London, Jan 15, 2026, 09:14 GMT — Regular session
- Haleon shares dipped around 0.5% in early London trading, following a near 1% gain on Wednesday
- JD Health and Haleon inked a deal to broaden their partnership in China, moving past just chronic disease management
- Deutsche Bank downgraded Haleon to “sell.” Investors are now turning to the company’s full-year results, due Feb. 25, for direction.
Haleon (HLN.L) slipped 0.5% to 364.5 pence by 0914 GMT, erasing part of Wednesday’s 1% rise. 1
The move was modest, coming as investors sifted through new China headlines and a tougher stance from brokers on the stock.
China stands out for Haleon as one of the rare major markets where scaling digital channels can swiftly shift growth dynamics. Online pharmacies and health platforms there also intensify pricing pressure, directly influencing the margin discussions surrounding consumer health companies.
The lead-up to the next earnings cycle feels uneasy. Haleon has pledged to reveal more about internal changes, but investors remain unsure if the costs and complexity involved will deliver quick enough returns.
JD Health announced a new deal with Haleon in China to expand their partnership, targeting a wider disease “co-management” ecosystem by 2026. The plan is to integrate online support and follow-up care with treatment pathways. According to the report, the collaboration will extend beyond chronic disease management to cover over 15 areas—ranging from child growth and development to respiratory health, mental health, skin and hair, digestive health, and sexual health. Financial details were not revealed. 2
Deutsche Bank Research downgraded Haleon to “sell” from “hold,” slashing its price target to 340 pence, a London broker ratings roundup shows. The bank maintained a “hold” on Reckitt Benckiser but raised its target price. 3
Deutsche Bank analyst Tom Sykes took a wider view on the sector. He said, “The backdrop for Staples remains mixed albeit that a significant amount of the negatives seem priced in.” Sykes flagged channel shifts and the risk of softer pricing as key trends to watch in 2026. 4
Haleon is pushing the focus back to execution. Earlier this month, it unveiled a shake-up of its operating model, creating a new chief growth officer position and six distinct operating units. The company expects these changes to be fully in place by mid-2026. CEO Brian McNamara described the move as aiming to build “a simpler and more agile and efficient organisation.” 5
That said, the downside scenario is straightforward. China partnerships risk dragging into extended pilots that barely move the revenue needle. Expanding into more categories won’t necessarily boost market share either, especially with rivals battling fiercely for shelf space both online and offline.
