Comment: Reckitt Q2 Expectations

研报英文原文证据摘录

Comment: Reckitt Q2 Expectations

25 June 2026

Callum Elliott, CFA, ACA +44 20 7676 7183 callum.elliott@bernsteinsg.com

Victoria Nice, CFA +44 20 7762 5862 victoria.nice@bernsteinsg.com

Simran Cheema +44 20 7676 6705 simran.cheema@bernsteinsg.com

Henry Dennis +44 20 7676 6776 henry.dennis@bernsteinsg.com

We regularly hold calls with companies, making sure we are up-to-date with their latest communications. Ahead of the Reckitt Q2 results, due

on the 29th July, we update on key themes and our thoughts below.

In summary: the tone of our call was nicely upbeat as the company continues to expect to see nice sequential acceleration in Q2.

On net, we infer that consensus around mid-to-high 3% range is probably comfortable.

Across thematic issues:

Bridge from Q1 to FY Guide. Main factor is assumption of return to normality in upper respiratory. The majority of this impact will be felt in

H2. Also expect to benefit from starting to lap very easy comparisons in Europe as underlying performance starts to improve. Finally, expect

ME impact to lessen in 2H.

North America. Mucinex 12-hr Launch: Not a big impact in Q2, maybe one week of sell-in at the end of June, but not material. Should

be more meaningful in Q3 as you get the consumer launch, but more likely to be a bigger benefit in 2027 and beyond. Will need to build

awareness over time. Lapping Mucinex reformulation: Around 150bps of benefit to North America business in Q2 as you lap the easy

comp. Lysol Q1 Sell-in benefit. Lysol grew net revenues around 10% in Q1. Underlying performance was mid-single digit, so good chunk

of this +10 was the sell-in, and Lysol likely to be around MSD going forward. Rest of business ex Lysol/Mucinex broadly stable. On net, we

infer North America around 4% range in Q2.