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Kenvue, J&J’s Consumer Health Unit, Files for an IPO

Published January 17, 2023
Published January 17, 2023
Johnson & Johnson

Johnson & Johnson's consumer health segment Kenvue has filed to be listed as an independent company under the ticker symbol KVUE. The filing on the New York Stock Exchange comes a year after the healthcare and personal care giant voiced its intention to split into two companies.

The filing indicates Kenvue aims to raise $100 million, which is likely a placeholder. Research firm Renaissance Capital estimates the offering could raise as much as $5 billion, making it the largest company on file in the IPO pipeline. As a unit of J&J, Kenvue reported over $15 billion in consumer health sales in 2021, with profits totaling $2 billion.

WHO: Kenvue claims to be the world's largest pure-play consumer health company by revenue, operating across three segments: self-care, skin health and beauty, and essential health. Its differentiated portfolio of brands includes Tylenol, Neutrogena, Listerine, Aveeno, and Dr.Ci:Labo, among others. Ten of its brands had over $400 million in net sales in 2021, and the company currently holds five #1 brand positions across major categories globally, in addition to many #1 brand positions locally.

IN ITS OWN WORDS: In its filing, Kenvue says it's "the world's largest pure-play consumer health company by revenue," with $15.1 billion in 2021 net sales. The company said each of its products are No. 1 in their respective market sectors, such as Johnson's spot as the No. 1 baby toiletries brand globally. The company's market standing, as well as its "competitive financial portfolio," are some strengths Kenvue hopes will reel in investors.

WHY: The planned separation is expected to be completed later this year, and J&J will remain focused on pharmaceutical and medical devices.


  • The unit has filed to be listed as an independent company under the ticker symbol KVUE.
  • J&J will continue to own at least 80.1% of the voting power of Kenvue's shares upon completion of the offering. 
  • Aveeno, Neutrogena, Johnson's, Tylenol, Dr.Ci:Labo, and Band-Aid will be among the brands included in Kenvue's portfolio.
  • In its filing, Kenvue noted that LTL Management, the subsidiary J&J set up to enact a Texas two-step bankruptcy, would remain as part of J&J and not Kenvue.
  • Goldman Sachs and J.P. Morgan are the underwriters for the offering.

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