Lei Di Network Lei Jianping May 4th
Johnson & Johnson's consumer health business subsidiary Kenvue (stock code "KVUE") will be listed on the New York Stock Exchange today.
Kenvue issued 172.8 million common shares at a price of $22, raising a total of $3.8 billion. If the green shoe mechanism is implemented, the fundraising scale can exceed US$4 billion.
Based on the issue price, Kenvue's market value will exceed US$40 billion, making it the largest IPO in US stocks since November 2021.
Since 2022, the entire U.S. stock market has been in a downturn. Many investors hope that the listing of Kenvue will bring the entire U.S. stock market back to its former prosperity.
Annual revenue of $14.95 billion
In November 2021, Johnson & Johnson announced the largest spin-off and reorganization plan since its establishment in 1886, retaining its pharmaceutical and medical device business as "New Johnson & Johnson", and spinning off its consumer goods and personal health care businesses independently, and in 2022 It was officially named "Kenvue" in September.
The name Kenvue comes from two concepts: "Ken" means knowledge, taken from Scots; "Vue" means vision. It aims to provide in-depth consumer insights into human needs through rich knowledge and provide them with meaningful personal health solutions.
Kenvue is divided into three business segments: Skin Health/Beauty, Basic Health and Personal Care:
The skin health/beauty sector includes 16 brands including Neutrogena, Aveeno, Dr. Chengye, Dabao, etc.; the basic health sector includes wound care, oral care, baby care and women’s health brands, including Listerine, Band-Aid Bandage, OB Hygiene Cotton and other brands.
The personal care segment offers over-the-counter medicines and healthcare products, such as Tylenol for headaches and cold relief, Motrin for pain relief, and Zarbee's cough syrup.
Kenvue’s revenue in 2022 will be US$14.95 billion, compared with US$14.467 billion and US$15.054 billion in the last two years; operating profit will be US$2.675 billion, and the operating profit in the last two years will be -US$979 million and US$2.92 billion respectively ; The net profit was US$2.087 billion, and the net profit in the previous two years was -US$879 million and US$2.031 billion respectively.
Among them, Kenvue’s revenue from self care (Self Care) will be US$6.03 billion in 2022, accounting for 40.3% of revenue; revenue from skin health/beauty (Skin Health and Beauty) will be US$4.35 billion, accounting for 40.3% of revenue 29.1%; revenue from Essential Health was US$4.57 billion, accounting for 30.6% of revenue.
From a regional perspective, 50% of Kenvue's revenue comes from North America, 21% from Asia-Pacific, 21% from Africa, and 8% from South America.
Kenvue expects revenue for the three months ending April 2, 2023 to be US$3.852 billion, compared to US$3.59 billion for the same period last year; net profit is expected to be US$320 million to US$340 million, compared to a net profit of US$340 million for the same period last year. $528 million.
Kenvue expects an adjusted net profit of $610 million to $650 million for the three months ended April 2, 2023, compared to an adjusted net profit of $613 million for the same period last year.
Before the listing, Johnson & Johnson held 100% of the shares of Kenvue, and after the IPO, it still holds 91.9% of the shares. If the shares are fully diluted, the shareholding will drop to 90.8%.
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