|Bid||6,556.00 x 0|
|Ask||6,557.00 x 0|
|Day's Range||6,497.00 - 6,620.00|
|52 Week Range||5,559.00 - 7,174.00|
|Beta (3Y Monthly)||0.92|
|PE Ratio (TTM)||21.48|
|Earnings Date||Jul 30, 2019|
|Forward Dividend & Yield||2.00 (3.04%)|
|1y Target Est||7,085.56|
British consumer goods group Reckitt Benckiser has agreed to pay up to $1.4bn to US authorities, resolving investigations into how a former subsidiary marketed a drug used to treat addiction to painkillers. It is the largest penalty linked to the country’s opioid epidemic, which has devastated communities across the US. Two million Americans are now suffering from opioid use disorder and the outbreak of opioid overdoses has even pulled down average US life expectancy.
Shares in consumer-goods giant Reckitt Benckiser (RB) increased 2.5% after the firm behind disinfectant Lysol to fabric cleaner Woolite agreed to pay up to $1.4 billion to end a U.S. federal investigation into Indivior, a division it used to own.
London markets pared gains after the Federal Reserve chair Jerome Powell’s dovish comments failed to significantly support the FTSE 100.
European shares closed at a two-week low on Thursday weighed down by pharma stocks on worries that U.S. government may intervene on high drug prices, while optimism from the Federal Reserve's dovish stance faded away. The pan-European stocks benchmark rallied earlier in the day on remarks from Fed Chair Jerome Powell but reversed course in late afternoon trading to close 0.1% lower. The White House announced that it was ditching its push for changes to the pharma rebate structure, providing some relief to health insurance companies but hurting drugmakers, including those in Europe.
FT subscribers can click here to receive Opening quote by email. Reckitt Benckiser , the company behind brands such as Dettol and Vanish, is cleaning house ahead of the arrival of its new chief executive ...
European shares rose on Thursday, breaking a four-day losing streak, after U.S. Federal Reserve Chair Jerome Powell cemented hopes of an interest rate cut this month, lifting stock markets worldwide. While strong U.S. jobs data last week had investors trimming bets of a 50 basis points cut in interest rates by the Fed in July, Powell's remarks saw interest rate futures pricing in greater odds of an aggressive rate cut this month. The pan-European stocks benchmark rose 0.2% after accumulating losses of 1.4% over the last four sessions.
London-listed drugmaker Indivior has raised its guidance for this year’s earnings following the strong performance of a drug used to treat opioid addiction, sending shares up by more than a third. that Indivior’s former owner Reckitt Benckiser agreed to pay more than $1bn to resolve US investigations into how its former subsidiary marketed the drug Suboxone. Indivior said on Thursday that it now expects 2019 net revenue to be in the range of $670m to $720m, up from a previously forecast $525m to $575m.
The settlement, the largest by any company related to the U.S. opioid epidemic, resolved long-running probes by the U.S. Justice Department and the Federal Trade Commission into the companies' marketing and sales of Suboxone Film. The deal came after Indivior in April was indicted and accused of deceiving doctors and healthcare benefit programs into believing Suboxone Film, itself a form of opioid, was safer and less susceptible to abuse than similar drugs.
Britain's Reckitt Benckiser will pay up to $1.4 billion to resolve all U.S. federal investigations into the sales and marketing of an opioid addiction treatment by its former prescription pharmaceuticals business Indivior. Reckitt Benckiser (RB) said it had reached agreements with the U.S. Department of Justice (DOJ) and the Federal Trade Commission (FTC) to resolve the investigation into a business that was wholly demerged from the company in 2014. The U.S. Justice Department had accused Indivior of illegally boosting prescriptions for the opioid addiction treatment, called Suboxone Film.
Reckitt Benckiser has agreed to pay up to $1.4bn to US authorities in the largest penalty linked to the country’s opioid crisis. US authorities allege that the business, which Reckitt owned until 2014, made unsubstantiated claims about a new version of Suboxone, an anti-addiction drug, from 2006 to 2015. Reckitt spun out the subsidiary into a separate UK-listed company called Indivior in 2014.
● Reckitt Benckiser edged higher after it reached a deal with the US Department of Justice and Federal Trade Commission to exclude it from an investigation into alleged mis-selling of Suboxone film, an opiate addiction treatment, by its demerged business Indivior. “We think that the quick settlement is good news, as it provides clarity and protects RB’s US business from lengthy legal struggles,” said Kepler Cheuvreux. ● Indivior itself surged after reporting that sales of Suboxone film had held up in spite of generic competition entering the market in February.
Opioid addiction is costing Americans billions of dollars. It is not working out cheaply for Reckitt Benckiser either. A troublesome source of cost, doubt and distraction has evaporated before new boss Laxman Narasimhan takes over in September.
(Bloomberg Opinion) -- Reckitt Benckiser Group Plc has appointed Laxman Narasimhan as its new chief executive officer, succeeding Rakesh Kapoor. An outsider should herald a fresh start for a group that was once a superstar, but has more recently become a laggard.Reckitt has eschewed some of the obvious candidates for the role, such as Tesco Plc’s Dave Lewis or Unilever’s Nitin Paranjpe. It has instead chosen Narasimhan, who joins from PepsiCo Inc., where he was global chief commercial officer.He’s an unknown quantity outside of the U.S. He had a career spanning almost 20 years at McKinsey, before moving to Pepsi. While he was well-regarded there, its change of CEO might have left him as one of the senior executives who missed out on the top job and was therefore looking for opportunities outside of the soft drinks maker.And Reckitt has some particular challenges. It has endured a tumultuous few years, following the $16.6 billion acquisition of Mead Johnson in 2017.Narasimhan should at least bring a burst energy to the group. Kapoor was increasingly worn down by Reckitt’s problems.The first task of the incoming leader is to revive sales expansion, which has stalled. He must also complete the integration of Mead Johnson. It did seem as if it was improving, but hit another bump in the road last year, in the form of disruption to a plant in the Netherlands. Not having been involved in the purchase, Narasimhan can take an impartial view on the best way to tackle what increasingly looks like the wrong deal to have done.Narasimhan must both fit in with Reckitt’s culture, and evolve it. It has a particular hard-driving approach, where cost-cutting to bolster margins is at the forefront. That has gone out of fashion with investors, who want a better balance between top line and bottom line growth. The new CEO will have more scope to warn that margins must come down to facilitate the investment needed to turbocharge sales.Kapoor reorganized Reckitt into two divisions: one focused on household products, such as Cillit Bang cleaner, and the other on consumer health treatments including Nurofen painkillers. As well as being CEO, Narasimhan will directly lead the health arm.But the outgoing CEO hadn't yet taken that to its logical conclusion: separating the two units, possibly through a sale of hygiene and home. While Kapoor had earmarked this as a job for mid-2020, it will fall to his successor to complete the task.A split is not a given: new leaders don’t usually like to take an ax to their empires. There is also a question mark over whether Narasimhan can break up the group, even if he wanted to.As my colleague Chris Hughes has argued, this reinvention could be hampered by the aftershocks from the Justice Department’s indictment of Indivior Plc, the pharma business Reckitt spun off back in 2014. The drugmaker faces a $3 billion fine after U.S. prosecutors alleged it lied about the dangers of its opioid addiction treatment.That Narisimhan didn’t have any hand in the Indivior spin off means he has no baggage associated with the original deal, which would impede finding a solution. Having been based in the U.S., he should also have experience of dealing with regulators there.Indeed, this underlines the benefit of appointing an outsider – to both the company and the broader European consumer goods sector – he has much more latitude to take the difficult decisions that Reckitt needs to regain its stellar status.To contact the author of this story: Andrea Felsted at email@example.comTo contact the editor responsible for this story: Jennifer Ryan at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andrea Felsted is a Bloomberg Opinion columnist covering the consumer and retail industries. She previously worked at the Financial Times.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Narasimhan, PepsiCo's global chief commercial officer, is the first external candidate to be appointed as CEO at Reckitt since the maker of Durex condoms, Nurofen tablets and Dettol cleaners was formed in 1999. The 52-year-old takes over as CEO on Sept. 1, replacing Rakesh Kapoor, 60, who has led Reckitt for more than eight years and said in January he would retire this year.
Consumer goods group Reckitt Benckiser has picked PepsiCo executive Laxman Narasimhan as its next chief executive, becoming the latest industry heavyweight to turn to a company outsider to tackle faltering growth and new media-savvy rivals. Narasimhan, PepsiCo's global chief commercial officer, is the first external candidate to be appointed as CEO at Reckitt since the maker of Durex condoms, Nurofen tablets and Dettol cleaners was formed in 1999.
Dettol and Lysol maker Reckitt Benckiser Group Plc will invest an additional $200 million in its UK and U.S. units this year, including a $70 million investment in a Michigan manufacturing facility. Chief Executive Officer Rakesh Kapoor said the funds would be used to expand the company's Michigan plant, which was bought as part of its takeover of Enfamil infant formula maker Mead Johnson Nutrition company for about $18 billion in 2017. Kapoor made his remarks at a breakfast event at St James' Palace, the Queen's official residence, attended by U.S. President Donald Trump and high level executives from 10 U.S. and British businesses.
U.S. President Donald Trump struck a positive, conciliatory tone with top British and U.S. business leaders at a meeting in London on Tuesday, sources familiar with the talks told Reuters, despite tensions between the two countries over China's Huawei. In a breakfast gathering with 10 executives at St James' Palace, Trump mentioned the strong historical ties between the two countries and praised British investment in the U.S. healthcare sector in particular, the sources said. Trump had earlier promised Britain a substantial post-Brexit trade deal, during a state visit to Britain being cast as a chance to celebrate Britain's "special relationship" with the United States and boost trade links.