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    Kenvue Inc (KVUE)

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    Business Description

    Kenvue Inc. is a leading global consumer health company, recognized as the world's largest pure-play consumer health company by revenue, with $15.4 billion in net sales in 2023 . The company operates through three main business segments: Self Care, Skin Health and Beauty, and Essential Health . Kenvue's portfolio includes products for pain care, cough, cold, and allergy, as well as face and body care, oral care, and baby care, featuring iconic brands like Tylenol®, Neutrogena®, and Listerine® . The company's global operations span over 165 countries, with approximately half of its net sales generated outside North America .

    1. Skin Health and Beauty - Focuses on face and body care, and hair, sun, and other products, featuring brands such as Neutrogena® and Aveeno®.
    2. Self Care - Offers products for pain care, cough, cold, and allergy, as well as digestive health, smoking cessation, and eye care, with brands like Tylenol®, Motrin®, and Nicorette®.
    3. Essential Health - Covers oral care, baby care, and other essential health products, including brands like Listerine® and Johnson’s®.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Thibaut MongonChief Executive Officer and DirectorMay 2023Thibaut Mongon has served as the Chief Executive Officer and Director of Kenvue since May 2023. He joined Johnson & Johnson in 2000 and held various positions, including Executive Vice President and Worldwide Chairman, Consumer Health .
    Luani AlvaradoChief People OfficerMay 2023Luani Alvarado has served as the Chief People Officer of Kenvue since May 2023. She was previously the Global Leader of Human Resources for Consumer Health at Johnson & Johnson .
    Charmaine EnglandChief Growth OfficerJanuary 2024Charmaine England has served as the Chief Growth Officer of Kenvue since January 2024. She was previously the Area Managing Director for the United Kingdom & Northern Europe at Kenvue .
    Carlton LawsonGroup President, EMEA & Latin AmericaJanuary 2024Carlton Lawson has served as Group President, Europe, Middle East and Africa & Latin America of Kenvue since January 2024. He has over 30 years of experience in the healthcare sector .
    Jan MeurerGroup President, North AmericaJanuary 2024Jan Meurer has served as Group President, North America of Kenvue since January 2024. He was previously Chief Growth Officer of Kenvue .
    Matthew OrlandoGeneral CounselMay 2023Matthew Orlando has served as General Counsel of Kenvue since May 2023. He was previously General Counsel for Consumer Health at Johnson & Johnson .
    Paul RuhChief Financial OfficerMay 2023Paul Ruh has served as the Chief Financial Officer of Kenvue since May 2023. He was previously the Chief Financial Officer for Consumer Health at Johnson & Johnson .
    Meredith StevensChief Operations OfficerMay 2023Meredith (Meri) Stevens has served as the Chief Operations Officer of Kenvue since May 2023. She was previously the Worldwide Vice President, Consumer Health Supply Chain and Deliver at Johnson & Johnson .
    Bernardo TavaresChief Technology & Data OfficerMay 2023Bernardo Tavares has served as Chief Technology & Data Officer of Kenvue since May 2023. He was previously the Chief Information Officer for Consumer Health at Johnson & Johnson .
    Caroline TillettChief Scientific OfficerMay 2023Caroline Tillett has served as the Chief Scientific Officer of Kenvue since May 2023. She was previously the Global Head of R&D, Consumer Health at Johnson & Johnson .
    Ellie Bing XieGroup President, Asia PacificMay 2023Ellie Bing Xie has served as Group President, Asia Pacific of Kenvue since May 2023. She was previously the Company Group Chairman, Asia Pacific, Consumer Health at Johnson & Johnson .
    Edward J. ReedVice President, Corporate SecretaryN/AEdward J. Reed is the Vice President, Corporate Secretary of Kenvue Inc. and is involved in the company's legal and corporate governance matters .

    Questions to Ask Management

    1. Given that the recovery of your Skin Health and Beauty segment is not expected to be linear, what specific strategies are you employing to accelerate growth in this area for 2025, and how will you adapt if consumer sentiment in key markets like Asia does not improve?

    2. With significant investments in marketing and new partnerships, how are you ensuring that these efforts lead to sustainable sales growth and market share gains in a challenging category environment, rather than just short-term engagement?

    3. Considering the anticipated reduction of commodity tailwinds and persistent inflationary pressures, how confident are you in achieving your long-term gross margin expansion targets, and what contingency plans are in place if input costs rise unexpectedly?

    4. How are you addressing the risks associated with cautious retailer ordering patterns and potential store closures in key channels, particularly in the U.S. drug channel, to maintain product availability and consumer access?

    5. As you focus on cost savings through the Vue Forward initiative while investing in brand growth, how do you ensure that cost reductions do not compromise your ability to innovate and drive growth in segments that are currently underperforming?

    Share Repurchase Program

    Program DetailsProgram 1
    Approval DateFiscal three months ended October 1, 2023
    End Date/DurationNo expiration date
    Total additional amount27,000,000 shares
    Remaining authorization amount20,950,000 shares (as of September 29, 2024)
    DetailsTo offset dilution from equity awards

    Debt Maturity Schedule

    YearAmount Due (in Millions)Debt TypeInterest Rate (%)% of Total Debt
    2024$890 Commercial PaperN/A10.2% = (890 / 8,701) * 100
    2025$750 5.50% Senior Notes5.50 8.6% = (750 / 8,701) * 100
    2026$750 5.35% Senior Notes5.35 8.6% = (750 / 8,701) * 100
    2028$1,000 5.05% Senior Notes5.05 11.5% = (1,000 / 8,701) * 100
    2030$1,000 5.00% Senior Notes5.00 11.5% = (1,000 / 8,701) * 100
    2033$1,250 4.90% Senior Notes4.90 14.4% = (1,250 / 8,701) * 100
    2043$750 5.10% Senior Notes5.10 8.6% = (750 / 8,701) * 100
    2053$1,500 5.05% Senior Notes5.05 17.2% = (1,500 / 8,701) * 100
    2063$750 5.20% Senior Notes5.20 8.6% = (750 / 8,701) * 100

    Competitors

    Competitors mentioned in the company's latest 10K filing.

    • Haleon - Competitor in the Self Care segment .
    • Procter & Gamble - Competitor in the Self Care, Skin Health and Beauty, and Essential Health segments .
    • Reckitt Benckiser Group - Competitor in the Self Care segment .
    • Beiersdorf - Competitor in the Skin Health and Beauty segment .
    • L'Oréal - Competitor in the Skin Health and Beauty segment .
    • Unilever - Competitor in the Skin Health and Beauty and Essential Health segments .
    • Colgate-Palmolive - Competitor in the Essential Health segment .
    • Kimberly Clark - Competitor in the Essential Health segment .
    • Private-label brands - Competitors across Self Care, Skin Health and Beauty, and Essential Health segments .

    Auditor

    NameStart DateEnd DateReason for Change
    PricewaterhouseCoopers LLP2021 PresentCurrent auditor