Kenvue Inc. (KVUE)

Kenvue is the world's largest pure-play consumer health company by revenue, with $15.1 billion in net sales in fiscal year 2025. It combines science, consumer insights and a digital strategy to develop and market everyday health and personal care products. The company was incorporated in Delaware in February 2022 as a wholly owned subsidiary of Johnson & Johnson (J&J) to hold J&J's Consumer Health business. It went public on the NYSE in May 2023 (ticker KVUE), and the separation from J&J was completed in August 2023. J&J held no Kenvue shares after a debt-for-equity exchange in May 2024. On November 2, 2025, Kenvue agreed to a merger with Kimberly-Clark. Shareholders of both companies approved the deal on January 29, 2026, and the U.S. Hart-Scott-Rodino waiting period expired on February 4, 2026. Closing remains subject to other customary conditions, including a number of foreign regulatory approvals.

The company reports three segments. Self Care covers Cough, Cold and Allergy; Pain Care; and other categories such as Digestive Health, Smoking Cessation and Eye Care, with brands including Benadryl, Calpol, Motrin, Nicorette, Rhinocort, Tylenol, Zarbee's and Zyrtec. Skin Health and Beauty covers Face and Body Care and Hair, Sun and Other, with brands such as Aveeno, Dr.Ci:Labo, Le Petit Marseillais, Lubriderm, Neutrogena, OGX and Rogaine. Essential Health covers Oral Care, Baby Care and other categories including Women's Health and Wound Care, with brands such as BAND-AID Brand, Carefree, Desitin, Johnson's, Listerine, o.b. and Stayfree. Kenvue says its brands are backed by science and recommended by healthcare professionals. Its research and development organization has about 1,600 scientists, doctors, pharmacists and engineers working from a global network of innovation hubs.

Kenvue sells to consumers across North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America, with products marketed in more than 165 countries. It works with retailers and other customers through an extensive distribution network and sales organization. Its marketing relies on precision marketing, e-commerce and digital capabilities, along with collaborations with celebrities, influencers and healthcare professionals.

In fiscal 2025, Kenvue's in-house manufacturing supplied about 60% of its sales volume, and external third-party manufacturers supplied the rest. Most distribution centers are run with third-party operators. The main raw materials are resins, silicon, pulp and corn derivatives, paper, agrochemicals, vegetable oils and oleochemicals. Most are bought from third parties and are available from several sources. Some come from single-source or limited suppliers, but no single supplier provides a significant portion of total needs. Its supply chain is subject to inspections by regulators such as the FDA. Competitors include consumer healthcare businesses, global consumer packaged goods companies, regional companies, generic OTC makers, retailer private-label brands and emerging niche brands. Named competitors include Haleon, Procter & Gamble, Reckitt Benckiser, Beiersdorf, Estée Lauder, L'Oréal, Unilever, Church & Dwight, Colgate-Palmolive and Kimberly-Clark.