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The total operating margin was The adjusted operating profit margin of This primarily reflected an unfavourable comparison to the net profit on disposal in Q2 of the Horlicks and other Consumer Healthcare brands partly offset by the related loss on sale of the shares in Hindustan Unilever, a tax credit in Q2 in connection with enactment of an increase in the headline UK corporation tax rate, lower major restructuring costs and lower re-measurement charges on the contingent consideration liabilities.

The decrease primarily reflected adverse exchange impacts, increased inventory, increased trade receivables, adverse timing of returns and rebates, partly offset by improved operating profit at CER reduced tax payments including tax on disposals.

We also remain open to opportunities outside these core therapy areas where there are scale opportunities consistent with the science of the immune system and human genetic validation. The late-stage pipeline will help deliver the sales ambition set by the Company for and beyond. This is an excerpt of the original content. To continue reading it, access the original document here.

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