Consumer healthcare company Haleon reported first-quarter revenue slightly below market estimates on Wednesday, due to retailer destocking in the US and cooling demand for some of its medicines after a surge last year. The maker of popular household products such as Sensodyne toothpaste and pain-reliever Panadol, had earlier said that the first three months of 2024 would be impacted by a softer cold and flu season and a slowdown in painkiller Advil's sales in Canada, following a surge in demand last year.

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Demand for medicines such as Contac and Fenbid, which benefited from pent-up demand in China last year after lockdown restrictions were lifted have also cooled, impacting Haleon's quarterly sales growth.

Revenues stood at 2.92 billion pounds ($3.64 billion) for the quarter ended March 31, slightly missing expectations of 2.93 billion pounds, according to a company-compiled consensus.

On a reported basis, revenue was down 2.2% on last year.

Shares in the FTSE 100 group fell 1.8% in early trading, to become one of the top losers on the blue-chip index. The stock has risen about 5% this year as of Tuesday's close.

Haleon, the world's biggest standalone consumer health company, comprising assets from GSK and Pfizer sells non-prescription drugs, vitamins and oral care products.

Demand for its oral health products and multivitamins held steady during the reported quarter, and the company re-affirmed its full-year outlook outlined in February.