GRAHAM JONES | PANMURE GORDON
Reckitt’s full-year results came in ahead of expectations, with like-for-like growth of six per cent in the fourth quarter better than our 4.2 per cent forecast, with the outperformance entirely coming in ENA (Europe, North America) where growth was three per cent helped by a favourable cold season.
DARREN SHIRLEY | SHORE CAPITAL
With the positive impact of the strong flu season flowing into the first quarter...we believe 2013 has started well for Reckitt... We expect the market to respond positively to yesterday’s results, whilst recognising some investors may be underwhelmed by management’s full year targets.
ALICIA FORRY | CANACCORD GENUITY
Reckitt’s results are strong...While our numbers and consensus will clearly need to come up by around five per cent, we retain our ‘sell’ recommendation, based on valuation, though we acknowledge the progress that has been made in the last year. We still expect competition for Suboxone this year.