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Reckitt Benckiser: Spin off of pharma business

July 28, 2014

Reckitt Benckiser largely met market expectations with its first half-year results. Net profit was even slightly better than expected (GBP 829m vs. consensus GBP 804m). In addition, the manufacturer and distributer of a wide range of household, toiletry, pharmaceutical and food products confirmed its plan to spin off the pharmaceutical business within the next twelve months, which makes sense from our perspective. Reckitt confirmed its outlook and presented, in our view, an overall result without any major surprises at the first glance. We therefore reiterate our rating.

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