Reckitt Benckiser Group plc (RBGPF)

収益の仕組み

Revenue comes from selling packaged consumer goods through retailers, who buy at wholesale prices and mark them up for shelf sale. Margins depend on brand strength: a well-known name lets Reckitt charge more than an unbranded or store-label equivalent for a nearly identical product. Since January 2025 the group reports by geography — Core Emerging Markets, Core Europe, Core North America — plus Mead Johnson Nutrition as a separate line, after moving away from its former Health/Hygiene/Nutrition split.

Reckitt owns a portfolio of category-leading brands built over decades — Dettol in disinfection, Durex in condoms, Nurofen in pain relief — that let it command a premium over unbranded rivals. The advantage is narrow rather than wide: retailers' own store brands and generic pharmacy equivalents compete directly on price in most of these categories, and brand loyalty alone does not stop customers from trading down when budgets tighten.

Most of the portfolio — disinfectants, pain relief, feminine care — covers routine household purchases that people keep buying even in a downturn, which cushions the group against recessions. The exception is infant nutrition, where demand tracks birth rates rather than the economy: Mead Johnson's growth in 2025 came mainly from price and mix rather than more babies being fed, since volumes actually declined.