UPDATE 3-Reckitt Q2 beats forecasts, but Suboxone concerns

* Q2 net profit 310 mln pounds, tops forecasts

* Q2 constant currency sales up 8 percent

* Raises 2009 sales and profit targets

* Non fresh news on Suboxone drug

(Rewrites with analyst comments, background and shares)

By David Jones

LONDON, July 29 (Reuters) - Cleaning products group Reckitt Benckiser Plc (RB.L) raised its full-year targets after beating forecasts with a 29 percent jump in second-quarter profit but investors were focused on the loss of its U.S. license for Suboxone.

Reckitt shares had dipped 0.28 percent to 28.55 pounds by 1045 GMT on Tuesday on investor concerns that the British company will lose its U.S. exclusive licence for its Suboxone drug in October, which accounts for almost 15 percent of group earnings.

The rival of Unilever and Procter & Gamble said it now expected a 5 to 6 percent rise in underlying sales for 2009, from a previous 4 percent goal, and net profit up 10 to 11 percent from 8 to 10 percent previously, both at constant currency.

The Cillit Bang cleaner, Nurofen painkiller and Lysol disinfectant maker reported a strong quarter with sales up 8 percent after stripping out the effects of currency, with growth across all areas while profit margins increased.

Chief Executive Bart Becht said the group was outperforming the overall market with strong growth coming from emerging markets while Europe and North America showed slower growth.

"There is an impact from the global downturn, but we are relatively resilient seeing growth in emerging markets and gaining share in most markets," Becht told a briefing after the results were released.

Reckitt has outperformed its rivals over the last decade by launching a string of new products backed by heavy marketing and cutting costs, which has helped it weather the downturn. However, its Suboxone drug helped boost its level of growth.

"While the core business still looks in good health, the immediate share price debate is centred more on the impact of the impending loss of the exclusive licence to Suboxone in the U.S.," said analyst Charlie Mills at Credit Suisse.

Reckitt's pharmaceutical division is based around heroin substitute drug Suboxone, which loses its exclusive licence in the United States in early October.

Becht has said that 80 percent of the unit's profits may be lost to generic competition by 2010, but that the group's financial targets have been set with this loss in mind.

Although the group's underlying sales grew 8 percent in the second-quarter, it was only 5 percent after stripping out the drug unit, emphasising Suboxone's big impact on growth.

"We remain concerned about the impact on sentiment of the impending loss of Suboxone patent exclusivity in the U.S," said analyst Martin Deboo at Investec Securities.

The stock has outperformed the FTSE 100 index .FTSE by 9 percent so far this year and the DJ European food and beverage index .SX3P by 15 percent.

The group, which also makes Airwick air fresheners and Finish dishwasher products, posted a net profit of 310 million pounds ($509 million) for the April-June quarter, beating forecasts of between 290 million and 309 million, and a consensus of 301 million pounds.

The half-year dividend rose 34 percent to 43 pence a share. Reckitt shares trade on 15.1-times forecast 2009 earnings, well ahead of Unilever (ULVR.L) (UNc.AS) on 14.6 and Procter & Gamble (P&G) (PG.N) on 14.9, but behind Colgate Palmolive (CL.N) on 15.9. Colgate reports results on Thursday, and Unilever and P&G next week. ($1=.6092 Pound) (Reporting by David Jones; editing by Marie Maitre and Karen Foster)