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199 Grandview Road Skillman, NJ 08558 United States
Kenvue is the world’s largest pure-play consumer health company by revenue. Built on more than a century of heritage and propelled forward by science, our iconic brands — including Aveeno®, BAND-AID® Brand Adhesive Bandages, Johnson’s®, Listerine®, Neutrogena®, Tylenol® and Zyrtec® — are recommended by health care professionals and can be trusted by consumers who use our products to improve their daily lives. Our team members share a digital-first mindset, with an approach to innovation grounded in deep human insights and work every day to earn a place for our products in consumers’ hearts and homes. At Kenvue, we believe everyday care can not only make people well; it can make them whole.
Skin Health & Beauty sales rose less than 1% last year to about $4.4 billion. The business includes face care, body care, hair care and sun care. Organic growth was $80 million, or 1.8%, primarily driven by value realization of 6.6%, offset by volume related decreases of 4.8%. The increase was driven by the easing of supply chain constraints, strong e-commerce and club channel performance, one-time supply replenishment, and share gains in sun care, which were fueled by a strong sun season, partially offset by underperformance in commercial US in-store execution, portfolio rationalization initiatives in 2022, and market softness in China, according to the company.
Essential Health sales rose 1% to $4.6 billion. Kenvue’s Essential Health business includes oral care, baby care and other categories not covered by Happi. Kenvue noted that big gains in oral care were offset by category contraction and the supply suspension of certain personal care products in Russia.
For Q1 2024, corporate sales increased 1.1% to $3.9 billion. Essential health sales rose 3.7%. Gains were attributed to strong product innovations that resonated with consumers. Skin health and beauty sales fell 5.1%. But company executives said they began executing actions to stabilize the US business.
In an interview with Happi earlier this year, Adam Ricciardone, global head of R&D-Skin Health & Beauty and Head of R&D – North America, explained that today, consumers want efficacy, sustainability and value in their personal care products.
“We are seeing more personalization, and a lot of confusion,” said Ricciardone. “Consumers get a lot of messaging, but how do they know what is real and what’s not? As Kenvue, we bring credibility and trust and help them make the right choices.”
In May, Kenvue rolled out Aveeno Healthy Start Wash and Balm for newborns. Both formulas are safe to use from day one. In fact, Kenvue researchers like to say, “when the vernix comes off, the Healthy Start Newborn Balm goes on.” Aveeno Baby Healthy Start Newborn Balm is a rich, emollient balm inspired by the multifunctionality of the vernix to nourish and maintain the newborn skin barrier, their shield from germs and irritants. It is a hypoallergenic and gentle formula that contains Triple Oat Complex, a blend of soothing moisturizers with antioxidant and prebiotic properties that moisturize and support newborn skin, and is clinically-proven to increase hydration in one use, according to the brand.
Aveeno Baby Healthy Start Newborn Wash is a nourishing cleanser made with prebiotic oat, oat extract and glycerin to create a rich lather that gently cleanses delicate newborn skin, and supports the natural moisture barrier when used together with Aveeno Baby Healthy Start Newborn Balm.
Later this year, Kenvue will roll out a pre-aging skin care line.
“We know consumers in their 20s are trying to prevent signs of aging,” Ricciardone. “They know something is happening (to their skin) and social media hasn’t helped.”
Kenvue expects full year 2024 reported net sales growth to be 1-3%.
Sales: $7 billion
What’s new? Kenvue! The spinoff of Johnson & Johnson Consumer Brands took place in May, but the move was announced back in September, 2022. At the time of the announcement, J&J explained the name (pronounced ken-view), is inspired by two ideas:
With rich knowledge of human needs and deep consumer insights, Kenvue will deliver meaningful, personal health solutions, said J&J at the time of the announcement.
Kenvue debuted on the New York Stock Exchange on May 4 under the ticker symbol, KVUE. The initial public offering was priced at $22 a share, and is the largest US IPO in 2023 to date. At $22 a share, Kenvue was valued at $41 billion. A month later, Kenvue was trading at $24.96 a share. Obviously, investors like what they see about a new company with a roster of familiar, well-known brands like Johnson’s, Listerine and Neutrogena.
Kenvue is well positioned for accelerated growth following its separation from parent company Johnson & Johnson, according to JPMorgan. The investment bank said that it views both Kenvue’s dividend and valuation as “attractive,” with the company “uniquely positioned” to capitalize on “mega trends” in consumer markets such as self-care and aging. It noted that 10 of Kenvue’s products have annual sales above $400 million, including Aveeno, Band-Aid, Neutrogena, Stayfree/Carefree, Tylenol and Zyrtec.
JP Morgan told investors that Kenvue will deliver “resilient growth” in a market worth $369 billion. Further, the bank sees “significant opportunities to scale in many adjacencies and markets around the world organically and through tuck-in M&A.”
JP Morgan set a December 2023 price target of $29.
Kenvue’s 2022 sales were $15 billion, but that total includes cough and cold medicines, pain relievers and other self-care products. Happi estimates sales in our industry come in at $7 billion. By segment, face & body care represent 20% of sales, with hair, sun & other, oral care and baby care each accounting for 9% of sales.
For Q1 2023, corporate sales rose 7% to $3.8 billion. Skin health and beauty segment sales rose nearly 10% to over $1.1 billion. Kenvue credited the gain, in part, to strong e-commerce and club channel performance primarily in the US, driven by new product launches, supply chain constraints easing, one-time supply replenishment and sun season pipeline fill.
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