Company Participants Conference Call Participants Good morning, everyone. Welcome to Reckitt's Half Year 2024 Results Presentation and our Strategic Update. Before we start, I'd like to draw your attention to the usual disclaimer in respect to forward-looking statements. Now presenting today is Kris Licht, our CEO; and Shannon Eisenhardt, our CFO. Following the presentation will be the normal Q&A session. Good morning, everyone, and thank you for joining us. Shannon and I will kick off today's presentation ...

Reckitt Benckiser Group plc (OTCPK:RBGPF) Q1 2024 Earnings Conference Call April 24, 2024 3:30 AM ET Company Participants Richard Joyce - Head, Investor Relations Kris Licht - Chief Executive Officer Shannon Eisenhardt - Chief Financial Officer Conference Call Participants Guillaume Delmas - UBS Celine Pannuti - JPMorgan Iain Simpson - Barclays Victoria Petrova - Bank of America Tom Sykes - Deutsche Bank Fulvio Cazzol - Berenberg David Hayes - Jefferies Jeremy Fialko - HSBC Emma Letheren - RBC Chris Pitcher ...

Reckitt Benckiser Group PLC (LSE:RKT, ETR:3RB)’s shares continue to suffer amid a series of legal challenges related to its baby formula products. The company is facing litigation and significant financial penalties due to allegations surrounding the safety and marketing of its infant nutrition products. Last week, the maker of Enfamil was ordered by a US judge to pay $60 million to a mother whose baby passed away, allegedly due to complications from consuming the formula. Though Reckitt is appealing, and s ...

DELIVERING FOR A CLEANER, HEALTHIER WORLD FY 2023 RESULTS FY 2023 RESULTS DISCLAIMER Cautionary note concerning forward-looking statements This presentation contains statements with respect to the financial condition, results of operations and business of Reckitt Benckiser Group plc and the Reckitt group of companies (the "Group") and certain of the plans and objectives of the Group that are forward-looking statements. Words such as 'intends', 'targets', or the negative of these terms and other similar expr ...

Financial Data and Key Metrics Changes - Full year net revenue growth exceeded expectations, with a 3.5% increase on a like-for-like basis, driven by pricing actions and innovation [24][26] - Adjusted operating profit was £3.373 billion, slightly ahead of last year at constant exchange rates, with an adjusted operating margin of 23.1%, down 70 basis points from the previous year [26][34] - Adjusted diluted earnings per share decreased by 5.4% to £323.4p, impacted by negative foreign exchange rates and an increase in the effective tax rate [27][50] - Strong free cash flow of £2.258 billion, up 11% year-on-year, representing a 97% cash conversion rate [52][67] Business Line Data and Key Metrics Changes - Hygiene business achieved a full year growth of 5.1%, with significant contributions from brands like Finish and Lysol [35][38] - Health business saw like-for-like growth of 5%, with strong performances from Nurofen, Gaviscon, and intimate wellness brands, although OTC brands faced challenges in Q4 [38][40] - Nutrition business experienced a decline of 4% in like-for-like net revenue, with volumes down 10% but price/mix up 6% [42][43] Market Data and Key Metrics Changes - North America Nutrition business held market leadership with a circa 45% share of hospital contracts, despite a rebasing from previous highs [14][15] - The company noted a decline in volumes in developing markets, attributed to declining birth rates and increased breastfeeding rates [48] Company Strategy and Development Direction - The company aims for mid-single-digit topline growth and to grow adjusted operating profit ahead of revenue growth [18][20] - A fixed cost optimization program is expected to deliver 200 basis points of net revenue savings over the coming years [8][17] - Continued investment in product superiority and innovation is a priority to drive growth and improve competitiveness [16][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's future, expecting a more normalized environment for categories in 2024 [10][19] - The company is focused on executing with excellence and improving market share, targeting 60% of core CMUs to hold or gain share [16][84] - Management acknowledged challenges in the Nutrition business but remains optimistic about returning to growth late in fiscal 2024 [56][62] Other Important Information - A small voluntary product recall in the Nutrition business and an understatement of trade spend in two Middle Eastern markets were identified, impacting financial results [4][21] - An impairment of £810 million was taken on the IFCN business due to increased pre-tax discount rates [28] Q&A Session Questions and Answers Question: Confidence in Health and Hygiene growth amidst pricing normalization - Management highlighted significant momentum in the Hygiene and Health businesses, driven by innovation and increased capacity [71][72] Question: Details on trade spend understatement in Middle Eastern markets - Management confirmed it was an isolated incident involving a small group of employees, with corrective actions taken [73][74] Question: Mix dynamics in Health and Hygiene - Management noted that premiumization impacts volumes, and while some segments saw declines, others like intimate wellness grew strongly [80][82] Question: Nutrition business capital investment needs - Management acknowledged the need for increased capital and operating expenses due to a more intense regulatory environment, targeting low 20% margins as a long-term ambition [88][90]

Shares in the Nurofen maker Reckitt Benckiser Group PLC (LSE:RKT, ETR:3RB) fell 11% with the market spooked by its fourth-quarter sales miss and a £55 million revenue hit related to compliance issues at two of its Middle East operations. At 11.05 am, the stock was off 654p at 5,184p after the company revealed the trading drag was the result of lower-than-expected demand for cold and flu remedies and voluntary recall of its Nutramigen infant formula. On the issue of the adjustment to net sales, Reckitt, whic ...

Reckitt Benckiser Group shares opened 7% lower after the Anglo-Dutch consumer products group's fourth-quarter performance fell short of expectations, and an understatement in trade spend that affected its full-year net revenue figure. This underperformance was attributed to reduced sales of cold and flu products during the season. Despite this setback, Reckitt said it remains optimistic about the future, projecting a 2-4% increase in like-for-like net revenue growth for the upcoming year, with particular co ...

Any hopes that Taylor Wimpey might 'surprise on the upside' have seemingly been dashed by the CMA probe announced this week... read the preview Reckitt Benckiser's volumes will be key in its update... read the preview Takeaway group Just Eat has steadily been gaining market share from its rivals. Can it continue?... Read the preview Luxury car maker Aston Martin is expected to post a strong final quarter according to Goldman Sachs ... Read the preview Other announcements due Trading updates: Asa Internation ...

Reckitt Benckiser needs to deliver improving volumes when it reports next week, according to Mark Britzman. “Third-quarter results disappointed and the concern remains that consumers have yet to fully digest higher prices,” he adds. “Management was quick to give positive commentary on volumes, which are expected to improve over the fourth quarter. But there was no specific guidance given on when their growth might turn positive again.” If volumes can start to move in the right direction over 2024, margin ca ...

Reckitt Benckiser Group plc (OTCPK:RBGPF) CAGNY 2024 Conference Call February 22, 2024 8:00 AM ET Company Participants Kris Licht - Chief Executive Officer Shannon Eisenhardt - CFO Designate Richard Joyce - Head, Investor Relations Conference Call Participants Timothy Gamache - Weiss Multi-Strategy Advisers LLC Iain Simpson - Barclays Celine Pannuti - JPMorgan Bryan Spillane - Bank of America Timothy Gamache We have a special presentation to kick off Day 3 at CAGNY. It is my pleasure once again to welcome R ...