 Şişli, Istanbul, Turkey GSK Bangladesh Private Limited 100% Ordinary K-248/1 Dewalibari, Konabari, Gazipur-1700, Bangladesh, Gazipur, 1700, Bangladesh GSK CH Caricam Sociedad de Responsabilidad Limitada 100% Participation interests Urbanizacion Industrial Juan D, Calles A Y B, Republic of Panama, Panama GSK Consumer Healthcare Chile SpA 100% Interests share Av. Andrés Bello N°2687, 25th floor, Las Condes, Chile GSK Consumer Healthcare Holdings (No.5) Limited 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England GSK Consumer Healthcare Holdings (No.6) Limited 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England GSK Consumer Healthcare Peru S.R.L 100% Ordinary Av Jorge Basadre 349, piso 5, San Isidro, Lima, 05W-109, Peru GSK Consumer Healthcare Singapore Pte. Ltd. 100% Ordinary 23, Rochester Park #03-02, Singapore, 139234, Singapore GSK Consumer Healthcare Trinidad and Tobago Limited 100% Ordinary Level 2, Invader's Bay Tower, Invader's Bay, Port-of-Spain, Trinidad Haleon (China) Co. Ltd (formerly GlaxoSmithKline Consumer Healthcare (China) Co. Ltd) 3 100% Registered Capital Room 506, No.1 Shen’gang Boulevard, Lin-gang Special Area of China Pilot Free Trade Zone, Shanghai, 200000, China Haleon (Shanghai) Health Management Consulting Co., Ltd. 100% Registered Capital Unit 03, 25th floor, No. 90 Qirong Road, Pilot Free Trade Zone, China (Shanghai), China Haleon (Suzhou) Pharmaceutical Co., Ltd. (formerly Wyeth Pharmaceutical Co. Ltd) 3 100% Registered Capital 4 Baodai West Road, Suzhou, Jiangsu Province, 215128, China Haleon (Suzhou) Technology Co., Ltd. (formerly GlaxoSmithKline (Suzhou) Trading Co. Ltd) 3 100% Registered Capital Second floor of the Administrative building, No. 669, Gangpu, Guoxiang Street, Wuzhong Economic Development Zone, Suzhou, China Haleon (Taizhou) Technology Co., Ltd (formerly GlaxoSmithKline Technology (Taizhou) Co. Ltd) 3 100% Registered Capital Room 708 in Building D, Phase II of New Drug Innovation Base, Taizhou, Jiangsu Province, 225300, China Haleon Alcala, S.A. (formerly SmithKline Beecham S.A.) 3 100% Ordinary Ctra de Ajalvir Km 2.500, Alcala de Henares, 28806, Madrid, Spain Haleon Australia Pty Ltd 100% Ordinary Level 48, 8 Parramatta Square, 10 Darcy Street, Parramatta, Sydney NSW 2150, Australia Haleon Belgium N.V. (formerly GlaxoSmithKline Consumer Healthcare S.A.) 3 100% Ordinary Da Vincilaan 5, 1930 Zaventem, Belgium Haleon Brasil Distribuidora Ltda (formerly GlaxoSmithKline Brasil Produtos para Consumo e Saude Ltda) 3 100% Quotas Av das Americas, 3500, 4th floor, rooms 407-420, Rio de Janeiro, RJ, 22621-000, Brazil Haleon Canada ULC / Haleon Canada SRI (formerly GlaxoSmithKline Consumer Healthcare ULC / GlaxoSmithKline Soins De Sante Aux Consommateurs SRI) 3 100% A Class Preference, Common 1133 Melville Street, Suite 3500, The Stack, Vancouver BC V6E 4E5, Canada ​ ​ ​ ​ ​ ​ ​ ​ Company name Effective % ownership Security Registered address Haleon CH Israel Ltd (formerly GSK Consumer Healthcare Israel Ltd) 3 100% Ordinary 25 Basel Street, Petech Tikva 49510, Israel Haleon CH SARL (formerly GSK Consumer Healthcare SARL) 2,3 100% Ordinary Route de I’Etraz, 1197 Prangins, Switzerland Haleon Colombia S.A.S. (formerly GlaxoSmithKline Consumer Healthcare Colombia S.A.S.) 3 100% Ordinary Carrera 7 No. 113 - 43 Piso 4, Colombia Haleon Costa Rica S.A. (formerly GlaxoSmithKline Costa Rica S.A.) 3 100% Ordinary Oficentro Terracampus, Edificio, Uno, Quinto Piso, Autopista Florencio del Castillo, kilometro siete, Cartago, La Unión San Diego, Costa Rica Haleon Czech Republic s.r.o. (formerly Consumer Healthcare Czech Republic s.r.o.) 3 100% Ordinary Hvezdova 1734/2c, Prague, 4 140 00, Czech Republic Haleon Denmark Aps (formerly GlaxoSmithKline Consumer Healthcare Aps) 3 100% Ordinary Delta Park 37, 2665, Vallensbæk Strand, Denmark Haleon EG General Trading LLC (formerly GSK Consumer Healthcare Egypt LLC) 3 100% Quotas North 90th street, Boomerang Building, 5th District, Cairo, Egypt Haleon EG Limited (formerly GSK Consumer Healthcare Egypt Limited) 3 100% Ordinary North 90th street, Boomerang Building, 5th District, Cairo, Egypt Haleon Finland Oy (formerly GlaxoSmithKline Consumer Healthcare Finland Oy) 3 100% Ordinary Energiakuja 3, Helsinki, 00180, Finland Haleon France (formerly GlaxoSmithKline Santé Grand Public) 3 100% Ordinary 23 rue François Jacob, 92500, Rueil-Malmaison, France Haleon Germany GmbH 100% Ordinary Barthstr. 4, 80339, München, Germany Haleon Hellas Single Member Societe Anonyme (formerly GlaxoSmithKline Consumer Healthcare Hellas Single Member Societe Anonyme) 3 100% Ordinary 274 Kifissias Avenue Halandri, Athens, 152 32, Greece Haleon Holdings (No.2) LLC (formerly GSK Consumer Healthcare Holdings No. 2 LLC) 2,3 100% LLC Interests Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States Haleon Hungary Korlátolt Felelosségu Társaság (formerly GlaxoSmithKline-Consumer Hungary Kft.) 3 100% Membership Interests H-1124, Csorsz utca 43, Budapest, Hungary Haleon Insurance Limited (formerly GSK Consumer Healthcare Insurance Limited) 3 100% Ordinary Dorey Court, Admiral Park, St Peter Port, GY1 4AT, Guernsey Haleon Intermediate Holdings Limited 1,2 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, United Kingdom Haleon Ireland Limited (formerly GlaxoSmithKline Consumer Healthcare (Ireland) Limited) 3 100% Ordinary 12 Riverwalk, Citywest Business Campus, Dublin 24, Ireland Haleon Italy Manufacturing S.r.l. (formerly Pfizer Consumer Manufacturing Italy S.r.l.) 2,3 100% Quotas 90, Via Nettunese, 04011, Aprilia (Prov. di Latin), Italy Haleon Italy S.r.l. (formerly GlaxoSmithKline Consumer Healthcare S.r.l.) 3 100% Ordinary Via Monte Rosa 91, Milano, Italy, 20149 Haleon Kazakhstan Limited Liability Partnership (formerly GSK CH Kazakhstan LLP) 3 100% Charter Capital 32 A Manasa Str., Bostandyk District, Almaty, 050008, Kazakhstan GlaxoSmithKline Limited 3 100% Ordinary Likoni Road, PO Box 78392, Nairobi, Kenya Haleon Korea Co., Ltd. (formerly GlaxoSmithKline Consumer Healthcare Korea Co., Ltd.) 3 100% Ordinary 9F LS Yongsan Tower, 92 Hangang-daero, Yongsan-gu, Seoul, 04386, Republic of Korea Haleon Levice, s.r.o. (formerly GSK Consumer Healthcare Levice, s.r.o.) 3 100% Ordinary Priemyselny Park Gena, Ul. E. Sachsa 4-6, 934 01, Levice, Slovakia Haleon Netherlands B.V. (formerly GlaxoSmithKline Consumer Healthcare B.V.) 3 100% Ordinary Van Asch van Wijckstraat 55G, 3811 LP, Amersfoort, Netherlands Haleon Netherlands Capital B.V. (formerly GSK Consumer Healthcare Capital NL B.V.) 3 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, United Kingdom Haleon New Zealand ULC 100% Ordinary Level 1, 1.04, 12 Madden Street, Auckland, 1010, New Zealand Haleon Norway AS (formerly GlaxoSmithKline Consumer Healthcare Norway AS) 3 100% Ordinary Lysaker Torg 5, 3rd floor, Lysaker, 1366, Norway Haleon Philippines, Inc. (formerly GlaxoSmithKline Consumer Healthcare Philippines Inc.) 3 100% Common 23rd Floor, The Finance Centre, 26th Street Corner 9th Avenue, Bonifacio Global City, Taguig City, 1634, Philippines ​ ​ ​ ​ ​ ​ ​ ​ Company name Effective % ownership Security Registered address Haleon Poland sp. z.o.o. (formerly GlaxoSmithKline Consumer Healthcare Sp. z.o.o.) 3 100% Ordinary Rzymowskiego 53, 02-697, Warszawa, Poland Haleon Portugal, Lda. (formerly GlaxoSmithKline Consumer Healthcare, Produtos para a Saude e Higiene, Lda) 3 100% Ordinary Quota Rua Dr Antonio Loureiro Borges No 3, Arquiparque, Miraflores, 1495-131, Alges, Portugal Haleon Romania SRL (formerly GlaxoSmithKline Consumer Healthcare S.R.L.) 3 100% Ordinary 1-5 Costache Negri Street, Opera Center One, 6th floor (Zone 2), District 5, Bucharest, Romania GlaxoSmithKline Consumer Healthcare Saudi Limited 3 100% Ordinary 603 Salamah Tower, 6th Floor, Madinah Road, Al-Salamah District, Jeddah 21425, Saudi Arabia Haleon Schweiz AG (formerly GSK Consumer Healthcare Schweiz AG) 3 100% Ordinary Suurstoffi 14, 6343, Rotkreuz, Switzerland Haleon Slovakia s. r. o. (formerly GlaxoSmithKline Consumer Healthcare Slovakia s. r. o.) 3 100% Ownership Interests Galvaniho 7/A, Bratislava, 821 04, Slovakia Haleon South Africa (Pty) Ltd (formerly GlaxoSmithKline Consumer Healthcare South Africa (Pty) Ltd) 3 100% Ordinary 17 Muswell Road South, Block D - Wedgefield Phase 2, Bryanston, Gauteng, South Africa, 2191, South Africa Haleon Spain, S.A. (formerly GlaxoSmithKline Consumer Healthcare, S.A.) 3 100% Ordinary Severo Ochoa, 2, Parque Tecnologico de Madrid, Tres Cantos, 28760, Madrid, Spain Haleon Sweden AB (formerly GlaxoSmithKline Consumer Healthcare AB) 3 100% Ordinary Gävlegatan 16, 113 30, Stockholm, Sweden Haleon UK Capital plc (formerly GSK Consumer Healthcare Capital UK plc) 2,3 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Haleon UK Corporate Director Limited (formerly GSK Consumer Healthcare Holdings (No.4) Limited) 3 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Haleon UK Corporate Secretary Limited (formerly GSK Consumer Healthcare Holdings (No.8) Limited) 3 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Haleon UK Enterprises Limited 2 100% Voting shares Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Haleon UK Export Limited (formerly GSK Consumer Healthcare Export Limited) 3 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, United Kingdom Haleon UK Finance (USD) Limited (formerly GlaxoSmithKline Consumer Healthcare Finance No.2 Limited) 3 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Haleon UK Finance Limited (formerly GlaxoSmithKline Consumer Healthcare Finance Limited) 3 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Haleon UK Holding Canada Limited (formerly GSK Canada Holding Company Limited) 3 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Haleon UK Holding New Zealand Limited (formerly GSK New Zealand Holding Company Limited) 3 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Haleon UK Holding Sri Lanka Limited (formerly GlaxoSmithKline Consumer Healthcare Sri Lanka Holdings Limited) 3 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Haleon UK Holdings (No.1) Limited (formerly GSK Consumer Healthcare Holdings (No.1) Limited) 2,3 100% Non-voting preference shares; Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Haleon UK Holdings (No.2) Limited (formerly GlaxoSmithKline Consumer Healthcare Holdings (No.2) Limited) 2,3 100% A Shares; B Shares; Preference shares; Deferred shares Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Haleon UK Holdings (No.3) Limited (formerly GSK Consumer Healthcare Holdings (No.3) Limited) 3 100% Non-voting preference shares; Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Haleon UK Holdings (No.7) Limited (formerly GSK Consumer Healthcare Holdings (No.7) Limited) 3 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England ​ ​ ​ ​ ​ ​ ​ ​ Company name Effective % ownership Security Registered address Haleon UK Holdings Limited (formerly GlaxoSmithKline Consumer Healthcare Holdings Limited) 2,3 100% A Shares, B Shares, C Shares Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Haleon UK IP (No.2) Limited (formerly Stiefel Consumer Healthcare (UK) Limited) 3 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, United Kingdom Haleon UK IP Limited (formerly GlaxoSmithKline Consumer Healthcare (UK) IP Limited) 2,3 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Haleon UK Research Limited 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Haleon UK Services Limited 2 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Haleon UK Trading Limited (formerly GlaxoSmithKline Consumer Healthcare (UK) Trading Limited) 2,3 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Haleon UK Trading Services Limited (formerly GlaxoSmithKline Consumer Trading Services Limited) 2,3 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, United Kingdom Haleon US Capital LLC (formerly GSK Consumer Healthcare Capital US LLC) 2,3 100% LLC Interests Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States Haleon US Holdings Inc. (formerly GSK Consumer Healthcare Holdings (US) Inc.) 3 100% Preferred, Common Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States Haleon US Holdings LLC (formerly GlaxoSmithKline Consumer Healthcare Holdings (US) LLC) 2,3 100% LLC Interests Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States Haleon US Inc. (formerly GSK Consumer Health, Inc.) 3 100% Common Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States Haleon US IP LLC (formerly GlaxoSmithKline Consumer Healthcare (US) IP LLC) 3 100% LLC Interests Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States Haleon US LLC (formerly GlaxoSmithKline Consumer Healthcare L.L.C.) 3 100% LLC Interests Corporation Service Company, 2595 Interstate Drive Suite 103, Harrisburg PA 17110, United States Haleon US Services Inc. (formerly GSK Consumer Healthcare Services, Inc.) 3 100% Common Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States Iodosan S.p.A. 100% Ordinary Via Monte Rosa 91, Milano, Italy, 20149 JSC Haleon Rus (formerly GlaxoSmithKline Healthcare AO) 3 100% Ordinary Premises III, Room 9, floor 6, Presnenskaya nab. 10, 123112, Moscow, Russian Federation Kuhs GmbH 100% Ordinary Barthstr. 4, 80339, München, Germany Limited Liability Company “Haleon Ukraine” (formerly GlaxoSmithKline Healthcare Ukraine O.O.O.) 3 100% Ownership Interests Pavla Tychyny avenue, 1-V, Kiev, 02152, Ukraine N.C.H. - Nutrition Consumer Health Ltd 100% Ordinary 14 Hamephalsim St, Petach Tikva, Israel Northstar Switzerland SARL 100% Ordinary Route de I’Etraz 2, c/o Haleon CH SARL, 1197 Prangins, Switzerland P.T. Sterling Products Indonesia 100% A Shares; B Shares Pondok Indah Office Tower 5 Level 12, Suite 1201, Jalan Sultan Iskandar Muda Kav. V-TA, Pondok Pinang, Jakarta Selatan 12310, Indonesia Panadol GmbH 100% Ordinary Barthstr. 4, 80339, München, Germany PF Consumer Healthcare B.V. 100% Class A, Class B Van Asch van Wijckstraat 55G, 3811 LP Amersfoort, Netherlands PF Consumer Healthcare Brazil Importadora e Distribuidora de Medicamentos Ltda 100% Quota Barueri, at Avenida Ceci, No.1900, Block III, Part 67, Tambore District, Sao Paulo, 06460, Brazil PF Consumer Healthcare Canada ULC / PF Soins De Sante SRI 100% Common 1133 Melville Street, Suite, 3500, The Stack, Vancouver BC V6E 4E5, Canada PF Consumer Healthcare Holding B.V. 100% Ordinary Van Asch van Wijckstraat 55G, 3811 LP Amersfoort, Netherlands PF Consumer Taiwan LLC 100% Interests The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington DE 19801, United States Pfizer Laboratories PFE (Pty) Ltd. 100% Common Flushing Meadows Building, The Campus, 57 Sloane Street, Bryanston 2021, South Africa ​ ​ ​ ​ ​ ​ ​ ​ Company name Effective % ownership Security Registered address Pfizer PFE Colombia S.A.S 100% Common Carrera 7 No. 113 - 43 Piso 4, Colombia PT Haleon Indonesia Trading 100% Ordinary Pondok Indah Office Tower 5 Level 12, Suite 1201, Jalan Sultan Iskandar Muda Kav. V-TA, Pondok Pinang, Jakarta Selatan 12310, Indonesia PT. Bina Dentalindo 4 100% Ordinary Gedung Graha Ganesha Lantai 3, Jl Raya Bekasi Km 17, No5, Jakarta Timur 13930, Indonesia Stafford-Miller (Ireland) Limited 2 100% Ordinary Clocherane, Youghal Road, Dungarvan, Co. Waterford, Ireland Sterling Drug (Malaya) Sdn Berhad 100% Ordinary Lot 89, Jalan Enggang, Ampang / Hulu Kelang Industrial Estate, Selangor Darul Ehsan, 68000 Ampang, Malaysia Sterling Products International, Incorporated 100% Common Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States Treerly Health Co., Ltd 100% Registered Capital Unit 01A, Room 3901, No 16. East Zhujiang Road, Tianhe District, Guangzhou City, China Wyeth Pharmaceuticals Company 100% Partnership Interests State Road No. 3, Kilometer 142.1, Guayama, 00784, Puerto Rico ​ Subsidiaries where the effective interest is less than 100% ​ Company name Effective % ownership Security Registered address GSK-Gebro Consumer Healthcare GmbH 50.0% Ordinary Bahnhofbichl 13, 6391 Fieberbrunn, Kitzbühel, Austria Haleon Pakistan Limited (formerly GlaxoSmithKline Consumer Healthcare Pakistan Limited) 3 85.8% Ordinary 11-A, 11th Floor, Sky Tower (East Wing), Dolmen City, HC-3, Block 4, Scheme-5, Clifton, Karachi, Sindh 75600, Pakistan Haleon US Enterprises Inc. (formerly Beecham Enterprises Inc.) 3 88.0% Common Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States Haleon US LP (formerly GlaxoSmithKline Consumer Healthcare, L.P.) 2,3 88.0% Partnership Interests Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States Pfizer Biotech Corporation 55.0% Ordinary 24F, No. 66, Sec 1, Zhong Xiao W. Rd, Taipei 100, Taiwan Sino-American Tianjin Smith Kline & French Laboratories Ltd 2 55.0% Ordinary Cheng Lin Zhuang Industrial Zone, Dong Li District, Tianjin, 300163, China SmithKline Beecham (Private) Limited 99.7% Ordinary World Trade Center, Level 34, West Tower, Echelon Square, Colombo 1, Sri Lanka ​ The following UK subsidiaries will take advantage of the audit exemption set out within Section 479A of the Companies Act 2006, supported by guarantees issued by Haleon plc (under section 479C of the Companies Act 2006) over their liabilities for the year ended 31 December 2023. Unless otherwise stated, the undertakings listed below are owned, either directly or indirectly, by the Company. ​ Name Company Consumer Healthcare Holdings Limited 11986432 Consumer Healthcare Intermediate Holdings Limited 11986416 GlaxoSmithKline Consumer Healthcare (UK) (No.1) Limited 00753340 Haleon UK Holding Canada Limited 12342809 Haleon UK Holding New Zealand Limited 12342879 Haleon UK Holding Sri Lanka Limited 09400298 Haleon UK Holdings (No.1) Limited 13355627 Haleon UK Holdings (No.3) Limited 13401293 Haleon UK Holdings (No.7) Limited 13414769 ​ ​ The following UK subsidiaries, having not traded during the year will take advantage of the audit exemption set out within Section 480 of the Companies Act 2006 for the year ended 31 December 2023. Unless otherwise stated, the undertakings listed below are owned, either directly or indirectly, by the Company. ​ Name Company GSK Consumer Healthcare Holdings (No. 5) Limited 13401372 GSK Consumer Healthcare Holdings (No. 6) Limited 13401308 Haleon UK Corporate Director Limited 13401336 Haleon UK Corporate Secretary Limited 13434151 ​ 1 Directly held by Haleon plc. 2 Principal subsidiary of the Group as at 31 December 2023. 3 The Company changed its name during the period between 1 January 2023 and 15 March 2024. The former name of the Company is included in brackets. The Group has a programme of action to rename and harmonise all legal entity names to reflect the Haleon brand. 4 The Company is in liquidation. ​

Accounting policies (Policies)

Accounting policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting policies
Basis of consolidation	Basis of consolidation Entities over which the Group has the power to direct the relevant activities so as to affect the returns to the Group, generally through control over the financial and operating policies from either voting or contractual rights, are accounted for as subsidiaries. Interests acquired in entities are consolidated from the date the Group acquires control and interests sold are deconsolidated from the date control ceases. ​ Where, as part of a business combination, the Group is not able to exercise control over a particular operation due to the existence of legal or other restrictions, the associated assets and liabilities are not consolidated, and a financial asset or liability is recognised for the economic benefit or obligation to be received under the contribution agreement. The assets and liabilities are consolidated, and the associated financial asset or liability derecognised, on the date at which the Group is able to exercise control over these operations. Transactions and balances between subsidiaries are eliminated and no profit before tax is recognised on sales between subsidiaries until the products are sold to customers outside the Group. Transactions with non-controlling interests are recorded directly in equity. Deferred tax relief on unrealised intra-group profit is accounted for only to the extent that it is considered recoverable. Refer to Note 30 ‘Subsidiaries’ for a list of the Group’s subsidiary undertakings.
Foreign currencies	Foreign currencies The Consolidated Financial Statements are presented in GBP, which is also the Company’s functional currency. Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. ​ Foreign currency transactions in individual Group companies are translated into functional currency using exchange rates at the date of the transaction. Foreign exchange gains and losses from settlement of these transactions, and from translation of monetary assets and liabilities at the rates prevailing on the reporting period date, are recognised in the income statement except when deferred in equity as qualifying hedges. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was measured. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated. ​ In preparing the Consolidated Financial Statements, the balances in individual Group companies are translated from their functional currency into GBP. The income statement, the cash flow statement and all other movements in assets and liabilities are translated at average rates of exchange as a proxy for the transaction rate, or at the transaction rate itself if more appropriate. Assets and liabilities are translated at the closing rates at the end of the reporting period. ​ The effect of exchange rate differences during the year on net assets of foreign operations is recorded in equity. ​ The Group applies hedge accounting to certain exchange differences arising between the functional currencies of a foreign operation and the functional currency of the parent entity, regardless of whether the net investment is held directly or through an intermediate parent. Differences arising on retranslation of a financial liability designated as a foreign currency net investment hedge are recorded in other comprehensive income/(expenses) and accumulated in equity to the extent that the hedge is effective, which may be subsequently reclassified to the consolidated income statement. These differences are reported within profit or loss to the extent that the hedge is ineffective. Gains and losses on the hedging instrument accumulated in equity are reclassified to profit or loss on the disposal or partial disposal of the foreign operation. ​ The principal currencies and relevant exchange rates in the key markets where the Group operates are shown below: ​ ​ ​ ​ ​ ​ ​ ​ ​ Average rates Year end rates ​ 2023 2022 2021 2023 2022 2021 USD/£ 1.24 1.24 1.38 1.27 1.20 1.35 Euro/£ 1.15 1.17 1.16 1.15 1.13 1.19 CNY/£ 8.81 8.31 8.86 9.06 8.31 8.56
Impact of climate change	​ Impact of climate change In preparing these Consolidated Financial Statements we have considered the impact of climate change. The Group does not believe that there is a material impact on the financial reporting judgements and estimates arising from climate change in the short term and as a result the valuation of our assets and liabilities has not been significantly impacted by these risks as at 31 December 2023. In concluding, we specifically considered the impact of climate change on the following areas: ​ ​ ​ ​ ​ Financial Statement area Relevant climate-related risks Relevant ESG targets Relevant Note for further information Property, plant and equipment - Damage and disruption caused by extreme weather events - Carbon pricing regulations - Carbon reduction - Water neutrality at our manufacturing sites Note 12 ‘Property, plant and equipment’ Goodwill and intangible brands - Damage and disruption caused by extreme weather events - Reduced availability and increased price volatility of raw materials due to climate change - Carbon pricing regulations - Loss of attractiveness due to consumers’ increasing expectations - Carbon reduction - Recycle-ready packaging - Sustainably sourced and deforestation-free ingredients and packaging - Reduced use of virgin petroleum-based plastic Note 14 ‘Intangible assets’ Inventory - Reduced availability and increased price volatility of raw materials due to climate change - Carbon pricing regulations - Recycle-ready packaging - Sustainably sourced and deforestation-free ingredients and packaging - Reduced use of virgin petroleum-based plastic Note 15 ‘Inventories’ Going concern and viability - Damage and disruption caused by extreme weather events ​ ​ ​ Whilst there is currently no short-term impact anticipated from climate change, the judgements and estimates of the Group will be regularly reviewed in light of the increasing risks and dynamic regulatory landscape as this continues to evolve.
Research and development	Research and development Research and development (R&D) expenditure is charged to the income statement in the period in which it is incurred. R&D expenditure comprises expenditure that is directly attributable to the research and development of new products or variants, including the costs attributable to the generation or improvement of intellectual property and product registrations, depreciation and amortisation of equipment, real estate and IT assets used by the R&D function.
Recent accounting developments	Recent accounting developments On 20 June 2023, the UK Finance (No.2) Bill 2022-23 was substantively enacted in the UK, including legislation to implement in the UK certain parts of the OECD’s Pillar Two regime for periods beginning on or after 1 January 2024. Refer to Note 9 ‘Taxation’ for further information about the anticipated impact of this legislation. On 19 July 2023, the UK Endorsement Board adopted the temporary, mandatory deferred tax exception to IAS 12, as issued by the IASB in May 2023. The exception has been applied and the Group has neither recognised nor disclosed information about deferred tax assets or liabilities relating to Pillar Two income taxes. ​ IFRS 17 ‘Insurance Contracts’ is effective from 1 January 2023 and introduces a new model for accounting for insurance contracts. We have reviewed existing arrangements and concluded that IFRS 17 is not material for the Group. We have also reviewed other new standards or amendments to standards that have been issued by the IASB and are effective from 1 January 2023 and concluded that they are not material to the Group. ​ All new accounting standards, amendments to accounting standards and interpretations that have been published by the IASB and are not effective for 31 December 2023 reporting periods, have not been early adopted by the Group. These standards, amendments or interpretations are not expected to have a material impact on the entity in the current or future reporting periods.
Revenue	Revenue The Group receives revenue for supply of goods to external customers against orders received. The majority of contracts that the Group enters into relate to sales orders containing single performance obligations for the delivery of consumer health products. ​ Product revenue is recognised when control of the goods is passed to the customer. The point at which control passes is determined by each customer arrangement, but generally occurs on delivery to the customer. ​ Revenue represents net invoice value (i.e., list price after the deduction of discounts, pricing allowances, customer incentives, promotional rebates and coupons). Revenue includes fixed and variable consideration. ​ Variable consideration arises on the sale of goods as a result of discounts and allowances given and accruals for estimated future returns and rebates. Discounts can either be on-invoice or off-invoice whilst allowances and rebates are generally off-invoice. The discounts, allowances and promotional rebates are recognised as a deduction from revenue at the time that the related revenue is recognised or when the Group has committed to pay the consideration, whichever is later. Variable consideration is not included in the transaction price until it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur. ​ ​ The methodology and assumptions used to estimate returns and rebates are monitored and adjusted regularly in light of contractual and legal obligations, historical trends, past experience and projected market conditions. Once the uncertainty associated with the returns and rebates is resolved, revenue is adjusted accordingly. The differences between actual amounts settled and the estimated accrued amounts are recognised as a change in management estimate in the subsequent reporting period. The assumptions used in estimation are based on known facts with a high level of accuracy. In addition, the Group’s promotional programmes are typically short-term in nature resulting in lower inherent estimation uncertainty. ​ Some contracts for the sale of consumer health products provide customers with a right to return the goods within a specified period. A refund liability is recognised for the goods that are expected to be returned (i.e., the amount not included in the transaction price). A right of return asset (and the corresponding adjustment to cost of sales) is also recognised for the right to recover the goods from the customer. The Group uses the most likely amount method to estimate the variable consideration in contracts with a right to return. ​ The Group also provides retrospective volume rebates to certain customers once the products purchased during the period exceed the threshold specified in the contract. A refund liability is recognised for the expected future rebates (i.e., the amount not included in the transaction price). The Group applies the most likely amount method to estimate the variable consideration in the contract related to rebates. Volume rebates and refund liabilities are recognised in trade and other payables. ​ The Group has elected to apply the practical expedient not to disclose the aggregate amount of transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) as at the end of the reporting period.
Segment information	The Group is organised into business units based on geographical areas and has three reportable segments: ​ – North America – Europe, Middle East, Africa and Latin America (EMEA & LatAm) – Asia Pacific (APAC) ​ No operating segments have been aggregated to form the above reportable operating segments. ​ The Group’s Commercial Operations Board, which consists of the CEO, CFO and other members of senior leadership, is the Chief Operating Decision Maker (CODM) who monitors the operating results of the Group’s reportable segments separately for the purpose of making decisions about resource allocation and performance assessment. The CODM uses a measure of adjusted operating profit to assess the performance of the reportable segments. Adjusted operating profit is defined as operating profit less net intangible amortisation and impairment of brands, licences, and patents, restructuring costs, transaction-related costs, separation and admission costs, and disposals and others. The CODM does not review IFRS operating profit or total assets on a segment basis. ​ The composition of these geographical segments is reviewed on an annual basis. Analysis of revenue and adjusted operating profit by geographical segment is included below:
Operating profit	Expenditure is recognised in respect of goods and services received when supplied in accordance with contractual terms. Provision is made when an obligation exists for a future liability in respect of a past event and where the amount of the obligation can be reliably estimated. Advertising & Promotion (A&P) expenditure is charged to the income statement as incurred. Shipment costs on intercompany transfers are charged to cost of sales; distribution costs on sales to customers are included in selling, general and administration (SG&A).
Restructuring costs	Restructuring costs Restructuring costs are recognised and provided for, where appropriate, in respect of the direct expenditure of a business reorganisation where the plans are sufficiently detailed and well advanced, and where a valid expectation to those affected has been created by either starting to implement the restructuring plans or announcing its main features. Restructuring costs are those mainly related to specific Board-approved restructuring programmes, including integration costs following material acquisitions, which are structural in nature and significant in scale. ​ Restructuring costs include severance and other personnel costs, professional fees, impairments of assets, and other related items. ​ Haleon may undertakesrestructuring programmes in response to changes in the Group’s trading environment and overall strategy or following significant acquisitions. Costs, both cash and non-cash, of these programmes are provided for as individual elements are approved and meet the accounting recognition criteria. As a result, charges may be incurred over a number of years following the initiation of a major restructuring programme. ​ Restructuring costs in 2023 mainly relate to business transformation activities associated with our programme to increase productivity and agility. In 2022 and 2021, restructuring costs mainly related to activities aiming to generate synergies from the integration of the Pfizer Group’s Consumer Healthcare business into the Group’s business, following the Pfizer Transaction completed on 31 July 2019. Refer to Note 21 ‘Provisions’ for further details about the Group’s restructuring provisions.
Net finance costs	Net finance costs comprise finance expense and finance income. Finance income includes income on cash and cash equivalents and income on other financial assets. Finance expense includes interest costs in relation to financial liabilities including interest on bonds and lease liabilities, which represents the unwind of the discount rate applied to lease liabilities. Borrowing costs are recognised based on the effective interest method.
Income tax	Income tax Income tax expense represents the sum of the current and deferred taxes. ​ Current tax payable or recoverable is based on taxable profit for the year, and any adjustments in respect of prior periods. Taxable profit differs from profit as reported in the income statement because some items of income or expense are taxable or deductible in different years or may never be taxable or deductible. The amount of current tax payable or receivable is the best estimate of the amount expected to be paid to, or received from, tax authorities. It is calculated using tax rates and laws that have been substantively enacted at the reporting date. ​ Tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they either relate to income taxes levied by the same taxation authority on either the same taxable entity or on different taxable entities which intend to settle the current tax assets and liabilities on a net basis. ​ ​ Tax is charged or credited to the income statement, except when it relates to items charged or credited to other comprehensive income/(expense) or directly to equity, in which case the tax is recognised in other comprehensive income/(expense) or in equity. ​ The Group recognises provisions for uncertain tax positions when it is probable that a tax authority would not accept an uncertain tax treatment. This is done by assuming the tax authority will examine all the amounts and would have full knowledge of all related information when making those examinations. Uncertain tax positions are assessed and measured on an issue-by-issue basis within the jurisdictions that we operate either using management’s estimate of the most likely outcome where the issues are binary, or the expected value approach where the issues have a range of possible outcomes. ​ Where open tax matters exist, the ultimate liability for such matters may vary from the amounts provided and is dependent upon the outcome of negotiations with the relevant tax authorities or, if necessary, litigation proceedings. At 31 December 2023, the Group had recognised provisions of £148m in respect of such uncertain tax positions (2022: £159m and 2021: £150m). Due to the number of uncertain tax positions held and the number of jurisdictions to which these relate, it is not practicable to give meaningful sensitivity estimates. ​ The Group recognises interest on late paid taxes as part of financing costs, and any penalties, if applicable, as part of the income tax expense.
Deferred tax	Deferred tax Deferred tax is the tax expected to be payable or recoverable in the future arising from temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. It is accounted for using the statement of financial position liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that temporary differences or taxable profits will be available against which deductible temporary differences can be utilised. ​ Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are not recognised to the extent they arise from the initial recognition of non-tax deductible goodwill. In addition, the Group has neither recognised nor disclosed information about deferred tax assets or liabilities relating to Pillar Two income taxes as required by the temporary, mandatory deferred tax exception to IAS 12. Refer to Note 2 ‘Accounting policies’. ​ Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint arrangements, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. ​ The carrying amount of deferred tax assets is reviewed at each reporting period date and adjusted to reflect changes in the Group’s assessment that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised, based on tax rates that have been enacted or substantively enacted by the reporting period date.
Dividends	Dividends are recognised on the date that the shareholder’s right to receive payment is established. Interim dividends are recognised when they become payable to Company’s shareholders. Final dividends are recognised when they are approved by shareholders. The Board are proposing a final dividend for the year ended 31 December 2023 of 4.2p per ordinary share. Subject to shareholder approval at the AGM, it will be paid on 16 May 2024 to holders of ordinary shares and ADS on the register as of 15 March 2024.
Earnings per share	Basic earnings per share is calculated by dividing the profit attributable to shareholders by the Company’s weighted average number of share units in issue during the year after deducting treasury shares or shares held by employee benefit trusts (EBTs) if any. ​ Basic earnings per share for the year ended 31 December 2021 has been adjusted retrospectively, as required by IAS 33 ‘Earnings per share’, to reflect the share structure of the Company resulting from the increase in the number of ordinary shares outstanding as a result of the demerger activities that took place in July 2022. As a result, basic earnings per share for the year ended 31 December 2021 has been calculated by dividing the profit attributable to shareholders by the Company’s weighted average number of shares in issue, with 9,234,573,831 shares outstanding upon the completion of the demerger activities. ​ Diluted earnings per share has been calculated after adjusting the weighted average number of shares used in the basic calculation to assume the conversion of all potentially dilutive shares. There were no dilutive shares in 2021. ​ The total number of shares held in connection with employee long-term incentive schemes as at 31 December 2023 was 10.4m. These were acquired for the purpose of meeting equity settled share-based payment obligations and are sufficient for the expected vesting in Q1 2024. ​
Property, plant and equipment	Land, buildings, plant, equipment and vehicles are valued at their cost, less any accumulated depreciation and any accumulated impairment losses. ​ Assets under construction are carried at cost, less any recognised impairment losses. Depreciation of these assets commences when the assets are ready for their intended use. ​ The cost of property, plant and equipment includes directly attributable incremental costs incurred in acquisition and installation of the assets. ​ Depreciation is recognised on a straight-line basis, over the estimated useful lives of the asset. Residual values and useful lives are reviewed, and where appropriate adjusted annually. Estimated useful lives of the major categories of assets are shown below: ​ ​ ​ Freehold buildings 20 to 50 years Leasehold land and buildings Lease term or 20 to 50 years Plant and machinery 10 to 20 years Equipment and vehicles 3 to 10 years ​ Property, plant and equipment is subject to review for impairment if triggering events or circumstances indicate an impairment may exist. If an indication of impairment exists, the recoverable amount of the asset or cash generating unit is estimated and any impairment loss is charged to the income statement as it arises. ​ Where there has been a change in the estimates used to determine recoverable amount and an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, not to exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years and an impairment loss reversal is recognised immediately in the income statement. ​ On disposal of property, plant and equipment, the cost and related accumulated depreciation and impairments are derecognised from the Consolidated Financial Statements and the net amount, less any proceeds, is taken to the income statement.
Right of use assets	When the Group leases an asset, a ‘right of use asset’ is recognised for the leased item and a lease liability is recognised for any lease payments to be paid over the lease term at the lease commencement date except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low-value assets (defined as assets with an initial fair value less than approximately £10,000). ​ The right of use asset is initially measured at cost, being the present value of the lease payments paid or payable, plus any initial direct costs incurred in entering into the lease and less any lease incentives received. Non-lease components are accounted for separately from the lease components in plant and equipment leases but are not separately accounted for in land and buildings or vehicle leases. ​ Right of use assets where title is expected to pass to the Group at a point in the future are depreciated in a manner consistent to that for owned property, plant and equipment. In other cases, right of use assets are depreciated over the shorter of the useful life of the asset or the lease term. The lease term is the non-cancellable period of the lease plus any periods for which the Group is ‘reasonably certain’ to exercise any extension options. If right of use assets are considered to be impaired, the carrying value is reduced accordingly. ​ Lease liabilities are initially measured at the value of the lease payments over the lease term that are not paid at the commencement date and are usually discounted using the incremental borrowing rates of the applicable Group entity (the rate implicit in the lease is used if it is readily determinable). Lease payments included in the lease liability include both fixed payments and in-substance fixed payments during the term of the lease. ​ After initial recognition, the lease liability is recorded at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments or if the Group’s assessment of the lease term changes; any changes in the lease liability as a result of these changes also results in a corresponding change in the recorded right of use asset.
Goodwill	Goodwill Goodwill arising on consolidation represents the excess of the fair value of the consideration transferred over the fair value of the Group’s share of the identifiable assets and liabilities of the acquired subsidiaries at the date of acquisition. Goodwill is not subject to amortisation but is tested annually for impairment, or more frequently where indicators of impairment exist and is carried at cost less any accumulated impairment losses. ​ For the purpose of impairment testing, assets are grouped in cash generating units (CGUs). A CGU is identified as the lowest aggregation of assets that generate largely independent cash inflows, and which is looked at by management for monitoring and managing the business. ​ If the recoverable amount of the CGU is less than the carrying amount, an impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the CGU and then to the other assets of the CGU pro rata on the basis of the carrying amount of each asset in the CGU. Any impairment loss is immediately recognised in the consolidated income statement and an impairment loss recognised for goodwill is not subsequently reversed. ​ The recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. ​ Management uses the approved three-year strategic plan and the projected cash flows for a further two-year period as the basis for the Group CGUs value in use calculations. ​ On disposal, the attributable amount of goodwill is included in the determination of the gain or loss on disposal.
Other intangible assets	Other intangibles Intangible assets are recognised when they are identifiable, the Group controls the asset, it is probable that future economic benefits attributed to the asset will flow to the Group and the cost of the asset can be reliably measured. ​ Separately purchased brands are initially measured at cost, being the purchase price as at the date of acquisition. Acquired brands are valued independently and recognised at fair value when the Group completes a business combination from third parties, where brands have a value which is substantial and long term and where the brands either are contractual or legal in nature or can be sold separately from the rest of the businesses acquired. The determination of the fair values of the separately identified intangibles is based, to a considerable extent, on management’s judgement. Brands are amortised over their estimated useful lives of up to 20 years, except where it is considered that the useful economic life is indefinite. ​ Indefinite life brands mainly comprise trademarks and brands for which there is no foreseeable limit to the period over which they are expected to generate net cash inflows. These are considered to have an indefinite life, given the strength and durability of the brands and the level of advertising and promotion support. These brands are in relatively similar, stable and profitable market sectors, with similar risk profiles, and their size, diversification and market shares mean that the risk of market-related factors causing a reduction in the lives of the brands is considered to be relatively low. The Group is not aware of any material legal, regulatory, contractual, competitive, economic or other factors which could limit their useful lives. Accordingly, they are not amortised. ​ Intangible assets are stated at cost less provisions for amortisation and impairments. Licences, patents, know-how and marketing rights separately acquired or acquired as part of a business combination are amortised over their estimated useful lives, generally not exceeding 20 years, using the straight-line basis from the time they are available for use. The estimated useful lives for determining the amortisation charge consider patent lives, where applicable, as well as the value obtained from periods of non-exclusivity. Asset lives are reviewed and, where appropriate, adjusted annually. ​ Any development costs incurred by the Group and associated with acquired licences, patents, know-how or marketing rights are written off to the income statement when incurred. ​ The costs of acquiring and developing computer software for internal use and internet sites for external use are capitalised as intangible fixed assets where the software or site supports a significant business system and the expenditure leads to the creation of an asset. Enterprise Resource Planning (ERP) systems software is amortised over 7-10 years and other computer software over 3-5 years. ​ The carrying values of all non-current assets are reviewed for impairment, either on a standalone basis or as part of a larger CGU, when there is an indication that the assets might be impaired. Additionally, intangible assets with indefinite useful lives and intangible assets which are not yet available for use are tested for impairment annually. Any provision for impairment is charged to the income statement. If the recoverable amount of an intangible is less than the carrying amount, an impairment loss is recognised in the income statement. The recoverable amount is the higher of fair value less costs of disposal and value in use. Impairment losses are only reversed if there has been a change in estimates used to determine recoverable amounts and only to the extent that the revised recoverable amounts do not exceed the carrying values that would have existed, net of amortisation, had no impairments been recognised.
Inventories	Inventories are included in the Consolidated Financial Statements at the lower of cost (including raw materials, direct labour, other direct costs and related production overheads) and net realisable value. Cost is determined on a first in, first out basis. Net realisable value is the estimated selling price less the estimated costs necessary to make a sale.
Trade and other receivables	Trade receivables are initially measured at the original invoice amount and subsequently measured at amortised cost less allowances for expected credit losses which are measured at an amount equal to lifetime expected credit losses. In determining credit risk, the Group considers reasonable and supportable information that is relevant and available without undue costs or effort. This includes both quantitative and qualitative information and analysis based on the Group’s ageing of the receivables, customers’ payment history, and forward-looking information including wider macroeconomic factors. Trade receivables sold under a non-recourse factoring agreement are derecognised at the point of sale as risks and rewards are substantially transferred. ​ When a trade receivable is determined to have no reasonable expectation of recovery it is written off, firstly against any expected credit loss allowance available and then to the income statement. ​ Subsequent recoveries of amounts previously provided for or written off are credited to the income statement. Long-term receivables are discounted where the effect is material.
Cash and cash equivalents	Cash and cash equivalents comprise of cash at bank and in hand and short-term highly liquid deposits which are primarily held for operating purposes with an original maturity of three months or less, that are readily convertible to a known amount of cash and subject to an insignificant risk of changes.
Trade and other payables	Trade payables are initially recognised at fair value and then held at amortised cost. Long-term payables are discounted where the effect is material. Trade payables are derecognised when the original liability is either discharged, usually through payment, or substantially modified.
Borrowings	All borrowings are initially recorded at fair value, net of transaction costs. Borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing. ​ ​ Lease liabilities The corresponding liability to the lessor is recognised as a lease obligation within short-term and long-term borrowings. The carrying amount is subsequently increased to reflect interest on the lease liability and reduced by lease payments made. ​ For calculating the discounted lease liability on leases, the implicit rate in the lease is used. If this is not available, the incremental borrowing rate with a lease-specific adjustment is used. Finance costs are charged to the income statement to produce a constant periodic rate of charge on the remaining balance of the obligations for each accounting period. ​ Variable rents are not part of the lease liability and the right of use asset. These payments are charged to the income statement as incurred. Short-term and low-value leases are not capitalised, and lease rentals are also charged to the income statement as incurred.
Pension and other post - employment benefits	The Group operates pension arrangements which cover the Group’s material obligations to provide pensions to retired employees. These arrangements have been developed in accordance with local practices in the countries concerned. Pension benefits can be provided by state schemes, by defined contribution schemes, whereby retirement benefits are determined by the value of funds arising from contributions paid in respect of each employee, or by defined benefit schemes, whereby retirement benefits are based on employee pensionable remuneration and length of service. In certain countries, pension benefits are provided on an unfunded basis, some are administered by trustee companies. The Group also provides other post-employment benefits, mainly post-employment healthcare plans in the US. These plans are predominantly unfunded. Formal, independent, actuarial valuations of the Group’s main plans are undertaken regularly, normally at least every three years. ​ For defined benefit retirement plans, the difference between the fair value of the plan assets and the present value of the plan liabilities is recognised as an asset or a liability on the consolidated balance sheet. Defined benefit plan liabilities are assessed using the projected unit funding method and applying the principal actuarial assumptions at the reporting period date consistent with the advice of qualified actuaries. Pension scheme assets are measured at fair value at the balance sheet date. The amount of any pension fund asset recognised on the balance sheet is limited to any future refunds from the plan or the present value of reductions in future contributions to the plan. ​ The amount charged to operating costs in the income statement is the cost of accruing pension benefits promised to employees over the year, plus the costs of individual events such as past service benefit changes, settlements, curtailments plus the finance charge for interest on net liability (such events are recognised immediately in the income statement). ​ Remeasurements of the net defined benefit liability (or asset) comprise actuarial gains and losses and the return on plan assets excluding amounts included in net interest. Actuarial gains and losses are taken to the consolidated statement of comprehensive income. Actuarial gains and losses comprise both the effects of changes in actuarial assumptions and experience adjustments arising from differences between the previous actuarial assumptions and what has actually occurred. The return on plan assets, in excess of interest income, and costs incurred for the management of plan assets are also taken to other comprehensive income. ​ The costs of other post-employment liabilities are calculated in a similar way to defined benefit pension schemes and spread over the period during which benefit is expected to be derived from the employees’ services. Future cash flows are discounted at rates reflecting the yields of high-quality corporate bonds. ​ The Group’s contributions to defined contribution plans are charged to the income statement as incurred. ​ Discount rates are derived from AA-rated corporate bond yields, except in countries where there is no deep market in corporate bonds, government bond yields are used instead. Discount rates are selected to reflect the term of the expected benefit payments. Projected inflation rate and pension increases are long-term predictions based on the yield gap between long-term index-linked and fixed-interest government bonds, where available, or on long-term inflation forecasts. ​ For the year ended 31 December 2021, GSK operated certain pension schemes in which the Group’s UK and US employees participated. These schemes included defined benefit arrangements where the assets were held independently of the Group’s finances and which were funded partly by contributions from members and partly by contributions from GSK at rates advised by independent qualified actuaries. ​ Before the demerger from GSK in July 2022, it was announced that GSK’s UK defined benefit plans and US cash balance pension plans were closed to future accruals and GSK would continue to maintain the plans only for existing participants. GSK charged the Group a management fee relating to the pension arrangements for the Group’s UK and US employees calculated as if the arrangements were on a defined contribution basis. The costs of such defined contribution arrangements were not included with the pension charge. This arrangement is not in practice post demerger. ​ ​ Following the demerger from GSK, the Group operates its own defined contribution pension schemes for the Group’s UK and US employees. ​ In addition, there are a number of post-employment healthcare schemes, the principal one of which is in the US.
Provisions	Provisions are recognised where a legal or constructive obligation exists at the balance sheet date, as a result of a past event, where the amount of the obligation can be reliably estimated and where the outflow of economic benefit is probable. ​ Provisions are measured at management’s best estimate of the most likely outcome of the expenditure required to settle the obligation at the reporting date and are discounted to present value where the effect is material. Provisions are classified as non-current where the exact timing of settlement is uncertain but they are expected to be settled in more than 12 months.
Contingent liabilities	Contingent liabilities Contingent liabilities are potential future outflows where the likelihood of payment is considered more than remote, but is not considered probable or cannot be measured reliably. No provision is made for contingent liabilities, but there is a chance that they will result in an obligation in the future. ​
Share capital, Share premium and other reserves	Share capital represents the par value of shares that have been issued. ​ Share premium includes any premiums received on the issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium, net of any related income tax benefits. ​ Other reserves include the following: ​ – EBT shares reserve comprise shares held by an employee benefit trust in connection with the Group’s share-based incentive plans. – Cash flow hedge reserve comprises gains and losses relating to these types of financial instruments. – Merger reserve arises as a result of business combinations of entities under common control. – Other reserves comprises mainly differences between the fair value of the consideration paid for an investment, and the carrying value of assets and liabilities acquired from business combinations under common control. ​ Translation reserve arises from the foreign currency translation of the Group’s foreign operations into the Group’s presentation currency. ​ Retained earnings includes all current and prior years’ retained profits, remeasurement gains/(losses), including any tax impacts on defined benefit plans.
Related party transactions	A related party under IFRS is a person or entity that is related to the Group. These include both people and entities that have, or are subject to, influence or control over the Group.
Capital and financial risk management	Financial assets are measured at amortised cost, fair value through other comprehensive income (FVTOCI) or fair value through profit or loss (FVTPL). The measurement basis is determined by reference to both the business model for managing the financial asset and the contractual cash flow characteristics of the financial asset. For financial assets other than trade receivables, a 12-month expected credit loss allowance is recorded on initial recognition. If there is subsequent evidence of a significant increase in the credit risk of an asset, the allowance is increased to reflect the full lifetime expected credit loss. If there is no realistic prospect of recovery, the asset is written off. ​ Derivatives and hedge accounting Derivative financial instruments are used to manage exposure to market risks. The principal derivative instruments used by the Group are forward foreign exchange contracts and swaps. ​ Derivative financial instruments are classified as held-for-trading and are measured at fair value. Derivatives designated as hedging instruments are classified on inception as fair value hedges, cash flow hedges or net investment hedges. The treatment of changes in the value of derivatives depends on their use as explained below. ​ Fair value hedges Certain derivatives are held to hedge the risk of changes in value of a specific bond or other loan. In these situations, the Group designates the liability and related derivative to be part of a fair value hedge relationship. The carrying value of the bond is adjusted by the fair value of the risk being hedged, with changes going to the income statement. Gains and losses on the corresponding derivative are also recognised in the income statement. The amounts recognised are offset in the income statement to the extent that the hedge is effective. Ineffectiveness may occur if the critical terms do not exactly match, or if there is a value adjustment resulting from a change in credit risk (in either the Group or the counterparty to the derivative) that is not matched by the hedged item. When the relationship no longer meets the criteria for hedge accounting, the fair value hedge adjustment made to the bond is amortised to the income statement using the effective interest method. ​ Cash flow hedges Derivatives are also held to hedge the uncertainty in timing or amount of future forecast cash flows. Such derivatives are designated as being part of cash flow hedge relationships. For an effective hedge, gains and losses from changes in the fair value of derivatives are recognised in equity. Any ineffective elements of the hedge are recognised in the income statement. Ineffectiveness may occur if there are changes to the expected timing of the hedged transaction. If the hedged cash flow relates to a non-financial asset, the amount accumulated in equity is subsequently included within the carrying value of that asset. For other cash flow hedges, amounts deferred in equity are taken to the income statement at the same time as the related cash flow. When a derivative no longer qualifies for hedge accounting, any cumulative gain or loss remains in equity until the related cash flow occurs. When the cash flow takes place, the cumulative gain or loss is taken to the income statement. If the hedged cash flow is no longer expected to occur, the cumulative gain or loss is taken to the income statement immediately. ​ Net investment hedges Certain derivatives and financial liabilities are designated as hedges of the currency risk on the Group’s investment in foreign subsidiaries. Differences arising on retranslation of a financial liability designated as a foreign currency net investment hedge and the fair value of derivatives are recorded in equity to the extent that the hedge is effective. These differences on retranslation and the fair value of derivatives are reported within the income statement to the extent that the hedge is ineffective. Gains and losses accumulated in equity are included in the income statement when the foreign operation is disposed of. ​ Derivatives for which hedge accounting is not applied Derivatives not designated as hedges are held in order to hedge certain balance sheet items and commodity exposures. No hedge accounting is applied to these derivatives, which are carried at fair value with changes being recognised in the income statement. ​ Risk management The key objectives of the Group’s treasury activities are to minimise the net cost of financial operations and reduce volatility arising from financial risks. ​ Treasury activities are governed by the Board. The Group has a Treasury Risk Committee (TRC), chaired by the CFO, that meets on a regular basis to review treasury activities. The TRC’s members receive management information relating to treasury activities. ​ The Group may use a variety of financial instruments to finance its operations and derivative financial instruments to manage market risks from these operations. Derivatives principally comprise of foreign exchange forward contracts and swaps which are used to manage interest rate and foreign exchange risk on borrowings. ​ Derivatives are used exclusively for hedging purposes in relation to underlying business activities and not as trading or speculative instruments.
Employee share scheme	Incentives in the form of share awards are provided to employees under share schemes. The fair value of equity-settled share schemes is calculated at the grant date using a fair value model and is charged to the income statement over the vesting period with a corresponding adjustment to the equity share-based payment reserve. At the end of each reporting period, the Group reviews its charge and revises it accordingly based on the number of shares expected to vest. The impact of the revision of the original estimates, if any, is recognised in profit or loss such that the cumulative expense reflects the revised estimate. ​ For cash-settled share-based payments, the fair value of service rendered is based on the fair value of the liability related to the share-based instrument granted.
Acquisitions and disposals	Business combinations where common control exists at the time of the transaction are accounted for by adopting the principles of predecessor accounting. Such business combinations are accounted for by recognising all assets and liabilities acquired at their previous carrying values with effect from the beginning of the earliest period reported in the financial statements. No new goodwill arises from such transactions and the differences between the fair value of the consideration paid and the carrying value of assets and liabilities acquired is recorded within equity in the merger reserve. ​ Business combinations where common control does not exist before the transaction are accounted for using the acquisition accounting method. Identifiable assets, liabilities and contingent liabilities acquired are measured at fair value at acquisition date. The consideration transferred is measured at fair value and includes the fair value of any contingent consideration. Where the consideration transferred, together with the non-controlling interest, exceeds the fair value of the net assets, liabilities and contingent liabilities acquired, the excess is recorded as goodwill, denominated in the currency of the operation acquired. ​ The costs related to business combinations are charged to the income statement in the period in which they are incurred. Where not all the equity of a subsidiary is acquired, the non-controlling interest is recognised either at fair value or at the non-controlling interest’s share of the net assets of the subsidiary, on a case-by-case basis. ​ Disposal groups are generally measured at the lower of their carrying value or fair value less costs to sell. Any gain or loss resulting from the disposal is recognised in the consolidated income statement. ​ Changes in the Group’s ownership percentage of subsidiaries are accounted for within equity.
Subsidiaries	A subsidiary is an entity directly or indirectly controlled by the Company. Control is achieved where the Company has existing rights that give it the current ability to direct the activities that affect the Company’s returns and exposure or rights to variable returns from the entity. ​ The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original acquisition and the non-controlling shareholder’s share of changes in equity since the date of the acquisition. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance. ​ No subsidiaries are excluded from the Group consolidation.

General information (Tables)

General information (Tables)	12 Months Ended
	Dec. 31, 2023
General information
Schedule of relevant exchange rates	​ ​ ​ ​ ​ ​ ​ ​ ​ Average rates Year end rates ​ 2023 2022 2021 2023 2022 2021 USD/£ 1.24 1.24 1.38 1.27 1.20 1.35 Euro/£ 1.15 1.17 1.16 1.15 1.13 1.19 CNY/£ 8.81 8.31 8.86 9.06 8.31 8.56
Schedule of areas with impact from climate change	​ ​ ​ ​ ​ Financial Statement area Relevant climate-related risks Relevant ESG targets Relevant Note for further information Property, plant and equipment - Damage and disruption caused by extreme weather events - Carbon pricing regulations - Carbon reduction - Water neutrality at our manufacturing sites Note 12 ‘Property, plant and equipment’ Goodwill and intangible brands - Damage and disruption caused by extreme weather events - Reduced availability and increased price volatility of raw materials due to climate change - Carbon pricing regulations - Loss of attractiveness due to consumers’ increasing expectations - Carbon reduction - Recycle-ready packaging - Sustainably sourced and deforestation-free ingredients and packaging - Reduced use of virgin petroleum-based plastic Note 14 ‘Intangible assets’ Inventory - Reduced availability and increased price volatility of raw materials due to climate change - Carbon pricing regulations - Recycle-ready packaging - Sustainably sourced and deforestation-free ingredients and packaging - Reduced use of virgin petroleum-based plastic Note 15 ‘Inventories’ Going concern and viability - Damage and disruption caused by extreme weather events ​ ​

Segment information (Tables)

Segment information (Tables)	12 Months Ended
	Dec. 31, 2023
Segment information
Schedule of analysis of revenue and Adjusted Operating Profit by geographical segment	​ ​ ​ ​ ​ ​ 2023 £m 2022 2021 North America 4,195 4,116 3,525 EMEA & LatAm 4,545 4,270 3,877 APAC 2,562 2,472 2,143 Group revenue 11,302 10,858 9,545 ​ Transactions between Haleon’s geographical regions are carried out at arm’s length terms in accordance with appropriate transfer pricing rules and Organisation for Economic Cooperation and Development (OECD) principles. ​ Adjusted operating profit by segment ​ ​ ​ ​ ​ 2023 £m 2022 2021 Group operating profit 1,996 1,825 1,638 Reconciling items between Group operating profit and Group adjusted operating profit 1 553 647 534 Total 2,549 2,472 2,172 ​ ​ ​ ​ North America 1,107 1,070 828 EMEA & LatAm 1,010 977 960 APAC 541 506 461 Corporate and other unallocated (109) (81) (77) Total 2,549 2,472 2,172 ​ 1 The reconciling items above include: a) Net amortisation and impairment of intangible assets of £224 m (2022: £172 m, 2021: £16 m): Amortisation and impairment of intangible assets, excluding computer software and impairment of goodwill net of reversals of impairment. b) Restructuring costs of £169 m (2022: £41 m, 2021: £195 m): Expenses related to business transformation activities where the plans are sufficiently detailed and well advanced, and where a valid expectation to those affected has been created. c) Transaction-related costs of £2 m (2022: £8 m, 2021: £ nil ): Costs related to acquisition of a manufacturing site. d) Separation and admission costs of £ 120 m (2022: £411 m, 2021: £278 m): Costs incurred in relation to and in connection with separation and listing of the Group as a standalone business. e) Disposals and others of £38 m (2022: £15 m, 2021: £45 m): Gains and losses on disposals of assets and businesses, tax indemnities related to business combinations and other items.
Schedule of analysis of revenue by product	​ ​ ​ ​ ​ ​ 2023 £m 2022 2021 Oral Health 3,136 2,957 2,724 Vitamins, Minerals and Supplements 1,640 1,675 1,501 Pain Relief 2,652 2,551 2,237 Respiratory Health 1,736 1,579 1,132 Digestive Health and Other 2,138 2,096 1,951 Group revenue 11,302 10,858 9,545
Schedule of revenue by location of customer	​ ​ ​ ​ ​ ​ 2023 £m 2022 2021 UK 381 348 327 US & Puerto Rico 3,755 3,692 3,187 China 966 907 801 Rest of the World 6,200 5,911 5,230 Group revenue 11,302 10,858 9,545
Schedule of impairment charges and reversals by geographical segment	​ ​ ​ ​ ​ ​ ​ ​ North America EMEA & APAC Other Total £m Year ended 31 December 2023 ​ ​ ​ ​ ​ Impairment charges 3 5 2 190 200 Impairment reversal – – – – – ​ ​ ​ ​ ​ ​ Year ended 31 December 2022 ​ ​ ​ ​ ​ Impairment charges 2 7 1 133 143 Impairment reversal – – – – – ​ ​ ​ ​ ​ ​ Year ended 31 December 2021 ​ ​ ​ ​ ​ Impairment charges 5 5 2 25 37 Impairment reversal – – – (48) (48)
Schedule of non-current assets attributable to the country of domicile and all foreign countries of operation greater than 10%	​ ​ ​ ​ ​ ​ 2023 £m 2022 2021 UK 405 440 430 US & Puerto Rico 7,622 8,519 7,884 Rest of the World 20,844 21,508 20,551 Non-current assets 28,871 30,467 28,865

Operating profit (Tables)

Operating profit (Tables)	12 Months Ended
	Dec. 31, 2023
Operating profit
Schedule of key amounts included in operating profit	​ ​ ​ ​ ​ ​ ​ ​ 2023 £m 2022 2021 Advertising and promotion 1 ​ 2,023 2,026 1,941 Distribution costs 1 ​ 237 237 209 Separation and admission costs ​ 120 411 278 Restructuring costs ​ 169 41 195 ​ 1 Reported within selling, general and administration.
Schedule of a breakdown of the restructuring costs by function	​ ​ ​ ​ ​ ​ ​ ​ 2023 £m 2022 2021 Cost of sales ​ 26 19 44 Selling, general and administration, and other operating expenses ​ 129 25 150 Research and development ​ 14 (3) 1 Total ​ 169 41 195 ​ ​ ​ ​ ​ ​ ​ ​ 2023 £m 2022 2021 Cash ​ 168 39 175 Non-cash ​ 1 2 20 Total ​ 169 41 195
Schedule of fees payable to the Company's auditor included in operating profit	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 £m 2022 2021 KPMG LLP (UK) Audit of Group Consolidated Financial Statements ​ 11 – – ​ Audit of the Company’s subsidiaries ​ 5 – – ​ Audit services ​ 16 – – ​ Other services 1 ​ 1 – – Total ​ ​ 17 – – KPMG LLP (US) Audit of Group Consolidated Financial Statements ​ – 14 – ​ Audit services ​ – 14 – ​ Other services 1 ​ – 3 – Total ​ ​ – 17 – Deloitte LLP Audit of Parent Company and Consolidated Financial Statements 2 ​ – 10 5 ​ Audit of the Company’s subsidiaries ​ – 5 6 ​ Audit services ​ – 15 11 ​ Other assurance services 3 ​ – 6 2 Total ​ ​ – 21 13 ​ 1 Other services provided by KPMG relate to permissible tax compliance and advisory services £ nil (2022: £2.5 m), other audit-related services £1.2 m (2022: £0.3 m) and other services £nil (2022: £0.2 m) 2 Includes (2022: £ nil , 2021: £0.9 m) in relation to incremental audit work performed for audit opinions issued in compliance with PCAOB auditing standards in preparation for the proposed separation of the Group from GSK. 3 Includes (2022: £3 m, 2021: £2.4 m) in relation to reporting accountant work performed in preparation for the proposed separation of the Group from GSK.

Employees and remuneration of_2

Employees and remuneration of key management personnel (Tables)	12 Months Ended
	Dec. 31, 2023
Employees and remuneration of key management personnel
Schedule of average number of employees by individual geographical segment	​ ​ ​ ​ ​ ​ 2023 '000 2022 2021 North America 5 5 6 EMEA & LatAm 12 10 12 APAC 7 6 5 Total 1 24 21 23 1 The increase in average number of employees is mainly due to the build-up of sales force in India after the termination of the Consignment Selling Agreement (CSA) with Unilever, employees of the acquired manufacturing site in Brazil, and the recruitment for Haleon standalone support function after the demerger. The increase was partially offset by the impact of the productivity programme. ​
Schedule of Group's total employment costs	​ ​ ​ ​ ​ ​ 2023 £m 2022 2021 Wages and salaries 1,723 1,534 1,287 Social security costs 176 163 147 Pensions and other post-employment costs (Note 20) 54 52 30 Share-based incentive plans (Note 26) 88 78 59 Severance costs from integration and restructuring activities 108 8 95 Total 2,149 1,835 1,618
Schedule of remuneration of key management personnel	​ ​ ​ ​ ​ ​ 2023 £m 2022 2021 Wages and salaries 19 18 12 Social security costs 2 1 1 Pensions and other post-employment costs 1 1 2 Share-based incentive plans 15 9 7 Non-executive directors fees 2 – – Total 39 29 22

Net finance costs (Tables)

Net finance costs (Tables)	12 Months Ended
	Dec. 31, 2023
Net finance costs
Schedule of net finance costs	​ ​ ​ ​ ​ ​ 2023 £m 2022 2021 Interest income on financial assets at amortised cost: ​ ​ ​ Other receivables – 38 10 Cash and cash equivalents 25 18 3 Financial assets measured at fair value through profit or loss 7 (5) 4 Net gains and losses arising from: ​ ​ ​ Financial instruments mandatorily measured at fair value through profit or loss (109) 208 (35) Retranslation of loans and bonds 111 (208) 35 Total finance income 34 51 17 Interest expense arising on: ​ ​ ​ Financial liabilities at amortised cost (409) (274) (7) Derivatives at fair value through profit or loss – 6 (5) Reclassification of hedges from other comprehensive income 23 18 – Finance expense arising on lease liabilities (5) (4) (4) Other finance expense (11) (4) (3) Total finance expense (402) (258) (19) Net finance costs (368) (207) (2) ​

Taxation (Tables)

Taxation (Tables)	12 Months Ended
	Dec. 31, 2023
Taxation
Schedule of major components of income tax expense	​ ​ ​ ​ ​ ​ 2023 £m 2022 2021 Current year charge 570 412 361 Charge in respect of prior periods (31) 25 (50) Total current taxation 539 437 311 Total deferred taxation (22) 62 (114) Total 517 499 197
Schedule of reconciliation of standard rate of corporation tax	​ ​ ​ ​ ​ ​ 2023 £m 2022 2021 Profit before tax 1,628 1,618 1,636 UK statutory rate of taxation of 23.5% (2022: 19% , 2021: 19% ) 383 307 311 Differences in overseas taxation rates (2) 72 105 Benefit of substance-based tax rulings (21) (15) (18) R&D tax credits (6) (3) (2) Tax losses not recognised – 1 3 Permanent differences on disposals, acquisitions and transfers 155 – (164) Items non-deductible/taxable for tax purposes 55 56 3 Re-assessment of prior year estimates (65) 5 (70) Changes in tax rates 18 76 29 Total tax charge 517 499 197
Schedule of deferred tax assets and liabilities	​ ​ ​ ​ ​ 2023 £m 2022 Deferred tax assets 265 220 Deferred tax liabilities (3,487) (3,601) Total (3,222) (3,381)
Schedule of movement in deferred tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accelerated capital allowances Intangibles Pensions & other post-employment benefits Tax losses Intra-group profit Other net Total £m As at 1 January 2023 (90) (3,641) 30 14 135 171 (3,381) Exchange adjustments 6 153 (1) (1) (12) (9) 136 (Charge)/credit to income statement (10) (125) 6 (2) 52 101 22 (Charge)/credit to statement of comprehensive income – – (3) – – 3 – Credit directly to equity – – – – – 1 1 At 31 December 2023 (94) (3,613) 32 11 175 267 (3,222) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accelerated capital allowances Intangibles Pensions & other post-employment benefits Tax losses Intra-group profit Other net Total £m As at 1 January 2022 (66) (3,438) 50 9 117 283 (3,045) Exchange adjustments (6) (233) 3 1 12 17 (206) (Charge)/credit to income statement (18) (78) 1 4 6 23 (62) (Charge)/credit to statement of comprehensive income – – (24) – – (44) (68) Reclassification and other movements – 108 – – – (108) – At 31 December 2022 (90) (3,641) 30 14 135 171 (3,381)

Dividends (Tables)

Dividends (Tables)	12 Months Ended
	Dec. 31, 2023
Dividends
Schedule of dividends declared and paid during the year	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 ​ Paid/payable Dividend per share (pence) Total dividend (£m) Paid/payable Dividend per share (£) Total dividend (£m) Paid/payable Dividend per share (£) Total dividend (£m) 2023 interim dividend 5 Oct 2023 1.8 166 n/a n/a n/a n/a n/a n/a 2022 final dividend 27 Apr 2023 2.4 222 n/a n/a n/a n/a n/a n/a Pre-demerger dividends 1 n/a n/a n/a n/a 11,930 11,930 n/a 1,148 1,148 ​ 1 During 2022 and 2021, the Group declared and paid a series of dividends to GSK and Pfizer under the Shareholders’ Agreement valid at that time. The dividends per share for the dividends declared and paid before the demerger activities that took place in July 2022 were paid from the former ultimate holding company of CHHL2 and were calculated based on CHHL2’s share structure. In 2022, the Group utilised a £9,211 m loan plus £37 m of interest receivable from its former equity shareholders, prior to the demerger, to partially fund the pre-separation dividend and the final sweep dividend.

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings per share
Schedule of basic and diluted earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Profit after tax attributable to equity shareholders (£m) 1,049 1,060 1,390 Weighted average number of shares (million) 9,235 9,235 9,235 Weighted average number of shares (held by EBTs) (million) 1 (2) – – Basic weighted average number of shares (million) 9,233 9,235 9,235 Effect of dilutive potential shares (million) 30 4 – Diluted weighted average number of shares (million) 9,263 9,239 9,235 Basic earnings per share (pence) 11.4 11.5 15.1 Diluted earnings per share (pence) 11.3 11.5 15.1 1 The total number of shares held as at 31 December 2023 was 10.4 m. The impact of these shares on the basic weighted average number of shares was only 2 m because these shares were acquired towards the end of the accounting period. These shares were acquired to meet the equity settled share-based payment obligations vesting in Q1 2024.

Property, plant and equipment (

Property, plant and equipment (Tables)	12 Months Ended
	Dec. 31, 2023
Property, plant and equipment.
Schedule of useful lives of property, plant and equipment	​ ​ ​ Freehold buildings 20 to 50 years Leasehold land and buildings Lease term or 20 to 50 years Plant and machinery 10 to 20 years Equipment and vehicles 3 to 10 years
Schedule of property, plant and equipment	​ ​ ​ ​ ​ ​ ​ Land and Plant, Assets under Total £m Cost at 1 January 2022 920 1,486 299 2,705 Exchange adjustments 59 86 20 165 Additions 4 9 292 305 Disposals and write-offs (13) (130) – (143) Reclassifications (40) 201 (222) (61) Cost at 31 December 2022 930 1,652 389 2,971 Exchange adjustments (44) (69) (19) (132) Additions 1 1 230 232 Additions from business acquisitions 24 14 22 60 Disposals and write-offs (4) (54) – (58) Reclassifications 63 164 (249) (22) Cost at 31 December 2023 970 1,708 373 3,051 ​ ​ ​ ​ ​ Depreciation at 1 January 2022 (277) (833) – (1,110) Exchange adjustments (16) (52) – (68) Charge for the year (29) (113) – (142) Disposals and write-offs 9 110 – 119 Depreciation at 31 December 2022 (313) (888) – (1,201) Exchange adjustments 12 40 – 52 Charge for the year (33) (119) – (152) Disposals and write-offs 2 44 – 46 Reclassifications 2 (2) – – Depreciation at 31 December 2023 (330) (925) – (1,255) ​ ​ ​ ​ ​ Impairment at 1 January 2022 (6) (22) (4) (32) Exchange adjustments (1) (3) – (4) Impairment losses – (8) – (8) Disposals and write-offs 4 20 – 24 Reclassifications – 7 – 7 Impairment at 31 December 2022 (3) (6) (4) (13) Exchange adjustments – 1 – 1 Impairment losses – (4) (3) (7) Disposals and write-offs – 3 – 3 Impairment at 31 December 2023 (3) (6) (7) (16) ​ ​ ​ ​ ​ Depreciation and impairment at 31 December 2022 (316) (894) (4) (1,214) Depreciation and impairment at 31 December 2023 (333) (931) (7) (1,271) ​ ​ ​ ​ ​ Net book value at 31 December 2022 614 758 385 1,757 Net book value at 31 December 2023 637 777 366 1,780

Right of use assets (Tables)

Right of use assets (Tables)	12 Months Ended
	Dec. 31, 2023
Right of use assets
Schedule of right of use asset disclosures	​ ​ ​ ​ ​ ​ ​ Land and Plant and Vehicles Total £m Net book value at 1 January 2022 88 1 10 99 Exchange adjustments 8 – 1 9 Additions 62 – 10 72 Depreciation (30) (1) (7) (38) Net book value at 31 December 2022 128 – 14 142 Exchange adjustments (6) – (1) (7) Additions 39 1 13 53 Depreciation (39) – (10) (49) Disposals and write-offs (17) – – (17) Net book value at 31 December 2023 105 1 16 122

Intangible assets (Tables)

Intangible assets (Tables)	12 Months Ended
	Dec. 31, 2023
Intangible assets
Schedule of Intangible asset disclosures	​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill Indefinite life Amortised Computer Assets under construction Total £m Cost at 1 January 2022 8,246 18,325 697 472 – 27,740 Exchange adjustments 150 1,090 (3) 14 – 1,251 Additions – 178 3 21 – 202 Disposals and write-offs – (122) (23) (6) – (151) Reclassifications – – – 54 – 54 Transfer to assets held for sale – (6) – – – (6) Cost at 31 December 2022 8,396 19,465 674 555 – 29,090 Exchange adjustments (82) (689) (11) (10) (1) (793) Additions 3 – 7 4 76 90 Disposals and write-offs – – (28) (24) – (52) Reclassifications – (7) 44 17 8 62 Transfer to assets held for sale – (556) (295) – – (851) Cost at 31 December 2023 8,317 18,213 391 542 83 27,546 ​ ​ ​ ​ ​ ​ ​ Amortisation at 1 January 2022 – – (197) (219) – (416) Exchange adjustments – – (12) (3) – (15) Charge for the period – – (43) (64) – (107) Disposals and write-offs – – 23 5 – 28 Transfer to assets held for sale – – – – – – Amortisation at 31 December 2022 – – (229) (281) – (510) Exchange adjustments – – 8 8 – 16 Charge for the period – – (39) (69) – (108) Disposals and write-offs – – 28 21 – 49 Reclassifications – – (32) – – (32) Transfer to assets held for sale – – 53 – – 53 Amortisation at 31 December 2023 – – (211) (321) – (532) ​ ​ ​ ​ ​ ​ ​ ​ Impairment at 1 January 2022 – (122) – (7) – (129) Exchange adjustments – (3) – – – (3) Impairment losses – (129) – (6) – (135) Disposals and write-offs – 122 – 1 – 123 Impairment at 31 December 2022 – (132) – (12) – (144) Exchange adjustments – 6 – – – 6 Impairment losses – (184) (1) (1) – (186) Reversal of impairment losses – – – – – – Reclassifications – – (8) – – (8) Disposals and write-offs – – – 3 – 3 Transfer to assets held for sale – 170 – – – 170 Impairment at 31 December 2023 – (140) (9) (10) – (159) ​ ​ ​ ​ ​ ​ ​ Amortisation and impairment at 31 December 2022 – (132) (229) (293) – (654) Amortisation and impairment at 31 December 2023 – (140) (220) (331) – (691) ​ ​ ​ ​ ​ ​ ​ Net book value at 31 December 2022 8,396 19,333 445 262 – 28,436 Net book value at 31 December 2023 8,317 18,073 171 211 83 26,855
Schedule of Goodwill impairment	​ ​ ​ ​ ​ 2023 £m 2022 £m North America 3,247 3,277 EMEA & LatAm 2,926 2,955 APAC 2,144 2,164 Net book value at 31 December 8,317 8,396
Schedule of discounted cash flow model used in impairment test	​ ​ ​ ​ ​ ​ ​ ​ ​ Valuation basis Value in use Key assumptions Sales growth rates ​ Profit margins ​ Terminal growth rates ​ Discount rates Taxation rates Determination of assumptions Growth rates are internal forecasts based on both internal and external market information. ​ Margins reflect past experience, adjusted for expected changes. ​ Terminal growth rates are based on internal projections and external forecasts of the relevant markets. ​ Discount rates are based on the Group WACC, adjusted where appropriate. Taxation rates are based on appropriate rates for each CGU. Period of specific projected cash flows Five years Terminal growth rates ​ 2023 2022 ​ North America 2.0% p.a. 2.4% p.a. ​ EMEA & LatAm 2.6% p.a. 3.3% p.a. ​ APAC 2.4% p.a. 3.3% p.a. Discount rates (pre-tax) ​ 2023 2022 ​ North America 7.9% 8.0 % ​ EMEA & LatAm 13.2% 11.9 % ​ APAC 10.2% 9.3 % ​
Schedule of net book value of the major brands	​ ​ ​ ​ ​ 2023 £m 2022 £m Advil 3,521 3,707 Voltaren 2,725 2,725 Centrum 1,850 1,943 Caltrate 1,680 1,811 Otrivin 1,385 1,385 Robitussin 1,174 1,239 Preparation H 1,103 1,164 Nexium 706 743 Fenistil 598 598 Emergen-C 464 490 Theraflu 444 452 Panadol 396 395 Sensodyne 281 291 Nicotinell 246 246 Excedrin 186 196 Polident 130 134 Biotene 126 130 Vitasprint 118 120 Corega 116 118 ChapStick 1 – 575 Other brands 824 871 Total 18,073 19,333 ​ ​ ​ 1 ChapStick has been classified as an asset held for sale as at 31 December 2023.
Schedule of income Statement Location Of Amortization And Net Impairment (Reversal) / Losses Of Intangible Assets	​ ​ ​ ​ ​ ​ ​ ​ ​ Amortisation Net impairment ​ 2023 £m 2022 2021 2023 £m 2022 2021 Cost of sales 55 61 57 185 129 (32) Selling, general and administration 53 46 37 1 6 8 Research and development – – – – – 8 Total 108 107 94 186 135 (16)

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2023
Inventories
Schedule of composition of inventory balances	​ ​ ​ ​ ​ 2023 £m 2022 Raw materials and consumables 298 310 Work in progress 20 35 Finished goods 1,090 1,003 Total 1,408 1,348

Trade and other receivables (Ta

Trade and other receivables (Tables)	12 Months Ended
	Dec. 31, 2023
Trade and other receivables.
Schedule of Trade and other receivables	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ Current £m Non-current £m Total £m Current Non-current Total £m Trade receivables, net of expected credit loss allowance 1,352 – 1,352 1,487 – 1,487 Other prepayments and accrued income 107 – 107 106 – 106 Employee loans and advances 5 – 5 6 – 6 Other third-party receivables 392 114 506 282 132 414 Total 1,856 114 1,970 1,881 132 2,013
Schedule of expected credit loss allowance	​ ​ ​ ​ ​ 2023 £m 2022 At 1 January 41 53 Exchange adjustments (2) 2 Charge for the year 2 14 Subsequent recoveries of amounts provided for (7) (19) Utilised (5) (9) At 31 December 29 41
Schedule of credit risk exposure of trade receivables using a provision matrix	Year ended 31 December 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade receivables ​ ​ ​ Days past due ​ Current ​ 0-30 days ​ 31-90 days ​ 91-180 days ​ 181 days- ​ Greater ​ Total £m Estimated total gross carrying amount at default 1,210 ​ 102 ​ 25 ​ 12 ​ 15 ​ 17 ​ 1,381 Expected credit loss 5 ​ 1 ​ 1 ​ 2 ​ 4 ​ 16 ​ 29 ​ Year ended 31 December 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade receivables ​ ​ ​ Days past due ​ Current ​ 0-30 days ​ 31-90 days ​ 91-180 days ​ 181 days- ​ Greater ​ Total £m Estimated total gross carrying amount at default 1,386 ​ 58 ​ 30 ​ 15 ​ 12 ​ 27 ​ 1,528 Expected credit loss 6 ​ 1 ​ 1 ​ 2 ​ 4 ​ 27 ​ 41

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)	12 Months Ended
	Dec. 31, 2023
Cash and cash equivalents.
Schedule of cash and cash equivalents	​ ​ ​ ​ ​ 2023 £m 2022 Pound Sterling (GBP) 634 253 Taiwan Dollar (TWD) 46 72 United States Dollar (USD) 39 59 Indian Rupee (INR) 36 49 Euro (EUR) 29 25 Others 260 226 Total 1,044 684 ​

Trade and other payables (Table

Trade and other payables (Tables)	12 Months Ended
	Dec. 31, 2023
Trade and other payables
Schedule of composition of trade and other payables	​ ​ ​ ​ ​ 2023 £m 2022 Trade payables 1,855 1,835 Customer return and rebate accruals 717 738 Other payables and accruals 374 558 Wages and salaries 365 290 Accrued interest on financial liabilities 100 104 Social security 45 39 VAT payables 49 34 Deferred income 21 23 Total 3,526 3,621

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
	Dec. 31, 2023
Borrowings.
Schedule of composition of borrowings	​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ Current £m Non-current £m Total £m Current Non-current Total £m Commercial paper – – – (302) – (302) Loan and overdrafts (60) – (60) (91) – (91) Lease liabilities (48) (89) (137) (44) (117) (161) Non-voting preference shares – (25) (25) – (25) (25) Bonds (548) (8,686) (9,234) – (9,861) (9,861) Total (656) (8,800) (9,456) (437) (10,003) (10,440) ​ ​ ​ ​ ​ ​ Carrying value Bonds 1 2023 £m 2022 $300 m SOFR + 0.89% callable medium term note due 2024 2 - 249 $700 m 3.024% callable medium term note due 2024 548 581 $1,750 m 3.125% medium term note due 2025 1,336 1,385 €850 m 1.250% medium term note due 2026 707 694 $2,000 m 3.375% medium term note due 2027 1,561 1,653 £300 m 2.875% medium term note due 2028 299 299 $1,000 m 3.375% medium term note due 2029 775 822 €750 m 1.750% medium term note due 2030 650 663 $2,000 m 3.625% medium term note due 2032 1,551 1,652 €750 m 2.125% medium term note due 2034 646 659 £400 m 3.375% medium term note due 2038 398 398 $1,000 m 4.000% medium term note due 2052 763 806 Total 9,234 9,861 1 These instruments contain a variety of different features including early redemption options, call options, put options and mandatory early redemption options, which depend on different triggering events such as change in control, change in laws, regulations and tax law. These features are considered embedded derivatives. These features have not been accounted for separately from the instruments as they are considered closely related to the bonds. 2 The Group exercised its option to redeem at par the $300 m of Callable Floating Rate Senior Notes due 2024 on 24 March 2023. ​ ​ The issuers, Haleon UK Capital plc (formerly GSK Consumer Healthcare Capital UK plc), Haleon US Capital LLC (formerly GSK Consumer Healthcare Capital US LLC) and Haleon Netherlands Capital B.V. (formerly GSK Consumer Healthcare Capital NL B.V.) formally changed their names in March 2023.
Schedule of maturity analysis of lease liabilities	​ ​ ​ ​ ​ 2023 £m 2022 Due within one year (48) (44) Due between one and two years (36) (36) Due between two and three years (25) (25) Due between three and four years (14) (21) Due between four and five years (7) (13) Due after five years (7) (22) Total (137) (161)
Schedule of movement in financial liabilities to cash flow statement	​ ​ ​ ​ ​ ​ ​ ​ At 1 January Cash flows Foreign Fair value At Reconciliation of movement in liabilities to cash flow statement ​ ​ ​ ​ ​ Long-term borrowings (9,886) 243 412 520 (8,711) Short-term borrowings (320) 310 15 (563) (558) Lease liabilities (161) 55 8 (39) (137) Derivative financial instruments (112) 72 – (62) (102) Total financial liabilities arising from financing activities (10,479) 680 435 (144) (9,508) Cash and cash equivalents net of bank overdrafts 611 398 (15) – 994 Total (9,868) 1,078 420 (144) (8,514) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At 1 January Cash flows Foreign Fair value At Reconciliation of movement in liabilities to cash flow statement ​ ​ ​ ​ ​ Long-term borrowings – (9,209) (772) 95 (9,886) Short-term borrowings (41) (277) – (2) (320) Lease liabilities (117) 45 (11) (78) (161) Derivative financial instruments (2) (345) – 235 (112) Total financial liabilities arising from financing activities (160) (9,786) (783) 250 (10,479) Cash and cash equivalents net of bank overdrafts 406 190 15 – 611 Total 246 (9,596) (768) 250 (9,868) ​

Pensions and other post-emplo_2

Pensions and other post-employment benefits (Tables)	12 Months Ended
	Dec. 31, 2023
Pensions and other post-employment benefits
Schedule of financial assumptions in assessing the defined benefit liabilities	​ ​ ​ ​ ​ 2023 %pa 2022 Germany ​ ​ Rate of increase of future earnings 3.0 3.0 Discount rate 3.3 3.7 Expected pension increases 2.1 2.5 Inflation rate 2.1 2.5 Switzerland ​ ​ Rate of increase of future earnings 2.0 2.0 Discount rate 1.4 2.2 Expected pension increases N/A N/A Inflation rate 1.3 1.3 Ireland ​ ​ Rate of increase of future earnings 2.0 2.0 Discount rate 3.3 3.6 Expected pension increases 3.0 3.0 Inflation rate 2.1 2.4 Rest of World ​ ​ Rate of increase of future earnings N/A N/A Discount rate 5.1 5.4 Expected pension increases N/A N/A Inflation rate 2.5 2.5
Schedule of average life expectancy	As at 31 December 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Germany Switzerland Ireland Rest of World Years Male Female Male Female Male Female Male Female Current 25.3 29.0 26.6 28.5 26.9 29.7 27.3 28.7 Projected for 2043 28.1 31.3 28.5 30.2 29.7 31.9 28.9 30.2 ​ As at 31 December 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Germany Switzerland Ireland Rest of World Years Male Female Male Female Male Female Male Female Current 25.7 29.4 26.5 28.4 26.8 29.5 27.3 28.6 Projected for 2042 28.7 31.7 28.4 30.1 29.4 31.7 28.8 30.1
Schedule of pension fund in income statement	​ ​ ​ ​ ​ ​ 2023 £m 2022 2021 German pension schemes 5 5 4 Swiss pension schemes 9 9 5 Irish pension schemes 2 5 6 Other overseas pension schemes 28 24 5 Unfunded post-employment healthcare schemes 10 9 10 Total 54 52 30 Analysed as: ​ ​ ​ Defined benefit pension schemes 26 27 22 Defined contribution pensions schemes 28 25 8
Schedule of costs of the defined benefit pension and post-retirement healthcare schemes are charged in the income statement	​ ​ ​ ​ ​ ​ Net pensions Other post- Total post- employment obligations £m 2023 ​ ​ ​ Cost of sales 10 8 18 Research and development 1 – 1 Selling, general and administration 7 – 7 31 December 2023 18 8 26 2022 ​ ​ ​ Cost of sales 12 9 21 Research and development 1 – 1 Selling, general and administration 5 – 5 31 December 2022 18 9 27 2021 ​ ​ ​ Cost of sales 10 10 20 Research and development – – – Selling, general and administration 2 – 2 31 December 2021 12 10 22
Schedule of amount recorded in the income statement and statement of comprehensive income in relation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 ​ Pensions £m Other post- employment benefits £m Total £m Pensions Other Total £m Pensions Other Total £m 31 December ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts charged to operating profit: ​ ​ ​ ​ ​ ​ ​ ​ ​ Current service cost 16 6 22 16 7 23 18 8 26 Past service cost/(credit) 1 – 1 1 – 1 (4) – (4) Gain from settlement – – – – – – (3) – (3) Net interest cost 1 2 3 1 2 3 1 2 3 Total 18 8 26 18 9 27 12 10 22 Remeasurements recorded in the statement of comprehensive income (6) 1 (5) (91) (32) (123) (8) (19) (27)
Schedule of fair values of the assets and liabilities	31 December 2023 ​ ​ ​ ​ ​ ​ ​ Germany Switzerland Ireland Rest of World Total £m Listed equities 53 76 47 5 181 Property – 71 – – 71 Listed bonds 56 91 154 19 320 Insurance contracts 23 49 – – 72 Other assets 1 31 2 12 46 Fair value of assets 133 318 203 36 690 Asset ceiling restriction – (29) – – (29) Fair value of assets after asset ceiling 133 289 203 36 661 Present value of scheme obligations (184) (289) (174) (50) (697) Recognised on the balance sheet (51) – 29 (14) (36) Included in post-employment benefit assets – – 29 7 36 Included in post-employment benefit obligations (51) – – (21) (72) Total (51) – 29 (14) (36) Actual return on plan assets 11 16 20 2 49 ​ 31 December 2022 ​ ​ ​ ​ ​ ​ ​ Germany Switzerland Ireland Rest of World Total £m Listed equities 48 81 69 6 204 Property – 70 – – 70 Listed bonds 49 80 110 21 260 Insurance contracts 26 46 – – 72 Other assets – 8 2 12 22 Fair value of assets 123 285 181 39 628 Asset ceiling restriction – (34) – – (34) Fair value of assets after asset ceiling 123 251 181 39 594 Present value of scheme obligations (185) (251) (163) (47) (646) Recognised on the balance sheet (62) – 18 (8) (52) Included in post-employment benefit assets – – 18 7 25 Included in post-employment benefit obligations (62) – – (15) (77) Total (62) – 18 (8) (52) Actual loss on plan assets (19) (36) (67) (3) (125)
Schedule of defined benefit pension obligation funded status	​ ​ ​ ​ ​ 2023 £m 2022 Funded (684) (633) Unfunded (13) (13) Total (697) (646)
Schedule of movement in the net defined benefit liability	​ ​ ​ ​ ​ ​ ​ Fair value Present Net pensions total £m Net post -employment obligations £m At 1 January 2022 680 (822) (142) (100) Exchange adjustments 45 (56) (11) (8) Service cost – (16) (16) (7) Past service cost – (1) (1) – Interest income/(cost) 6 (7) (1) (2) Remeasurements: ​ ​ ​ ​ Return on plan assets, excluding amounts included in interest (131) – (131) – Gain from change in financial assumptions – 235 235 25 Experience (losses)/gains – (13) (13) 7 Employers' contributions 28 – 28 – Scheme participants' contributions 7 (7) – – Benefits paid (41) 41 – 1 At 31 December 2022 594 (646) (52) (84) Exchange adjustments 6 (8) (2) 6 Service cost – (16) (16) (6) Past service cost – (1) (1) – Interest income/(cost) 18 (19) (1) (2) Remeasurements: ​ ​ ​ ​ Return on plan assets, excluding amounts included in interest 31 – 31 – Gain from change in financial assumptions – (24) (24) (1) Experience (losses)/gains – (3) (3) 2 Employers' contributions 32 – 32 – Scheme participants' contributions 7 (7) – – Benefits paid (27) 27 – 1 At 31 December 2023 661 (697) (36) (85)
Schedule of reconciliation of the net post-employment benefit to the balances recognized on balance sheet	​ ​ ​ ​ ​ 2023 £m 2022 Net pension obligations (36) (52) Net post-employment obligations (85) (84) Net post-employment benefit (121) (136) Post-employment benefit assets recognised on the consolidated balance sheet 36 25 Post-employment benefit obligations recognised on the consolidated balance sheet (157) (161) Net post-employment benefit (121) (136)
Schedule of defined benefit pension and post-retirement obligations analysed by membership category	​ ​ ​ ​ ​ ​ ​ Pension Post-employment obligations ​ 2023 £m 2022 2023 £m 2022 Active (354) (389) (76) (81) Retired (229) (150) (5) (3) Deferred (115) (107) (4) – Total (697) (646) (85) (84)
Schedule of sensitivity analysis	​ ​ ​ ​ ​ 2023 £m 2022 0.50% decrease in discount rate: ​ ​ Increase in annual pension cost 2.2 2.2 Increase in annual post-employment benefits cost 0.2 0.2 Increase in pension obligation 47.4 42.9 Increase in post-employment benefits obligation 3.8 3.7 0.50% increase in discount rate: ​ ​ Decrease in annual pension cost (2.1) (2.5) Decrease in annual post-employment benefits cost (0.2) (0.2) Decrease in pension obligation (42.7) (38.8) Decrease in post-employment benefits obligation (3.5) (3.3) 1% increase in the rate of future healthcare inflation: ​ ​ Increase in annual post-retirement cost 0.3 0.3 Increase in post-retirement obligation 2.4 2.3 1% decrease in the rate of future healthcare inflation: ​ ​ Decrease in annual post-retirement cost (0.3) (0.3) Decrease in post-retirement obligation (2.4) (2.6) A one year increase in life expectancy: ​ ​ Increase in annual pension cost 0.7 0.6 Increase in annual post-employment benefits cost 0.1 – Increase in pension obligation 18.0 16.2 Increase in post-employment benefits obligation 0.9 1.0
Schedule of weighted average duration of the defined benefit obligation	​ ​ ​ ​ Years 2023 2022 Pension benefits 14 15 Post-employment benefits 14 13 ​

Provisions (Tables)

Provisions (Tables)	12 Months Ended
	Dec. 31, 2023
Provisions
Schedule of other provisions	​ ​ ​ ​ ​ ​ Restructuring Other Total As at 1 January 2022 (112) (27) (139) Exchange adjustments (4) (2) (6) Charge for the period (7) (50) (57) Reversed unused 35 5 40 Utilised 50 15 65 Other movements 2 (2) – As at 31 December 2022 (36) (61) (97) Exchange adjustments 1 2 3 Charge for the period (87) (30) (117) Reversed unused 4 3 7 Utilised 25 10 35 Other movements (1) 1 – As at 31 December 2023 (94) (75) (169) ​ ​ ​ ​ ​ 2023 £m 2022 To be settled within one year (130) (71) To be settled after one year (39) (26) Total provision (169) (97)

Contingent liabilities and co_2

Contingent liabilities and commitments (Tables)	12 Months Ended
	Dec. 31, 2023
Contingent liabilities and commitments
Schedule of commitments	​ ​ ​ ​ ​ 2023 £m 2022 Contracted for but not provided in the Consolidated Financial Statements: ​ ​ Intangible assets 134 107 Property, plant and equipment 58 126 Total 192 233 ​

Share capital, share premium _2

Share capital, share premium and other reserves (Tables)	12 Months Ended
	Dec. 31, 2023
Share capital, share premium and other reserves
Summary of Share capital and share premium	​ ​ ​ ​ ​ ​ At Ordinary shares at £0.01 each Number 9,234,573,831 Share capital £'000 92,346 Share premium £'000 –
Summary of other reserves	The analysis of other reserves is as follows: ​ ​ ​ ​ ​ ​ ​ ​ Cumulative translation reserve EBT shares 1 Cash flow Merger Total £m As at 1 January 2022 448 – 8 (11,640) (11,184) Other comprehensive income – – 142 – 142 Effective portion of changes in fair value of hedging instruments – – – – – Amount reclassified to income statement – – – – – Effect of change in ultimate holding company – – – (47) (47) Exchange movements on overseas net assets 598 – – – 598 As at 31 December 2022 1,046 – 150 (11,687) (10,491) Other comprehensive income – – 12 – 12 Effective portion of changes in fair value of hedging instruments – – – – – Amount reclassified to income statement – – (23) – (23) Purchase of shares by employee benefit trust – (38) – – (38) Exchange movements on overseas net assets (420) – – – (420) As at 31 December 2023 626 (38) 139 (11,687) (10,960) ​ 1 Shares owned through an EBT. The total number of shares held in connection with employee share schemes as at 31 December 2023 was 10.4 m. ​ ​ The cumulative translation exchange in equity is attributable to: ​ ​ ​ ​ ​ ​ Shareholders Non- Total cumulative translation reserve £m As at 1 January 2022 448 16 464 Exchange movements on overseas net assets 598 (10) 588 As at 31 December 2022 1,046 6 1,052 Exchange movements on overseas net assets (420) (7) (427) As at 31 December 2023 626 (1) 625 ​

Related party transactions (Tab

Related party transactions (Tables)	12 Months Ended
	Dec. 31, 2023
Related party transactions
Schedule of transactions with related parties	​ ​ ​ ​ ​ ​ ​ ​ Pfizer companies GSK companies ​ 2023 £m 2022 2021 Period ended 2021 Sales of goods – – – 91 114 Purchases of goods – – – (41) (81) Services, royalties, and other income – – – 74 20 Services, royalties, and other expense – (5) (68) (135) (354) Interest income – 12 – 30 10 Interest expense – – – (2) (4) Dividend paid 124 3,801 367 8,129 781 ​ Balance outstanding as at 31 December: ​ ​ ​ ​ ​ ​ Pfizer companies GSK companies ​ 2023 £m 2022 2023 £m 2022 Other amounts owing to related parties – – – – Other amounts owing from related parties – – 32 51 Loan amounts owing to related parties – – – – Loan amounts owing from related parties – – – –

Capital and financial risk ma_2

Capital and financial risk management (Tables)	12 Months Ended
	Dec. 31, 2023
Capital and financial risk management
Schedule of capital structure of the Group	​ ​ ​ ​ ​ 2023 £m 2022 Cash and cash equivalents 1,044 684 Short-term borrowings (656) (437) Long-term borrowings (8,800) (10,003) Derivative financial assets associated with long-term borrowings 69 44 Derivative financial liabilities associated with long-term borrowings (169) (181) Total equity 16,729 16,457 Total capital 8,217 6,564
Schedule of credit ratings of counterparties	​ ​ ​ ​ ​ ​ ​ ​ ​ AAA/Aaa AA/Aa A/A BBB/Baa BB+/Ba1 Total £m 2023 ​ ​ ​ ​ ​ ​ Bank balances and deposits 22 2 229 248 84 585 Money market funds 93 363 – – – 456 Cash and cash equivalents 115 365 229 248 84 1,041 Government securities – – – – 3 3 Derivative financial instruments – 2 87 – – 89 Total 115 367 316 248 87 1,133 ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ ​ ​ Bank balances and deposits – 87 276 252 59 674 Money market funds 10 – – – – 10 Cash and cash equivalents 10 87 276 252 59 684 Derivative financial instruments – – 59 35 – 94 Total 10 87 335 287 59 778
Schedule of derivative financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ Notional amount £m Fair value of assets £m Fair value of liabilities £m Notional Fair value Fair value Non-current ​ ​ ​ ​ ​ ​ Fair value hedges – interest rate swap contracts 3,210 – (109) 2,207 2 (139) Net investment hedges – cross currency interest rate swaps 910 44 – 910 1 (36) Current ​ ​ ​ ​ ​ ​ Net investment hedges – foreign exchange contracts 1,140 5 (3) 329 1 (8) Cash flow hedges – foreign exchange contracts 437 14 (5) – – – Derivatives designated and effective as hedging instruments 5,697 63 (117) 3,446 4 (183) ​ ​ ​ ​ ​ ​ ​ Non-current ​ ​ ​ ​ ​ ​ Cross currency interest rate swap contracts 1,409 20 (40) 1,409 41 – Current ​ ​ ​ ​ ​ ​ Foreign exchange contracts 2,116 5 (33) 3,364 49 (23) Derivatives classified as held for trading 3,525 25 (73) 4,773 90 (23) Total derivative instruments 9,222 88 (190) 8,219 94 (206)
Schedule of hedging instruments	​ ​ ​ ​ ​ ​ ​ Average Notional Change in fair value Carrying value 2023 ​ ​ ​ ​ Cash flow hedges ​ ​ ​ ​ Below 10 years ​ ​ ​ ​ FX forward contracts/FX swaps N/A 437 8 8 Fair value hedges ​ ​ ​ ​ Below 10 years ​ ​ ​ ​ EUR IRS 1.3% 739 (35) (35) USD IRS 3.4% 2,471 (74) (74) Net investment hedges ​ ​ ​ ​ Below 10 years ​ ​ ​ ​ EUR FX swaps 1.1 631 1 1 CNH CCIRS 8.6 910 44 44 CNH FX swaps/forward 9.0 510 1 1 EUR bonds N/A 869 18 (858) 10-30 years ​ ​ ​ ​ EUR bonds N/A 652 13 (646) ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ Fair value hedges ​ ​ ​ ​ Below 10 years ​ ​ ​ ​ EUR IRS 1.3% 754 (59) (59) USD IRS 3.1% 1,454 (78) (78) Net investment hedges ​ ​ ​ ​ Below 10 years ​ ​ ​ ​ EUR FX swaps 1.2 329 (7) (7) CNH CCIRS 8.6 910 (35) (35) EUR bonds N/A 887 (55) (867) 10-30 years ​ ​ ​ ​ EUR bonds N/A 665 (43) (659)
Schedule of hedged items	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ Carrying amount £m Accumulated fair value adjustments 1 £m Change in value for calculating hedge ineffectiveness £m Balance in cash flow hedge reserve 2 £m Carrying Accumulated 1 Change in Balance in 2 Cash flow hedges ​ ​ ​ ​ ​ ​ ​ ​ Pre-hedging of long-term interest rate – – – (133) – – – (150) Transactional FX forecast exposure 3 437 – – (7) – – – ​ Fair value hedges ​ ​ ​ ​ ​ ​ ​ ​ Bonds 4 (3,131) 109 109 – (2,078) 122 122 – Net investment hedges ​ ​ ​ ​ ​ ​ ​ ​ Net assets in foreign currency 5 3,571 (77) (77) – 2,791 140 140 – ​ 1 Accumulated fair value adjustments on the hedged items included in the carrying amount of the hedged item. 2 Balance in cash flow hedge reserve for continued transactional FX forecast hedges and discontinued hedges net of tax. 3 In 2023 the Group established a programme to hedge forecast transactional foreign exchange exposure. 4 The difference in change in value for calculating hedge ineffectiveness between derivatives and bonds is due to upfront cash receipt on derivatives and hedge ineffectiveness. 5 Relates to net investment hedges which is part of the translation reserve in equity.
Schedule of details the effectiveness of the hedging relationships and the amounts reclassified from the hedging reserve to the income statement under finance income or expense:	​ ​ ​ ​ ​ ​ ​ Hedging Hedge Hedged As hedged 2023 ​ ​ ​ ​ Cash flow hedges ​ ​ ​ ​ Transactional FX hedge 9 – – 2 Pre-hedging of long-term interest rates ​ ​ ​ ​ Below 10 years 158 – – 19 10-30 years 29 – – 3 ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ Cash flow hedges ​ ​ ​ ​ Pre-hedging of long-term interest rates ​ ​ ​ ​ Below 10 years 169 3 – 18 10-30 years 35 – – –
Schedule of carrying amounts and fair values of financial assets and liabilities	​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ Carrying value £m Fair value £m Carrying Fair value Financial assets measured at amortised cost: ​ ​ ​ ​ Cash and cash equivalents 588 588 674 674 Trade and other receivables and certain other non-current assets 1,595 1,595 1,663 1,663 Loan amounts owing from related parties – – – – Financial assets mandatorily measured at fair value through profit or loss: ​ ​ ​ ​ Held for trading derivatives that are not in a designated and effective hedging relationship 25 25 90 90 Cash and cash equivalents (money market funds) 456 456 10 10 Derivatives designated and effective as hedging instruments ​ ​ ​ ​ Fair value hedge – – 2 2 Cash flow hedge 14 14 – – Net investment hedge 49 49 2 2 Total financial assets 2,727 2,727 2,441 2,441 Financial liabilities measured at amortised cost: ​ ​ ​ ​ Short-term loans and overdrafts (60) (60) (91) (91) Other bonds (4,601) (4,301) (7,783) (6,935) Commercial papers – – (302) (302) Non-voting preference shares (25) (25) (25) (25) Trade and other payables and certain other non-current liabilities in scope of IFRS 9 (3,123) (3,123) (3,253) (3,253) Bonds in a designated hedge relationship (4,634) (4,474) (2,078) (2,081) Financial liabilities mandatorily measured at fair value through profit or loss: ​ ​ ​ ​ Held for trading derivatives that are not in a designated and effective hedging relationship (73) (73) (23) (23) Derivatives designated and effective as hedging instruments ​ ​ ​ ​ Fair value hedge (109) (109) (139) (139) Cash flow hedge (5) (5) – – Net investment hedge (3) (3) (44) (44) Total financial liabilities (12,633) (12,173) (13,738) (12,893) Net financial assets and financial liabilities (9,906) (9,446) (11,297) (10,452)
Schedule of financial instruments held at fair value by fair value hierarchy	​ ​ ​ ​ ​ ​ At 31 December 2023 Level 1 Level 2 Level 3 Total £m Financial assets at fair value through profit or loss: ​ ​ ​ ​ Held for trading derivatives that are not in a designated and effective hedging relationship – 25 – 25 Cash and cash equivalents (money market funds) 456 – – 456 Derivatives designated and effective as hedging instruments: ​ ​ ​ ​ Cash flow hedge – 14 – 14 Net investment hedge – 49 – 49 Total financial assets 456 88 – 544 Financial liabilities at fair value through profit or loss: ​ ​ ​ ​ Held for trading derivatives that are not in a designated and effective hedging relationship – (73) – (73) Derivatives designated and effective as hedging instruments ​ ​ ​ ​ Fair value hedge – (109) – (109) Cash flow hedge – (5) – (5) Net investment hedge – (3) – (3) Total financial liabilities – (190) – (190) ​ ​ ​ ​ ​ At 31 December 2022 Level 1 Level 2 Level 3 Total £m Financial assets at fair value through profit or loss: ​ ​ ​ ​ Held for trading derivatives that are not in a designated and effective hedging relationship – 90 – 90 Cash and cash equivalents (money market funds) 10 – – 10 Derivatives designated and effective as hedging instruments in a fair value hedge ​ ​ ​ ​ Fair value hedge – 2 – 2 Cash flow hedge – – – – Net investment hedge – 2 – 2 Total financial assets 10 94 – 104 Financial liabilities at fair value through profit or loss: ​ ​ ​ ​ Held for trading derivatives that are not in a designated and effective hedging relationship – (23) – (23) Derivatives designated and effective as hedging instruments in a fair value hedge ​ ​ ​ ​ Fair value hedge – (139) – (139) Cash flow hedge – – – – Net investment hedge – (44) – (44) Total financial liabilities – (206) – (206)
Schedule of financial and non financial assets	​ ​ ​ ​ ​ ​ ​ ​ ​ At 31 December 2023 At 31 December 2022 ​ Financial instruments £m Non-financial instruments £m Total £m Financial Non-financial Total £m Trade and other receivables (Note 16) 1,567 289 1,856 1,634 247 1,881 Other non-current assets (Note 16) 28 86 114 29 103 132 Total 1,595 375 1,970 1,663 350 2,013
Schedule of financial and non financial liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ At 31 December 2023 At 31 December 2022 ​ Financial instruments £m Non-financial instruments £m Total £m Financial Non-financial Total £m Trade and other payables (Note 18) (3,064) (462) (3,526) (3,224) (397) (3,621) Provisions (Note 21) (11) (158) (169) (11) (86) (97) Other non-current liabilities (48) (5) (53) (18) (4) (22) Total (3,123) (625) (3,748) (3,253) (487) (3,740)
Schedule of offsetting of financial assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At 31 December 2023 Gross financial Gross financial Net financial Related Net amount £m Financial assets ​ ​ ​ ​ ​ Derivative financial assets 88 – 88 (68) 20 Financial liabilities ​ ​ ​ ​ ​ Derivative financial liabilities (190) – (190) 68 (122) ​ ​ ​ ​ ​ ​ At 31 December 2022 ​ ​ ​ ​ ​ Financial assets ​ ​ ​ ​ ​ Derivative financial assets 94 – 94 (58) 36 Financial liabilities ​ ​ ​ ​ ​ Derivative financial liabilities (206) – (206) 58 (148)
Schedule of foreign exchange sensitivity income impact.	​ ​ ​ ​ ​ 2023 (Decrease)/increase in income £m 2022 10 cent appreciation of the US Dollar – (1) 10 cent depreciation of the US Dollar – 1 10 cent appreciation of the Euro 3 13 10 cent depreciation of the Euro (2) (10)
Schedule of foreign exchange sensitivity equity impact.	​ ​ ​ ​ ​ ​ ​ ​ 2023 (Decrease)/increase in equity £m 2022 10 cent appreciation of the CNY (17) (11) 10 cent depreciation of the CNY 16 11 10 cent appreciation of the Euro (210) (182) 10 cent depreciation of the Euro 177 152
Schedule of interest rate sensitivity income impact.	​ ​ ​ ​ ​ 2023 Increase/(decrease) in income £m 2022 1% ( 100 basis points) increase in Pound Sterling interest rates 17 6 1% ( 100 basis points) increase in US Dollar interest rates (43) (32) 1% ( 100 basis points) increase in Euro interest rates (19) (18)
Schedule of anticipated contractual cash flows including interest payable	​ ​ ​ ​ ​ ​ ​ ​ At 31 December 2023 Borrowings Interest on Lease Interest Trade Total £m Due in less than one year 608 275 48 22 3,110 4,063 Between one and two years 1,336 236 36 5 13 1,626 Between two and three years 707 220 25 2 – 954 Between three and four years 1,561 176 14 1 – 1,752 Between four and five years 299 163 7 – – 469 After five years 4,783 1,143 7 – – 5,933 Gross contractual cash flows 9,294 2,213 137 30 3,123 14,797 ​ ​ ​ ​ ​ ​ ​ At 31 December 2022 ​ ​ ​ ​ ​ ​ Due in less than one year 393 316 44 3 3,242 3,998 Between one and two years 830 291 36 2 9 1,168 Between two and three years 1,385 248 25 2 1 1,661 Between three and four years 694 230 21 1 1 947 Between four and five years 1,653 184 13 1 – 1,851 After five years 5,299 1,370 22 2 – 6,693 Gross contractual cash flows 10,254 2,639 161 11 3,253 16,318
Schedule of analysis of the anticipated contractual cash flows using undiscounted cash flows	​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ Receivables £m Payables £m Receivables Payables Foreign exchange contracts ​ ​ ​ ​ Due in less than one year 6,171 (6,180) 5,476 (5,455) Interest rate swap contracts ​ ​ ​ ​ Due in less than one year 216 (289) 153 (198) Between one and two years 3,274 (3,326) 173 (222) Between two and three years 1,332 (1,294) 1,916 (2,009) Between three and four years 349 (347) 573 (524) Between four and five years 30 (29) – – After five years 862 (864) – – Gross contractual cash flows 12,234 (12,329) 8,291 (8,408) ​

Employee share schemes (Tables)

Employee share schemes (Tables)	12 Months Ended
	Dec. 31, 2023
Employee share schemes
Schedule of total cost between each of the relevant schemes	​ ​ ​ ​ Charge (£m) 2023 2022 Equity-settled ​ ​ Performance Share Plan 17 6 Share Value Plan 58 9 Share Save Plan 1 – Cash-settled ​ ​ Share Value Plan 11 2 Total 87 17
Schedule of movements in outstanding awards, share-based payment arrangements	​ ​ ​ ​ ​ ​ ​ ​ Performance Share Plan Share Value Plan Share Save Plan 1 Number of share awards ('000) Ordinary shares ADS Ordinary shares ADS Share options At 1 January 2022 ​ ​ ​ ​ ​ Awards granted 9,479 1,620 23,664 7,590 4,623 Dividends reinvested – – – – – Awards released/exercised – – – – – Awards cancelled – – – – – At 31 December 2022 9,479 1,620 23,664 7,590 4,623 Awards granted 9,785 2,093 18,881 6,370 1,163 Dividends reinvested 230 44 7 – n/a Awards released/exercised – – (653) (319) (9) Awards cancelled (453) (206) (2,958) (786) (287) At 31 December 2023 19,041 3,551 38,941 12,855 5,490 ​ 1 Number of share options exercisable as at 31 December 2023 was 168,350 (2022: nil ).
Schedule of weighted average fair values of awards granted during the period, share-based payment arrangements	​ ​ ​ ​ Weighted fair value 2023 2022 Performance Share Plan ​ ​ Ordinary shares £3.33 £2.74 ADS $8.37 $6.23 Share Value Plan ​ ​ Ordinary shares £3.21 £2.70 ADS $8.00 $6.03 Share Save Plan 1 ​ ​ Share options £0.93 £0.89 ​ 1 Weighted average exercise prices (£) for options exercised during the year was £ 2.27 .
Schedule of assumptions used in Black-Scholes option pricing model	​ ​ ​ ​ ​ 2023 Grant 2022 Grant Weighted average fair value at the measurement date (£) 0.93 0.89 Risk-free interest rate (%) 3.53 3.54 Expected dividend yield (%) 1.88 1.59 Volatility (%) 23.63 31.37 Expected life (years) 3.5 3 Share Save Plan-related options grant price (including 20% discount) (£) £2.66 £2.27

Subsidiaries (Tables)

Subsidiaries (Tables)	12 Months Ended
	Dec. 31, 2023
Subsidiaries
Schedule of subsidiaries of the company	​ ​ ​ ​ ​ ​ ​ ​ ​ Company name Effective % ownership Security Registered address Wholly owned subsidiaries ​ ​ ​ Altogether Services, Inc. 100% Common c/o United Corporate Services Inc., 10 Bank Street, Suite 560, White Plains NY 10606, United States Consumer Healthcare Holdings Limited 2 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Consumer Healthcare Intermediate Holdings Limited 2 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Duncan Consumer Healthcare Philippines Inc. 100% Common 23rd Floor, The Finance Centre, 26th Street Corner 9th Avenue, Bonifacio Global City, Taguig City, 1634, Philippines Ferrosan (No.2) AB 4 100% Ordinary Gävlegatan 16, 113 30, Stockholm, Sweden Ferrosan ApS 100% A Shares, B Shares Delta Park 37, 2665, Vallensbæk Strand, Denmark Glaxo Wellcome Ceylon Limited 100% Ordinary, Ordinary B 121 Galle Road, Kaldemulla, Moratuwa, Sri Lanka GlaxoSmithKline Asia Private Limited 100% Equity Patiala Road, Nabha 147201, Dist Patiala, Punjab, India GlaxoSmithKline Consumer Healthcare (Hong Kong) Limited 100% Ordinary 23/F., Tower 6, The Gateway, 9 Canton Road, Tsimshatsui, Kowloon, Hong Kong GlaxoSmithKline Consumer Healthcare (Thailand) Limited 100% Ordinary 13th Floor, Unit 13.06, Wave Place Building, 55 Wireless Road, Lumpini Sub-district, Pathumwan District, Bangkok, 10330, Thailand GlaxoSmithKline Consumer Healthcare (UK) (No.1) Limited 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England GlaxoSmithKline Consumer Healthcare GmbH 100% Ordinary Schottenring 25, Wien, 1010 GlaxoSmithKline Consumer Healthcare GmbH & Co. KG 2 100% Partnership Capital Barthstr. 4, 80339, München, Germany GlaxoSmithKline Consumer Healthcare Investments (Ireland) (No 3) Limited 4 100% Ordinary Knockbrack, Dungarvan, Co Waterford, X35 RY76, Ireland ​ ​ ​ ​ ​ ​ ​ ​ Company name Effective % ownership Security Registered address GlaxoSmithKline Consumer Healthcare Japan K.K. 100% Ordinary 1-8-1 Akasaka Minato-ku, Tokyo, Japan GlaxoSmithKline Consumer Healthcare Mexico, S. De R.L. de C.V. 100% Ordinary, Ordinary Variable Boulevard Adolfo Ruiz Cortines No. 3720, Torre 3 Piso 11, Colonia Jardines del Pedregal, Alcaldía Alvaro Obregón, Ciudad de México, C.P. 01900, Mexico GlaxoSmithKline Consumer Healthcare Pte. Ltd. 2 100% Ordinary 23, Rochester Park #03-02, Singapore, 139234, Singapore GlaxoSmithKline Consumer Healthcare Sdn. Bhd. 100% Ordinary Lot 89, Jalan Enggang, Ampang / Hulu Kelang Industrial Estate, Selangor Darul Ehsan, 68000 Ampang, Malaysia GlaxoSmithKline Consumer Healthcare Vietnam Company Limited 100% Charter Capital Floor 16, Metropolitan, 235 Dong Khoi, Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam GlaxoSmithKline Consumer Private Limited 100% Equity Patiala Road, Nabha 147201, Dist Patiala, Punjab, India GlaxoSmithKline Dungarvan Limited 100% Ordinary Knockbrack, Dungarvan, Co Waterford, X35 RY76, Ireland GlaxoSmithKline Panama S.A. 100% Ordinary Urbanizacion Industrial Juan D, Calles A Y B, Republic of Panama, Panama GlaxoSmithKline Paraguay S.A. 100% Ordinary Oficial Gilberto Aranda 333, Planta Alta casi Salvador del Mundo, Asuncion, Paraguay GlaxoSmithKline Tuketici Sagligi Anonim Sirketi 100% Nominative Esentepe Mah. Bahar Sk. Özdilek River Plaza, Vyndham Grand No: 13 İç Kapı No: 80 Şişli, Istanbul, Turkey GSK Bangladesh Private Limited 100% Ordinary K-248/1 Dewalibari, Konabari, Gazipur-1700, Bangladesh, Gazipur, 1700, Bangladesh GSK CH Caricam Sociedad de Responsabilidad Limitada 100% Participation interests Urbanizacion Industrial Juan D, Calles A Y B, Republic of Panama, Panama GSK Consumer Healthcare Chile SpA 100% Interests share Av. Andrés Bello N°2687, 25th floor, Las Condes, Chile GSK Consumer Healthcare Holdings (No.5) Limited 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England GSK Consumer Healthcare Holdings (No.6) Limited 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England GSK Consumer Healthcare Peru S.R.L 100% Ordinary Av Jorge Basadre 349, piso 5, San Isidro, Lima, 05W-109, Peru GSK Consumer Healthcare Singapore Pte. Ltd. 100% Ordinary 23, Rochester Park #03-02, Singapore, 139234, Singapore GSK Consumer Healthcare Trinidad and Tobago Limited 100% Ordinary Level 2, Invader's Bay Tower, Invader's Bay, Port-of-Spain, Trinidad Haleon (China) Co. Ltd (formerly GlaxoSmithKline Consumer Healthcare (China) Co. Ltd) 3 100% Registered Capital Room 506, No.1 Shen’gang Boulevard, Lin-gang Special Area of China Pilot Free Trade Zone, Shanghai, 200000, China Haleon (Shanghai) Health Management Consulting Co., Ltd. 100% Registered Capital Unit 03, 25th floor, No. 90 Qirong Road, Pilot Free Trade Zone, China (Shanghai), China Haleon (Suzhou) Pharmaceutical Co., Ltd. (formerly Wyeth Pharmaceutical Co. Ltd) 3 100% Registered Capital 4 Baodai West Road, Suzhou, Jiangsu Province, 215128, China Haleon (Suzhou) Technology Co., Ltd. (formerly GlaxoSmithKline (Suzhou) Trading Co. Ltd) 3 100% Registered Capital Second floor of the Administrative building, No. 669, Gangpu, Guoxiang Street, Wuzhong Economic Development Zone, Suzhou, China Haleon (Taizhou) Technology Co., Ltd (formerly GlaxoSmithKline Technology (Taizhou) Co. Ltd) 3 100% Registered Capital Room 708 in Building D, Phase II of New Drug Innovation Base, Taizhou, Jiangsu Province, 225300, China Haleon Alcala, S.A. (formerly SmithKline Beecham S.A.) 3 100% Ordinary Ctra de Ajalvir Km 2.500, Alcala de Henares, 28806, Madrid, Spain Haleon Australia Pty Ltd 100% Ordinary Level 48, 8 Parramatta Square, 10 Darcy Street, Parramatta, Sydney NSW 2150, Australia Haleon Belgium N.V. (formerly GlaxoSmithKline Consumer Healthcare S.A.) 3 100% Ordinary Da Vincilaan 5, 1930 Zaventem, Belgium Haleon Brasil Distribuidora Ltda (formerly GlaxoSmithKline Brasil Produtos para Consumo e Saude Ltda) 3 100% Quotas Av das Americas, 3500, 4th floor, rooms 407-420, Rio de Janeiro, RJ, 22621-000, Brazil Haleon Canada ULC / Haleon Canada SRI (formerly GlaxoSmithKline Consumer Healthcare ULC / GlaxoSmithKline Soins De Sante Aux Consommateurs SRI) 3 100% A Class Preference, Common 1133 Melville Street, Suite 3500, The Stack, Vancouver BC V6E 4E5, Canada ​ ​ ​ ​ ​ ​ ​ ​ Company name Effective % ownership Security Registered address Haleon CH Israel Ltd (formerly GSK Consumer Healthcare Israel Ltd) 3 100% Ordinary 25 Basel Street, Petech Tikva 49510, Israel Haleon CH SARL (formerly GSK Consumer Healthcare SARL) 2,3 100% Ordinary Route de I’Etraz, 1197 Prangins, Switzerland Haleon Colombia S.A.S. (formerly GlaxoSmithKline Consumer Healthcare Colombia S.A.S.) 3 100% Ordinary Carrera 7 No. 113 - 43 Piso 4, Colombia Haleon Costa Rica S.A. (formerly GlaxoSmithKline Costa Rica S.A.) 3 100% Ordinary Oficentro Terracampus, Edificio, Uno, Quinto Piso, Autopista Florencio del Castillo, kilometro siete, Cartago, La Unión San Diego, Costa Rica Haleon Czech Republic s.r.o. (formerly Consumer Healthcare Czech Republic s.r.o.) 3 100% Ordinary Hvezdova 1734/2c, Prague, 4 140 00, Czech Republic Haleon Denmark Aps (formerly GlaxoSmithKline Consumer Healthcare Aps) 3 100% Ordinary Delta Park 37, 2665, Vallensbæk Strand, Denmark Haleon EG General Trading LLC (formerly GSK Consumer Healthcare Egypt LLC) 3 100% Quotas North 90th street, Boomerang Building, 5th District, Cairo, Egypt Haleon EG Limited (formerly GSK Consumer Healthcare Egypt Limited) 3 100% Ordinary North 90th street, Boomerang Building, 5th District, Cairo, Egypt Haleon Finland Oy (formerly GlaxoSmithKline Consumer Healthcare Finland Oy) 3 100% Ordinary Energiakuja 3, Helsinki, 00180, Finland Haleon France (formerly GlaxoSmithKline Santé Grand Public) 3 100% Ordinary 23 rue François Jacob, 92500, Rueil-Malmaison, France Haleon Germany GmbH 100% Ordinary Barthstr. 4, 80339, München, Germany Haleon Hellas Single Member Societe Anonyme (formerly GlaxoSmithKline Consumer Healthcare Hellas Single Member Societe Anonyme) 3 100% Ordinary 274 Kifissias Avenue Halandri, Athens, 152 32, Greece Haleon Holdings (No.2) LLC (formerly GSK Consumer Healthcare Holdings No. 2 LLC) 2,3 100% LLC Interests Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States Haleon Hungary Korlátolt Felelosségu Társaság (formerly GlaxoSmithKline-Consumer Hungary Kft.) 3 100% Membership Interests H-1124, Csorsz utca 43, Budapest, Hungary Haleon Insurance Limited (formerly GSK Consumer Healthcare Insurance Limited) 3 100% Ordinary Dorey Court, Admiral Park, St Peter Port, GY1 4AT, Guernsey Haleon Intermediate Holdings Limited 1,2 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, United Kingdom Haleon Ireland Limited (formerly GlaxoSmithKline Consumer Healthcare (Ireland) Limited) 3 100% Ordinary 12 Riverwalk, Citywest Business Campus, Dublin 24, Ireland Haleon Italy Manufacturing S.r.l. (formerly Pfizer Consumer Manufacturing Italy S.r.l.) 2,3 100% Quotas 90, Via Nettunese, 04011, Aprilia (Prov. di Latin), Italy Haleon Italy S.r.l. (formerly GlaxoSmithKline Consumer Healthcare S.r.l.) 3 100% Ordinary Via Monte Rosa 91, Milano, Italy, 20149 Haleon Kazakhstan Limited Liability Partnership (formerly GSK CH Kazakhstan LLP) 3 100% Charter Capital 32 A Manasa Str., Bostandyk District, Almaty, 050008, Kazakhstan GlaxoSmithKline Limited 3 100% Ordinary Likoni Road, PO Box 78392, Nairobi, Kenya Haleon Korea Co., Ltd. (formerly GlaxoSmithKline Consumer Healthcare Korea Co., Ltd.) 3 100% Ordinary 9F LS Yongsan Tower, 92 Hangang-daero, Yongsan-gu, Seoul, 04386, Republic of Korea Haleon Levice, s.r.o. (formerly GSK Consumer Healthcare Levice, s.r.o.) 3 100% Ordinary Priemyselny Park Gena, Ul. E. Sachsa 4-6, 934 01, Levice, Slovakia Haleon Netherlands B.V. (formerly GlaxoSmithKline Consumer Healthcare B.V.) 3 100% Ordinary Van Asch van Wijckstraat 55G, 3811 LP, Amersfoort, Netherlands Haleon Netherlands Capital B.V. (formerly GSK Consumer Healthcare Capital NL B.V.) 3 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, United Kingdom Haleon New Zealand ULC 100% Ordinary Level 1, 1.04, 12 Madden Street, Auckland, 1010, New Zealand Haleon Norway AS (formerly GlaxoSmithKline Consumer Healthcare Norway AS) 3 100% Ordinary Lysaker Torg 5, 3rd floor, Lysaker, 1366, Norway Haleon Philippines, Inc. (formerly GlaxoSmithKline Consumer Healthcare Philippines Inc.) 3 100% Common 23rd Floor, The Finance Centre, 26th Street Corner 9th Avenue, Bonifacio Global City, Taguig City, 1634, Philippines ​ ​ ​ ​ ​ ​ ​ ​ Company name Effective % ownership Security Registered address Haleon Poland sp. z.o.o. (formerly GlaxoSmithKline Consumer Healthcare Sp. z.o.o.) 3 100% Ordinary Rzymowskiego 53, 02-697, Warszawa, Poland Haleon Portugal, Lda. (formerly GlaxoSmithKline Consumer Healthcare, Produtos para a Saude e Higiene, Lda) 3 100% Ordinary Quota Rua Dr Antonio Loureiro Borges No 3, Arquiparque, Miraflores, 1495-131, Alges, Portugal Haleon Romania SRL (formerly GlaxoSmithKline Consumer Healthcare S.R.L.) 3 100% Ordinary 1-5 Costache Negri Street, Opera Center One, 6th floor (Zone 2), District 5, Bucharest, Romania GlaxoSmithKline Consumer Healthcare Saudi Limited 3 100% Ordinary 603 Salamah Tower, 6th Floor, Madinah Road, Al-Salamah District, Jeddah 21425, Saudi Arabia Haleon Schweiz AG (formerly GSK Consumer Healthcare Schweiz AG) 3 100% Ordinary Suurstoffi 14, 6343, Rotkreuz, Switzerland Haleon Slovakia s. r. o. (formerly GlaxoSmithKline Consumer Healthcare Slovakia s. r. o.) 3 100% Ownership Interests Galvaniho 7/A, Bratislava, 821 04, Slovakia Haleon South Africa (Pty) Ltd (formerly GlaxoSmithKline Consumer Healthcare South Africa (Pty) Ltd) 3 100% Ordinary 17 Muswell Road South, Block D - Wedgefield Phase 2, Bryanston, Gauteng, South Africa, 2191, South Africa Haleon Spain, S.A. (formerly GlaxoSmithKline Consumer Healthcare, S.A.) 3 100% Ordinary Severo Ochoa, 2, Parque Tecnologico de Madrid, Tres Cantos, 28760, Madrid, Spain Haleon Sweden AB (formerly GlaxoSmithKline Consumer Healthcare AB) 3 100% Ordinary Gävlegatan 16, 113 30, Stockholm, Sweden Haleon UK Capital plc (formerly GSK Consumer Healthcare Capital UK plc) 2,3 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Haleon UK Corporate Director Limited (formerly GSK Consumer Healthcare Holdings (No.4) Limited) 3 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Haleon UK Corporate Secretary Limited (formerly GSK Consumer Healthcare Holdings (No.8) Limited) 3 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Haleon UK Enterprises Limited 2 100% Voting shares Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Haleon UK Export Limited (formerly GSK Consumer Healthcare Export Limited) 3 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, United Kingdom Haleon UK Finance (USD) Limited (formerly GlaxoSmithKline Consumer Healthcare Finance No.2 Limited) 3 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Haleon UK Finance Limited (formerly GlaxoSmithKline Consumer Healthcare Finance Limited) 3 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Haleon UK Holding Canada Limited (formerly GSK Canada Holding Company Limited) 3 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Haleon UK Holding New Zealand Limited (formerly GSK New Zealand Holding Company Limited) 3 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Haleon UK Holding Sri Lanka Limited (formerly GlaxoSmithKline Consumer Healthcare Sri Lanka Holdings Limited) 3 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Haleon UK Holdings (No.1) Limited (formerly GSK Consumer Healthcare Holdings (No.1) Limited) 2,3 100% Non-voting preference shares; Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Haleon UK Holdings (No.2) Limited (formerly GlaxoSmithKline Consumer Healthcare Holdings (No.2) Limited) 2,3 100% A Shares; B Shares; Preference shares; Deferred shares Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Haleon UK Holdings (No.3) Limited (formerly GSK Consumer Healthcare Holdings (No.3) Limited) 3 100% Non-voting preference shares; Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Haleon UK Holdings (No.7) Limited (formerly GSK Consumer Healthcare Holdings (No.7) Limited) 3 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England ​ ​ ​ ​ ​ ​ ​ ​ Company name Effective % ownership Security Registered address Haleon UK Holdings Limited (formerly GlaxoSmithKline Consumer Healthcare Holdings Limited) 2,3 100% A Shares, B Shares, C Shares Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Haleon UK IP (No.2) Limited (formerly Stiefel Consumer Healthcare (UK) Limited) 3 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, United Kingdom Haleon UK IP Limited (formerly GlaxoSmithKline Consumer Healthcare (UK) IP Limited) 2,3 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Haleon UK Research Limited 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Haleon UK Services Limited 2 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Haleon UK Trading Limited (formerly GlaxoSmithKline Consumer Healthcare (UK) Trading Limited) 2,3 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Haleon UK Trading Services Limited (formerly GlaxoSmithKline Consumer Trading Services Limited) 2,3 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, United Kingdom Haleon US Capital LLC (formerly GSK Consumer Healthcare Capital US LLC) 2,3 100% LLC Interests Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States Haleon US Holdings Inc. (formerly GSK Consumer Healthcare Holdings (US) Inc.) 3 100% Preferred, Common Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States Haleon US Holdings LLC (formerly GlaxoSmithKline Consumer Healthcare Holdings (US) LLC) 2,3 100% LLC Interests Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States Haleon US Inc. (formerly GSK Consumer Health, Inc.) 3 100% Common Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States Haleon US IP LLC (formerly GlaxoSmithKline Consumer Healthcare (US) IP LLC) 3 100% LLC Interests Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States Haleon US LLC (formerly GlaxoSmithKline Consumer Healthcare L.L.C.) 3 100% LLC Interests Corporation Service Company, 2595 Interstate Drive Suite 103, Harrisburg PA 17110, United States Haleon US Services Inc. (formerly GSK Consumer Healthcare Services, Inc.) 3 100% Common Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States Iodosan S.p.A. 100% Ordinary Via Monte Rosa 91, Milano, Italy, 20149 JSC Haleon Rus (formerly GlaxoSmithKline Healthcare AO) 3 100% Ordinary Premises III, Room 9, floor 6, Presnenskaya nab. 10, 123112, Moscow, Russian Federation Kuhs GmbH 100% Ordinary Barthstr. 4, 80339, München, Germany Limited Liability Company “Haleon Ukraine” (formerly GlaxoSmithKline Healthcare Ukraine O.O.O.) 3 100% Ownership Interests Pavla Tychyny avenue, 1-V, Kiev, 02152, Ukraine N.C.H. - Nutrition Consumer Health Ltd 100% Ordinary 14 Hamephalsim St, Petach Tikva, Israel Northstar Switzerland SARL 100% Ordinary Route de I’Etraz 2, c/o Haleon CH SARL, 1197 Prangins, Switzerland P.T. Sterling Products Indonesia 100% A Shares; B Shares Pondok Indah Office Tower 5 Level 12, Suite 1201, Jalan Sultan Iskandar Muda Kav. V-TA, Pondok Pinang, Jakarta Selatan 12310, Indonesia Panadol GmbH 100% Ordinary Barthstr. 4, 80339, München, Germany PF Consumer Healthcare B.V. 100% Class A, Class B Van Asch van Wijckstraat 55G, 3811 LP Amersfoort, Netherlands PF Consumer Healthcare Brazil Importadora e Distribuidora de Medicamentos Ltda 100% Quota Barueri, at Avenida Ceci, No.1900, Block III, Part 67, Tambore District, Sao Paulo, 06460, Brazil PF Consumer Healthcare Canada ULC / PF Soins De Sante SRI 100% Common 1133 Melville Street, Suite, 3500, The Stack, Vancouver BC V6E 4E5, Canada PF Consumer Healthcare Holding B.V. 100% Ordinary Van Asch van Wijckstraat 55G, 3811 LP Amersfoort, Netherlands PF Consumer Taiwan LLC 100% Interests The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington DE 19801, United States Pfizer Laboratories PFE (Pty) Ltd. 100% Common Flushing Meadows Building, The Campus, 57 Sloane Street, Bryanston 2021, South Africa ​ ​ ​ ​ ​ ​ ​ ​ Company name Effective % ownership Security Registered address Pfizer PFE Colombia S.A.S 100% Common Carrera 7 No. 113 - 43 Piso 4, Colombia PT Haleon Indonesia Trading 100% Ordinary Pondok Indah Office Tower 5 Level 12, Suite 1201, Jalan Sultan Iskandar Muda Kav. V-TA, Pondok Pinang, Jakarta Selatan 12310, Indonesia PT. Bina Dentalindo 4 100% Ordinary Gedung Graha Ganesha Lantai 3, Jl Raya Bekasi Km 17, No5, Jakarta Timur 13930, Indonesia Stafford-Miller (Ireland) Limited 2 100% Ordinary Clocherane, Youghal Road, Dungarvan, Co. Waterford, Ireland Sterling Drug (Malaya) Sdn Berhad 100% Ordinary Lot 89, Jalan Enggang, Ampang / Hulu Kelang Industrial Estate, Selangor Darul Ehsan, 68000 Ampang, Malaysia Sterling Products International, Incorporated 100% Common Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States Treerly Health Co., Ltd 100% Registered Capital Unit 01A, Room 3901, No 16. East Zhujiang Road, Tianhe District, Guangzhou City, China Wyeth Pharmaceuticals Company 100% Partnership Interests State Road No. 3, Kilometer 142.1, Guayama, 00784, Puerto Rico ​ Subsidiaries where the effective interest is less than 100% ​ Company name Effective % ownership Security Registered address GSK-Gebro Consumer Healthcare GmbH 50.0% Ordinary Bahnhofbichl 13, 6391 Fieberbrunn, Kitzbühel, Austria Haleon Pakistan Limited (formerly GlaxoSmithKline Consumer Healthcare Pakistan Limited) 3 85.8% Ordinary 11-A, 11th Floor, Sky Tower (East Wing), Dolmen City, HC-3, Block 4, Scheme-5, Clifton, Karachi, Sindh 75600, Pakistan Haleon US Enterprises Inc. (formerly Beecham Enterprises Inc.) 3 88.0% Common Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States Haleon US LP (formerly GlaxoSmithKline Consumer Healthcare, L.P.) 2,3 88.0% Partnership Interests Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States Pfizer Biotech Corporation 55.0% Ordinary 24F, No. 66, Sec 1, Zhong Xiao W. Rd, Taipei 100, Taiwan Sino-American Tianjin Smith Kline & French Laboratories Ltd 2 55.0% Ordinary Cheng Lin Zhuang Industrial Zone, Dong Li District, Tianjin, 300163, China SmithKline Beecham (Private) Limited 99.7% Ordinary World Trade Center, Level 34, West Tower, Echelon Square, Colombo 1, Sri Lanka ​ The following UK subsidiaries will take advantage of the audit exemption set out within Section 479A of the Companies Act 2006, supported by guarantees issued by Haleon plc (under section 479C of the Companies Act 2006) over their liabilities for the year ended 31 December 2023. Unless otherwise stated, the undertakings listed below are owned, either directly or indirectly, by the Company. ​ Name Company Consumer Healthcare Holdings Limited 11986432 Consumer Healthcare Intermediate Holdings Limited 11986416 GlaxoSmithKline Consumer Healthcare (UK) (No.1) Limited 00753340 Haleon UK Holding Canada Limited 12342809 Haleon UK Holding New Zealand Limited 12342879 Haleon UK Holding Sri Lanka Limited 09400298 Haleon UK Holdings (No.1) Limited 13355627 Haleon UK Holdings (No.3) Limited 13401293 Haleon UK Holdings (No.7) Limited 13414769 ​ ​ The following UK subsidiaries, having not traded during the year will take advantage of the audit exemption set out within Section 480 of the Companies Act 2006 for the year ended 31 December 2023. Unless otherwise stated, the undertakings listed below are owned, either directly or indirectly, by the Company. ​ Name Company GSK Consumer Healthcare Holdings (No. 5) Limited 13401372 GSK Consumer Healthcare Holdings (No. 6) Limited 13401308 Haleon UK Corporate Director Limited 13401336 Haleon UK Corporate Secretary Limited 13434151 ​ 1 Directly held by Haleon plc. 2 Principal subsidiary of the Group as at 31 December 2023. 3 The Company changed its name during the period between 1 January 2023 and 15 March 2024. The former name of the Company is included in brackets. The Group has a programme of action to rename and harmonise all legal entity names to reflect the Haleon brand. 4 The Company is in liquidation. ​

General information - Narrative

General information - Narrative (Details) £ / shares in Units, £ in Millions, $ in Billions	1 Months Ended	6 Months Ended
	Jul. 31, 2022	Jun. 30, 2022	Dec. 31, 2023 GBP (£) £ / shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 GBP (£)	Dec. 31, 2021 GBP (£)	Dec. 31, 2020 GBP (£)
Disclosure of information about consolidated structured entities [line items]
Nominal value per share | £ / shares			£ 0.01
Cash and cash equivalents net of bank overdrafts			£ 994		£ 611	£ 406	£ 323
September 2024
Disclosure of information about consolidated structured entities [line items]
Undrawn credit facilities | $				$ 1.3
September 2026
Disclosure of information about consolidated structured entities [line items]
Undrawn credit facilities			£ 900
GSK Group | CHHL2
Disclosure of information about consolidated structured entities [line items]
Proportion of ownership interest in subsidiary		68%
Pfizer Group | Haleon plc
Disclosure of information about consolidated structured entities [line items]
Proportion of ownership interest in associate	32%
Pfizer Group | CHHL2
Disclosure of information about consolidated structured entities [line items]
Proportion of ownership interest in associate		32%
GSK Plc | Haleon plc
Disclosure of information about consolidated structured entities [line items]
Proportion of ownership interest in subsidiary	55%
Haleon plc | GSK Group
Disclosure of information about consolidated structured entities [line items]
Proportion of ownership interest in other entity	13%

General information - Exchange

General information - Exchange rates (Details)	12 Months Ended
	Dec. 31, 2023 ¥ / £ € / £ $ / £	Dec. 31, 2022 € / £ $ / £ ¥ / £	Dec. 31, 2021 ¥ / £ € / £ $ / £
USD
Disclosure of Accounting Policies [Line Items]
Average rates | $ / £	1.24	1.24	1.38
Period-end rates | $ / £	1.27	1.20	1.35
Euro
Disclosure of Accounting Policies [Line Items]
Average rates | € / £	1.15	1.17	1.16
Period-end rates | € / £	1.15	1.13	1.19
CNY
Disclosure of Accounting Policies [Line Items]
Average rates | ¥ / £	8.81	8.31	8.86
Period-end rates | ¥ / £	9.06	8.31	8.56

Segment information - Analysis

Segment information - Analysis of revenue and adjusted operating profit by geographical segment (Details) £ in Millions	12 Months Ended
	Dec. 31, 2023 GBP (£) segment	Dec. 31, 2022 GBP (£)	Dec. 31, 2021 GBP (£)
Disclosure of operating segments [line items]
Number of reportable segments | segment	3
Revenue	£ 11,302	£ 10,858	£ 9,545
Group operating profit	1,996	1,825	1,638
Reconciling items between Group operating profit and Group adjusted operating profit	553	647	534
Adjusted operating profit	2,549	2,472	2,172
Net amortisation and impairment of intangible assets excluding computer software and impairment (reversal of impairment) of goodwill	224	172	16
Restructuring costs	169	41	195
Transaction related costs	2	8	0
Separation and admission costs	120	411	278
Gains (losses) on disposals of assets and businesses, tax indemnities related to business combinations and other items including litigation	38	15	45
North America
Disclosure of operating segments [line items]
Revenue	4,195	4,116	3,525
Adjusted operating profit	1,107	1,070	828
EMEA & LatAm
Disclosure of operating segments [line items]
Revenue	4,545	4,270	3,877
Adjusted operating profit	1,010	977	960
APAC
Disclosure of operating segments [line items]
Revenue	2,562	2,472	2,143
Adjusted operating profit	(541)	(506)	(461)
Corporate and other unallocated
Disclosure of operating segments [line items]
Adjusted operating profit	£ (109)	£ (81)	£ (77)

Segment information - Analysi_2

Segment information - Analysis of revenue by product (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of products and services [line items]
Revenue	£ 11,302	£ 10,858	£ 9,545
Oral Health
Disclosure of products and services [line items]
Revenue	3,136	2,957	2,724
Vitamins, Minerals and Supplements
Disclosure of products and services [line items]
Revenue	1,640	1,675	1,501
Pain Relief
Disclosure of products and services [line items]
Revenue	2,652	2,551	2,237
Respiratory Health
Disclosure of products and services [line items]
Revenue	1,736	1,579	1,132
Digestive Health and Other
Disclosure of products and services [line items]
Revenue	£ 2,138	£ 2,096	£ 1,951

Segment information - Revenue b

Segment information - Revenue by location of customers (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of operating segments [line items]
Revenue	£ 11,302	£ 10,858	£ 9,545
UK
Disclosure of operating segments [line items]
Revenue	381	348	327
US
Disclosure of operating segments [line items]
Revenue	3,755	3,692	3,187
China
Disclosure of operating segments [line items]
Revenue	966	907	801
Rest of World
Disclosure of operating segments [line items]
Revenue	£ 6,200	£ 5,911	£ 5,230

Segment information - Impairmen

Segment information - Impairment charges and reversals by geographical segment (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of operating segments [line items]
Impairment charges	£ 200	£ 143	£ 37
Impairment reversal			48
North America
Disclosure of operating segments [line items]
Impairment charges	3	2	5
EMEA & LatAm
Disclosure of operating segments [line items]
Impairment charges	5	7	5
APAC
Disclosure of operating segments [line items]
Impairment charges	2	1	2
Other reconciling items
Disclosure of operating segments [line items]
Impairment charges	£ 190	£ 133	25
Impairment reversal			£ 48

Segment information - Non-curre

Segment information - Non-current assets by location of subsidiary (Details) - GBP (£) £ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of operating segments [line items]
Non-current assets	£ 28,871	£ 30,467	£ 28,865
UK
Disclosure of operating segments [line items]
Non-current assets	405	440	430
US & Puerto Rico
Disclosure of operating segments [line items]
Non-current assets	7,622	8,519	7,884
Rest of World
Disclosure of operating segments [line items]
Non-current assets	£ 20,844	£ 21,508	£ 20,551

Other operating income (Details

Other operating income (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of Other Operating (Expense)/Income
Gains (losses) on disposal of intangible assets and businesses			£ 31
Polocard
Disclosure of Other Operating (Expense)/Income
Gains (losses) on disposal of intangible assets and businesses		£ 24
Lamisil
Disclosure of Other Operating (Expense)/Income
Gains (losses) on disposal of intangible assets and businesses	£ (10)

Operating profit - Items includ

Operating profit - Items included in operating profit (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of attribution of expenses by nature to their function [line items]
Advertising and promotion	£ 2,023	£ 2,026	£ 1,941
Distribution costs	237	237	209
Separation and admission costs	120	411	278
Restructuring costs	169	41	195
Cost of sales
Disclosure of attribution of expenses by nature to their function [line items]
Separation and admission costs	4	4	0
Restructuring costs	26	19	44
Selling, general and administration expenses
Disclosure of attribution of expenses by nature to their function [line items]
Separation and admission costs	£ 116	£ 407	£ 278

Operating profit - Breakdown of

Operating profit - Breakdown of the restructuring costs by function (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Items have been included in operating profit
Cash	£ 168	£ 39	£ 175
Non-cash	1	2	20
Restructuring costs	169	41	195
Cost of sales
Items have been included in operating profit
Restructuring costs	26	19	44
Selling, general and administration, and other operating expenses
Items have been included in operating profit
Restructuring costs	129	25	150
Research and development
Items have been included in operating profit
Restructuring costs	£ 14		£ 1
Restructuring costs, reversals		£ (3)

Operating profit - Auditor's fe

Operating profit - Auditor's fees payable included in operating profit (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Auditors' Remuneration [Line Items]
Permissible tax compliance and advisory services	£ 0	£ 2.5
Other audit-related services	1.2	0.3
Auditors' remuneration, other miscellaneous services		0.2
Deloitte LLP
Disclosure Of Auditors' Remuneration [Line Items]
Audit of Parent Company and Consolidated Financial Statements		10	£ 5
Audit of the Company's subsidiaries		5	6
Audit services		15	11
Other services		6	2
Total auditor's remuneration		21	13
Audit and audit-related services incurred for separation from GSK Group		0	0.9
Other assurance services incurred for separation from GSK Group		3	£ 2.4
KPMG LLP (UK)
Disclosure Of Auditors' Remuneration [Line Items]
Audit of Parent Company and Consolidated Financial Statements	11
Audit of the Company's subsidiaries	5
Audit services	16
Other services	1
Total auditor's remuneration	£ 17
KPMG LLP (US)
Disclosure Of Auditors' Remuneration [Line Items]
Audit of Parent Company and Consolidated Financial Statements		14
Audit services		14
Other services		3
Total auditor's remuneration		£ 17

Employees and remuneration of_3

Employees and remuneration of key management personnel - Average number of employees (Details) - employee employee in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Average number of employees by individual geographical segment
Average number of employees	24	21	23
North America
Average number of employees by individual geographical segment
Average number of employees	5	5	6
EMEA & LatAm
Average number of employees by individual geographical segment
Average number of employees	12	10	12
APAC
Average number of employees by individual geographical segment
Average number of employees	7	6	5

Employees and remuneration of_4

Employees and remuneration of key management personnel - Group's total employment costs (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employees and remuneration of key management personnel
Wages and salaries	£ 1,723	£ 1,534	£ 1,287
Social security costs	176	163	147
Pensions and other post-employment costs	54	52	30
Share-based incentive plans	88	78	59
Severance costs from integration and restructuring activities	108	8	95
Total employment costs	£ 2,149	£ 1,835	£ 1,618

Employees and remuneration of_5

Employees and remuneration of key management personnel - Remuneration of key management personnel (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employees and remuneration of key management personnel
Wages and salaries	£ 19	£ 18	£ 12
Social security costs	2	1	1
Pensions and other post-employment costs	1	1	2
Share-based incentive plans	15	9	7
Non-executive directors fees	2
Total employment costs	£ 39	£ 29	£ 22

Employees and remuneration of_6

Employees and remuneration of key management personnel - Narratives (Details) £ in Millions	12 Months Ended
	Dec. 31, 2021 GBP (£) director
Employees and remuneration of key management personnel
Number of GSK Group nominated directors responsible to manage Consumer Healthcare business and also undertake a variety of work relating to the wider GSK Group | director	2
Directors remuneration in respect of their services to the Company | £	£ 0

Net finance costs (Details)

Net finance costs (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Interest income on financial assets at amortised cost:
Other receivables		£ 38	£ 10
Cash and cash equivalents	£ 25	18	3
Financial assets measured at fair value through profit or loss	7	(5)	4
Net gains and losses arising from:
Financial instruments mandatorily measured at fair value through profit or loss	(109)	208	(35)
Retranslation of loans and bonds	111	(208)	35
Total finance income	34	51	17
Interest expense arising on:
Financial liabilities at amortised cost	(409)	(274)	(7)
Derivatives at fair value through profit or loss		6	(5)
Reclassification of hedges from other comprehensive income	23	18
Finance expense arising on lease liabilities	(5)	(4)	(4)
Other finance expense	(11)	(4)	(3)
Total finance expense	(402)	(258)	(19)
Net finance costs	£ (368)	£ (207)	£ (2)

Taxation - Major components of

Taxation - Major components of income tax expense (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Taxation
Provision recognised for uncertain tax positions	£ 148	£ 159	£ 150
Current year charge	570	412	361
Charge in respect of prior periods	(31)	25	(50)
Total current taxation	539	437	311
Total deferred taxation	(22)	62	(114)
Income tax expense	£ 517	£ 499	£ 197

Taxation - Reconciliation of th

Taxation - Reconciliation of the taxation rate (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Taxation
Profit before tax	£ 1,628	£ 1,618	£ 1,636
UK statutory rate of taxation of 23.5%	383	307	311
Differences in overseas taxation rates	(2)	72	105
Benefit of substance-based tax rulings	(21)	(15)	(18)
R&D tax credits	(6)	(3)	(2)
Tax losses not recognised		1	3
Permanent differences on disposals, acquisitions and transfers	155		(164)
Items non-deductible/taxable for tax purposes	55	56	3
Re-assessment of prior year estimates	(65)	5	(70)
Changes in tax rates	18	76	29
Total tax charge	£ 517	£ 499	£ 197
Standard rate of corporation tax	23.50%	19%	19%

Taxation - Schedule of deferred

Taxation - Schedule of deferred tax (Details) - GBP (£) £ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Taxation
Deferred tax assets	£ 265	£ 220
Deferred tax liabilities	(3,487)	(3,601)
Deferred tax assets and liabilities	£ (3,222)	£ (3,381)	£ (3,045)

Taxation - Movement in deferred

Taxation - Movement in deferred tax assets and liabilities (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of changes in deferred tax liability (asset) [abstract]
Beginning balance	£ (3,381)	£ (3,045)
Exchange adjustments	136	(206)
(Charge)/credit to income statement	22	(62)
(Charge)/credit to statement of comprehensive income		(68)
Credit directly to equity	1
Ending balance	(3,222)	(3,381)
Accelerated capital allowances
Reconciliation of changes in deferred tax liability (asset) [abstract]
Beginning balance	(90)	(66)
Exchange adjustments	6	(6)
(Charge)/credit to income statement	(10)	(18)
Ending balance	(94)	(90)
Intangibles
Reconciliation of changes in deferred tax liability (asset) [abstract]
Beginning balance	(3,641)	(3,438)
Exchange adjustments	153	(233)
(Charge)/credit to income statement	(125)	(78)
Reclassification and other movements		108
Ending balance	(3,613)	(3,641)
Pensions & other post-employment benefits
Reconciliation of changes in deferred tax liability (asset) [abstract]
Beginning balance	30	50
Exchange adjustments	(1)	3
(Charge)/credit to income statement	6	1
(Charge)/credit to statement of comprehensive income	(3)	(24)
Ending balance	32	30
Tax losses
Reconciliation of changes in deferred tax liability (asset) [abstract]
Beginning balance	14	9
Exchange adjustments	(1)	1
(Charge)/credit to income statement	(2)	4
Ending balance	11	14
Intra-group profit
Reconciliation of changes in deferred tax liability (asset) [abstract]
Beginning balance	135	117
Exchange adjustments	(12)	12
(Charge)/credit to income statement	52	6
Ending balance	175	135
Other net temporary differences
Reconciliation of changes in deferred tax liability (asset) [abstract]
Beginning balance	171	283
Exchange adjustments	(9)	17
(Charge)/credit to income statement	101	23
(Charge)/credit to statement of comprehensive income	3	(44)
Credit directly to equity	1
Reclassification and other movements		(108)
Ending balance	£ 267	£ 171

Taxation - Narrative (Details)

Taxation - Narrative (Details) - GBP (£) £ in Millions		12 Months Ended
	Jan. 01, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Standard rate of corporation tax			23.50%	19%	19%
Deferred tax directly to equity			£ 1
Income tax debited (credited) to other comprehensive income			(6)	£ 73	£ 14
Income tax debited (credited) to other comprehensive income				68
Current income tax debited (credited) to other comprehensive income			(5)	5	0
Deferred income tax debited (credited) to other comprehensive income			(1)	68	£ 14
Deferred tax liabilities			3,487	3,601
Temporary differences arising on unremitted profits where management can control future reversal			206	385
Deferred tax assets			265	220
Tax effect of reassessment of prior year estimates, one-off deferred tax adjustment			37
Unused trading tax losses
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deductible temporary differences for which no deferred tax asset is recognised			260	266
Deferred tax assets			11	14
Unused trading tax losses | UNITED STATES
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deductible temporary differences for which no deferred tax asset is recognised			£ 175	178
Period over which tax losses expire at various dates			17 years
Taxation that would arise on the future distribution of profits by certain overseas subsidiaries
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liabilities			£ 37	£ 40
Minimum | OECD Pillar Two global minimum tax rate
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Standard rate of corporation tax	15%
Minimum | Unused trading tax losses | UNITED STATES
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Expiration period, tax losses			15 years
Maximum | Forecast
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Increase in effective adjusted tax rate through impact of Pillar Two		1%
Maximum | Unused trading tax losses | UNITED STATES
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Expiration period, tax losses			20 years

Dividends (Details)

Dividends (Details) - GBP (£) £ / shares in Units, £ in Millions			1 Months Ended	12 Months Ended
	Oct. 05, 2023	Apr. 27, 2023	Jul. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Dividend payable per ordinary share				£ 0.042
Dividends, proposed				£ 388
Dividend per share	£ 0.018	£ 0.024			£ 11,930	£ 1,148
Total dividend	£ 166	£ 222			£ 11,930	£ 1,148
Interim dividend per share				£ 0.042
CHHL2
Dividends paid through offset against loans to shareholders			£ 9,211
Dividends paid through offset against interest owed from shareholders			£ 37

Earnings per share - Narratives

Earnings per share - Narratives (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings per share
Basic weighted average number of shares	9,233,000,000	9,235,000,000	9,234,573,831
Dilutive shares	30,000,000	4,000,000	0
Number of shares held by employee benefit trust	10,400,000
Weighted average number of shares held by employee benefit trust during the period	2,000,000

Earnings per share - Summary of

Earnings per share - Summary of weighted average number of shares (Details) - GBP (£) £ / shares in Units, £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings per share
Profit after tax attributable to equity shareholders	£ 1,049	£ 1,060	£ 1,390
Weighted average number of shares (before effect of treasury shares)	9,235,000,000	9,235,000,000	9,235,000,000
Weighted average number of shares (held by EBTs)	(2,000,000)
Basic weighted average number of shares	9,233,000,000	9,235,000,000	9,234,573,831
Effect of dilutive potential shares	30,000,000	4,000,000	0
Diluted weighted average number of shares	9,263,000,000	9,239,000,000	9,235,000,000
Basic earnings per share (pence)	£ 0.114	£ 0.115	£ 0.151
Diluted earnings per share (pence)	£ 0.113	£ 0.115	£ 0.151
Number of shares held by employee benefit trust	10,400,000

Property, plant and equipment -

Property, plant and equipment - Useful life of assets (Details)	12 Months Ended
	Dec. 31, 2023
Maximum | Freehold buildings
Property, plant and equipment
Useful life of assets	50 years
Maximum | Leasehold land and buildings
Property, plant and equipment
Useful life of assets	50 years
Maximum | Plant and machinery
Property, plant and equipment
Useful life of assets	20 years
Maximum | Equipment and vehicles
Property, plant and equipment
Useful life of assets	10 years
Minimum | Freehold buildings
Property, plant and equipment
Useful life of assets	20 years
Minimum | Leasehold land and buildings
Property, plant and equipment
Useful life of assets	20 years
Minimum | Plant and machinery
Property, plant and equipment
Useful life of assets	10 years
Minimum | Equipment and vehicles
Property, plant and equipment
Useful life of assets	3 years

Property, plant and equipment_2

Property, plant and equipment (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	£ 1,757
Ending balance	1,780	£ 1,757
Land and buildings
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	614
Ending balance	637	614
Plant, equipment and vehicles
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	758
Ending balance	777	758
Assets under construction
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	385
Ending balance	366	385
Assets under construction | Computer software
Disclosure of detailed information about property, plant and equipment [line items]
Reclassifications	(22)	(54)
Cost of sales
Disclosure of detailed information about property, plant and equipment [line items]
Impairment losses	0	0	£ 2
Reversal of impairments	0	0	12
Selling, general and administration expenses
Disclosure of detailed information about property, plant and equipment [line items]
Impairment losses	7	8	15
Cost
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	2,971	2,705
Exchange adjustments	(132)	165
Additions	232	305
Additions from business acquisitions	60
Disposals and write-offs	58	143
Reclassifications	(22)	(61)
Ending balance	3,051	2,971	2,705
Cost | Land and buildings
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	930	920
Exchange adjustments	(44)	59
Additions	1	4
Additions from business acquisitions	24
Disposals and write-offs	4	13
Reclassifications	63	(40)
Ending balance	970	930	920
Cost | Plant, equipment and vehicles
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	1,652	1,486
Exchange adjustments	(69)	86
Additions	1	9
Additions from business acquisitions	14
Disposals and write-offs	54	130
Reclassifications	164	201
Ending balance	1,708	1,652	1,486
Cost | Assets under construction
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	389	299
Exchange adjustments	(19)	20
Additions	230	292
Additions from business acquisitions	22
Reclassifications	(249)	(222)
Ending balance	373	389	299
Depreciation and impairment
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(1,214)
Ending balance	(1,271)	(1,214)
Depreciation and impairment | Land and buildings
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(316)
Ending balance	(333)	(316)
Depreciation and impairment | Plant, equipment and vehicles
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(894)
Ending balance	(931)	(894)
Depreciation and impairment | Assets under construction
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(4)
Ending balance	(7)	(4)
Depreciation
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(1,201)	(1,110)
Exchange adjustments	52	(68)
Disposals and write-offs	(46)	(119)
Charge for the year	(152)	(142)
Ending balance	(1,255)	(1,201)	(1,110)
Depreciation | Land and buildings
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(313)	(277)
Exchange adjustments	12	(16)
Disposals and write-offs	(2)	(9)
Reclassifications	2
Charge for the year	(33)	(29)
Ending balance	(330)	(313)	(277)
Depreciation | Plant, equipment and vehicles
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(888)	(833)
Exchange adjustments	40	(52)
Disposals and write-offs	(44)	(110)
Reclassifications	(2)
Charge for the year	(119)	(113)
Ending balance	(925)	(888)	(833)
Impairment
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(13)	(32)
Exchange adjustments	1	(4)
Disposals and write-offs	(3)	(24)
Reclassifications		7
Impairment losses	7	8
Ending balance	(16)	(13)	(32)
Impairment | Land and buildings
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(3)	(6)
Exchange adjustments		(1)
Disposals and write-offs		(4)
Ending balance	(3)	(3)	(6)
Impairment | Plant, equipment and vehicles
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(6)	(22)
Exchange adjustments	1	(3)
Disposals and write-offs	(3)	(20)
Reclassifications		7
Impairment losses	4	8
Ending balance	(6)	(6)	(22)
Impairment | Assets under construction
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(4)	(4)
Impairment losses	3
Ending balance	£ (7)	£ (4)	£ (4)

Right of use assets (Details)

Right of use assets (Details) - GBP (£)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of quantitative information about right-of-use assets [line items]
Threshold fair value of right of use assets accounted for as leases of low value and expensed	£ 10,000
Net book value, Beginning balance	142,000,000	£ 99,000,000
Exchange adjustments	(7,000,000)	9,000,000
Additions	53,000,000	72,000,000
Depreciation	(49,000,000)	(38,000,000)
Disposals and write-offs	(17,000,000)
Net book value, Ending balance	122,000,000	142,000,000	£ 99,000,000
Total cash outflow for leases	55,000,000	45,000,000	38,000,000
Commitments for leases not yet commenced at end of reporting period	1,000,000	30,000,000
Land and buildings
Disclosure of quantitative information about right-of-use assets [line items]
Net book value, Beginning balance	128,000,000	88,000,000
Exchange adjustments	(6,000,000)	8,000,000
Additions	39,000,000	62,000,000
Depreciation	(39,000,000)	(30,000,000)
Disposals and write-offs	(17,000,000)
Net book value, Ending balance	105,000,000	128,000,000	88,000,000
Plant and equipment
Disclosure of quantitative information about right-of-use assets [line items]
Net book value, Beginning balance		1,000,000
Additions	1,000,000
Depreciation		(1,000,000)
Net book value, Ending balance	1,000,000		1,000,000
Vehicles
Disclosure of quantitative information about right-of-use assets [line items]
Net book value, Beginning balance	14,000,000	10,000,000
Exchange adjustments	(1,000,000)	1,000,000
Additions	13,000,000	10,000,000
Depreciation	(10,000,000)	(7,000,000)
Net book value, Ending balance	£ 16,000,000	£ 14,000,000	£ 10,000,000

Intangible assets - Narratives

Intangible assets - Narratives (Details)	12 Months Ended
	Dec. 31, 2023
Brands | Maximum
Disclosure of detailed information about intangible assets [line items]
Estimated useful lives	20 years
Licenses, patents, know-how and marketing rights | Maximum
Disclosure of detailed information about intangible assets [line items]
Estimated useful lives	20 years
ERP systems software | Maximum
Disclosure of detailed information about intangible assets [line items]
Estimated useful lives	10 years
ERP systems software | Minimum
Disclosure of detailed information about intangible assets [line items]
Estimated useful lives	7 years
Other computer software | Maximum
Disclosure of detailed information about intangible assets [line items]
Estimated useful lives	5 years
Other computer software | Minimum
Disclosure of detailed information about intangible assets [line items]
Estimated useful lives	3 years

Intangible assets - Reconciliat

Intangible assets - Reconciliation (Details) £ in Millions, $ in Millions			12 Months Ended
	Dec. 21, 2023 GBP (£)	Dec. 21, 2023 USD ($)	Dec. 31, 2023 GBP (£)	Dec. 31, 2022 GBP (£)	Dec. 31, 2021 GBP (£)	Dec. 21, 2023 USD ($)
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill, beginning of period			£ 28,436
Intangible assets and goodwill, end of period			26,855	£ 28,436
Proceeds from sales of intangible assets, classified as investing activities			246	36	£ 137
Cost
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill, beginning of period			29,090	27,740
Exchange adjustments			(793)	1,251
Additions			90	202
Disposals and write-offs			(52)	(151)
Reclassifications			62	54
Transfer to assets held for sale			(851)	(6)
Intangible assets and goodwill, end of period			27,546	29,090	27,740
Amortisation and impairment
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill, beginning of period			(654)
Intangible assets and goodwill, end of period			(691)	(654)
Amortisation
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill, beginning of period			(510)	(416)
Exchange adjustments			16	(15)
Charge for the period			(108)	(107)
Disposals and write-offs			49	28
Reclassifications			(32)
Transfer to assets held for sale			53
Intangible assets and goodwill, end of period			(532)	(510)	(416)
Impairment
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill, beginning of period			(144)	(129)
Exchange adjustments			6	(3)
Impairment losses			(186)	(135)
Disposals and write-offs			3	123
Reclassifications			(8)
Transfer to assets held for sale			170
Intangible assets and goodwill, end of period			(159)	(144)	(129)
Goodwill
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill, beginning of period			8,396
Intangible assets and goodwill, end of period			8,317	8,396
Goodwill | Cost
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill, beginning of period			8,396	8,246
Exchange adjustments			(82)	150
Additions			3
Intangible assets and goodwill, end of period			8,317	8,396	8,246
Indefinite life brands
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill, beginning of period			19,333
Intangible assets and goodwill, end of period			18,073	19,333
Non-cash additions settled through offsetting of liability owed to the entity				174
Indefinite life brands | Cost
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill, beginning of period			19,465	18,325
Exchange adjustments			(689)	1,090
Additions				178
Disposals and write-offs				(122)
Reclassifications			(7)
Transfer to assets held for sale			(556)	(6)
Intangible assets and goodwill, end of period			18,213	19,465	18,325
Indefinite life brands | Amortisation and impairment
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill, beginning of period			(132)
Intangible assets and goodwill, end of period			(140)	(132)
Indefinite life brands | Impairment
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill, beginning of period			(132)	(122)
Exchange adjustments			6	(3)
Impairment losses			(184)	(129)
Disposals and write-offs				122
Transfer to assets held for sale			170
Intangible assets and goodwill, end of period			(140)	(132)	(122)
Lamisil
Reconciliation of changes in intangible assets and goodwill [abstract]
Proceeds from sales of intangible assets, classified as investing activities			235
Loss on disposal of intangible assets			(10)
ChapStick | Assets held for sale
Reconciliation of changes in intangible assets and goodwill [abstract]
Agreed cash consideration for sale of brand	£ 337					$ 430
Proceeds from working capital allocated to brand that is released	16	$ 20
Impairment loss on remeasurement to consideration received net of cost to sell	170
Decrease through classified as held for sale, intangible assets other than goodwill	377
Decrease through classified as held for sale, inventory	16
ChapStick | Assets held for sale | Suave Brands Company
Reconciliation of changes in intangible assets and goodwill [abstract]
Agreed value of equity consideration received in exchange for sale of brand	£ 63					$ 80
Amortised brands, licences and patents
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill, beginning of period			445
Intangible assets and goodwill, end of period			171	445
Amortised brands, licences and patents | Cost
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill, beginning of period			674	697
Exchange adjustments			(11)	(3)
Additions			7	3
Disposals and write-offs			(28)	(23)
Reclassifications			44
Transfer to assets held for sale			(295)
Intangible assets and goodwill, end of period			391	674	697
Amortised brands, licences and patents | Amortisation and impairment
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill, beginning of period			(229)
Intangible assets and goodwill, end of period			(220)	(229)
Amortised brands, licences and patents | Amortisation
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill, beginning of period			(229)	(197)
Exchange adjustments			8	(12)
Charge for the period			(39)	(43)
Disposals and write-offs			28	23
Reclassifications			(32)
Transfer to assets held for sale			53
Intangible assets and goodwill, end of period			(211)	(229)	(197)
Amortised brands, licences and patents | Impairment
Reconciliation of changes in intangible assets and goodwill [abstract]
Impairment losses			(1)
Reclassifications			(8)
Intangible assets and goodwill, end of period			(9)
Computer software
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill, beginning of period			262
Intangible assets and goodwill, end of period			211	262
Computer software | Internally generated [member]
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill, beginning of period			133
Intangible assets and goodwill, end of period			122	133
Computer software | Cost
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill, beginning of period			555	472
Exchange adjustments			(10)	14
Additions			4	21
Disposals and write-offs			(24)	(6)
Reclassifications			17	54
Intangible assets and goodwill, end of period			542	555	472
Computer software | Amortisation and impairment
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill, beginning of period			(293)
Intangible assets and goodwill, end of period			(331)	(293)
Computer software | Amortisation
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill, beginning of period			(281)	(219)
Exchange adjustments			8	(3)
Charge for the period			(69)	(64)
Disposals and write-offs			21	5
Intangible assets and goodwill, end of period			(321)	(281)	(219)
Computer software | Impairment
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill, beginning of period			(12)	(7)
Impairment losses			(1)	(6)
Disposals and write-offs			3	1
Intangible assets and goodwill, end of period			(10)	£ (12)	£ (7)
Assets under construction
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill, end of period			83
Assets under construction | Cost
Reconciliation of changes in intangible assets and goodwill [abstract]
Exchange adjustments			(1)
Additions			76
Reclassifications			8
Intangible assets and goodwill, end of period			£ 83

Intangible assets - Impairment

Intangible assets - Impairment (Details) - GBP (£) £ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2019	Dec. 31, 2015
Disclosure of information for cash-generating units
Goodwill	£ 8,317	£ 8,396
North America
Disclosure of information for cash-generating units
Goodwill	£ 3,247	£ 3,277
Terminal growth rate	2%	2.40%
Discount rate (pre tax)	7.90%	8%
EMEA & LatAm
Disclosure of information for cash-generating units
Goodwill	£ 2,926	£ 2,955
Terminal growth rate	2.60%	3.30%
Discount rate (pre tax)	13.20%	11.90%
APAC
Disclosure of information for cash-generating units
Goodwill	£ 2,144	£ 2,164
Terminal growth rate	2.40%	3.30%
Discount rate (pre tax)	10.20%	9.30%
Novartis consumer healthcare business merger
Disclosure of information for cash-generating units
Goodwill recognised				£ 2,600
Pfizer consumer healthcare business merger
Disclosure of information for cash-generating units
Goodwill recognised			£ 5,600

Intangible assets - Indefinite

Intangible assets - Indefinite life brands and other amortized brands (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about intangible assets [line items]
Impairment charges	£ 200	£ 143	£ 37
Assets held for sale	396
Major Brands
Disclosure of detailed information about intangible assets [line items]
Value of major brands	£ 18,073	£ 19,333
Discount rate	7.50%	7%	6%
Major Brands | Maximum
Disclosure of detailed information about intangible assets [line items]
Terminal growth rate	3%	3%	3%
Major Brands | Minimum
Disclosure of detailed information about intangible assets [line items]
Terminal growth rate	0%	0%	(3.00%)
Advil
Disclosure of detailed information about intangible assets [line items]
Value of major brands	£ 3,521	£ 3,707
Voltaren
Disclosure of detailed information about intangible assets [line items]
Value of major brands	2,725	2,725
Centrum
Disclosure of detailed information about intangible assets [line items]
Value of major brands	1,850	1,943
Caltrate
Disclosure of detailed information about intangible assets [line items]
Value of major brands	1,680	1,811
Otrivin
Disclosure of detailed information about intangible assets [line items]
Value of major brands	1,385	1,385
Preparation H
Disclosure of detailed information about intangible assets [line items]
Value of major brands	£ 1,103	£ 1,164
Discount rate	6.80%	6.75%	6%
Terminal growth rate	2.50%	2.50%
Impairment loss, intangible assets other than goodwill		£ 111
Preparation H | Discount rate 0.25 percent higher than management's estimates
Disclosure of detailed information about intangible assets [line items]
Incremental discount rate in scenario		0.25%
Incremental impairment in scenario		£ 70
Preparation H | Growth rate 0.25 percent lower than management's estimates
Disclosure of detailed information about intangible assets [line items]
Incremental growth rate in scenario		(0.25%)
Incremental impairment in scenario		£ 75
Preparation H | Discount rate 0.5 percent higher than management's estimates
Disclosure of detailed information about intangible assets [line items]
Incremental discount rate in scenario	0.50%
Incremental impairment in scenario	£ 115
Preparation H | Growth rate 0.5 percent lower than management's estimates
Disclosure of detailed information about intangible assets [line items]
Incremental growth rate in scenario	(0.50%)
Incremental impairment in scenario	£ 75
Robitussin
Disclosure of detailed information about intangible assets [line items]
Value of major brands	£ 1,174	£ 1,239
Discount rate	6.50%	6.75%
Terminal growth rate	2.50%	2.50%
Headroom as percentage of carrying amount		15%
Robitussin | Discount rate
Disclosure of detailed information about intangible assets [line items]
Amount by which value assigned to key assumption must change in order for unit's recoverable amount to be equal to carrying amount		0.006
Nexium
Disclosure of detailed information about intangible assets [line items]
Value of major brands	£ 706	£ 743
Fenistil
Disclosure of detailed information about intangible assets [line items]
Value of major brands	598	598
ChapStick
Disclosure of detailed information about intangible assets [line items]
Value of major brands		575
Impairment loss, intangible assets other than goodwill	170
Emergen-C
Disclosure of detailed information about intangible assets [line items]
Value of major brands	464	490
Theraflu
Disclosure of detailed information about intangible assets [line items]
Value of major brands	444	452
Panadol
Disclosure of detailed information about intangible assets [line items]
Value of major brands	396	395
Sensodyne
Disclosure of detailed information about intangible assets [line items]
Value of major brands	281	291
Nicotinell
Disclosure of detailed information about intangible assets [line items]
Value of major brands	246	246
Excedrin
Disclosure of detailed information about intangible assets [line items]
Value of major brands	186	196
Vitasprint
Disclosure of detailed information about intangible assets [line items]
Value of major brands	118	120
Biotene
Disclosure of detailed information about intangible assets [line items]
Value of major brands	126	130
Polident
Disclosure of detailed information about intangible assets [line items]
Value of major brands	130	134
Corega
Disclosure of detailed information about intangible assets [line items]
Value of major brands	116	118
Other brands
Disclosure of detailed information about intangible assets [line items]
Value of major brands	824	£ 871
Collection of smaller brands experiencing sales volume decline year on year
Disclosure of detailed information about intangible assets [line items]
Impairment loss, intangible assets other than goodwill	£ 15

Intangible assets - Income stat

Intangible assets - Income statement location of Amortization and Net Impairment (Details) - Brands - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about intangible assets [line items]
Charge for the period	£ 108	£ 107	£ 94
Net impairment losses/(reversals)	186	135	(16)
Cost of sales
Disclosure of detailed information about intangible assets [line items]
Charge for the period	55	61	57
Net impairment losses/(reversals)	185	129	(32)
Selling, general and administration expenses
Disclosure of detailed information about intangible assets [line items]
Charge for the period	53	46	37
Net impairment losses/(reversals)	£ 1	£ 6	8
Research and development
Disclosure of detailed information about intangible assets [line items]
Net impairment losses/(reversals)			£ 8

Inventories - Composition of in

Inventories - Composition of inventory balances (Details) - GBP (£) £ in Millions	Dec. 31, 2023	Dec. 31, 2022
Inventories
Raw materials and consumables	£ 298	£ 310
Work in progress	20	35
Finished goods	1,090	1,003
Total	£ 1,408	£ 1,348

Inventories (Details)

Inventories (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Inventories
Cost of inventories recognized as an expense	£ 4,196	£ 3,970	£ 3,462
Inventory write-down	178	118	174
Reversals of prior year write-downs of inventories	£ 74	£ 40	£ 63

Trade and other receivables (De

Trade and other receivables (Details) - GBP (£) £ in Millions	Dec. 31, 2023	Dec. 31, 2022
Trade and other receivables.
Trade receivables, net of expected credit loss allowance, Current	£ 1,352	£ 1,487
Total trade receivables, net of expected credit loss allowance	1,352	1,487
Other prepayments and accrued income, Current	107	106
Total other prepayments and accrued income	107	106
Employee loans and advances, Current	5	6
Total employee loans and advances	5	6
Other third-party receivables, Current	392	282
Other third-party receivables, Non-Current	114	132
Total other third-party receivables	506	414
Trade and other receivables, Current	1,856	1,881
Trade and other receivables, non-current	114	132
Total trade and other receivables	£ 1,970	£ 2,013

Trade and other receivables - C

Trade and other receivables - Credit Loss Allowance (Details) - GBP (£) £ in Millions	12 Months Ended		24 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items]
Expected credit loss allowance, beginning balance	£ (2,441)
Expected credit loss allowance, ending balance	(2,727)	£ (2,441)	£ (2,727)
Trade receivables | Impairment
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items]
Expected credit loss allowance, beginning balance	41	53	53
Exchange adjustments	(2)	2
Charge for the year	2	14
Subsequent recoveries of amounts provided for	(7)	(19)
Utilised	(5)	(9)
Expected credit loss allowance, ending balance	£ 29	£ 41	£ 29

Trade and other receivables -_2

Trade and other receivables - Credit Risk Exposure (Details) £ in Millions	12 Months Ended
	Dec. 31, 2023 GBP (£) customer	Dec. 31, 2022 GBP (£)	Dec. 31, 2021 GBP (£)
Trade and other receivables
Financial assets	£ 2,727	£ 2,441
Number of customers exceeding 10% of entity's revenue | customer	0
Expected credit loss allowance	£ (2,727)	(2,441)
Third party receivables and other receivable balances with GSK Group companies
Trade and other receivables
Financial assets	230	157
Expected credit loss allowance	(230)	(157)
Cost | Trade receivables
Trade and other receivables
Financial assets	1,381	1,528
Expected credit loss allowance	(1,381)	(1,528)
Impairment | Trade receivables
Trade and other receivables
Financial assets	(29)	(41)	£ (53)
Expected credit loss allowance	29	41	£ 53
Impairment | Third party receivables and other receivable balances with GSK Group companies
Trade and other receivables
Financial assets	0
Expected credit loss allowance	0
Current Past Due | Cost | Trade receivables
Trade and other receivables
Financial assets	1,210	1,386
Expected credit loss allowance	(1,210)	(1,386)
Current Past Due | Impairment | Trade receivables
Trade and other receivables
Financial assets	(5)	(6)
Expected credit loss allowance	5	6
0-30 days Past Due | Cost | Trade receivables
Trade and other receivables
Financial assets	102	58
Expected credit loss allowance	(102)	(58)
0-30 days Past Due | Impairment | Trade receivables
Trade and other receivables
Financial assets	(1)	(1)
Expected credit loss allowance	1	1
31-90 days Past Due | Cost | Trade receivables
Trade and other receivables
Financial assets	25	30
Expected credit loss allowance	(25)	(30)
31-90 days Past Due | Impairment | Trade receivables
Trade and other receivables
Financial assets	(1)	(1)
Expected credit loss allowance	1	1
91-180 days Past Due | Cost | Trade receivables
Trade and other receivables
Financial assets	12	15
Expected credit loss allowance	(12)	(15)
91-180 days Past Due | Impairment | Trade receivables
Trade and other receivables
Financial assets	(2)	(2)
Expected credit loss allowance	2	2
181 days - 1 year Past Due | Cost | Trade receivables
Trade and other receivables
Financial assets	15	12
Expected credit loss allowance	(15)	(12)
181 days - 1 year Past Due | Impairment | Trade receivables
Trade and other receivables
Financial assets	(4)	(4)
Expected credit loss allowance	4	4
Greater than 1 year Past Due | Cost | Trade receivables
Trade and other receivables
Financial assets	17	27
Expected credit loss allowance	(17)	(27)
Greater than 1 year Past Due | Impairment | Trade receivables
Trade and other receivables
Financial assets	(16)	(27)
Expected credit loss allowance	£ 16	£ 27

Cash and cash equivalents (Deta

Cash and cash equivalents (Details) - GBP (£) £ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of cash and cash equivalents [Line items]
Cash and cash equivalents	£ 1,044	£ 684	£ 414
Restricted cash and cash equivalents	50	78
United Kingdom, Pounds
Disclosure of cash and cash equivalents [Line items]
Cash and cash equivalents	634	253
Taiwan, New Dollars
Disclosure of cash and cash equivalents [Line items]
Cash and cash equivalents	46	72
United States of America, Dollars
Disclosure of cash and cash equivalents [Line items]
Cash and cash equivalents	39	59
India, Rupees
Disclosure of cash and cash equivalents [Line items]
Cash and cash equivalents	36	49
Euro Member Countries, Euro
Disclosure of cash and cash equivalents [Line items]
Cash and cash equivalents	29	25
Other currencies
Disclosure of cash and cash equivalents [Line items]
Cash and cash equivalents	£ 260	£ 226

Trade and other payables (Detai

Trade and other payables (Details) - GBP (£) £ in Millions	Dec. 31, 2023	Dec. 31, 2022
Trade and other payables
Trade payables	£ 1,855	£ 1,835
Customer return and rebate accruals	717	738
Other payables and accruals	374	558
Wages and salaries	365	290
Accrued interest on financial liabilities	100	104
Social security	45	39
VAT payables	49	34
Deferred income	21	23
Total	£ 3,526	£ 3,621

Borrowings - Composition of bor

Borrowings - Composition of borrowings (Details) £ in Millions, $ in Billions	Dec. 31, 2023 GBP (£)	Dec. 31, 2022 GBP (£)	Jul. 31, 2022 GBP (£)	Jul. 31, 2022 USD ($)	Jul. 17, 2022
Borrowings
Current	£ (656)	£ (437)
Non-current	(8,800)	(10,003)
Total borrowings	(9,456)	(10,440)
Commercial paper
Borrowings
Current		(302)
Total borrowings		(302)
Commercial paper | Euro
Borrowings
Nominal value			£ 2,000
Commercial paper | USD
Borrowings
Nominal value | $				$ 10
Loan and overdrafts
Borrowings
Current	(60)	(91)
Total borrowings	(60)	(91)
Lease liabilities
Borrowings
Current	(48)	(44)
Non-current	(89)	(117)
Total borrowings	(137)	(161)
Non-voting preference shares
Borrowings
Non-current	(25)	(25)
Total borrowings	(25)	(25)
Interest rate					9.50%
Bonds
Borrowings
Current	(548)
Non-current	(8,686)	(9,861)
Total borrowings	£ (9,234)	£ (9,861)

Borrowings - Bonds (Details)

Borrowings - Bonds (Details) € in Millions, £ in Millions, $ in Millions	Mar. 24, 2023 USD ($)	Mar. 23, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 GBP (£)	Dec. 31, 2023 EUR (€)	Dec. 31, 2022 GBP (£)
Disclosure of detailed information about borrowings [line items]
Carrying value				£ 9,234		£ 9,861
$300m SOFR + 0.89% callable medium term note due 2024
Disclosure of detailed information about borrowings [line items]
Notional amount | $			$ 300
Carrying value						249
Redemption of borrowings | $	$ 300	$ 300
$300m SOFR + 0.89% callable medium term note due 2024 | SOFR
Disclosure of detailed information about borrowings [line items]
Borrowings, adjustment to interest rate basis			0.89%	0.89%	0.89%
$700m 3.024% callable medium term note due 2024
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate			3.024%	3.024%	3.024%
Notional amount | $			$ 700
Carrying value				£ 548		581
$1,750m 3.125% medium term note due 2025
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate			3.125%	3.125%	3.125%
Notional amount | $			$ 1,750
Carrying value				£ 1,336		1,385
€850m 1.250% medium term note due 2026
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate			1.25%	1.25%	1.25%
Notional amount | €					€ 850
Carrying value				£ 707		694
$2,000m 3.375% medium term note due 2027
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate			3.375%	3.375%	3.375%
Notional amount | $			$ 2,000
Carrying value				£ 1,561		1,653
£300m 2.875% medium term note due 2028
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate			2.875%	2.875%	2.875%
Notional amount				£ 300
Carrying value				£ 299		299
$1,000m 3.375% medium term note due 2029
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate			3.375%	3.375%	3.375%
Notional amount | $			$ 1,000
Carrying value				£ 775		822
€750m 1.750% medium term note due 2030
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate			1.75%	1.75%	1.75%
Notional amount | €					€ 750
Carrying value				£ 650		663
$2,000m 3.625% medium term note due 2032
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate			3.625%	3.625%	3.625%
Notional amount | $			$ 2,000
Carrying value				£ 1,551		1,652
€750m 2.125% medium term note due 2034
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate			2.125%	2.125%	2.125%
Notional amount | €					€ 750
Carrying value				£ 646		659
£400m 3.375% medium term note due 2038
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate			3.375%	3.375%	3.375%
Notional amount				£ 400
Carrying value				£ 398		398
$1,000m 4.000% medium term note due 2052
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate			4%	4%	4%
Notional amount | $			$ 1,000
Carrying value				£ 763		£ 806

Borrowings- Short term borrowin

Borrowings- Short term borrowings (Details) £ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 GBP (£)	Dec. 31, 2022 GBP (£)	Dec. 31, 2023 USD ($)	Jul. 31, 2022 GBP (£)	Jul. 31, 2022 USD ($)
Borrowings
Current	£ 656	£ 437
Borrowings	£ 9,456	10,440
Commercial paper
Borrowings
Current		302
Borrowings		£ 302
Commercial paper | Euro
Borrowings
Nominal value				£ 2,000
Commercial paper | USD
Borrowings
Nominal value | $					$ 10,000
Commercial paper | Weighted Average
Borrowings
Interest rate	0%	3.23%	0%
Short-term bank loans
Borrowings
Borrowings	£ 10	£ 18
Short-term bank loans | Weighted Average
Borrowings
Interest rate	7.80%	6.70%	7.80%
Pre-Separation Programme Notes | USD
Borrowings
Current	£ 548	£ 0	$ 700
Short-term notes in issue
Borrowings
Average effective pre-swap interest rate	3.02%	0%

Borrowings - Long term borrowin

Borrowings - Long term borrowings (Details) £ / shares in Units, £ in Millions, $ in Millions					12 Months Ended
	Mar. 24, 2023 GBP (£)	Mar. 24, 2023 USD ($)	Mar. 23, 2023 USD ($)	Jul. 17, 2022 £ / shares shares	Dec. 31, 2023 GBP (£)	Dec. 31, 2022 GBP (£)	Dec. 31, 2021 GBP (£)	Dec. 31, 2023 USD ($)
Borrowings
Non-current					£ 8,800	£ 10,003
Drew down term loan						11,004	£ 8
Repayment of term loan					553	1,518
Pre-Separation Programme Notes
Borrowings
Non-current					8,686	9,861
Pre-Separation Programme Notes | Later than five years
Borrowings
Non-current					4,783	5,299
Non-voting preference shares
Borrowings
Non-current					25	25
Term				5 years
Interest rate				9.50%
Number of preference shares issued | shares				25,000,000
Issue price per share | £ / shares				£ 1
Bonds
Borrowings
Non-current					£ 8,686	£ 9,861
$300m SOFR + 0.89% callable medium term note due 2024
Borrowings
Nominal value | $								$ 300
Redemption of borrowings | $		$ 300	$ 300
Gains (losses) on redemption of borrowings	£ 0
$300m SOFR + 0.89% callable medium term note due 2024 | SOFR
Borrowings
Borrowing rate basis adjustment					0.89%			0.89%
Long-term notes in issue
Borrowings
Average effective pre-swap interest rate					3%	3.10%
Average effective post-swap interest rate					3.60%	3.20%

Borrowings - Committed credit f

Borrowings - Committed credit facilities (Details) £ in Millions, $ in Millions	Dec. 31, 2023 USD ($)	Dec. 31, 2023 GBP (£)	Dec. 31, 2022 GBP (£)
Disclosure of detailed information about borrowings [line items]
Borrowings		£ 9,456	£ 10,440
Revolving credit facilities
Disclosure of detailed information about borrowings [line items]
Borrowings		0
Credit facility maturing September 2026
Disclosure of detailed information about borrowings [line items]
Undrawn credit facilities		£ 900
Credit facility maturing September 2024
Disclosure of detailed information about borrowings [line items]
Undrawn credit facilities | $	$ 1,300

Borrowings- Lease liabilities (

Borrowings- Lease liabilities (Details) - GBP (£) £ in Millions	Dec. 31, 2023	Dec. 31, 2022
Borrowings
Lease liability on leases with annual payments	£ (137)	£ (161)
Rental payments due within one year
Borrowings
Lease liability on leases with annual payments	(48)	(44)
Rental payments due between one and two years
Borrowings
Lease liability on leases with annual payments	(36)	(36)
Rental payments due between two and three years
Borrowings
Lease liability on leases with annual payments	(25)	(25)
Rental payments due between three and four years
Borrowings
Lease liability on leases with annual payments	(14)	(21)
Rental payments due between four and five years
Borrowings
Lease liability on leases with annual payments	(7)	(13)
Later than five years
Borrowings
Lease liability on leases with annual payments	£ (7)	£ (22)

Borrowings - Reconciliation of

Borrowings - Reconciliation of movement in financial liabilities to cash flow statement (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Borrowings
Net debt at beginning of the year	£ (9,868)	£ 246
Cash flows	1,078	(9,596)
Foreign exchange	420	(768)
Fair value adjustments, interest and other movements	(144)	250
Net debt at end of the year	(8,514)	(9,868)
Total financial liabilities arising from financing activities
Borrowings
Net debt at beginning of the year	(10,479)	(160)
Cash flows	680	(9,786)
Foreign exchange	435	(783)
Fair value adjustments, interest and other movements	(144)	250
Net debt at end of the year	(9,508)	(10,479)
Long-term borrowings
Borrowings
Net debt at beginning of the year	(9,886)
Cash flows	243	(9,209)
Foreign exchange	412	(772)
Fair value adjustments, interest and other movements	520	95
Net debt at end of the year	(8,711)	(9,886)
Short-term borrowings
Borrowings
Net debt at beginning of the year	(320)	(41)
Cash flows	310	(277)
Foreign exchange	15
Fair value adjustments, interest and other movements	(563)	(2)
Net debt at end of the year	(558)	(320)
Lease liabilities
Borrowings
Net debt at beginning of the year	(161)	(117)
Cash flows	55	45
Foreign exchange	8	(11)
Fair value adjustments, interest and other movements	(39)	(78)
Net debt at end of the year	(137)	(161)
Derivative financial instruments
Borrowings
Net debt at beginning of the year	(112)	(2)
Cash flows	72	(345)
Fair value adjustments, interest and other movements	(62)	235
Net debt at end of the year	(102)	(112)
Cash and cash equivalents net of bank overdrafts
Borrowings
Net debt at beginning of the year	611	406
Cash flows	398	190
Foreign exchange	(15)	15
Net debt at end of the year	£ 994	£ 611

Pensions and other post-emplo_3

Pensions and other post-employment benefits - Narratives (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pensions and other post-employment benefits
Actuarial valuation term	3 years
Pension expense	£ 28	£ 25	£ 8
Pension plan
Pensions and other post-employment benefits
Estimated employer contributions next fiscal year	31
Post retirement obligations
Pensions and other post-employment benefits
Estimated employer contributions next fiscal year	£ 1

Pensions and other post-emplo_4

Pensions and other post-employment benefits - Assumptions (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Pensions and other post-employment benefits
Actuarial assumption of retirement age	60 years
Germany
Pensions and other post-employment benefits
Rate of increase of future earnings	3%	3%
Discount rate	3.30%	3.70%
Expected pension increases	2.10%	2.50%
Inflation rate	2.10%	2.50%
Switzerland
Pensions and other post-employment benefits
Rate of increase of future earnings	2%	2%
Discount rate	1.40%	2.20%
Inflation rate	1.30%	1.30%
Ireland
Pensions and other post-employment benefits
Rate of increase of future earnings	2%	2%
Discount rate	3.30%	3.60%
Expected pension increases	3%	3%
Inflation rate	2.10%	2.40%
Rest of World
Pensions and other post-employment benefits
Discount rate	5.10%	5.40%
Inflation rate	2.50%	2.50%

Pensions and other post-emplo_5

Pensions and other post-employment benefits - Average life expectancy (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
GERMANY | Male
Pensions and other post-employment benefits
Average life expectancy	25 years 3 months 18 days	25 years 8 months 12 days
GERMANY | Male | Projected in 20 years
Pensions and other post-employment benefits
Average life expectancy	28 years 1 month 6 days	28 years 8 months 12 days
GERMANY | Female
Pensions and other post-employment benefits
Average life expectancy	29 years	29 years 4 months 24 days
GERMANY | Female | Projected in 20 years
Pensions and other post-employment benefits
Average life expectancy	31 years 3 months 18 days	31 years 8 months 12 days
Switzerland | Male
Pensions and other post-employment benefits
Average life expectancy	26 years 7 months 6 days	26 years 6 months
Switzerland | Male | Projected in 20 years
Pensions and other post-employment benefits
Average life expectancy	28 years 6 months	28 years 4 months 24 days
Switzerland | Female
Pensions and other post-employment benefits
Average life expectancy	28 years 6 months	28 years 4 months 24 days
Switzerland | Female | Projected in 20 years
Pensions and other post-employment benefits
Average life expectancy	30 years 2 months 12 days	30 years 1 month 6 days
Ireland | Male
Pensions and other post-employment benefits
Average life expectancy	26 years 10 months 24 days	26 years 9 months 18 days
Ireland | Male | Projected in 20 years
Pensions and other post-employment benefits
Average life expectancy	29 years 8 months 12 days	29 years 4 months 24 days
Ireland | Female
Pensions and other post-employment benefits
Average life expectancy	29 years 8 months 12 days	29 years 6 months
Ireland | Female | Projected in 20 years
Pensions and other post-employment benefits
Average life expectancy	31 years 10 months 24 days	31 years 8 months 12 days
Rest of World | Male
Pensions and other post-employment benefits
Average life expectancy	27 years 3 months 18 days	27 years 3 months 18 days
Rest of World | Male | Projected in 20 years
Pensions and other post-employment benefits
Average life expectancy	28 years 10 months 24 days	28 years 9 months 18 days
Rest of World | Female
Pensions and other post-employment benefits
Average life expectancy	28 years 8 months 12 days	28 years 7 months 6 days
Rest of World | Female | Projected in 20 years
Pensions and other post-employment benefits
Average life expectancy	30 years 2 months 12 days	30 years 1 month 6 days

Pensions and other post-emplo_6

Pensions and other post-employment benefits - Pension Expense (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pensions and other post-employment benefits
Post-employment benefit expense	£ 54	£ 52	£ 30
Defined benefit schemes	26	27	22
Defined contribution pensions schemes	28	25	8
Unfunded post-employment healthcare schemes
Pensions and other post-employment benefits
Post-employment benefit expense	10	9	10
Germany | Pension plans
Pensions and other post-employment benefits
Post-employment benefit expense	5	5	4
Switzerland | Pension plans
Pensions and other post-employment benefits
Post-employment benefit expense	9	9	5
Ireland | Pension plans
Pensions and other post-employment benefits
Post-employment benefit expense	2	5	6
Rest of World | Pension plans
Pensions and other post-employment benefits
Post-employment benefit expense	£ 28	£ 24	£ 5

Pensions and other post-emplo_7

Pensions and other post-employment benefits - Pension charge in income statement (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pensions and other post-employment benefits
Pension expense	£ 26	£ 27	£ 22
Cost of sales
Pensions and other post-employment benefits
Pension expense	18	21	20
Research and development
Pensions and other post-employment benefits
Pension expense	1	1
Selling, general and administration
Pensions and other post-employment benefits
Pension expense	7	5	2
Pension plan
Pensions and other post-employment benefits
Pension expense	18	18	12
Pension plan | Cost of sales
Pensions and other post-employment benefits
Pension expense	10	12	10
Pension plan | Research and development
Pensions and other post-employment benefits
Pension expense	1	1
Pension plan | Selling, general and administration
Pensions and other post-employment benefits
Pension expense	7	5	2
Post retirement obligations
Pensions and other post-employment benefits
Pension expense	8	9	10
Post retirement obligations | Cost of sales
Pensions and other post-employment benefits
Pension expense	£ 8	£ 9	£ 10

Pensions and other post-emplo_8

Pensions and other post-employment benefits - Pension amounts recorded in income statement and statement of comprehensive income (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pensions and other post-employment benefits
Current service cost	£ 22	£ 23	£ 26
Past service cost/(credit)	1	1	(4)
Gain from settlement			(3)
Net interest cost	3	3	3
Total	26	27	22
Remeasurements recorded in the statement of comprehensive income	5	123	27
Pension plan
Pensions and other post-employment benefits
Current service cost	16	16	18
Past service cost/(credit)	1	1	(4)
Gain from settlement			(3)
Net interest cost	1	1	1
Total	18	18	12
Remeasurements recorded in the statement of comprehensive income	6	91	8
Post retirement obligations
Pensions and other post-employment benefits
Current service cost	6	7	8
Net interest cost	2	2	2
Total	8	9	10
Remeasurements recorded in the statement of comprehensive income	£ (1)	£ 32	£ 19

Pensions and other post-emplo_9

Pensions and other post-employment benefits - Fair values of defined benefit pension schemes (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair values of the assets and liabilities
Recognised on the balance sheet	£ (121)	£ (136)
Included in post-employment benefits assets	36	25
Included in post-employment benefits obligations	(157)	(161)
Pension defined benefit plans [member]
Fair values of the assets and liabilities
Listed equities	181	204
Property	71	70
Listed bonds	320	260
Insurance contracts	72	72
Other assets	46	22
Fair value of assets	661	594
Present value of scheme obligations	(697)	(646)
Recognised on the balance sheet	(36)	(52)
Included in post-employment benefits assets	36	25
Included in post-employment benefits obligations	(72)	(77)
Actual return/(loss) on plan assets	49	(125)
Pension defined benefit plans [member] | Plan assets before effect of asset ceiling
Fair values of the assets and liabilities
Fair value of assets	690	628
Pension defined benefit plans [member] | Effect of asset ceiling
Fair values of the assets and liabilities
Fair value of assets	(29)	(34)
Pension defined benefit plans [member] | Germany
Fair values of the assets and liabilities
Listed equities	53	48
Listed bonds	56	49
Insurance contracts	23	26
Other assets	1
Fair value of assets	133	123
Present value of scheme obligations	(184)	(185)
Recognised on the balance sheet	(51)	(62)
Included in post-employment benefits obligations	(51)	(62)
Actual return/(loss) on plan assets	11	(19)
Pension defined benefit plans [member] | Germany | Plan assets before effect of asset ceiling
Fair values of the assets and liabilities
Fair value of assets	133	123
Pension defined benefit plans [member] | Switzerland
Fair values of the assets and liabilities
Listed equities	76	81
Property	71	70
Listed bonds	91	80
Insurance contracts	49	46
Other assets	31	8
Fair value of assets	289	251
Present value of scheme obligations	(289)	(251)
Actual return/(loss) on plan assets	16	(36)
Pension defined benefit plans [member] | Switzerland | Plan assets before effect of asset ceiling
Fair values of the assets and liabilities
Fair value of assets	318	285
Pension defined benefit plans [member] | Switzerland | Effect of asset ceiling
Fair values of the assets and liabilities
Fair value of assets	(29)	(34)
Pension defined benefit plans [member] | Ireland
Fair values of the assets and liabilities
Listed equities	47	69
Listed bonds	154	110
Other assets	2	2
Fair value of assets	203	181
Present value of scheme obligations	(174)	(163)
Recognised on the balance sheet	29	18
Included in post-employment benefits assets	29	18
Actual return/(loss) on plan assets	20	(67)
Pension defined benefit plans [member] | Ireland | Plan assets before effect of asset ceiling
Fair values of the assets and liabilities
Fair value of assets	203	181
Pension defined benefit plans [member] | Rest of World
Fair values of the assets and liabilities
Listed equities	5	6
Listed bonds	19	21
Other assets	12	12
Fair value of assets	36	39
Present value of scheme obligations	(50)	(47)
Recognised on the balance sheet	(14)	(8)
Included in post-employment benefits assets	7	7
Included in post-employment benefits obligations	(21)	(15)
Actual return/(loss) on plan assets	2	(3)
Pension defined benefit plans [member] | Rest of World | Plan assets before effect of asset ceiling
Fair values of the assets and liabilities
Fair value of assets	£ 36	£ 39

Pensions and other post-empl_10

Pensions and other post-employment benefits - Defined benefit pension obligation (Details) - Defined benefit pension plan - GBP (£) £ in Millions	Dec. 31, 2023	Dec. 31, 2022
Funded and Unfunded plans
Defined benefit pension obligation	£ (697)	£ (646)
Funded
Funded and Unfunded plans
Defined benefit pension obligation	(684)	(633)
Unfunded
Funded and Unfunded plans
Defined benefit pension obligation	£ (13)	£ (13)

Pensions and other post-empl_11

Pensions and other post-employment benefits - Movement in net defined benefit liability (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Funded and Unfunded plans
Balance at Beginning of period	£ 136
Balance at End of period	121	£ 136
Pension plan
Funded and Unfunded plans
Balance at Beginning of period	52
Balance at End of period	36	52
Pension plan
Funded and Unfunded plans
Balance at Beginning of period	52	142
Exchange adjustments	2	11
Service cost	(16)	(16)
Past service cost	1	1
Interest income/(cost)	1	1
Return on plan assets, excluding amounts include in interest	31	(131)
Gain from change in financial assumptions	(24)	235
Experience (losses)/gains	(3)	(13)
Employers contributions	32	28
Scheme participants' contributions	0	0
Benefits paid	0	0
Balance at End of period	36	52
Pension plan | Fair value of assets
Funded and Unfunded plans
Balance at Beginning of period	(594)	(680)
Exchange adjustments	(6)	(45)
Interest income/(cost)	(18)	(6)
Return on plan assets, excluding amounts include in interest	31	(131)
Employers contributions	32	28
Scheme participants' contributions	7	7
Benefits paid	(27)	(41)
Balance at End of period	(661)	(594)
Pension plan | Present value of obligation
Funded and Unfunded plans
Balance at Beginning of period	646	822
Exchange adjustments	8	56
Service cost	(16)	(16)
Past service cost	1	1
Interest income/(cost)	19	7
Gain from change in financial assumptions	(24)	235
Experience (losses)/gains	(3)	(13)
Scheme participants' contributions	(7)	(7)
Benefits paid	27	41
Balance at End of period	697	646
Net post retirement obligations
Funded and Unfunded plans
Balance at Beginning of period	84	100
Exchange adjustments	(6)	8
Service cost	(6)	(7)
Interest income/(cost)	2	2
Gain from change in financial assumptions	(1)	25
Experience (losses)/gains	2	7
Benefits paid	1	1
Balance at End of period	£ 85	£ 84

Pensions and other post-empl_12

Pensions and other post-employment benefits - Amount Recognised in Balance sheet (Details) - GBP (£) £ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of net defined benefit liability (asset) [line items]
Net post-employment benefit	£ 121	£ 136
Post-employment benefit assets recognised on the consolidated balance sheet	36	25
Post-employment benefit obligations recognised on the consolidated balance sheet	(157)	(161)
Defined benefit pension plan
Disclosure of net defined benefit liability (asset) [line items]
Net post-employment benefit	36	52	£ 142
Net post retirement obligations
Disclosure of net defined benefit liability (asset) [line items]
Net post-employment benefit	85	84	£ 100
Defined benefit pension plan
Disclosure of net defined benefit liability (asset) [line items]
Net post-employment benefit	36	52
Post-employment benefit assets recognised on the consolidated balance sheet	36	25
Post-employment benefit obligations recognised on the consolidated balance sheet	(72)	(77)
Plan assets, at fair value	£ 661	£ 594

Pensions and other post-empl_13

Pensions and other post-employment benefits - Membership Category (Details) - GBP (£) £ in Millions	Dec. 31, 2023	Dec. 31, 2022
Defined benefit pension plan
Funded and Unfunded plans
Defined benefit pension obligation	£ (697)	£ (646)
Net post retirement obligations
Funded and Unfunded plans
Defined benefit pension obligation	(85)	(84)
Active | Defined benefit pension plan
Funded and Unfunded plans
Defined benefit pension obligation	(354)	(389)
Active | Net post retirement obligations
Funded and Unfunded plans
Defined benefit pension obligation	(76)	(81)
Retired | Defined benefit pension plan
Funded and Unfunded plans
Defined benefit pension obligation	(229)	(150)
Retired | Net post retirement obligations
Funded and Unfunded plans
Defined benefit pension obligation	(5)	(3)
Deferred | Defined benefit pension plan
Funded and Unfunded plans
Defined benefit pension obligation	(115)	(107)
Deferred | Net post retirement obligations
Funded and Unfunded plans
Defined benefit pension obligation	(4)
Defined benefit pension plan
Funded and Unfunded plans
Defined benefit pension obligation	£ (697)	£ (646)

Pensions and other post-empl_14

Pensions and other post-employment benefits - Sensitivity Analysis (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Discount rate
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Percentage of increase in actuarial assumption	0.50%
Percentage of decrease in actuarial assumption	0.50%
Discount rate | Defined benefit pension plan
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Increase (decrease) in pension cost due to reasonably possible decrease in actuarial assumption	£ 2.2	£ 2.2
Increase (decrease) in pension cost due to reasonably possible increase in actuarial assumption	(2.1)	(2.5)
Increase (decrease) in obligation from increase in actuarial assumption	(42.7)	(38.8)
Increase (decrease) in obligation from decrease in actuarial assumption	47.4	42.9
Discount rate | Net post retirement obligations
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Increase (decrease) in postretirement costs other than pension costs due to reasonably possible decrease in actuarial assumption	0.2	0.2
Increase (decrease) in postretirement costs other than pension costs due to reasonably possible increase in actuarial assumption	(0.2)	(0.2)
Increase (decrease) in obligation from increase in actuarial assumption	(3.5)	(3.3)
Increase (decrease) in obligation from decrease in actuarial assumption	£ 3.8	3.7
Actuarial assumption of rate of future healthcare inflation
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Percentage of increase in actuarial assumption	1%
Percentage of decrease in actuarial assumption	1%
Actuarial assumption of rate of future healthcare inflation | Net post retirement obligations
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Increase (decrease) in postretirement costs other than pension costs due to reasonably possible decrease in actuarial assumption	£ (0.3)	(0.3)
Increase (decrease) in postretirement costs other than pension costs due to reasonably possible increase in actuarial assumption	0.3	0.3
Increase (decrease) in obligation from increase in actuarial assumption	2.4	2.3
Increase (decrease) in obligation from decrease in actuarial assumption	£ (2.4)	(2.6)
Actuarial assumption of life expectancy after retirement
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Reasonably possible increase in actuarial assumption of life expectancy	1 year
Actuarial assumption of life expectancy after retirement | Defined benefit pension plan
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Increase (decrease) in pension cost due to reasonably possible increase in actuarial assumption	£ 0.7	0.6
Increase (decrease) in obligation from increase in actuarial assumption	18	16.2
Actuarial assumption of life expectancy after retirement | Net post retirement obligations
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Increase (decrease) in postretirement costs other than pension costs due to reasonably possible increase in actuarial assumption	0.1
Increase (decrease) in obligation from increase in actuarial assumption	£ 0.9	£ 1

Pensions and other post-empl_15

Pensions and other post-employment benefits - Weighted average duration (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Pension plan
Disclosure of defined benefit plans [line items]
Weighted average duration of defined benefit obligation	14 years	15 years
Post retirement obligations
Disclosure of defined benefit plans [line items]
Weighted average duration of defined benefit obligation	14 years	13 years

Provisions (Details)

Provisions (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Provisions
Provisions, beginning of period	£ (97)	£ (139)
Exchange adjustments	(3)	6
Charge for the period	(117)	(57)
Reversed unused	7	40
Utilised	35	65
Provisions, end of period	(169)	(97)
To be settled within one year	(130)	(71)
To be settled after one year	(39)	(26)
Restructuring programmes
Provisions
Provisions, beginning of period	(36)	(112)
Exchange adjustments	(1)	4
Charge for the period	(87)	(7)
Reversed unused	4	35
Utilised	25	50
Other movements	1	(2)
Provisions, end of period	(94)	(36)
Other provisions
Provisions
Provisions, beginning of period	(61)	(27)
Exchange adjustments	(2)	2
Charge for the period	(30)	(50)
Reversed unused	3	5
Utilised	10	15
Other movements	(1)	2
Provisions, end of period	£ (75)	£ (61)

Contingent liabilities and co_3

Contingent liabilities and commitments - Contingent liabilities (Details) - GBP (£) £ in Millions	Dec. 31, 2023	Dec. 31, 2022
Contingent liabilities and commitments
Contingent Liabilities	£ 29	£ 30

Contingent liabilities and co_4

Contingent liabilities and commitments - Commitments (Details) - GBP (£) £ in Millions	Dec. 31, 2023	Dec. 31, 2022
Contracted for but not provided in the financial statements:
Intangible assets	£ 134	£ 107
Property, plant and equipment	58	126
Total, contractual commitments	£ 192	£ 233

Share capital, share premium _3

Share capital, share premium and other reserves - Narratives (Details) £ / shares in Units, £ in Thousands	12 Months Ended
	Dec. 31, 2022 GBP (£) shares	Dec. 31, 2023 GBP (£) Vote / shares £ / shares	Dec. 31, 2021 GBP (£)	Dec. 31, 2020 GBP (£)
Disclosure of classes of share capital [line items]
Equity	£ 16,457,000	£ 16,729,000	£ 26,480,000	£ 26,223,000
Share capital	92,000	£ 92,000
Issue of share capital	22,150,000
Shares cancelled	22,058,000
Capital reduction	22,058,000
Par value per share | £ / shares		£ 0.01
Share capital
Disclosure of classes of share capital [line items]
Equity	92,346	£ 92,000	£ 1,000	£ 1,000
Issue of share capital	11,543,000
Shares cancelled	11,451,000
Capital reduction	11,451,000
Share premium
Disclosure of classes of share capital [line items]
Issue of share capital	10,607,000
Shares cancelled	10,607,000
Capital reduction	£ 10,607,000
Redeemable preference shares
Disclosure of classes of share capital [line items]
Dividend rights		0%
Ordinary shares
Disclosure of classes of share capital [line items]
Votes per share | Vote / shares		1
Ordinary shares at £0.01 each
Disclosure of classes of share capital [line items]
Number of shares outstanding | shares	9,234,573,831
Par value per share | £ / shares		£ 0.01

Share capital, share premium _4

Share capital, share premium and other reserves (Details) - GBP (£) £ / shares in Units, £ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023
Disclosure of classes of share capital [line items]
Share price		£ 0.01
Beginning Balance	£ 26,480,000
Issue of share capital	22,150,000
Capital reduction	22,058,000
Ending Balance	16,457,000
Share capital
Disclosure of classes of share capital [line items]
Beginning Balance	1,000
Issue of share capital	11,543,000
Capital reduction	11,451,000
Ending Balance	92,346
Share premium
Disclosure of classes of share capital [line items]
Issue of share capital	10,607,000
Capital reduction	£ 10,607,000
Ordinary shares at £0.01 each
Disclosure of classes of share capital [line items]
Share price		£ 0.01
Ending balance (shares)	9,234,573,831

Share capital, share premium _5

Share capital, share premium and other reserves - Other Reserves (Details) - GBP (£) £ in Millions, shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of classes of share capital [line items]
Beginning Balance	£ (10,491)
Purchase of shares by employee benefit trusts	(38)
Contribution from parent			£ 11
Exchange movements on overseas net assets	(420)	£ 598	(34)
Ending Balance	£ (10,960)	(10,491)
Number of shares held by employee benefit trust	10.4
Other reserves
Disclosure of classes of share capital [line items]
Beginning Balance	£ (10,491)	(11,184)
Other comprehensive income	12	142
Amount reclassified to income statement	(23)
Purchase of shares by employee benefit trusts	(38)
Contribution from parent			11
Effect of change in ultimate holding company		(47)
Exchange movements on overseas net assets	(420)	598
Ending Balance	(10,960)	(10,491)	(11,184)
Cumulative translation reserve
Disclosure of classes of share capital [line items]
Beginning Balance	1,046	448
Exchange movements on overseas net assets	(420)	598
Ending Balance	626	1,046	448
EBT shares reserve
Disclosure of classes of share capital [line items]
Purchase of shares by employee benefit trusts	(38)
Ending Balance	(38)
Cash flow hedge reserve
Disclosure of classes of share capital [line items]
Beginning Balance	150	8
Other comprehensive income	12	142
Amount reclassified to income statement	(23)
Ending Balance	139	150	8
Merger reserve
Disclosure of classes of share capital [line items]
Beginning Balance	(11,687)	(11,640)
Effect of change in ultimate holding company		(47)
Ending Balance	£ (11,687)	£ (11,687)	£ (11,640)

Share capital, Share premium _6

Share capital, Share premium and other reserves - Cumulative translation exchange (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Total cumulative translation reserve
Disclosure of classes of share capital [line items]
Cumulative translation exchange in equity, beginning of period	£ 1,052	£ 464
Exchange movements on overseas net assets	(427)	588
Cumulative translation exchange in equity, end of period	625	1,052
Translation reserve, Shareholders of the Group
Disclosure of classes of share capital [line items]
Cumulative translation exchange in equity, beginning of period	1,046	448
Exchange movements on overseas net assets	(420)	598
Cumulative translation exchange in equity, end of period	626	1,046
Translation reserve, Non-controlling interests
Disclosure of classes of share capital [line items]
Cumulative translation exchange in equity, beginning of period	6	16
Exchange movements on overseas net assets	(7)	(10)
Cumulative translation exchange in equity, end of period	£ (1)	£ 6

Related party transactions (Det

Related party transactions (Details) - GBP (£) £ in Millions	7 Months Ended	12 Months Ended
	Jul. 18, 2022	Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021		Jun. 30, 2022
Related party transactions, outstanding balances
Dividends recognised as distributions to owners of parent		£ 388	£ 11,930	[1]	£ 1,148	[1]
GlaxoSmithKline and Pfizer companies
Related party transactions, outstanding balances
Interest receivable for loan amounts owing from related parties							£ 37
Loan amounts owing from related parties							£ 9,211
Dividends recognised as distributions to owners of parent		11,930
Pfizer Companies
Related party transactions during period
Services, royalties, and other expense			(5)		(68)
Interest income			12
Dividend paid		124	3,801		367
GSK companies
Related party transactions during period
Sales of goods	£ 91				114
Purchases of goods	(41)				(81)
Services, royalties, and other income	74				20
Services, royalties, and other expense	(135)				(354)
Interest income	30				10
Interest expense	(2)				(4)
Dividend paid	£ 8,129				781
Related party transactions, outstanding balances
Other amounts owing from related parties		£ 32	£ 51
Loan amount owing to related parties					(825)
Loan amounts owing from related parties					£ 1,508
Loans receivable, adjustment to interest rate basis					(0.05%)
Borrowing rate basis adjustment					0.10%
[1] Equity shareholders refers to GSK and Pfizer, which held equity interests of 68% and 32% in the Group respectively prior to the demerger as described in Note 1

Capital and financial risk ma_3

Capital and financial risk management - Capital management (Details) - GBP (£) £ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Capital and financial risk management
Cash and cash equivalents	£ 1,044	£ 684	£ 414
Short-term borrowings	(656)	(437)
Long-term borrowings	(8,800)	(10,003)
Derivative financial assets associated with long-term borrowings	69	44
Derivative financial liabilities associated with long-term borrowings	(169)	(181)
Total equity	(16,729)	(16,457)	£ (26,480)	£ (26,223)
Total Capital	£ 8,217	£ 6,564

Capital and financial risk ma_4

Capital and financial risk management - Liquidity risk management (Details) € in Millions, £ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 GBP (£) item	Dec. 31, 2022 GBP (£)	Dec. 31, 2021 GBP (£)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 EUR (€)	Aug. 31, 2022 GBP (£)	Aug. 31, 2022 USD ($)
Capital and financial risk management
Current	£ 656	£ 437
Cash and cash equivalents	1,044	684	£ 414
Outstanding borrowings	9,456	10,440
Proceeds from borrowings		11,004	£ 8
Long-term borrowings	8,800	10,003
Liquidity risk
Capital and financial risk management
Current	656	437
Cash and cash equivalents	£ 1,044	£ 684
Number of revolving credit facilities | item	2
Liquidity risk | Euro commercial paper
Capital and financial risk management
Outstanding borrowings | €					€ 0		€ 130
Liquidity risk | Euro commercial paper | Maximum
Capital and financial risk management
Nominal value								£ 2,000
Liquidity risk | US Dollar commercial paper
Capital and financial risk management
Outstanding borrowings | $				$ 0		$ 225
Liquidity risk | US Dollar commercial paper | Maximum
Capital and financial risk management
Nominal value | $									$ 10,000
Liquidity risk | Revolving credit facility, maturing September 2024 | Maximum
Capital and financial risk management
Nominal value | $				1,300
Liquidity risk | Revolving credit facility, maturing September 2026
Capital and financial risk management
Extension term	1 year
Liquidity risk | Revolving credit facility, maturing September 2026 | Maximum
Capital and financial risk management
Nominal value	£ 900
Liquidity risk | Euro medium term note | Maximum
Capital and financial risk management
Nominal value	10,000
Liquidity risk | USD bonds
Capital and financial risk management
Long-term borrowings | $				$ 8,448
Liquidity risk | GBP Bonds
Capital and financial risk management
Long-term borrowings	£ 700
Liquidity risk | Euro bonds
Capital and financial risk management
Long-term borrowings | €					€ 2,350

Capital and financial risk ma_5

Capital and financial risk management - Credit risk management (Details) - GBP (£) £ in Millions	24 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash and cash equivalents and third-party financial derivatives | Impairment
Disclosure of risk management strategy related to hedge accounting [line items]
Expected credit losses during the year	£ 0
Credit risk
Disclosure of risk management strategy related to hedge accounting [line items]
Maximum exposure to credit risk	2,777	£ 2,441
Credit risk | HSBC Group
Disclosure of risk management strategy related to hedge accounting [line items]
Maximum exposure to credit risk	342
Credit risk | Citibank Group
Disclosure of risk management strategy related to hedge accounting [line items]
Maximum exposure to credit risk	£ 158
Credit risk | GSK LLC
Disclosure of risk management strategy related to hedge accounting [line items]
Maximum exposure to credit risk		310
Credit risk | GSK IHC Ltd
Disclosure of risk management strategy related to hedge accounting [line items]
Maximum exposure to credit risk		£ 158

Capital and financial risk ma_6

Capital and financial risk management - Credit risk management credit ratings (Details) - GBP (£) £ in Millions	Dec. 31, 2023	Dec. 31, 2022
Capital and financial risk management
Carrying value, Financial assets	£ 2,727	£ 2,441
Credit risk
Capital and financial risk management
Carrying value, Financial assets	1,133	778
Credit risk | Standard & Poor's, AAA Rating | Moody's, Aaa Rating
Capital and financial risk management
Carrying value, Financial assets	115	10
Credit risk | Standard & Poor's, AA Rating | Moody's, Aa Rating
Capital and financial risk management
Carrying value, Financial assets	367	87
Credit risk | Standard & Poor's, A Rating | Moody's, A Rating
Capital and financial risk management
Carrying value, Financial assets	316	335
Credit risk | Standard & Poor's, BBB Rating | Moody's, Baa Rating
Capital and financial risk management
Carrying value, Financial assets	248	287
Credit risk | Standard & Poor's, BB+ Rating | Ba1 and below or unrated
Capital and financial risk management
Carrying value, Financial assets	87	59
Credit risk | Cash and cash equivalents
Capital and financial risk management
Carrying value, Financial assets	1,041	684
Credit risk | Cash and cash equivalents | Standard & Poor's, AAA Rating | Moody's, Aaa Rating
Capital and financial risk management
Carrying value, Financial assets	115	10
Credit risk | Cash and cash equivalents | Standard & Poor's, AA Rating | Moody's, Aa Rating
Capital and financial risk management
Carrying value, Financial assets	365	87
Credit risk | Cash and cash equivalents | Standard & Poor's, A Rating | Moody's, A Rating
Capital and financial risk management
Carrying value, Financial assets	229	276
Credit risk | Cash and cash equivalents | Standard & Poor's, BBB Rating | Moody's, Baa Rating
Capital and financial risk management
Carrying value, Financial assets	248	252
Credit risk | Cash and cash equivalents | Standard & Poor's, BB+ Rating | Ba1 and below or unrated
Capital and financial risk management
Carrying value, Financial assets	84	59
Credit risk | Bank balances and deposits
Capital and financial risk management
Carrying value, Financial assets	585	674
Credit risk | Bank balances and deposits | Standard & Poor's, AAA Rating | Moody's, Aaa Rating
Capital and financial risk management
Carrying value, Financial assets	22
Credit risk | Bank balances and deposits | Standard & Poor's, AA Rating | Moody's, Aa Rating
Capital and financial risk management
Carrying value, Financial assets	2	87
Credit risk | Bank balances and deposits | Standard & Poor's, A Rating | Moody's, A Rating
Capital and financial risk management
Carrying value, Financial assets	229	276
Credit risk | Bank balances and deposits | Standard & Poor's, BBB Rating | Moody's, Baa Rating
Capital and financial risk management
Carrying value, Financial assets	248	252
Credit risk | Bank balances and deposits | Standard & Poor's, BB+ Rating | Ba1 and below or unrated
Capital and financial risk management
Carrying value, Financial assets	84	59
Credit risk | Money market funds
Capital and financial risk management
Carrying value, Financial assets	456	10
Credit risk | Money market funds | Standard & Poor's, AAA Rating | Moody's, Aaa Rating
Capital and financial risk management
Carrying value, Financial assets	93	10
Credit risk | Money market funds | Standard & Poor's, AA Rating | Moody's, Aa Rating
Capital and financial risk management
Carrying value, Financial assets	363
Credit risk | Government securities
Capital and financial risk management
Carrying value, Financial assets	3
Credit risk | Government securities | Standard & Poor's, BB+ Rating | Ba1 and below or unrated
Capital and financial risk management
Carrying value, Financial assets	3
Credit risk | Derivative financial instruments
Capital and financial risk management
Carrying value, Financial assets	89	94
Credit risk | Derivative financial instruments | Standard & Poor's, AA Rating | Moody's, Aa Rating
Capital and financial risk management
Carrying value, Financial assets	2
Credit risk | Derivative financial instruments | Standard & Poor's, A Rating | Moody's, A Rating
Capital and financial risk management
Carrying value, Financial assets	£ 87	59
Credit risk | Derivative financial instruments | Standard & Poor's, BBB Rating | Moody's, Baa Rating
Capital and financial risk management
Carrying value, Financial assets		£ 35

Capital and financial risk ma_7

Capital and financial risk management - Interest rate risk management (Details) - Interest rate risk	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]
Percentage of debt held at fixed rates	77%	87%
Minimum term of fixed rate transaction	3 months	3 months

Capital and financial risk ma_8

Capital and financial risk management - Derivative Financial Instruments (Details) € in Millions, £ in Millions, $ in Millions	1 Months Ended
	Mar. 31, 2022 USD ($)	Mar. 31, 2022 GBP (£)	Mar. 31, 2022 EUR (€)	Dec. 31, 2023 GBP (£)	Dec. 31, 2022 GBP (£)
Capital and financial risk management
Bonds				£ 9,234	£ 9,861
Reserve of net investment hedges, continuing hedges				(77)	140
Derivatives
Capital and financial risk management
Notional amount				9,222	8,219
Fair value, derivative assets				88	94
Fair value, derivative financial liabilities				(190)	(206)
Derivatives | Derivatives designated and effective as hedging instruments
Capital and financial risk management
Notional amount				5,697	3,446
Fair value, derivative assets				63	4
Fair value, derivative financial liabilities				(117)	(183)
Derivatives | Derivatives classified as held for trading
Capital and financial risk management
Notional amount				3,525	4,773
Fair value, derivative assets				25	90
Fair value, derivative financial liabilities				(73)	(23)
Non-current cross-currency interest rate swaps | Derivatives classified as held for trading
Capital and financial risk management
Notional amount				1,409	1,409
Fair value, derivative assets				20	41
Fair value, derivative financial liabilities				(40)
Current foreign exchange contracts | Derivatives classified as held for trading
Capital and financial risk management
Notional amount				2,116	3,364
Fair value, derivative assets				5	49
Fair value, derivative financial liabilities				(33)	(23)
Cash flow hedges | Interest rate swap contracts
Capital and financial risk management
Cash inflow on settlement of derivatives		£ 206
Cash flow hedges | Current foreign exchange contracts | Derivatives designated and effective as hedging instruments
Capital and financial risk management
Notional amount				437
Fair value, derivative assets				14
Fair value, derivative financial liabilities				(5)
Fair value hedges | Non-current interest rate swap contracts | Derivatives designated and effective as hedging instruments
Capital and financial risk management
Notional amount				3,210	2,207
Fair value, derivative assets					2
Fair value, derivative financial liabilities				(109)	(139)
Net investment hedges | Non-current cross-currency interest rate swaps | Derivatives designated and effective as hedging instruments
Capital and financial risk management
Notional amount				910	910
Fair value, derivative assets				44	1
Fair value, derivative financial liabilities					(36)
Net investment hedges | Current foreign exchange contracts | Derivatives designated and effective as hedging instruments
Capital and financial risk management
Notional amount				1,140	329
Fair value, derivative assets				5	1
Fair value, derivative financial liabilities				(3)	(8)
Net investment hedges | Euro bonds | Derivatives designated and effective as hedging instruments
Capital and financial risk management
Bonds				£ 1,503	£ 1,526
Interest rate swap contracts | Fair value hedges
Capital and financial risk management
Bonds converted	$ 1,750		€ 850

Capital and financial risk ma_9

Capital and financial risk management - Hedging instruments (Details) £ in Millions	12 Months Ended
	Dec. 31, 2023 GBP (£)	Dec. 31, 2022 GBP (£)
FX forward contracts/FX Swaps | Cash flow hedges | Below 10 years
Hedging instruments
Notional principal value	437
Change in fair value for recognising hedge ineffectiveness	£ 8
Carrying value assets/(liabilities)	£ 8
EUR IRS | Fair value hedges | Below 10 years
Hedging instruments
Average strike price	1.30%	1.30%
Notional principal value	739	754
Change in fair value for recognising hedge ineffectiveness	£ (35)	£ (59)
Carrying value assets/(liabilities)	£ (35)	£ (59)
USD IRS | Fair value hedges | Below 10 years
Hedging instruments
Average strike price	3.40%	3.10%
Notional principal value	2,471	1,454
Change in fair value for recognising hedge ineffectiveness	£ (74)	£ (78)
Carrying value assets/(liabilities)	£ (74)	£ (78)
EUR FX Swaps | Net investment hedges | Below 10 years
Hedging instruments
Average strike price	1.10%	1.20%
Notional principal value	631	329
Change in fair value for recognising hedge ineffectiveness	£ 1	£ (7)
Carrying value assets/(liabilities)	£ 1	£ (7)
CNH CCIRS | Net investment hedges | Below 10 years
Hedging instruments
Average strike price	8.60%	8.60%
Notional principal value	910	910
Change in fair value for recognising hedge ineffectiveness	£ 44	£ (35)
Carrying value assets/(liabilities)	£ 44	£ (35)
CNH FX swaps/forward | Net investment hedges | Below 10 years
Hedging instruments
Average strike price	9%
Notional principal value	510
Change in fair value for recognising hedge ineffectiveness	£ 1
Carrying value assets/(liabilities)	£ 1
EUR Bonds | Net investment hedges | Below 10 years
Hedging instruments
Notional principal value	869	887
Change in fair value for recognising hedge ineffectiveness	£ 18	£ (55)
Carrying value assets/(liabilities)	£ (858)	£ (867)
EUR Bonds | Net investment hedges | 10-30 years
Hedging instruments
Notional principal value	652	665
Change in fair value for recognising hedge ineffectiveness	£ 13	£ (43)
Carrying value assets/(liabilities)	£ (646)	£ (659)

Capital and financial risk m_10

Capital and financial risk management - Hedged Items (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flow hedges | Pre-hedging of long-term interest rate
Hedging instruments
Balance in cash flow hedge reserve for continuing hedges	£ (133)	£ (150)
Cash flow hedges | Transactional FX forecast exposure
Hedging instruments
Hedged item, carrying amount	437
Balance in cash flow hedge reserve for continuing hedges	(7)
Fair value hedges | Bonds
Hedging instruments
Hedged item, carrying amount	(3,131)	(2,078)
Accumulated fair value adjustments	109	122
Change in value used for calculating hedge ineffectiveness	109	122
Net investment hedges | Net assets in foreign currency
Hedging instruments
Hedged item, carrying amount	3,571	2,791
Accumulated fair value adjustments	(77)	140
Change in value used for calculating hedge ineffectiveness	£ (77)	£ 140

Capital and financial risk m_11

Capital and financial risk management - Hedging effectiveness (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Hedging instruments
Hedging gains/(losses) recognised in other comprehensive income	£ 8	£ 204	£ 11
Maximum
Hedging instruments
Term of foreign exchange contract	12 months
Fair value hedges | Bonds
Hedging instruments
Gain (loss) on change in fair value of hedged item used as basis for recognising hedge ineffectiveness	£ 109	122
Net investment hedges | Net assets in foreign currency
Hedging instruments
Gain (loss) on change in fair value of hedged item used as basis for recognising hedge ineffectiveness	(77)	140
Currency Risk | Cash flow hedges
Hedging instruments
Hedging gains/(losses) recognised in other comprehensive income	9
As hedged item affects profit or loss	2
Interest rate risk | Cash flow hedges | Below 10 years
Hedging instruments
Hedging gains/(losses) recognised in other comprehensive income	158	169
Amount of hedge ineffectiveness recognised in profit or loss		3
As hedged item affects profit or loss	19	18
Interest rate risk | Cash flow hedges | 10-30 years
Hedging instruments
Hedging gains/(losses) recognised in other comprehensive income	29	£ 35
As hedged item affects profit or loss	£ 3

Capital and financial risk m_12

Capital and financial risk management - Carrying amounts and fair values of financial assets and liabilities (Details) - GBP (£) £ in Millions	Dec. 31, 2023	Dec. 31, 2022
Financial instruments held at fair value by fair value hierarchy
Carrying value, Financial assets	£ 2,727	£ 2,441
Fair value, Financial Assets	2,727	2,441
Financial liabilities	(12,633)	(13,738)
Fair value, Financial Liabilities	(12,173)	(12,893)
Carrying value, Net financial assets and financial liabilities	(9,906)	(11,297)
Fair value, Net financial assets and financial liabilities	(9,446)	(10,452)
Financial liabilities measured at amortised cost | Short term loans and overdrafts
Financial instruments held at fair value by fair value hierarchy
Financial liabilities	(60)	(91)
Fair value, Financial Liabilities	(60)	(91)
Financial liabilities measured at amortised cost | Other bonds
Financial instruments held at fair value by fair value hierarchy
Financial liabilities	(4,601)	(7,783)
Fair value, Financial Liabilities	(4,301)	(6,935)
Financial liabilities measured at amortised cost | Commercial paper
Financial instruments held at fair value by fair value hierarchy
Financial liabilities		(302)
Fair value, Financial Liabilities		(302)
Financial liabilities measured at amortised cost | Non-voting preference shares
Financial instruments held at fair value by fair value hierarchy
Financial liabilities	(25)	(25)
Fair value, Financial Liabilities	(25)	(25)
Financial liabilities measured at amortised cost | Trade and other payables, Other provisions and certain other non-current liabilities in scope of IFRS 9
Financial instruments held at fair value by fair value hierarchy
Financial liabilities	(3,123)	(3,253)
Fair value, Financial Liabilities	(3,123)	(3,253)
Financial liabilities measured at amortised cost | Bonds in a designated hedge relationship
Financial instruments held at fair value by fair value hierarchy
Financial liabilities	(4,634)	(2,078)
Fair value, Financial Liabilities	(4,474)	(2,081)
Financial liabilities at fair value through profit or loss | Held for trading derivatives that are not in a designated and effective hedging relationship
Financial instruments held at fair value by fair value hierarchy
Financial liabilities	(73)	(23)
Fair value, Financial Liabilities	(73)	(23)
Derivatives designated and effective as hedging instruments | Fair value hedge
Financial instruments held at fair value by fair value hierarchy
Financial liabilities	(109)	(139)
Fair value, Financial Liabilities	(109)	(139)
Derivatives designated and effective as hedging instruments | Cash flow hedge
Financial instruments held at fair value by fair value hierarchy
Financial liabilities	(5)
Fair value, Financial Liabilities	(5)
Derivatives designated and effective as hedging instruments | Net investment hedge
Financial instruments held at fair value by fair value hierarchy
Financial liabilities	(3)	(44)
Fair value, Financial Liabilities	(3)	(44)
Derivatives designated and effective as hedging instruments | Fair value hedge
Financial instruments held at fair value by fair value hierarchy
Carrying value, Financial assets		2
Fair value, Financial Assets		2
Derivatives designated and effective as hedging instruments | Cash flow hedge
Financial instruments held at fair value by fair value hierarchy
Carrying value, Financial assets	14
Fair value, Financial Assets	14
Derivatives designated and effective as hedging instruments | Net investment hedge
Financial instruments held at fair value by fair value hierarchy
Carrying value, Financial assets	49	2
Fair value, Financial Assets	49	2
Financial assets measured at amortised cost | Cash and cash equivalents
Financial instruments held at fair value by fair value hierarchy
Carrying value, Financial assets	588	674
Fair value, Financial Assets	588	674
Financial assets measured at amortised cost | Trade and other receivables and certain other non-current assets
Financial instruments held at fair value by fair value hierarchy
Carrying value, Financial assets	1,595	1,663
Fair value, Financial Assets	1,595	1,663
Financial assets at fair value through profit or loss | Held for trading derivatives that are not in a designated and effective hedging relationship
Financial instruments held at fair value by fair value hierarchy
Carrying value, Financial assets	25	90
Fair value, Financial Assets	25	90
Financial assets at fair value through profit or loss | Money market funds
Financial instruments held at fair value by fair value hierarchy
Carrying value, Financial assets	456	10
Fair value, Financial Assets	£ 456	£ 10

Capital and financial risk m_13

Capital and financial risk management - Financial instruments held at fair value by fair value hierarchy (Details) - GBP (£) £ in Millions	Dec. 31, 2023	Dec. 31, 2022
Financial instruments held at fair value by fair value hierarchy
Financial assets	£ 2,727	£ 2,441
Financial liabilities	(12,633)	(13,738)
Fair value, Financial Assets	2,727	2,441
Fair value, Financial Liabilities	(12,173)	(12,893)
Financial liabilities at fair value
Financial instruments held at fair value by fair value hierarchy
Fair value, Financial Liabilities	(190)	(206)
Financial liabilities at fair value | Level 2
Financial instruments held at fair value by fair value hierarchy
Fair value, Financial Liabilities	(190)	(206)
Derivatives designated and effective as hedging instruments | Fair value hedge
Financial instruments held at fair value by fair value hierarchy
Fair value, Financial Liabilities	(109)	(139)
Derivatives designated and effective as hedging instruments | Cash flow hedge
Financial instruments held at fair value by fair value hierarchy
Fair value, Financial Liabilities	(5)
Derivatives designated and effective as hedging instruments | Net investment hedge
Financial instruments held at fair value by fair value hierarchy
Fair value, Financial Liabilities	(3)	(44)
Derivatives designated and effective as hedging instruments | Level 2 | Fair value hedge
Financial instruments held at fair value by fair value hierarchy
Fair value, Financial Liabilities	(109)	(139)
Derivatives designated and effective as hedging instruments | Level 2 | Cash flow hedge
Financial instruments held at fair value by fair value hierarchy
Fair value, Financial Liabilities	(5)
Derivatives designated and effective as hedging instruments | Level 2 | Net investment hedge
Financial instruments held at fair value by fair value hierarchy
Fair value, Financial Liabilities	(3)	(44)
Financial liabilities at fair value through profit or loss | Held for trading derivatives that are not in a designated and effective hedging relationship
Financial instruments held at fair value by fair value hierarchy
Financial liabilities	(73)	(23)
Fair value, Financial Liabilities	(73)	(23)
Financial liabilities at fair value through profit or loss | Held for trading derivatives that are not in a designated and effective hedging relationship | Level 2
Financial instruments held at fair value by fair value hierarchy
Fair value, Financial Liabilities	(73)	(23)
Financial assets at fair value
Financial instruments held at fair value by fair value hierarchy
Fair value, Financial Assets	544	104
Financial assets at fair value | Level 1
Financial instruments held at fair value by fair value hierarchy
Fair value, Financial Assets	456	10
Financial assets at fair value | Level 2
Financial instruments held at fair value by fair value hierarchy
Fair value, Financial Assets	88	94
Derivatives designated and effective as hedging instruments | Fair value hedge
Financial instruments held at fair value by fair value hierarchy
Financial assets		2
Fair value, Financial Assets		2
Derivatives designated and effective as hedging instruments | Cash flow hedge
Financial instruments held at fair value by fair value hierarchy
Financial assets	14
Fair value, Financial Assets	14
Derivatives designated and effective as hedging instruments | Net investment hedge
Financial instruments held at fair value by fair value hierarchy
Financial assets	49	2
Fair value, Financial Assets	49	2
Derivatives designated and effective as hedging instruments | Level 2 | Fair value hedge
Financial instruments held at fair value by fair value hierarchy
Fair value, Financial Assets		2
Derivatives designated and effective as hedging instruments | Level 2 | Cash flow hedge
Financial instruments held at fair value by fair value hierarchy
Fair value, Financial Assets	14
Derivatives designated and effective as hedging instruments | Level 2 | Net investment hedge
Financial instruments held at fair value by fair value hierarchy
Fair value, Financial Assets	49	2
Financial assets at fair value through profit or loss | Held for trading derivatives that are not in a designated and effective hedging relationship
Financial instruments held at fair value by fair value hierarchy
Financial assets	25	90
Fair value, Financial Assets	25	90
Financial assets at fair value through profit or loss | Held for trading derivatives that are not in a designated and effective hedging relationship | Level 2
Financial instruments held at fair value by fair value hierarchy
Fair value, Financial Assets	25	90
Financial assets at fair value through profit or loss | Cash and cash equivalents (money market funds)
Financial instruments held at fair value by fair value hierarchy
Financial assets	456	10
Fair value, Financial Assets	456	10
Financial assets at fair value through profit or loss | Cash and cash equivalents (money market funds) | Level 1
Financial instruments held at fair value by fair value hierarchy
Fair value, Financial Assets	£ 456	£ 10

Capital and financial risk m_14

Capital and financial risk management - Trade and other receivables and other non-current assets (Details) - GBP (£) £ in Millions	Dec. 31, 2023	Dec. 31, 2022
Financial instruments held at fair value by fair value hierarchy
Financial assets	£ 2,727	£ 2,441
Total assets	34,055	34,815
Trade and other receivables, loans from related parties and other non-current assets
Financial instruments held at fair value by fair value hierarchy
Financial assets	1,595	1,663
Non-financial assets	375	350
Total assets	1,970	2,013
Trade and other receivables
Financial instruments held at fair value by fair value hierarchy
Financial assets	1,567	1,634
Non-financial assets	289	247
Total assets	1,856	1,881
Other non-current assets
Financial instruments held at fair value by fair value hierarchy
Financial assets	28	29
Non-financial assets	86	103
Total assets	£ 114	£ 132

Capital and financial risk m_15

Capital and financial risk management - Trade and other payables, other provisions and other non-current liabilities (Details) - GBP (£) £ in Millions	Dec. 31, 2023	Dec. 31, 2022
Financial instruments held at fair value by fair value hierarchy
Financial liabilities	£ (12,633)	£ (13,738)
Total liabilities	(17,326)	(18,358)
Trade and other payables, loans from related parties, provisions and other non-current liabilities
Financial instruments held at fair value by fair value hierarchy
Financial liabilities	(3,123)	(3,253)
Non-financial liabilities	(625)	(487)
Total liabilities	(3,748)	(3,740)
Trade and other payables
Financial instruments held at fair value by fair value hierarchy
Financial liabilities	(3,064)	(3,224)
Non-financial liabilities	(462)	(397)
Total liabilities	(3,526)	(3,621)
Provisions
Financial instruments held at fair value by fair value hierarchy
Financial liabilities	(11)	(11)
Non-financial liabilities	(158)	(86)
Total liabilities	(169)	(97)
Other non-current liabilities
Financial instruments held at fair value by fair value hierarchy
Financial liabilities	(48)	(18)
Non-financial liabilities	(5)	(4)
Total liabilities	£ (53)	£ (22)

Capital and financial risk m_16

Capital and financial risk management - Offsetting of financial assets and liabilities (Details) - GBP (£) £ in Millions	Dec. 31, 2023	Dec. 31, 2022
Financial instruments held at fair value by fair value hierarchy
Net financial assets per balance sheet	£ 2,727	£ 2,441
Net financial liabilities per balance sheet	(12,633)	(13,738)
Derivative financial liabilities
Financial instruments held at fair value by fair value hierarchy
Gross financial Liabilities	(190)	(206)
Net financial liabilities per balance sheet	(190)	(206)
Related amounts not offset against assets	(68)	(58)
Net amount, Liabilities	(122)	(148)
Derivative financial assets
Financial instruments held at fair value by fair value hierarchy
Gross financial assets	88	94
Net financial assets per balance sheet	88	94
Related amounts not offset against liabilities	68	58
Net amount, Assets	£ 20	£ 36

Capital and financial risk m_17

Capital and financial risk management - Foreign exchange sensitivity Income Impact (Details) - Currency Risk £ in Millions	12 Months Ended
	Dec. 31, 2023 GBP (£) item	Dec. 31, 2022 GBP (£)
Capital and financial risk management
Number of major Foreign Currencies | item	2
USD
Capital and financial risk management
Percentage Appreciation	10%	10%
Percentage Depreciation	10%	10%
Increase (decrease) in income due to appreciation		£ (1)
Increase (decrease) in income due to depreciation		£ 1
Euro
Capital and financial risk management
Percentage Appreciation	10%	10%
Percentage Depreciation	10%	10%
Increase (decrease) in income due to appreciation	£ 3	£ 13
Increase (decrease) in income due to depreciation	£ (2)	£ (10)

Capital and financial risk m_18

Capital and financial risk management - Foreign exchange sensitivity Equity Impact (Details) - Currency Risk - EUR (€) € in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CNY
Capital and financial risk management
Percentage Appreciation	10%	10%
Percentage Depreciation	10%	10%
Increase (decrease) in equity due to appreciation	€ (17)	€ (11)
Increase (decrease) in equity due to depreciation	€ 16	€ 11
Euro
Capital and financial risk management
Percentage Appreciation	10%	10%
Percentage Depreciation	10%	10%
Increase (decrease) in equity due to appreciation	€ (210)	€ (182)
Increase (decrease) in equity due to depreciation	€ 177	€ 152

Capital and financial risk m_19

Capital and financial risk management - Interest rate sensitivity (Details) - Interest rate risk - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Capital and financial risk management
Sensitivity percentage of increase in interest rates	1%
Increase (decrease) in finance income due to reasonably possible increase in interest rates	£ (47)	£ (45)
Sterling
Capital and financial risk management
Sensitivity percentage of increase in interest rates	1%	1%
Increase/ (decrease) in income	£ 17	£ 6
USD
Capital and financial risk management
Sensitivity percentage of increase in interest rates	1%	1%
Increase/ (decrease) in equity	£ 0	£ 0
Increase/ (decrease) in income	£ (43)	£ (32)
Euro
Capital and financial risk management
Sensitivity percentage of increase in interest rates	1%	1%
Increase/ (decrease) in income	£ (19)	£ (18)
GBP and Euro
Capital and financial risk management
Sensitivity percentage of increase in interest rates	1%

Capital and financial risk m_20

Capital and financial risk management - Contractual cash flows for non-derivative financial liabilities and derivative instruments (Details) - GBP (£) £ in Millions	Dec. 31, 2023	Dec. 31, 2022
Borrowings
Borrowings	£ 9,294	£ 10,254
Interest on borrowings	2,213	2,639
Lease liability on leases with annual payments	137	161
Finance expense arising on lease liabilities	30	11
Trade payables and other liabilities not in net debt	3,123	3,253
Gross contractual cash flows	14,797	16,318
Rental payments due within one year
Borrowings
Borrowings	608	393
Interest on borrowings	275	316
Lease liability on leases with annual payments	48	44
Finance expense arising on lease liabilities	22	3
Trade payables and other liabilities not in net debt	3,110	3,242
Gross contractual cash flows	4,063	3,998
Rental payments due between one and two years
Borrowings
Borrowings	1,336	830
Interest on borrowings	236	291
Lease liability on leases with annual payments	36	36
Finance expense arising on lease liabilities	5	2
Trade payables and other liabilities not in net debt	13	9
Gross contractual cash flows	1,626	1,168
Rental payments due between two and three years
Borrowings
Borrowings	707	1,385
Interest on borrowings	220	248
Lease liability on leases with annual payments	25	25
Finance expense arising on lease liabilities	2	2
Trade payables and other liabilities not in net debt		1
Gross contractual cash flows	954	1,661
Rental payments due between three and four years
Borrowings
Borrowings	1,561	694
Interest on borrowings	176	230
Lease liability on leases with annual payments	14	21
Finance expense arising on lease liabilities	1	1
Trade payables and other liabilities not in net debt		1
Gross contractual cash flows	1,752	947
Rental payments due between four and five years
Borrowings
Borrowings	299	1,653
Interest on borrowings	163	184
Lease liability on leases with annual payments	7	13
Finance expense arising on lease liabilities		1
Gross contractual cash flows	469	1,851
Later than five years
Borrowings
Borrowings	4,783	5,299
Interest on borrowings	1,143	1,370
Lease liability on leases with annual payments	7	22
Finance expense arising on lease liabilities		2
Gross contractual cash flows	£ 5,933	£ 6,693

Capital and financial risk m_21

Capital and financial risk management - Contractual cash flows Receivables and Payables (Details) - GBP (£) £ in Millions	Dec. 31, 2023	Dec. 31, 2022
Borrowings
Receivables	£ 12,234	£ 8,291
Payables	(12,329)	(8,408)
Rental payments due within one year | Foreign exchange contracts
Borrowings
Receivables	6,171	5,476
Payables	(6,180)	(5,455)
Rental payments due within one year | Interest rate swap contracts
Borrowings
Receivables	216	153
Payables	(289)	(198)
Rental payments due between one and two years | Interest rate swap contracts
Borrowings
Receivables	3,274	173
Payables	(3,326)	(222)
Rental payments due between two and three years | Interest rate swap contracts
Borrowings
Receivables	1,332	1,916
Payables	(1,294)	(2,009)
Rental payments due between three and four years | Interest rate swap contracts
Borrowings
Receivables	349	573
Payables	(347)	£ (524)
Rental payments due between four and five years | Interest rate swap contracts
Borrowings
Receivables	30
Payables	(29)
Later than five years | Interest rate swap contracts
Borrowings
Receivables	862
Payables	£ (864)

Employee share schemes (Details

Employee share schemes (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023 GBP (£) item	Dec. 31, 2022 GBP (£)	Dec. 31, 2021 GBP (£)
Employee share scheme
Share-based compensation expense		£ 88,000,000	£ 78,000,000	£ 59,000,000
Expected dividend yield		1.88%	1.59%
Performance Share Plan
Employee share scheme
Number of measures | item		2
Performance period		3 years
Percentage of awards vesting determined by cumulative free cash flow measure		50%
Percentage of awards vesting determined by net debt to adjusted EBITDA measure		50%
Performance Share Plan | Forecast
Employee share scheme
Percentage of awards vesting determined by cumulative free cash flow measure	50%
Percentage of awards vesting determined by adjusted diluted earnings per share	30%
Percentage of awards vesting determined by organic operating margin improvement	20%
Performance Share Plan | Maximum
Employee share scheme
Potential reduction in overall vesting from Environmental, Social and Governance qualifier		75%
Share Value Plan
Employee share scheme
Performance period		3 years
Expected dividend yield		1.54%	1.59%
Deferred Annual Bonus Plan
Employee share scheme
Percentage of annual bonus earned that can be deferred into a share award		50%
GSK share plans | Selling, general and administration expenses
Employee share scheme
Share-based compensation expense			£ 61,000,000	£ 59,000,000
Share Save Plan
Employee share scheme
Period of participation in plan		3 years
Discount on share price at grant		20%
Share Save Plan | Maximum
Employee share scheme
Monthly savings in plan per participant		£ 500
Share Reward Plans
Employee share scheme
Percentage of amount contributed by participants matched by company		100%
Period after which shares become available with tax advantage to participants		5 years
Share Reward Plans | Maximum
Employee share scheme
Monthly savings in plan per participant		£ 125

Employee share schemes - Total

Employee share schemes - Total cost of relevant scheme and number of awards granted (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee share scheme
Share-based compensation expense	£ 88	£ 78	£ 59
All share-based payment arrangements excluding GSK share plans
Employee share scheme
Share-based compensation expense	87	17
Performance Share Plan
Employee share scheme
Share-based compensation expense, equity-settled	17	6
Share Value Plan
Employee share scheme
Share-based compensation expense, equity-settled	58	9
Share-based compensation expense, cash-settled	11	2
Share Save Plan
Employee share scheme
Share-based compensation expense, equity-settled	1
Cash-settled share-based payment plans
Employee share scheme
Outstanding liabilities relating to awards which are settled in cash	£ 13	£ 2

Employee share schemes - Number

Employee share schemes - Number and weighted fair value of share and ADS awards (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2023 GBP (£) shares Options	Dec. 31, 2023 USD ($) shares Options	Dec. 31, 2022 GBP (£) shares Options	Dec. 31, 2022 USD ($) shares Options
Performance Share Plan | Ordinary share awards
Shares Number
Shares number, at beginning of period	9,479	9,479
Shares number, awards granted	9,785	9,785	9,479	9,479
Shares number, dividends reinvested	230	230
Shares number, awards cancelled	(453)	(453)
Shares number, at end of period	19,041	19,041	9,479	9,479
Weighted fair value
Weighted fair value, beginning of period | £	£ 2.74
Weighted fair value, end of period | £	£ 3.33		£ 2.74
Performance Share Plan | American Depositary Share awards
Shares Number
Shares number, at beginning of period	1,620	1,620
Shares number, awards granted	2,093	2,093	1,620	1,620
Shares number, dividends reinvested	44	44
Shares number, awards cancelled	(206)	(206)
Shares number, at end of period	3,551	3,551	1,620	1,620
Weighted fair value
Weighted fair value, beginning of period | $		$ 6.23
Weighted fair value, end of period | $		$ 8.37		$ 6.23
Share Value Plan | Ordinary share awards
Shares Number
Shares number, at beginning of period	23,664	23,664
Shares number, awards granted	18,881	18,881	23,664	23,664
Shares number, dividends reinvested	7	7
Shares number, awards released/exercised	(653)	(653)
Shares number, awards cancelled	(2,958)	(2,958)
Shares number, at end of period	38,941	38,941	23,664	23,664
Weighted fair value
Weighted fair value, beginning of period | £	£ 2.70
Weighted fair value, end of period | £	£ 3.21		£ 2.70
Share Value Plan | American Depositary Share awards
Shares Number
Shares number, at beginning of period	7,590	7,590
Shares number, awards granted	6,370	6,370	7,590	7,590
Shares number, awards released/exercised	(319)	(319)
Shares number, awards cancelled	(786)	(786)
Shares number, at end of period	12,855	12,855	7,590	7,590
Weighted fair value
Weighted fair value, beginning of period | $		$ 6.03
Weighted fair value, end of period | $		$ 8		$ 6.03
Share Save Plan
Share options Number
Share options number, beginning of period | Options	4,623,000	4,623,000
Share options number, awards granted | Options	1,163,000	1,163,000	4,623,000	4,623,000
Share options number, awards released/exercised | Options	(9,000)	(9,000)
Share options number, awards cancelled | Options	(287,000)	(287,000)
Share options number, end of period | Options	5,490,000	5,490,000	4,623,000	4,623,000
Weighted fair value
Number of share options exercisable in share-based payment arrangement | Options	168,350	168,350	0	0

Employee share scheme - Number

Employee share scheme - Number and weighted average exercise price of share options (Details) £ / shares in Units, Options in Thousands	12 Months Ended
	Dec. 31, 2023 GBP (£) Options £ / shares	Dec. 31, 2022 GBP (£) Options £ / shares	Dec. 31, 2023 USD ($) Options	Dec. 31, 2022 USD ($) Options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average fair value, share options | £	£ 0.93	£ 0.89
Performance Share Plan | Ordinary share awards
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average fair value, share awards | £	3.33	2.74
Performance Share Plan | American Depositary Share awards
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average fair value, share awards | $			$ 8.37	$ 6.23
Share Value Plan | Ordinary share awards
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average fair value, share awards | £	3.21	2.70
Share Value Plan | American Depositary Share awards
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average fair value, share awards | $			$ 8	$ 6.03
Share Save Plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average fair value, share options | £	£ 0.93	£ 0.89
Weighted average exercise price, share options exercised during the year	£ 2.27
Weighted average remaining contractual life of outstanding share options	2 years 3 months 18 days	3 years
Exercise price of outstanding share options		£ 2.27
Options outstanding | Options	5,490	4,623	5,490	4,623
Weighted average market price of shares on options exercised	£ 3.28
Share Save Plan | Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price of outstanding share options	2.27
Share Save Plan | Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price of outstanding share options	£ 2.66

Employee share schemes - Fair v

Employee share schemes - Fair value of awards (Details)	12 Months Ended
	Dec. 31, 2023 GBP (£) Y £ / shares	Dec. 31, 2022 GBP (£) Y £ / shares
Employee share schemes
Weighted average fair value at the measurement date | £	£ 0.93	£ 0.89
Risk-free interest rate	3.53%	3.54%
Expected dividend yield	1.88%	1.59%
Volatility	23.63%	31.37%
Expected life | Y	3.5	3
Discount on share price for options granted, share-based payment arrangements	20%
Share Save - related options grant price (including 20% discount) | £ / shares	£ 2.66	£ 2.27

Employee share schemes - Numb_2

Employee share schemes - Number and weighted exercise price of share options (Details) - GBP (£)	Dec. 31, 2023	Dec. 31, 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average fair value at measurement date, share options granted	£ 0.93	£ 0.89

Employee share schemes - Employ

Employee share schemes - Employee Benefit Trusts (Details) - GBP (£) £ in Millions, shares in Millions	Dec. 31, 2023	Dec. 31, 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of shares held by employee benefit trust	10.4
Share award schemes
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of shares held by employee benefit trust	10.4	0.2
Market value	£ 34	£ 1

Business acquisitions and dis_2

Business acquisitions and disposals (Details) - Apr. 28, 2023 - Jacarepagu (Brazil) manufacturing site £ in Millions, R$ in Millions	GBP (£)	BRL (R$)
Disclosure of detailed information about business combination [line items]
Total consideration	£ 70	R$ 434
Bargain purchase gain	£ 7

Business acquisitions and dis_3

Business acquisitions and disposals - Disposals (Details) £ in Millions	Dec. 31, 2022 GBP (£)
ChapStick
Disclosure of analysis of single amount of discontinued operations [line items]
Intangible assets other than goodwill	£ 575

Post balance sheet events (Deta

Post balance sheet events (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Post balance sheet events
Proceeds from sales of intangible assets, classified as investing activities	£ 246	£ 36	£ 137

Subsidiaries - Wholly owned Sub

Subsidiaries - Wholly owned Subsidiaries (Details)	12 Months Ended
	Dec. 31, 2023
Altogether Services, Inc [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Consumer Healthcare Holdings Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Consumer Healthcare Intermediate Holdings Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Duncan Consumer Healthcare Philippines Inc [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Ferrosan (No. 2) AB [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Ferrosan ApS [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Glaxo Wellcome Ceylon Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Asia Private Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Healthcare (Hong Kong) Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Healthcare (Thailand) Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Healthcare (UK) (No.1) Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Healthcare GmbH [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Healthcare GmbH & Co. KG [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Healthcare Investments (Ireland) (No.3) Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Healthcare Japan K.K. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Healthcare Mexico, S. De R.L. de C.V. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Healthcare Pte. Ltd [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Healthcare Sdn. Bhd. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Healthcare Vietnam Company Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Private Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Dungarvan Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Panama S.A. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Paraguay S.A [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Tuketici Sagligi Anonim Sirketi [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GSK Bangladesh Private Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GSK CH Caricam Sociedad de Responsabilidad Limitada [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GSK Consumer Healthcare Chile SpA [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GSK Consumer Healthcare Holdings (No.5) Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GSK Consumer Healthcare Holdings (No.6) Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GSK Consumer Healthcare Peru S.R.L [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GSK Consumer Healthcare Singapore Pte. Ltd. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GSK Consumer Healthcare Trinidad and Tobago Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon (China) Co. Ltd [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon (Shanghai) Health Management Consulting Co., Ltd. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon (Suzhou) Pharmaceutical Co., Ltd. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon (Suzhou) Technology Co [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon Taizhou Technology Co., Ltd [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon Alcala, S.A. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon Australia Pty Ltd [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon Belgium N.V. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon Brasil Distribuidora Ltda [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon Canada ULC - Haleon Canada SRI [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon CH Israel Ltd [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon CH SARL [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon Colombia SAS [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon Costa Rica S.A. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon Czech Republic s.r.o. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon Denmark Aps [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon EG General Trading LLC [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon EG Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon Finland Oy [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon France SAS [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon Germany GmbH [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon Hellas Single Member Societe Anonyme [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon Holdings (No.2) LLC [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon Hungary Korltolt Felelossgu Trsasg [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon Insurance Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon Intermediate Holdings Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon Ireland Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon Italy Manufacturing S.r.l. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon Italy S.r.l. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon Kazakhstan Limited Liability Partnership [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon Kenya Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon Korea Co., Ltd. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon Levice s.r.o. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon Netherlands B.V. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon Netherlands Capital B.V. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon New Zealand ULC [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon Norway AS [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon Philippines, Inc [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon Poland sp. z.o.o. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon Portugal, Lda [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon Romania SRL [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon Saudi Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon Schweiz AG [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon Slovakia s. r. o. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon South Africa (Pty) Ltd [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon Spain, S.A. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon Sweden AB [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon UK Capital PLC [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon UK Corporate Director Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon UK Corporate Secretary Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon UK Enterprises Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon UK Export Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon UK Finance (USD) Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon UK Finance Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon UK Holding Canada Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon UK Holding New Zealand Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon UK Holding Sri Lanka Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon UK Holdings (No.1) Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon UK Holdings (No.2) Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon UK Holdings (No. 3) Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon UK Holdings (No.7) Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon UK Holdings Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon UK IP (No 2) Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon (UK) IP Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon UK Research Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon UK Services Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon UK Trading Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon UK Trading Services Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon US Capital LLC [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon US Holdings Inc. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon US Holdings LLC [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon US Inc. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon US IP LLC [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon US LLC [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon US Services Inc. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Iodosan S.p.A. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
JSC Haleon Russia [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Kuhs GmbH [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Limited Liability Company "Haleon Ukraine" [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
NCH - Nutrition Consumer Health Ltd [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Northstar Switzerland SARL [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
P.T. Sterling Products Indonesia [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Panadol GmbH [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
PF Consumer Healthcare B.V.2 [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
PF Consumer Healthcare Brazil Importadora e Distribuidora de Medicamentos Ltd [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
PF Consumer Healthcare Canada ULC/ PF Soins De Sante SRI [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
PF Consumer Healthcare Holding B.V. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
PF Consumer Taiwan LLC [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Pfizer Laboratories PFE (pty) Ltd. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Pfizer PFE Colombia S.A.S [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
PT Haleon Indonesia Trading [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
PT BINA Dentalindo [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Stafford-Miller (Ireland) Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Sterling Drug (Malaya) Sdn Berhad [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Sterling products international, Incorporated [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Treerly Health Co., Ltd [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Wyeth Pharmaceuticals Company [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GSK-Gebro Consumer Healthcare GmbH [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	50%
Haleon Pakistan Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	85.80%
Pfizer Biotech Corporation [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	55%
Sino-American Tianjin Smith Kline & French Laboratories Ltd [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	55%
SmithKline Beecham (Private) Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	99.70%

Subsidiaries - Other Subsidiari

Subsidiaries - Other Subsidiaries (Details)	12 Months Ended
	Dec. 31, 2023
GSK-Gebro Consumer Healthcare GmbH
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	50%
Haleon Pakistan Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	85.80%
Haleon US Enterprises Inc [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	88%
Haleon US L.P. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	88%
Pfizer Biotech Corporation
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	55%
Sino-American Tianjin Smith Kline & French Laboratories Ltd
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	55%
SmithKline Beecham (Private) Limited
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	99.70%
Glaxo Wellcome Ceylon Limited
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%