Kenvue (KVUE) Barclays 17th Annual Global Consumer Staples Conference summary

Transformation journey and strategic priorities

• Transitioning from a business unit to a standalone company focused on profitable growth, with financial and physical separation from J&J progressing on schedule.

• Three key priorities: reaching more consumers, freeing up resources for brand activation, and fostering a culture of performance and impact.

• Gross margin expansion and operational efficiencies are funding increased brand investments.

• Employee engagement remains high, supporting the transformation.

• Confident in delivering on 2024 commitments and long-term growth targets.

Growth mindset and brand innovation

• Rapid, influencer-led relaunches (e.g., OGX with Demi Lovato) have driven viral engagement and double-digit growth.

• Innovations like Tylenol Easy to Swallow and BAND-AID PRO-HEAL address unmet consumer needs and expand market share.

• Portfolio includes multiple #1 and #2 brands in their categories, with ongoing focus on new ways to grow.

Consumer health sector outlook

• Secular trends favor consumer health, with increased self-care and government encouragement.

• Categories remain underpenetrated, offering room for innovation and expansion.

• Strong brand relationships with retailers and healthcare professionals enable cross-category synergies.