消费者医疗与大健康并购分析报告-艾意凯LEK

VIP专享

3.0 方新侠2024 2024-07-22 95 18 1.82MB 8 页免费

侵权投诉

L .E .K . LOOK FORWARD INTO 2024 | HEALTHCARE

Look Forward to M&A Opportunities in

Consumer Health and Well-Being

Sectors

Adrienne Rivlin and Mark Boyd-Boland

Article

L.E.K. Look Forward Into 2024

Welcome to Look Forward, L.E.K. Consulting’s annual analysis of the

challenges and opportunities in the year ahead. In this paper, partners

Adrienne Rivlin and Mark Boyd-Boland look back at a slow year for M&A

in consumer health but ﬁnd reasons to be optimistic for some segments

in 2024.

Look Forward to M&A Opportunities for

segments focused on consumer health and

well-being

M&A in consumer health

Pent-up demand from the pandemic, strong capital markets and an increase in the

consumer trend for self-care made 2021 a strong year for M&A. However, transactions

fell significantly in 2022 and slowed further in 2023, largely due to a combination of the

unfavourable macroeconomic environment, rising inflation and interest rates and sluggish

sales in some segments due to cost-of-living pressures. Looking ahead, we anticipate more

subdued M&A activity to continue into 2024, given the prevailing economic headwinds

and cost-of-living challenges. Investors are more likely to hold o for improved market

conditions and clarity on future product trends that will drive growth within the sector.

Certain segments, however, such as vitamins, minerals and supplements (VMS), organic/

alternative products and digital solutions, are poised to sustain continued interest given the

L.E.K. LOOK FORWARD INTO 2024

heightened consumer focus on overall well-being (both physical and mental). How will 2024

unfold? We have ﬁve key predictions for the year ahead.

Prediction 1 — Portfolio rationalisation of large consumer health players likely to

resume

A recent major trend has been spin-outs/demergers of the consumer health businesses

from large pharma players, most notably Haleon (GSK) and Kenvue (J&J). Adding to this is

Sanoﬁ’s planned 2024 separation. These restructurings have shied priorities and reshaped

the M&A landscape.

These newly independent consumer health businesses are expected to return to historical

portfolio optimisation strategies, mirroring the M&A approach of their parent companies

in the 2010s. They are also likely to maintain their category focus by divesting non-core

brands.

This has been seen in the recent sale by Haleon of Lamisil to Karo Healthcare and also in

Haleon’s exploration of divestment opportunities for the Nicotinell brand (as of July 2023).

Countries such as the UK have also committed to reducing barriers for pharmaceutical

over-the-counter (OTC) switches, oering a potential avenue for further M&A among

consumer health businesses with an OTC focus in particular.

Prediction 2 — VMS, nutraceuticals and sports nutrition likely to remain robust

despite recent revenue downturn

VMS and nutraceutical companies have consistently commanded strong valuations in

recent years and are likely to continue to be attractive despite recent, more restrained

market growth. We expect that Covid-19-linked greater consumer focus on personal health

and well-being will continue to sustain product sales, particularly as consumer conﬁdence

returns fuelled by easing inﬂation and cost-of-living pressures.

For VMS and nutraceuticals, M&A trends are expected to mirror current consumer

preferences, with an emphasis on holistic ‘wellness’ and a growing focus on ethical

sustainability. Brands that have built an identity based around sustainable, organic, natural

and ethical sourcing of ingredients and business practices will make particularly attractive

acquisition targets.

The sports nutrition space has been the highest-growth consumer health segment of the

past ﬁve years and continues to have a favourable outlook (see Figure 1).

Look Forward to M&A Opportunities for Segments Focused on Consumer Health and Well-Being

L.E.K. Consulting / Article

研报加载中……请稍候！
如果长时间未打开，您也可以点击刷新试试。

下载研报到电脑，查找使用更方便

免费 18人已下载

立即下载

标签： #并购

摘要：

L.E.K.LOOKFORWARDINTO2024|HEALTHCARELookForwardtoM&AOpportunitiesinConsumerHealthandWell-BeingSectorsAdrienneRivlinandMarkBoyd-Boland2ArticleL.E.K.LookForwardInto2024WelcometoLookForward,L.E.K.Consulting’sannualanalysisofthechallengesandopportunitiesintheyearahead.Inthispaper,partnersAdrienneRivlina...

展开>> 收起<<

消费者医疗与大健康并购分析报告-艾意凯LEK.pdf

共8页,预览3页

还剩页未读，继续阅读