The biggest competitor in medical CPG isn't another brand.
Across a year of earnings calls — Haleon, Kenvue, Reckitt, Perrigo — the winners aren't stealing share. They're converting untreated need. The numbers, the quotes, and the exact sources.
The gap
Management's own framing of where the growth is.
"The categories are underdeveloped because of the gap between the incidence of a health issue and treatment."
Kimberly-Clark, Q2 2026 earnings call — on why Kenvue's categories have room to grow
Most of the growth isn't share to steal. It's need that never converts. A third of people with sensitive teeth never used a sensitivity toothpaste — the lever was a pack they could try for twenty rupees.
Two playbooks, one game
Premium trust and value trust are both converting non-treaters — at opposite ends of the price ladder.
Perrigo's store-brand OTC share gain in Q2 2026 — while category volume fell 1.1%, Perrigo's store-brand volumes grew 1.5%. "Store brands are under-penetrated."
Opill repeat purchase rate, per Perrigo — "doing better and better, growing" across major US retailers.
Perrigo's US share gain in the July 4-week data — the demand-generation rollout is accelerating, now across all categories.
Perrigo's US service level, up 1,600 bps since 2023 — the execution backbone behind the share gains.
Private label: two true stories at once
Same consumer, two trust strategies. Hover each bar for the source — this tension is the thesis.
Screenshot-ready
One stat or one quote per card, clean backgrounds — built to be screenshotted into a post.
"They are looking for trust, value, brands that they are familiar with that have been recommended to them by their healthcare professionals."
"Our objective is also to grow the category with the retailers… We're working to do this across all the categories we are in."
"In OTC, currency is kind of trust and accuracy."
Exact references
Every figure on this page, sourced.
- Kimberly-Clark Q2 2026 earnings call (Aug 6, 2026) — categories underdeveloped: the gap between incidence of a health issue and treatment; Kenvue acquisition expected to close Q4 2026.
- Haleon H1 2026 earnings Q&A (Jul 30, 2026) — 20.9% A&P ratio; 60% of media to digital; e-commerce at twice the market rate; India INR20 Sensodyne pack >40% of quarterly volume, half of India's growth; AI forecasting accuracy +5–6%. Haleon investor results
- Perrigo Q2 2026 earnings call (Aug 5, 2026) — leader in US store-brand OTC; category volume −1.1%, Perrigo store-brand OTC volume +1.5%, +50 bps share; "store brands are under-penetrated"; Opill repeat rates above 60%; demand generation expanding across categories; US service levels 91%. MarketBeat transcript
- Kenvue Q1 2025 earnings call (May 8, 2025) — no down-trade to private label globally; private-label penetration down another 50 bps; Tylenol share gains 11th straight quarter; Neutrogena 8bn earned impressions, Gen Z penetration +30 bps; $4.99/$9.99/$14.99 psychological price thresholds.
- Reckitt H1 2026 earnings call (Jul 29, 2026) — Lysol high-single-digit growth on "the equity and trust consumers have for the Lysol brand"; Mucinex 12-hour launch.
- Teva / Dipesh Patel, Brave Commerce podcast (Mar 2026) — "currency is kind of trust and accuracy" in OTC.
Kept honest: seasonal categories (cough/cold/allergy) were soft for everyone on weak seasons; Europe is the weak spot (Haleon ~flat, Perrigo destocking); Kenvue's latest transcript is Q1 2025 — no 2026 calls during the pending Kimberly-Clark acquisition.