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Kenvue is like Procter & Gamble, but exclusively focused on everyday health and personal care products.

Kenvue is like Colgate-Palmolive, but with a broader portfolio that includes major over-the-counter medicines and skincare brands.

Kenvue is essentially Johnson & Johnson's well-known consumer health division, now operating as an independent public company.

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• Tylenol: A leading brand of acetaminophen-based medication for pain and fever relief.
• Motrin: An ibuprofen-based medication primarily for pain relief and fever reduction.
• Zyrtec: An antihistamine brand providing relief from various allergy symptoms.
• Listerine: A widely recognized brand of antiseptic mouthwash for oral hygiene.
• Neutrogena: A diverse range of skincare, sun care, and cosmetic products.
• Aveeno: Skincare products developed with natural ingredients, often for sensitive skin.
• Johnson's Baby: A comprehensive line of baby care products, including lotions, washes, and powders.
• Band-Aid: Adhesive bandages and wound care products for minor cuts and scrapes.
• Pepcid: A medication used to relieve and prevent heartburn due to acid indigestion.

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Kenvue (KVUE) primarily sells its consumer health products to other companies, specifically large retailers and e-commerce platforms, who then distribute and sell these products to individual consumers.

According to Kenvue's 2023 Annual Report (10-K filing), its major customers, which represent a significant portion of its net sales, include:

• Walmart Inc. (NYSE: WMT)
• CVS Health Corporation (NYSE: CVS)
• The Kroger Co. (NYSE: KR)
• Walgreens Boots Alliance, Inc. (NASDAQ: WBA)
• Target Corporation (NYSE: TGT)
• Amazon.com, Inc. (NASDAQ: AMZN)

Walmart Inc. alone accounted for approximately 16% of Kenvue's consolidated net sales in 2023, while the next five largest customers (CVS Health Corporation, The Kroger Co., Walgreens Boots Alliance, Inc., Target Corporation, and Amazon.com, Inc.) collectively accounted for approximately 25% of consolidated net sales.

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• Johnson & Johnson (JNJ)

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Kirk Perry, Chief Executive Officer and Director

Kirk Perry was appointed Interim Chief Executive Officer of Kenvue in July 2025 and permanently to the role effective November 2, 2025. He is also a current Kenvue director. Perry brings over 30 years of experience in global consumer-packaged goods, technology, and business transformation. Prior to Kenvue, he held leadership roles at Google, where he served as President, Brand Solutions, and at Procter & Gamble, where he worked for 24 years in various capacities, including President of Global Family Care and Vice President of North America Fabric Care. His career reflects a strong background in leading major consumer and technology businesses.

Amit Banati, Chief Financial Officer

Amit Banati serves as the Chief Financial Officer of Kenvue. He previously held the position of Executive Vice President and Chief Financial Officer for Johnson & Johnson Consumer Health. Before his time at Johnson & Johnson, Banati was the President of Asia Pacific for Mondelēz International, where he managed a significant portfolio of brands across various markets. His experience also includes roles as Chief Financial Officer for Cadbury plc's Asia Pacific and Africa regions, and various finance and management positions at Procter & Gamble.

Luani Alvarado, Chief People Officer

Luani Alvarado is the Chief People Officer for Kenvue, where she leads the company's talent, diversity, equity, and inclusion strategy. Her responsibilities encompass People Experience, Inclusion, Talent Development, Compensation, Health & Well-Being, HR Business Partners, and Operations. Before Kenvue, Alvarado served as Global Leader, Human Resources, for Johnson & Johnson Consumer Health. She played a key role in developing and implementing a new operating model for Johnson & Johnson Consumer Health and has experience in the Chemical, Pharmaceuticals, Medical Technology, and Consumer industries.

Caroline Tillett, PhD, Chief Scientific Officer

Dr. Caroline Tillett is the Chief Scientific Officer for Kenvue, overseeing the company's Research & Development organization, which includes New Product & Packaging Development, Sustainability, Medical Safety, and Regulatory Affairs. She is responsible for setting the strategy for Kenvue's innovation pipeline across its Skin Health & Beauty, Self Care, and Essential Health segments. With over 20 years of experience in consumer health, Dr. Tillett previously served as Global Head, R&D, for Johnson & Johnson Consumer Health and as interim Global Head of Consumer R&D at GSK.

Matt Orlando, General Counsel

Matt Orlando is the General Counsel for Kenvue, leading the Legal, Compliance, Privacy, Global Security, and Brand Protection organizations. He previously served as Corporate Secretary and Worldwide Vice President, Corporate Governance, for Johnson & Johnson, acting as a liaison to the Johnson & Johnson Board of Directors. Throughout his more than 15 years at Johnson & Johnson, Orlando held various legal leadership roles, including General Counsel, Global Consumer Medical Devices. Prior to Johnson & Johnson, he worked for the pharmaceutical company UCB in Brussels and law firms in Australia.

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The public company Kenvue (KVUE) faces several key risks to its business, primarily stemming from legal and regulatory challenges, intense competition, and a decline in profitability.

1. Legal and Regulatory Challenges: Kenvue is currently navigating significant legal and regulatory hurdles, most notably concerning its flagship product, Tylenol (acetaminophen), and products containing phenylephrine. The company faces lawsuits and increasing scrutiny over an alleged link between prenatal Tylenol use and autism/ADHD, as well as the FDA's advisory panel ruling that orally administered phenylephrine, an ingredient in many nasal decongestants, is ineffective. These challenges have led to stock price drops, reputational damage, and potential liabilities estimated to range from $500 million to $1.5 billion. Ongoing litigation, including a lawsuit from the Texas Attorney General and a U.K. lawsuit related to talc-related cancer risks, continues to erode investor confidence and consume management's focus.
2. Competition from Private Label Brands and Limited Organic Growth Potential: Kenvue operates in mature consumer health categories, leading to increased competition from store brands and private label alternatives. This competition can put pressure on the company's margins and market share. The mature nature of its product categories means Kenvue often relies more on price increases rather than volume growth for expansion, which can limit its organic growth potential.
3. Declining Profitability and Increased Operating Expenses: Recent financial analyses indicate a significant decline in Kenvue's net income, operating cash flow, and key profitability margins in 2024. This compression in profitability is attributed to a substantial increase in operating expenses. Additionally, the company's dividend payout ratio exceeding both net income and free cash flow raises concerns about the long-term sustainability of its dividend if financial performance does not improve as projected.

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The rapid advancement and increasing consumer adoption of AI-driven personalized health and beauty solutions. This trend supports the emergence of specialized direct-to-consumer (DTC) brands and platforms that offer highly customized products and recommendations based on individual biometric data, genetic profiles, or real-time health monitoring. This directly challenges Kenvue's traditional model of mass-market, standardized products across self-care, skin health, and essential health categories, potentially eroding market share among consumers seeking tailored and data-backed solutions over broad-appeal brands.

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Kenvue operates within the consumer health market, which was valued at approximately $369 billion globally in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 3% to 4% globally through 2025. The company's main product segments are Self Care, Skin Health and Beauty, and Essential Health.

Self Care

• Pain Relief (including brands like Tylenol and Motrin): The global pain relief medication market was valued at USD 107.54 billion in 2024 and is projected to reach USD 231.54 billion by 2035, growing at a CAGR of 7.22% from 2025 to 2035.
  • The global acetaminophen market (Tylenol is an acetaminophen product) was estimated at USD 10.4 billion in 2024 and is expected to grow to USD 16.6 billion in 2034, with a CAGR of 4.5% from 2025 to 2034. The U.S. acetaminophen market alone was valued at USD 4.1 billion in 2024.
  • The global topical pain relief market was valued at USD 11.0 billion in 2024 and is estimated to reach USD 17.3 billion by 2033, exhibiting a CAGR of 5.1% from 2025-2033. North America dominates this market, holding a market share of over 35.0% in 2024.
• Allergy Relief (including brands like Zyrtec): The global antihistamine market was valued at approximately USD 3.2 billion in 2022 and is projected to grow at a CAGR of around 5% over the next five years. The U.S. is the largest market, accounting for roughly 60% of global sales in the antihistamine segment.

Skin Health and Beauty

• Skin Care Products (including brands like Neutrogena and Aveeno): The global skincare products market was valued at USD 171.05 billion in 2024 and is projected to reach USD 260.61 billion by 2033, growing at a CAGR of 4.79% during the forecast period (2025–2033). Asia-Pacific dominated this market, holding a 35% share in 2024. The U.S. beauty market (which includes skincare) is valued at $42 billion.

Essential Health

• Oral Care (including brands like Listerine): The global mouthwash market was valued at USD 2.26 billion in 2024 and is poised to grow to USD 3.76 billion by 2032, with a CAGR of 6.55% during the forecast period (2025-2032). North America holds the largest share of the mouthwash market.
• Baby Care (including brands like Johnson's Baby): No specific addressable market size for "baby care" as a standalone market was found.
• Wound Care (including brands like Band-Aid): No specific addressable market size for "wound care" related to Kenvue's products was found.

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Expected Drivers of Future Revenue Growth for Kenvue (KVUE)

Over the next two to three years, Kenvue's revenue growth is expected to be driven by several key strategic initiatives and market dynamics, prior to its anticipated acquisition by Kimberly-Clark in the second half of 2026.

• Value Realization through Pricing and Mix: Kenvue has demonstrated an ability to drive organic growth through value realization, which includes price increases and a favorable product mix. In the third quarter of 2024, value realization contributed 2.5% to organic growth, stemming from a combination of carry-over pricing and new price actions. This strategy is expected to continue contributing to revenue growth.

• Strategic Reinvestment in Iconic Brands and Marketing: The company is leveraging productivity and efficiency benefits from its "Our Vue Forward" initiative, aiming to deliver $350 million in annual savings by 2026. These savings are being reinvested behind its iconic brands to foster sustainable and profitable growth, driving market share gains in segments like Self Care and broad-based growth in Essential Health.

• New Product Innovation and Portfolio Modernization: Kenvue plans to sustain growth through ongoing investments in innovation and strategic marketing. This includes the launch of new products, such as Tylenol Easy To Swallow, to enhance market penetration and consumer loyalty. The company is also exploring leveraging artificial intelligence (AI) for a faster research and development cycle in consumer health products, aiming to modernize its global brand portfolio through digital innovation.

• Targeted Segment Growth and Recovery: While some segments have faced challenges, Kenvue is focusing on driving growth in specific areas. The Essential Health segment exhibited growth in the third quarter of 2024, and the company is working on building a strong foundation in its Skin Health and Beauty segment, where early signs of recovery are emerging.

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Share Repurchases

• Kenvue's Board of Directors authorized a share repurchase program for up to 27 million shares on October 26, 2023, with no expiration date.
• The purpose of this program is to offset dilution resulting from the vesting or exercise of equity awards under Kenvue's equity incentive plan.
• As of September 28, 2025, Kenvue had repurchased 20,387,000 shares totaling $439.14 million under the authorized program.

Share Issuance

• Kenvue completed its Initial Public Offering (IPO) on May 4, 2023, issuing 198,734,444 shares of common stock at $22.00 per share, which raised $3.8 billion.
• Following the IPO, Johnson & Johnson initially retained approximately 89.6% of Kenvue's total outstanding shares.
• Johnson & Johnson completed its full separation from Kenvue through a share exchange in July/August 2023, reducing its ownership to 9.5% of outstanding shares.

Inbound Investments

• In March 2025, activist investment firm Starboard acquired a stake in Kenvue, which resulted in Starboard's CEO joining Kenvue's board of directors.

Capital Expenditures

• Kenvue reported capital expenditures of $375 million in fiscal year 2022 and $469 million in fiscal year 2023.
• For fiscal year 2024, capital expenditures were $434 million, with an expected $482.3 million for fiscal year 2025.
• Primary cash requirements for 2024 and 2025 are expected to include capital expenditures, supporting working capital, restructuring and integration efforts, and general operational needs.