GlaxoSmithKline PLC (GSK) Presents at UBS Global Consumer and Retail Conference 2022 (Transcript)

GlaxoSmithKline PLC (NYSE:GSK) UBS Global Consumer and Retail Conference 2022 March 9, 2022 11:00 AM ET

Company Participants

Tobias Hestler - Haleon, Designate Chief Financial Officer

Conference Call Participants

Guillaume Delmas - UBS

Guillaume Delmas

Hello, everyone, and welcome to this Haleon fireside chat. My name is Guillaume Delmas. I head the European food and HPC team here at UBS. So today, absolutely delighted to have with us Haleon's Chief Financial Officer, Tobias Hestler. Tobias, thank you for your time today. Plenty to discuss. As you know, Haleon had its Capital Markets Day last week and the planned demerger should occur in July of this year.

So for the purpose of this fireside chat, I thought I would mostly focus on your medium-term prospects, both at the group level, but also for each of your 3 divisions. And then maybe spend the last 5 to 10 minutes focusing more on short-term priorities, potentially challenges.

[Operator Instructions]

And with that, let's start. So Tobias, on your medium-term organic sales growth ambitions, you are targeting 4% to 6%. Your category growth, you estimate is going to be around 3 to 4. So my first question is, what are the factors that should be driving your outperformance relative to category growth. So that's 1.3, 1.5x the level of outperformance. And of your 3 segments, OTC, VMS, Oral Care, where do you see the biggest opportunity to grow in excess of category growth?

Tobias Hestler

Good. Thanks, Guillaume. So look, exciting to be here, fantastic time of being able to launch Haleon with the Capital Markets Day last week and being able to engage with all of you today. So thanks for having me here, I appreciate that. We -- let me just approach your question from 2 different angles. So one is we have significantly reshaped our portfolio. We've integrated the business, we've divested. So we've created