Tianjin TSKF Pharmaceutical Co. Ltd (TSKF) acquired by Haleon

Acquisition of Tianjin TSKF Pharmaceutical Co. Ltd (TSKF) by Haleon.

We reinvested some of the proceeds from our divestments into Tianjin TSKF Pharmaceutical Co. Ltd (TSKF), our China Joint Venture, an important milestone in a key strategic market, where we now have an 88% stake, with an option to acquire full ownership in 2025.

We invested £0.5bn in our OTC joint venture in China, raising our participation from 55% to 88%.

We also acquired an additional 33% equity interest in TSKF, our joint venture in China, for c.£0.5bn.

Approved the increase in Haleon’s stake in the TSKF joint venture in China from 55% to 88% with the option for Haleon to acquire the remaining 12% shareholding in TSKF in future.

This outcome includes an adjustment to exclude the impact of acquiring an additional stake in the TSKF joint venture which was not anticipated when the targets were set.

Successful £500m acquisition of an additional 33% equity interest in TSKF, the joint venture which operates Haleon’s OTC business in China. — This increases Haleon’s participation in TSKF to 88%, delivering greater control and increased strategic and operational flexibility across the business, and is accretive to EPS for Haleon’s shareholders.

The net debt/adjusted EBITDA actual outcome has been adjusted to exclude the impact of Haleon’s acquisition of an additional 33% stake in the TSKF joint venture, which completed on 30 December 2024.

Successful £500m acquisition of an additional 33% equity interest in TSKF, the joint venture which operates Haleon’s OTC business in China.