Reckitt Benckiser
Revenue including pharma £2.37bn
Market debuts such as those of BCA and Aldermore may fall by the wayside, but the separate quote for Reckitt Benckiser’s pharmaceuticals division will be with us by Christmas, the company reassured yesterday, and in London rather than, as had been mooted, in New York.
This is despite the fact that almost all the business is in the United States. The company has one compound, treating heroin addiction, that is under attack from generic rivals but still has about 60 per cent of the market. This makes it hard to value, and market estimates are differing wildly only a couple of weeks before the issue of the prospectus.
This hardly matters. It is a straightforward spin-off, existing shareholders receiving