Kenvue (KVUE) 2024 Deutsche Bank dbAccess Global Consumer Conference summary

Strategic transformation and priorities

• Transitioned from a J&J segment to an independent company focused on accelerated profitable growth, with 2024 marking the first full year of independence.

• Key 2024 priorities: transforming ways of working to reach more consumers, expanding gross margins, and fostering a culture of impact and performance.

• Rebalancing investment from infrastructure to brand activation, with increased focus on operational efficiency and growth mindset.

• Changed incentive systems to reinforce a performance-driven culture.

Business segment performance and outlook

• Self-care remains the largest and strongest segment, consistently outperforming the market and gaining share despite seasonal variations.

• Essential health boasts category leadership in brands like Listerine and Band-Aid, focusing on category expansion and penetration.

• Skin health is strong in EMEA but underperforming in the U.S.; efforts underway to stabilize and recover the U.S. business, with early signs of improvement.

Regional dynamics and growth opportunities

• North America and Asia Pacific face headwinds, but essential health and self-care are performing well; U.S. skin health is a focus for recovery.

• China represents a growth opportunity, especially in self-care, with significant innovation and cautious investment in non-self-care categories.

• EMEA and Latin America are over-delivering, leveraging strong local brands and pharmacy channels, with notable success in oral care and smoking cessation.