Favourable outcome to Missouri state case

Research evidence excerpt

Favourable outcome to Missouri state case

Update

July 3, 2026 06:02 AM GMT

Morgan Stanley & Co. International plc+MReckitt Benckiser | Europe Sarah Simon

Equity Analyst

Favourable outcome to Missouri Sarah.Simon@morganstanley.comTilly Eno +44 20 7425-6064

Tilly.Eno@morganstanley.com +44 20 7677-3662

state case David J Roux

David.Roux@morganstanley.com +44 20 7425-1040

Key Takeaways Chris Linford, CFA

Research Associate

A jury in St Louis Missouri has rejected claims against Mead Johnson in respect of Chris.Linford@morganstanley.com +44 20 7425-1639

Richard Li

a trial relating to the relationship between Enfamil and NEC

This verdict follows the recent reversal of a $60m ruling against Mead Johnson in Richard.Li@morganstanley.com +44 20 7425-1976

the Watson trial. We understand that the plaintiff can appeal the reversal Reckitt Benckiser (RKT.L, RKT LN)

The next key date will be commencement of the MDL bellwether trial, which is Household & Personal Care Products | United Kingdom

scheduled for August 6th. Stock Rating Overweight

Industry View In-Line

Price target 5,800p

As investors will be aware, the NEC litigation situation is complex, with both state Shr price, close (Jul 2, 2026) 5,128p

52-Week Range 6,514-3,664p

level cases and those that have grouped into the MDL, for which bellwether trials Mkt cap, curr (mn) £36,793

have been selected. In respect of state cases, there have now been two pieces of Net debt (12/26e) (mn)* £8,562

EV, curr (mn)* £43,333

newsflow in Reckitt's favour:

* = GAAP or approximated based on GAAP

1) reversal of a $60m ruling against Mead Johnson in respect of the Watson state

case (Illinois). The Illnois appelate court rejected the ruling on the basis that the jury

had not been properly instructed, and has ordered a new trial.