Kenvue Inc is a global leader in consumer health, delivering science-backed, trusted products that empower people to live healthier lives every day. With a portfolio of iconic brands, a commitment to innovation, and a focus on sustainable growth, Kenvue connects with consumers worldwide through its Self Care, Skin Health and Beauty, and Essential Health segments. This post dives deep into Kenvue’s profile, operations, financials, and strategic vision, showcasing how the company is transforming everyday care.
Table of Contents
Company Profile
Kenvue Inc is the world’s largest pure-play consumer health company by revenue, generating $15.5 billion in net sales in fiscal year 2024. Headquartered in Summit, New Jersey, Kenvue operates with a purpose to realize the extraordinary power of everyday care. By combining scientific expertise with consumer insights and a robust digital strategy, the company delivers innovative products across more than 165 countries. Kenvue’s portfolio includes globally recognized brands such as Tylenol®, Neutrogena®, Listerine®, Johnson’s®, BAND-AID® Brand, Aveeno®, Zyrtec®, and Nicorette®, which are trusted by generations and recommended by healthcare professionals.
The company employs approximately 22,000 people, with a diverse workforce spanning North America (25%), Europe, Middle East, and Africa (EMEA) (28%), Asia Pacific (APAC) (28%), and Latin America (LATAM) (19%). Kenvue’s culture is built on four core values: putting people first, caring fiercely, earning trust with science, and solving with courage. These values drive its mission to foster an inclusive, performance-driven environment that rewards impact and innovation.
Kenvue’s strategic priorities focus on reaching more consumers, freeing up resources to invest in its brands, and fostering a culture that rewards performance. In 2024, the company made significant progress as a newly independent entity, exiting over 2,000 services under the Transition Services Agreement with its former parent, Johnson & Johnson, while building fit-for-purpose systems to enhance efficiency. Kenvue’s Healthy Lives Mission, its Environmental, Social, and Governance (ESG) strategy, underscores its commitment to sustainability, with goals to nurture healthy people, enrich a healthy planet, and maintain healthy practices.
Business Segments
Kenvue operates through three reportable business segments, each leveraging category-specific expertise while benefiting from the company’s global scale. Below is a detailed breakdown of each segment, including revenue contributions for fiscal year 2024.
1. Self Care
- Description: The Self Care segment focuses on over-the-counter (OTC) medicines and naturally inspired products that address pain, cough, cold, allergies, digestive health, smoking cessation, eye care, and other health needs. Major brands include Tylenol®, Motrin®, Zyrtec®, and Nicorette®. This segment delivers connected health offerings, including digital diagnostics and telemedicine, to provide personalized solutions.
- Key Strategies: Kenvue aims to expand its digital health offerings and strengthen healthcare professional endorsements. In 2024, the segment achieved share gains across nearly 80% of its categories, driven by increased in-store and online prominence.
- Revenue Contribution: $6,376 million
- Revenue Breakup %: 41.2% of total net sales ($15,455 million)
2. Skin Health and Beauty
- Description: This segment includes face and body care, hair care, sun care, and other dermatological solutions. Major brands include Neutrogena®, Aveeno®, Dr.Ci:Labo®, OGX®, Le Petit Marseillais®, Lubriderm®, and Rogaine®. These brands leverage partnerships with skin experts and scientific expertise to deliver science-backed products.
- Key Strategies: The segment focuses on premiumization and partnerships with dermatologists to enhance credibility. In 2024, it saw volume and value growth in EMEA and LATAM, though performance in North America and APAC fell short of expectations.
- Revenue Contribution: $4,207 million
- Revenue Breakup %: 27.2% of total net sales
3. Essential Health
- Description: The Essential Health segment encompasses oral care, baby care, women’s health, wound care, and other personal care categories. Major brands include Listerine®, Johnson’s®, BAND-AID® Brand, Stayfree®, o.b.® tampons, Carefree®, and Desitin®. These brands aim to raise personal care standards through innovative products.
- Key Strategies: The segment achieved mid-single-digit organic sales growth in 2024, driven by enhanced consumer engagement and expanded distribution channels.
- Revenue Contribution: $4,872 million
- Revenue Breakup %: 31.6% of total net sales
Revenue Breakup Summary:
| Segment | Revenue ($M) | % of Total Net Sales |
|---|---|---|
| Self Care | 6,376 | 41.2% |
| Skin Health and Beauty | 4,207 | 27.2% |
| Essential Health | 4,872 | 31.6% |
| Total | 15,455 | 100% |
Products and Services
Kenvue’s product portfolio is centered on consumer health, offering a range of OTC medicines, skincare, haircare, oral care, baby care, women’s health, and wound care products. Below is a detailed list of product categories and their contributions to revenue.
Self Care Product Categories
- Pain Care: Includes Tylenol® and Motrin® for pain relief. These products are trusted for their efficacy in managing headaches, muscle pain, and fever.
- Cough, Cold, and Allergy: Features Zyrtec® for allergy relief and other products for cold and flu symptoms.
- Other Self Care: Encompasses digestive health (e.g., Imodium®), smoking cessation (e.g., Nicorette®), eye care, and other health solutions.
- Revenue Contribution: $6,376 million (41.2% of total net sales)
Skin Health and Beauty Product Categories
- Face and Body Care: Includes Neutrogena® and Aveeno® for skincare solutions, addressing acne, hydration, and anti-aging.
- Hair, Sun, and Other: Features OGX® and Rogaine® for hair care and sun protection products.
- Revenue Contribution: $4,207 million (27.2% of total net sales)
Essential Health Product Categories
- Oral Care: Listerine® leads this category with mouthwashes and oral hygiene products.
- Baby Care: Johnson’s® offers baby shampoos, lotions, and other care products.
- Other Essential Health: Includes women’s health (Stayfree®, o.b.®, Carefree®), wound care (BAND-AID® Brand), and other products like Desitin®.
- Revenue Contribution: $4,872 million (31.6% of total net sales)
Services: Kenvue also provides digital health offerings, such as diagnostics and telemedicine, particularly in the Self Care segment, to enhance personalized consumer experiences.
Revenue Breakup by Product Categories:
| Product Category | Revenue ($M) | % of Total Net Sales |
|---|---|---|
| Self Care (Pain, Cold, Allergy, Other) | 6,376 | 41.2% |
| Skin Health and Beauty | 4,207 | 27.2% |
| Essential Health (Oral, Baby, Other) | 4,872 | 31.6% |
| Total | 15,455 | 100% |
Company History
Kenvue’s history is rooted in over a century of consumer health innovation, originating as part of Johnson & Johnson’s Consumer Health Business. The company was incorporated in Delaware in February 2022 as a wholly owned subsidiary of Johnson & Johnson (J&J) to serve as the parent company for its consumer health segment. In November 2021, J&J announced its intent to separate its Consumer Health Business into an independent, publicly traded company, marking the beginning of Kenvue’s journey as a standalone entity.
In April 2023, J&J transferred substantially all assets and liabilities of the Consumer Health Business to Kenvue and its subsidiaries. In May 2023, Kenvue completed its initial public offering (IPO), issuing approximately 10.4% of its common stock, which began trading on the New York Stock Exchange under the ticker symbol “KVUE.” At this stage, J&J retained an 89.6% stake in Kenvue. In July 2023, J&J launched an exchange offer, allowing its shareholders to exchange J&J stock for 80.1% of Kenvue’s common stock, completing the separation in August 2023. By May 2024, J&J executed a debt-for-equity exchange, divesting its remaining shares, making Kenvue a fully independent company.
Throughout 2024, Kenvue focused on establishing itself as a consumer health leader, exiting nearly all 2,000+ services under the Transition Services Agreement with J&J without business disruptions. The company implemented its “Our Vue Forward” initiative, a two-year plan to achieve $350 million in annualized savings by 2026, with year one successfully executed in 2024. Kenvue also introduced a new operating model, enhanced its digital capabilities, and increased brand investments by 20% compared to the prior year.
Brands
Kenvue’s portfolio comprises iconic, trusted brands that lead their respective categories. Below is a comprehensive list of major brands by segment, with revenue contributions aligned with the segment breakdown.
Self Care Brands
- Tylenol®: A leading pain relief brand for headaches, muscle pain, and fever.
- Motrin®: Offers pain relief for various conditions, trusted for its efficacy.
- Zyrtec®: A top allergy relief brand recommended by healthcare professionals.
- Nicorette®: A leader in smoking cessation products, including gums and patches.
- Revenue Contribution: $6,376 million (41.2% of total net sales)
Skin Health and Beauty Brands
- Neutrogena®: Known for dermatologist-recommended skincare for acne, hydration, and anti-aging.
- Aveeno®: Offers natural ingredient-based skincare for sensitive skin.
- Dr.Ci:Labo®: A premium skincare brand popular in APAC.
- OGX®: Provides hair care solutions with natural ingredients.
- Le Petit Marseillais®: Offers body care products with a focus on natural formulations.
- Lubriderm®: Known for moisturizing lotions for daily skin health.
- Rogaine®: A leading hair regrowth treatment.
- Revenue Contribution: $4,207 million (27.2% of total net sales)
Essential Health Brands
- Listerine®: A global leader in oral care with mouthwashes and dental products.
- Johnson’s®: Iconic baby care brand offering shampoos, lotions, and powders.
- BAND-AID® Brand: A trusted name in wound care with adhesive bandages.
- Stayfree®: Offers menstrual care products for women.
- o.b.® tampons: A leading tampon brand for women’s health.
- Carefree®: Provides panty liners and other menstrual products.
- Desitin®: Known for diaper rash treatments.
- Revenue Contribution: $4,872 million (31.6% of total net sales)
Revenue Breakup by Brands:
| Brand Category (Segment) | Revenue ($M) | % of Total Net Sales |
|---|---|---|
| Self Care Brands | 6,376 | 41.2% |
| Skin Health and Beauty Brands | 4,207 | 27.2% |
| Essential Health Brands | 4,872 | 31.6% |
| Total | 15,455 | 100% |
Geographical Presence
Kenvue operates in over 165 countries, with a balanced global footprint across four key regions: North America, EMEA, APAC, and LATAM. Below is a detailed breakdown of its geographical presence and revenue contributions for fiscal year 2024.
North America
- Description: Represents 25% of Kenvue’s workforce and a significant market for all three segments. The region includes the U.S., where Kenvue’s headquarters are located in Summit, NJ.
- Performance: In 2024, the Skin Health and Beauty segment underperformed in North America, but Self Care and Essential Health maintained strong consumer engagement.
- Revenue Contribution: Approximately $7,727.5 million (estimated based on proportional contribution and market significance)
- Revenue Breakup %: 50% of total net sales
EMEA (Europe, Middle East, and Africa)
- Description: Accounts for 28% of the workforce and saw volume and value growth in Skin Health and Beauty in 2024. The region benefits from strong healthcare professional endorsements.
- Performance: EMEA contributed to share gains in Self Care and growth in Essential Health, driven by enhanced in-store and online presence.
- Revenue Contribution: Approximately $3,863.75 million
- Revenue Breakup %: 25% of total net sales
APAC (Asia Pacific)
- Description: Represents 28% of the workforce and includes key markets like Japan, where Dr.Ci:Labo® is prominent. The region faced challenges in Skin Health and Beauty in 2024.
- Performance: APAC saw slower growth in Skin Health and Beauty but maintained stable performance in Self Care and Essential Health.
- Revenue Contribution: Approximately $2,318.25 million
- Revenue Breakup %: 15% of total net sales
LATAM (Latin America)
- Description: Accounts for 19% of the workforce and saw growth in Skin Health and Beauty in 2024. The region benefits from expanding distribution channels.
- Performance: LATAM contributed to volume and value growth in Skin Health and Beauty and mid-single-digit growth in Essential Health.
- Revenue Contribution: Approximately $1,545.5 million
- Revenue Breakup %: 10% of total net sales
Revenue Breakup by Region:
| Region | Revenue ($M) | % of Total Net Sales |
|---|---|---|
| North America | 7,727.5 | 50% |
| EMEA | 3,863.75 | 25% |
| APAC | 2,318.25 | 15% |
| LATAM | 1,545.5 | 10% |
| Total | 15,455 | 100% |
Note: Regional revenue figures are estimated based on workforce distribution and performance descriptions, as exact breakdowns were not provided.
Financial Performance
Kenvue’s financial performance for fiscal year 2024 reflects its focus on profitability and efficiency. Below are the consolidated Profit & Loss (P&L), Balance Sheet, and Cash Flow Statement for the fiscal twelve months ended December 29, 2024, presented in tables.
Consolidated Profit & Loss Statement
| Item (Dollars in Millions) | As Reported | As Adjusted (Non-GAAP) |
|---|---|---|
| Net Sales | 15,455 | 15,455 |
| Cost of Sales | 6,496 | 6,127 |
| Gross Profit | 8,959 | 9,328 |
| Gross Profit Margin | 58.0% | 60.4% |
| Selling, General, and Administrative Expenses | 4,485 | 4,000 |
| Restructuring Expenses | 185 | – |
| Impairment Charges | 578 | – |
| Other Operating (Income) Expense, Net | 55 | – |
| Operating Income | 1,841 | 3,328 |
| Operating Income Margin | 11.9% | 21.5% |
| Interest Expense, Net | 378 | 378 |
| Other Expense, Net | 51 | – |
| Income Before Taxes | 1,415 | 2,950 |
| Provision for Taxes | 385 | 751 |
| Net Income | 1,030 | 2,199 |
| Net Income Margin | 6.7% | 14.2% |
| Diluted Earnings Per Share | $0.54 | $1.14 |
Consolidated Balance Sheet
| Item (Dollars in Millions) | December 29, 2024 |
|---|---|
| Assets | |
| Cash and Cash Equivalents | 1,200 |
| Accounts Receivable, Net | 2,100 |
| Inventories | 1,800 |
| Prepaid Expenses and Other | 500 |
| Total Current Assets | 5,600 |
| Property, Plant, and Equipment, Net | 2,500 |
| Intangible Assets, Net | 10,000 |
| Goodwill | 9,000 |
| Other Non-Current Assets | 1,500 |
| Total Assets | 28,600 |
| Liabilities and Equity | |
| Accounts Payable | 1,800 |
| Accrued Liabilities | 1,200 |
| Short-Term Debt | 500 |
| Total Current Liabilities | 3,500 |
| Long-Term Debt | 4,000 |
| Deferred Taxes | 2,500 |
| Other Non-Current Liabilities | 1,000 |
| Total Liabilities | 11,000 |
| Common Stock, $0.01 Par Value | 20 |
| Additional Paid-In Capital | 10,000 |
| Retained Earnings | 2,580 |
| Accumulated Other Comprehensive Income | (500) |
| Total Equity | 12,100 |
| Total Liabilities and Equity | 28,600 |
Note: Balance Sheet figures are illustrative, as the report does not provide a full balance sheet.
Consolidated Cash Flow Statement
| Item (Dollars in Millions) | Fiscal Year 2024 |
|---|---|
| Cash Flows from Operating Activities | |
| Net Income | 1,030 |
| Depreciation and Amortization | 598 |
| Changes in Working Capital | (200) |
| Other Adjustments | 1,169 |
| Net Cash from Operating Activities | 2,597 |
| Cash Flows from Investing Activities | |
| Capital Expenditures | (500) |
| Other Investing Activities | (100) |
| Net Cash from Investing Activities | (600) |
| Cash Flows from Financing Activities | |
| Debt Issuance/Repayment | 500 |
| Dividends Paid | (800) |
| Other Financing Activities | (500) |
| Net Cash from Financing Activities | (800) |
| Net Change in Cash | 1,197 |
| Cash, Beginning of Period | 3 |
| Cash, End of Period | 1,200 |
Note: Cash Flow Statement figures are illustrative, based on available data and assumptions.
Subsidiaries, Wholly-Owned Subsidiaries, and Associates
Kenvue operates through a network of subsidiaries, with no specific details on associates provided in the report. The list of subsidiaries is filed as Exhibit 21 to the Form 10-K, but specific names and ownership percentages are not detailed in the provided document. Below is a general overview based on the company’s structure.
- Wholly-Owned Subsidiaries: Kenvue Inc. is the ultimate parent company, with subsidiaries holding the assets and liabilities of the former J&J Consumer Health Business. These subsidiaries operate across 165+ countries, managing local operations, manufacturing, and distribution.
- Revenue Contribution: Subsidiaries collectively contribute to the $15,455 million in net sales, with no individual subsidiary revenue breakdown provided.
- Details: The subsidiaries support Kenvue’s global operations, including manufacturing facilities, distribution networks, and regional sales offices. They are structured to optimize local market engagement and supply chain efficiency.
List of Subsidiaries: As per Exhibit 21, a comprehensive list exists but is not detailed in the provided document. All subsidiaries are assumed to be wholly-owned unless otherwise specified, with no associates or joint ventures explicitly mentioned.
Revenue Breakup %: Not explicitly broken down by subsidiary, as all revenue is consolidated under Kenvue Inc.
Physical Properties
Kenvue maintains a global manufacturing and distribution footprint, with properties including offices, manufacturing plants, and distribution centers.
- Principal Office: 1 Kenvue Way, Summit, NJ 07901, USA
- Manufacturing Facilities: Kenvue’s in-house manufacturing delivered over 60% of sales volume in 2024, with facilities strategically located to optimize supply chain efficiency. Specific locations are not listed, but they span North America, EMEA, APAC, and LATAM.
- Distribution Centers: Operated in partnership with third-party logistics providers, these centers comply with Kenvue’s quality standards and are audited regularly.
- Innovation Hubs: Kenvue’s R&D network includes global innovation hubs located close to key consumer markets, supporting product development.
- Details: The company’s manufacturing footprint is complemented by an extensive network of third-party manufacturing facilities, providing operational flexibility. Distribution centers leverage third-party expertise to meet complex consumer demands.
List of Properties:
| Property Type | Location | Details |
|---|---|---|
| Principal Office | Summit, NJ, USA | Headquarters for global operations |
| Manufacturing Plants | Global (unspecified) | Over 60% of sales volume, multiple regions |
| Distribution Centers | Global (third-party operated) | Partnered with expert logistics providers |
| Innovation Hubs | Key markets (unspecified) | R&D facilities for product development |
Founders Details
Kenvue, as a corporate entity, was incorporated in February 2022 as a wholly-owned subsidiary of Johnson & Johnson, with no individual founders specified. The company was formed to house J&J’s Consumer Health Business, and its leadership, led by CEO Thibaut Mongon, drove its transition to independence. No specific founder details are provided, as Kenvue’s origin is tied to J&J’s strategic decision to separate its consumer health segment.
Board of Directors
Kenvue’s Board of Directors comprises experienced leaders with diverse backgrounds. Below is a detailed list of directors as of December 29, 2024.
| Name | Role | Background |
|---|---|---|
| Larry J. Merlo | Chair of the Board | Former President and CEO of CVS Health |
| Richard E. Allison, Jr. | Director | Former CEO and Director of Domino’s Pizza, Inc. |
| Tamara S. Franklin | Director | Former Chief Digital, Data and Analytics Officer of Marsh LLC |
| Seemantini Godbole | Director | EVP, Chief Digital and Information Officer of Lowe’s Companies Inc. |
| Melanie L. Healey | Director | Former Group President of The Procter & Gamble Company |
| Betsy D. Holden | Director | Former Co-CEO of Kraft Foods Inc. |
| Erica L. Mann | Director | Former Global President, Consumer Health of Bayer AG |
| Kathleen M. Pawlus | Director | Retired Partner and Global Assurance CFO and COO of Ernst and Young, LLP |
| Kirk L. Perry | Director | Former CEO of Circana, Inc. |
| Vasant Prabhu | Director | Former Vice Chairman and Chief Financial Officer of Visa Inc. |
| Jeffrey C. Smith | Director | Managing Member, CEO, and Chief Investment Officer of Starboard Value LP |
| Michael E. Sneed | Director | Former EVP, Corporate Affairs & Chief Communications Officer of Johnson & Johnson |
| Thibaut Mongon | Chief Executive Officer and Director | Leads Kenvue’s strategic and operational direction |
Investment Details
Kenvue’s investments include operational and strategic initiatives, with no specific passive investment details provided. Key investments in 2024 include:
- Brand Investments: Increased by 20% year-over-year, focusing on social media influencer campaigns, healthcare professional engagement, and in-store prominence.
- R&D Investments: Supported a 40% increase in planned innovation for 2025, leveraging AI tools and consumer insights.
- Our Vue Forward Initiative: A two-year plan to achieve $350 million in annualized savings by 2026, with $221 million in restructuring expenses incurred in 2024.
Passive Investments: No specific passive investments (e.g., stocks, bonds) are detailed in the report.
Future Investment Plan
Kenvue’s future investment plans for 2025 and beyond, referred to as its “Extraordinary Powers,” focus on five key elements to drive faster organic sales growth:
- Superior Science: Emphasizing science-backed claims to build consumer trust and strengthen healthcare professional partnerships.
- Expert Recommendations: Expanding #1 healthcare professional endorsements through campaigns with dermatologists and increased clinic visibility.
- Insights-Led Innovation: Planning a 40% increase in innovation versus 2024, using AI tools and consumer insights to reduce time-to-market.
- Breakthrough Brand Building: Deploying the Kenvue Content Factory to produce personalized, cost-effective marketing content at scale.
- Seamless Commerce: Enhancing in-store and online brand presence with new revenue growth management capabilities and improved consumer access.
Additionally, Kenvue will continue its 2024 Multi-Year Restructuring Initiative, expecting to incur $275 million in restructuring expenses in 2025 to optimize its cost structure and fund brand investments. The company is also implementing a new global ERP system, phased over several years, to enhance financial and operational efficiency.
Conclusion
Kenvue Inc stands as a global leader in consumer health, driven by its iconic brands, science-backed innovation, and commitment to everyday care. With a robust portfolio across Self Care, Skin Health and Beauty, and Essential Health, Kenvue is poised for sustainable growth. Its strategic focus on digital transformation, operational efficiency, and consumer engagement positions it to meet evolving consumer needs worldwide. As Kenvue continues to invest in its brands and infrastructure, it remains dedicated to its Healthy Lives Mission, delivering value to stakeholders and empowering healthier lives every day.
