Reckitt Benckiser Group

I wrote an article on Purdue Pharma.

That's, you're entirely correct in that there are very strong parallels in between Reckitt Benckiser that then turns into Indivior in 2014 once like the heat really starts coming down from the DOJ, the Department of Justice Investigation, and Purdue.

And those parallels are made explicitly clear in the 2020 sentencing of Sean Thaxter, who is then RBP's, Reckitt Benckiser Pharmaceuticals, RBP's slash Indivior's CEO.

What...

What RBP did with Suboxone, which is their version of buprenorphine that was explicitly allowed to through the data 2000, the Drug Abuse and Treatment Act of 2000, which was signed into law by Clinton, President Bill Clinton, and I believe it's October of 2000.

So this stops for about 80 years until it's resuscitated and revitalized by the Data 2000 Act.

And that act simply allowed physicians to prescribe controlled substances in Schedules 3, 4, or 5 for opioid maintenance from their private offices.

Private pharmacies were allowed to distribute these drugs, but it made no specific, it didn't name buprenorphine, it didn't name Suboxone, it didn't name Reckitt Benckiser Pharmaceuticals.

And here's a company I don't know.

Reckitt.

Like Reckitt, Ralph.

R-E-C-K-I-T-T. Reckitt.

I have no idea what company that is.

They do colonoscopies.

Higher energy, raw materials, and transportation costs are squeezing their profits.

Procter & Gamble, the makers of Tide and other household products, has raised its estimate.

One bit of earnings news out.

Reckitt, Benckiser, you know, they make the flu news.

and cold medication all sorts of other stuff a full year core like for like sales they expect between three and a half and four and a half percent so actually that misses the average analyst estimates for like for like sales for the third quarter and just lastly 10-year treasury yields down a basis point at 498

that's news when you want it with bloomberg news now i'm jack sitters

And oil is a smaller portion of their day-to-day costs because they're a richer nation.

But what we're actually seeing with the likes of Nestle and Unilever and Reckitt Benckiser is growth in emerging markets has been not all emerging markets.

It's been a little bit market by market.

But the bigger ones for them, even China, where the consumer is facing challenges, but also India, been doing really well, I think, figuring out the playbook.

And what's really interesting here is that It is now a meaningful proportion of sales for many of these businesses.

So Europe is under pressure, and we don't expect that to get better anytime soon.

But companies like Reckitt, they're deriving the majority of their growth now from emerging markets.

So despite the fact they're listed in Europe, they trade on attractive valuation because of some of the pressures there.

Yeah, I think the things that will be in focus would be organic growth, is there volume growth, and perhaps the outlooks as well.

Similar with you, Ian, because I know you've been turning your attention to Reckitt, which is often compared to Unilever, different types of products, but similar businesses in many ways.

Yeah, absolutely, Steve.

Consumer health and hygiene.

So it's quite interesting to have this spin-off being announced within the context of all of these big health conglomerates, uh, really shaking up their portfolios recently.

We had Reckitt in the UK also looking to exit its infant formula business.

Uh, J&J spun off its consumer health business a couple of years ago and is now looking to spin off its orthopedics business.

Um, so that's all kind of part of this broader trend there.