Reckitt Benckiser Group PLC (LSE:RKT) shares fell 6.6% on Wednesday, leading the declines on the FTSE 100, with investor read-across dragging sector peer Haleon PLC (LSE:HLN, NYSE:HLN) lower too.
Reckitt reported a slow start to 2026, with core revenue growing 1.3% on a like-for-like basis in the first quarter as a weak cold and flu season hit sales of products like Mucinex, Strepsils and Nurofen.
If excluding seasonal over-the-counter products, core LFL growth was 3.1%.
The worst sales were seen in Europe, where LFLs were down 4.2%, with volumes dropping but price/mix slightly higher. In North America, sales slipped 0.9%, with volumes up 1.5% but price/mix down 2.4%.
Sales of seasonal over-the-counter medicines declined by double digits due to a weak cold and flu season, as retailers reduced inventory levels.
Chief executive Kris Licht said LFL net revenue guidance of 4-5% growth for 2026 was unchanged, with the recovery expected to be driven by sequential growth from other 'Powerbrands', as the season resets and new product launches arrive.
Shares in rival Haleon, which has a portfolio that includes cold and flu products under the Panadol and Theraflu brands, were down 1.9% to 345p.