CASE STUDY: Haleon’s working capital optimisation journey

Since becoming a standalone company in 2022, Haleon has been transitioning from a pharma-based heritage to a more dynamic FMCG-style operating model, placing greater emphasis on agility, cash generation, and operational efficiency.
Working capital optimisation sits at the centre of this shift. It is no longer just a finance metric, but a key lever to improve operating performance, release cash, and fund reinvestment in growth.
By taking a more integrated, end-to-end approach across treasury, supply chain, and commercial teams, Haleon has strengthened free cash flow and is targeting around a 30% reduction in its working capital cycle over the medium term.
In this session, Carol Thurnheer will share how that transformation is delivered in practice, and the role treasury plays in driving it.