Kenvue

Kenvue Inc.
Company type	Public
Industry	Consumer health
Predecessor	Johnson & Johnson Consumer Healthcare
Founded	February 23, 2022; 4 years ago in Delaware, United States
Fate	Announced acquisition by Kimberly-Clark (expected late 2026)
Headquarters	Summit, New Jersey, United States
Area served	Worldwide
Key people	Kirk Perry (interim CEO)
Products	Aveeno, Band-Aid, Benadryl, Combantrin, Zyrtec, Johnson's Baby, Listerine, Lactaid, Mylanta, Neutrogena, Trosyd, Calpol, Tylenol, Visine, and others
Owner	Public; formerly majority owned by Johnson & Johnson until July 2023
Number of employees	22,200 (2022)
Parent	Formerly Johnson & Johnson (until July 2023)

Kenvue Inc. is a U.S.-based consumer health enterprise that was formerly part of the Consumer Healthcare segment of Johnson & Johnson. The company manages well-known product lines including Aveeno, Band-Aid, Benadryl, Combantrin, Zyrtec, Johnson's Baby, Listerine, Lactaid, Mylanta, Neutrogena, Trosyd, Calpol, Tylenol, and Visine. Headquartered in Delaware, Kenvue shifted its main office from Skillman to Summit, New Jersey.

In November 2021, Johnson & Johnson revealed plans to separate its consumer health division. The spin-off entity was branded Kenvue in September 2022, and its initial public offering (IPO) took place in May 2023, generating $3.8 billion—the largest U.S. IPO since 2021—and valuing the firm near $41 billion. At the outset, Johnson & Johnson maintained over 90% ownership but finalized complete separation through a stock exchange in July 2023. Subsequently, Kenvue was included in the S&P 500 Dividend Aristocrats index.

By 2022, Kenvue employed roughly 22,200 staff members and was under the leadership of CEO Thibaut Mongon until his dismissal in 2025, after which Kirk Perry assumed the role of interim CEO. In 2023, the company faced a securities class action lawsuit concerning alleged misstatements about risks linked to phenylephrine, which affected its share price following the IPO.

On November 3, 2025, Kimberly-Clark announced an agreement to acquire Kenvue at an enterprise valuation of , with the transaction expected to conclude in the latter half of 2026.

Spin-off and IPO

On November 12, 2021, Johnson & Johnson declared its intention to spin off its consumer health business to enhance operational focus. This new entity would encompass brands such as Aveeno, Band-Aid, Neutrogena, and Tylenol, while Johnson & Johnson concentrated on pharmaceuticals and medical devices. CEO Alex Gorsky highlighted shifts in consumer market dynamics as a primary motivation for accelerating growth opportunities for both companies.

Comparable restructurings were undertaken by other pharmaceutical corporations: for example, Merck & Co. divested its consumer health unit to Bayer in 2014, and Pfizer merged its consumer health operations with GSK plc in 2019 following its acquisition of Wyeth in 2009. The announcement coincided with similar corporate separations by firms like General Electric and Toshiba.

The New York Times observed that Johnson & Johnson’s reputation had suffered due to legal challenges related to opioid litigation and safety concerns surrounding talc-based baby powder. The spin-off aimed partly to mitigate these issues and restore investor confidence.

Despite strong brand presence, the consumer health division generated $15 billion in revenue during 2021—significantly less than the combined $77 billion from the pharmaceutical and medical device sectors.

On February 23, 2022, the consumer health business was formally incorporated in Delaware as JNTL, Inc. Later, on September 28, 2022, it was rebranded as Kenvue—a name derived from the Scottish term "ken" meaning knowledge and "vue" meaning view—symbolizing brand insight. At that time, Kenvue had a workforce of approximately 22,000 employees.

Kenvue submitted registration documents for an initial public offering with the U.S. Securities and Exchange Commission in January 2023, proposing about 1.89 billion shares with around 170 million shares available for public sale. Following the IPO, Johnson & Johnson retained nearly 91% ownership.

The IPO occurred on May 4, 2023, with shares priced at $22 each, assigning Kenvue a valuation near $41 billion. On its first trading day, shares closed at $26.90, raising roughly $3.8 billion—the largest American IPO since Rivian’s offering in November 2021. This market debut was regarded as an indicator of investor sentiment amid rising interest rates and economic uncertainty.

On July 24, 2023, Johnson & Johnson initiated a share exchange offer enabling its shareholders to convert J&J stock into Kenvue shares.

In August 2023, Kenvue was incorporated into the S&P 500 Dividend Aristocrats index, signaling consistent dividend growth.

After activist investor Starboard Value acquired a stake in March 2025, CEO Jeffrey Smith joined Kenvue’s board of directors. Subsequently, founding CEO Thibaut Mongon was dismissed in July 2025, prompting a strategic reassessment of company direction.

Kimberly-Clark's Acquisition

In November 2025, Kimberly-Clark, the company behind well-known brands such as Kleenex and Huggies, reached an agreement to purchase Kenvue for approximately $40 billion. During 2024, Kimberly-Clark reported revenues of $20.1 billion, while Kenvue posted $15.5 billion in revenue. The transaction, structured as a combination of cash and stock, will result in Kimberly-Clark shareholders owning about 54% of the merged entity, with Kenvue shareholders holding close to 46%.

Brands

Kenvue's range of consumer products comprises:

Controversy

In October 2023, a securities class action lawsuit was initiated against Kenvue in the U.S. District Court for New Jersey. The suit accused the company of breaching federal securities regulations by providing misleading information and omitting critical details in its Registration Statement. The complaint centered on undisclosed risks and potential legal challenges concerning the effectiveness of phenylephrine. Following the lawsuit's disclosure, Kenvue's stock price dropped 9.6% below its IPO level, closing at $19.87, signaling investor apprehension about the company's financial disclosures and governance practices.

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