Nestlé has boosted its annual sales outlook, ahead of an investor meeting on Tuesday, while announcing it is considering the future of its allergy treatment business.
The Kit Kat maker nudged its outlook for organic sales growth to between eight and 8.5 per cent, following a forecast last month of around eight per cent.
In an update on Tuesday, Nestlé said it had “decided to explore strategic options” its peanut allergy treatment, Palforzia.
It cited “slower than expected adoption by patients and healthcare professionals,” and said the review was anticipated to be completed in the first half of 2023.
In the future, the company’s health science business would “sharpen its focus” on consumer care and medical nutrition.
In October, the Swiss food giant said 7.5 per cent price rises had resulted in the highest sales growth in 14 years.
Sales had shot up 9.2 per cent to £61.3bn, the consumer giant said in a nine-month trading update last month.
Nestlé chief Mark Schnedier said the firm had “made significant progress in recent years,” by “accelerating organic growth, increasing margins and enhancing capital efficiency.”
The company would “continue to invest for future growth” despite the present “turbulent times” for consumer-facing businesses.
It said it would hike profit margins but pointed to the “impact of a sharp increase in cost inflation” over the past two years.
Fellow consumer goods giant Unilever also ushered in price increases earlier this year, with the Ben & Jerry’s maker increasing prices for consumers by 12.5 per cent. This marked the brand’s highest ever hike.