Church & Dwight: Catching up with Church & Dwight in Ewing, NJ

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Church & Dwight: Catching up with Church & Dwight in Ewing, NJ

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Church & Dwight

Catching up with Church & Dwight in

Ewing, NJ

Reiterate Rating: BUY | PO: 115.00 USD | Price: 98.19 USD

CHD remains well-positioned in volatile environment 11 June 2026

On 6/10, we hosted a headquarters’ meeting with Church & Dwight (CHD) CEO Rick Equity

Dierker, CFO Lee McChesney, and U.S. Domestic President Chuck Raup. CHD is well-

positioned due to its mix of value portfolio (36% of sales) and innovation / M&A on Anna Lizzul

premium. CHD guided to +100bps of gross margin expansion this year, higher than its ResearchBofAS Analyst

typical +25-50bps of annual expansion as better business mix, particularly post the +1 646 855 2569

anna.lizzul@bofa.com

vitamins business divestiture, is expected to boost margins. CHD continues to see $25-

$30m in incremental inflation due to the Middle East conflict, expected to be offset PeterResearchT. Galbo,AnalystCFA

through productivity. CHD can mitigate additional costs through fewer promotions and BofAS

+1 646 743 0175

pricing actions. Due to portfolio reshaping and ability to manage through prior peter.galbo@bofa.com

challenges on rising costs, CHD sees the company as better positioned than a year ago.

M&A environment improving; potential for more deals

Stock DataAs with prior deals, CHD continues to look for acquisitions aligning well with its strategy

to: 1) increase distribution, 2) increase household penetration, and 3) expand the Price 98.19 USD

category through innovation. CHD expects to build 2H innovation with Touchland, Price Objective 115.00 USD

supporting the brand with marketing to increase household penetration; distribution Date Established 30-Jan-2026