Kenvue’s First Day as Independent Company

On Aug 23, 2023

Kenvue Inc., the multibillion-dollar spinoff of Johnson & Johnson’s consumer health business, marks its first day as a fully independent company.

“This is a historic moment for Kenvue and with a singular focus on delivering innovative care solutions to customers and consumers around the world, we’re excited to write the next chapter of consumer health,” said Thibaut Mongon, Kenvue’s CEO and director. “Thank you to our passionate teams who have prepared us for this significant milestone and welcome to our new shareholders. As the home to some of the world’s most beloved brands, we step into the future as a fully independent company from a position of strength and look forward to all that we will continue to achieve as a global leader in consumer health.”

As separately announced today, Johnson & Johnson accepted an aggregate of 190,955,436 shares of Johnson & Johnson common stock in exchange for 1,533,830,450 shares of Kenvue common stock. As a result, Johnson & Johnson now owns 9.5% of the outstanding shares of Kenvue common stock. The exchange offer was 4.2x subscribed.

Kenvue’s product portfolio includes well known products Tylenol, Neutrogena, Listerine and Band-Aid. The spinoff marked the largest restructuring in Johnson & Johnson’s 135-year history.

The company is currently located in Skillman, but will be slowly moving its headquarters to Summit East, a 46-acre landscaped campus in Summit that was purchased by Onyx Equities in 2021. In addition to corporate office space, the campus will house laboratory space to principally support R&D. According to an SEC filing, the company will begin moving into the office building in 2025 and into the new R&D building in 2026.

In 2022, J&J’s Consumer Health segment generated revenue of $15 billion, which in and of itself, would make Kenvue a Fortune 100 company. During the first quarter of 2023, the unit generated $3.8 billion in sales — a 7% year-to-year growth.

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