Kenvue (KVUE) Company Report

Kimberly-Clark agreed to acquire Kenvue for an enterprise value of ~$48.7 billion, with Kenvue shareholders receiving $3.50 cash plus 0.14625 K-C shares per share (total consideration of $21.01/share).
Post-close, K-C shareholders will own ~54% and Kenvue shareholders ~46% of the combined company.
The deal carries a headline multiple of 14.3x Kenvue LTM Adjusted EBITDA (8.8x effective post-synergies), with fully committed financing targeting ~2.0x net leverage within 24 months.
Expected synergies of ~$2.1 billion—including $1.9 billion in cost synergies and $0.2 billion in margin flow—drive value creation.
Transaction is targeted to close in 2H 2026 subject to customary closing conditions and approvals.

Nov 3, 2025, 1:00 PM

Presentation

Kimberly-Clark to acquire Kenvue and form consumer health leader

KVUE

M&A

Combines Kimberly-Clark and Kenvue into a global health and wellness leader with pro forma annual revenues of $32 billion and $7 billion EBITDA.
Deal valued at $48.7 billion, with Kenvue shareholders receiving $3.50 cash plus 0.14625 Kimberly-Clark shares per share (total $21.01), representing 4.3× LTM EBITDA (or 8.8× with $2.1 billion synergies).
Targets $1.9 billion in cost synergies and $500 million in revenue synergies (net $2.1 billion EBITDA after reinvesting $300 million), to be achieved over 3-4 years, with one-time integration costs of $2.5 billion.
Expected to close in H2 2026, subject to approvals; pro forma shareholders own 54% Kimberly-Clark and 46% Kenvue, with a leverage ratio goal of ~2× EBITDA within 24 months post-close.

Nov 3, 2025, 1:00 PM

Transcript

Kimberly-Clark to acquire Kenvue

KVUE

M&A

Kimberly-Clark and Kenvue will combine to form a $32 billion health and wellness leader generating approximately $7 billion in EBITDA pre-synergies and uniting 10 billion-dollar brands serving over a billion consumers globally.
The transaction values Kenvue at about $48.7 billion, with Kenvue shareholders receiving $3.50 in cash plus 0.14625 Kimberly-Clark shares per Kenvue share (total consideration of $21.01 per share).
The companies expect to unlock $2.1 billion of annual EBITDA synergies net of reinvestment, including $1.9 billion in cost and $500 million in revenue synergies, reinvesting $300 million; cost synergies to be realized within three years and revenue synergies within four years.
Financing is structured with the majority in stock, supplemented by $1.8 billion of net proceeds from the Suzano JV to fund the cash component; the combined company targets a ~2× leverage ratio within 24 months and expects mid-single-digit EPS dilution in year one, turning accretive in year two.
The deal is expected to close in H2 2026 subject to regulatory and shareholder approvals; pro forma ownership will be ~54% Kimberly-Clark and ~46% Kenvue, with three Kenvue directors joining Kimberly-Clark’s board.

Nov 3, 2025, 1:00 PM

Transcript

Kimberly-Clark announces acquisition of Kenvue

KVUE

M&A

Kimberly-Clark will acquire Kenvue for approximately $48.7 billion, with Kenvue shareholders receiving $3.50 cash & 0.14625 KC shares per share (≈$21.01/sh).
The combined entity will have pro forma net revenues of $32 billion and $7 billion EBITDA, with 10 billion-dollar brands and target $2.1 billion of net annual EBITDA synergies (≈$1.9 billion cost + $0.5 billion revenue, net of $0.3 billion reinvestment) within 3–4 years.
Financial guidance includes mid-single-digit EPS dilution in year 1 and accretion in year 2, with a target leverage of ~2× EBITDA within 24 months post-close, funded in part by proceeds from the Suzano joint venture; closing expected H2 2026 subject to approvals.
Transaction unites Kimberly-Clark’s operational & commercial engine with Kenvue’s consumer health brands across baby care, women’s health, and active aging to form a leading pure-play global health & wellness company.

Nov 3, 2025, 1:00 PM

Transcript

Kenvue to Be Acquired by Kimberly-Clark for $48.7 Billion

KVUE

M&A

Kimberly-Clark will acquire Kenvue for an enterprise value of $48.7 billion, offering $3.50 cash plus 0.14625 Kimberly-Clark shares per Kenvue share (total $21.01 per share).
The combined company is projected to generate ~$32 billion in 2025 net revenues and ~$7 billion in adjusted EBITDA.
Expected run-rate synergies of $2.1 billion (cost synergies ~$1.9 billion; revenue synergies ~$0.5 billion) with ~$2.5 billion in implementation costs; accretive to adjusted EPS by Year 2.
Closing anticipated in 2H 2026, with pro forma ownership of ~54% for current Kimberly-Clark and ~46% for Kenvue shareholders.

Nov 3, 2025, 12:01 PM

8-K

Kenvue reports Q3 2025 results

KVUE

Earnings

Guidance Update

CEO Change

Kenvue Inc. reported third-quarter net sales decreased 3.5% year-over-year, driven by an organic sales decline of 4.4%.
Gross profit margin expanded to 59.1% (adjusted 61.2%), while operating income margin was 16.7% (adjusted 21.5%).
Diluted EPS was $0.21 versus $0.20 in the prior-year period; adjusted diluted EPS remained at $0.28.
The company affirmed its full-year 2025 outlook and appointed Kirk Perry as permanent CEO.

Nov 3, 2025, 11:44 AM

8-K

Kenvue partners with AI firm Albert Invent to accelerate R&D

KVUE

New Projects/Investments

Kenvue, spun off from Johnson & Johnson in May 2023, generates over $15 billion in annual revenue with a $31.17 billion market cap but faces a 12.3% decline in one-year earnings growth and an Altman Z-Score signaling financial risk.
In Q1 2025, Kenvue launched a multi-year collaboration with Albert Invent to integrate its AI platform—trained on 15 million molecular structures and 50,000 raw materials—into global R&D processes.
The partnership will streamline product development and automate lab workflows by suggesting ingredient formulations (e.g., viscosity, fragrance, price) to improve safety, performance, and efficiency.
This initiative is a core element of Kenvue’s broader digital transformation strategy to maintain leadership in the competitive consumer health market.

Oct 14, 2025, 5:03 PM

Morningstar

Kenvue lobbies to exclude Tylenol from autism report

KVUE

Legal Proceedings

Interim CEO Kirk Perry and CMO Caroline Tillett engaged Health Secretary Robert F. Kennedy Jr. to argue there’s no evidence linking acetaminophen during pregnancy to autism.
Kenvue underscores Tylenol’s safety, citing lack of alternatives for pregnant women and FDA statements finding no definitive harm when used properly.
The company is preparing for a critical Department of Health and Human Services report and has mounted a robust defense to keep Tylenol off any list citing it as an autism cause.
Analysts rate the stock as Hold with an average one-year price target of $22.47 (upside 19.22%).

Sep 12, 2025, 10:12 AM

Bloomberg

Kenvue reports Q2 2025 results

KVUE

Earnings

CEO Change

Guidance Update

Kenvue appointed Kirk Perry as interim CEO and Amit Banati as CFO (three months into role), while the board initiated a comprehensive strategic alternatives review to unlock shareholder value.
Q2 organic sales declined 4.2%, driven by execution shortfalls, seasonal and customer inventory dynamics; segment declines included Self Care –5.9%, Skin Health & Beauty –3.7%, and Essential Health –2.4% despite positive global consumption trends.
Adjusted operating margin contracted by 10 bps to 22.7%, and adjusted EPS was $0.29 versus $0.32 in Q2 2024.
The company revised its 2025 guidance to expect organic sales down low-single digits and full-year adjusted EPS in the range of $1.00–$1.05, including a low-single-digit currency drag.
Management outlined four immediate priorities—strengthening leadership, simplifying the operating model, flawless execution, and optimizing structure—to drive improved operational performance.

Aug 7, 2025, 4:30 PM

Kenvue Advances Transformation Post-Separation

KVUE

New Projects/Investments

Demand Weakening

Kenvue has completed its separation from J&J and is focused on transforming its operating model to drive profitable growth, including disentangling over 2300 TSAs and ramping up investments in brands and talent.
The company is emphasizing its "five extraordinary powers" through robust innovation, marketing campaigns, and supply chain adjustments to capture market share across key regions.
Management highlighted challenges from macroeconomic pressures and retail destocking, while noting a positive outlook for the second half as negative factors like tariffs and seasonal delays wane.

Jun 4, 2025, 2:15 AM

Earnings Transcripts

Quarterly earnings call transcripts for Kenvue.

Ask Fintool AI Agent

Get instant answers from SEC filings, earnings calls & more

What did Kirk Perry say about margins?What are Kenvue's strategic priorities?How is Kenvue positioned vs competitors?How did Kenvue do last quarter?

Let Fintool AI Agent track Kenvue's earnings for you

Get instant analysis when filings drop