GSK has completed the sale of 385,320,110 ordinary shares in Haleon, raising £1.248bn.

As a result, GSK has fully exited its position and will no longer hold any ordinary shares in Haleon.

GSK had retained a 12.94% stake in the healthcare business, which owns brands including Sensodyne, Panadol and Centrum, since the demerger in July 2022.

The pharmaceutical giant went on to make disposals of shares across 2023 and 2024, equating to around 1.2 billion shares being sold.

The sale of these shares created cumulative gross proceeds of approximately £3.9bn.

The news comes after Haleon announced that it was to cut 435 jobs at the firm and close its site in Maidenhead, in order to save around £90m between the 2024 and 2026 financial years.

In its Q1 results, the Haleon’s chief executive officer, Brian McNamara, said: "First quarter trading was solid and in line with guidance shared when we reported FY 2023 results. Organic revenue growth of 3% was impacted by lapping tough comparatives in the prior year particularly in respiratory health and pain relief.

"Despite this, strong innovation combined with successful execution of our go-to-market strategy underpinned performance in our power brands which grew 5.2% with particularly strong performance in our oral health and VMS portfolio. Regionally, whilst growth was held back in the US from inventory adjustments by some retailers, Haleon’s consumption in this region was strong, up mid-single digit and ahead of the market. As such, we remain confident of delivering on our FY guidance."

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