Kenvue : Webcasts Fireside Chat at the dbAccess Global Consumer Conference Transcript

June 18, 2024 at 07:50 pm IST

Corrected Transcript

04-Jun-2024

Kenvue, Inc. (KVUE)

Deutsche Bank dbAccess Global Consumer Conference

	Total Pages: 13
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Kenvue, Inc. (KVUE)	Corrected Transcript
Deutsche Bank dbAccess Global Consumer Conference	04-Jun-2024

CORPORATE PARTICIPANTS

Thibaut Mongon	Paul Ruh
Chief Executive Officer & Director, Kenvue, Inc.	Chief Financial Officer, Kenvue, Inc.

Carlton Michael Lawson

Group President-Europe, Middle East & Africa, Kenvue, Inc.

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OTHER PARTICIPANTS

Stephen Powers

Analyst, Deutsche Bank Securities, Inc.

MANAGEMENT DISCUSSION SECTION

Stephen Powers

Analyst, Deutsche Bank Securities, Inc.

I'm Steve Powers. I'm the Head of Deutsche Bank's US Consumer Staples franchise, and I'm thrilled to welcome back for the second year in a row Kenvue to our conference. With us today are Thibaut Mongon, the Chief Executive Officer of Kenvue; Paul Ruh, Chief Financial Officer as well as Carlton Lawson, who is the Group President of Europe, Middle East and Africa, as well as Latin America. So, thank you all three for joining us today.

Thibaut Mongon

Chief Executive Officer & Director, Kenvue, Inc.

Great to be back, Steve.

Unverified Participant

Thanks, Steve.

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Kenvue, Inc. (KVUE)	Corrected Transcript
Deutsche Bank dbAccess Global Consumer Conference	04-Jun-2024

QUESTION AND ANSWER SECTION

Stephen Powers

Analyst, Deutsche Bank Securities, Inc.

All right. So it's been a little more than a year now since Kenvue's IPO, Thibaut. I guess as you reflect on that that year, which has been I think we'd all agree, fairly eventful. What would you say are the key lessons that you've learned, the key lessons you think the organization has taken away and how is that translated into the 2024 strategic priorities that you've set?

Thibaut Mongon

Chief Executive Officer & Director, Kenvue, Inc.

Yeah. First of all, it's good to be back here. Last year we were here for our debut as Kenvue, we have just celebrated our first year anniversary and what a year. Yeah.

Stephen Powers

Analyst, Deutsche Bank Securities, Inc.

Yeah.

Thibaut Mongon

Chief Executive Officer & Director, Kenvue, Inc.

So, we are definitely on a on a journey to transform our organization from a segment of J&J, mostly focused on profit and cash to an independent company focused on accelerated profitable growth. So, that's what the entire organization is focused on. If you think about 2023 versus 2024, 2023 was really about separating from J&J. We did that. This is a massive undertaking in 135 years of company history, and we have done that very well, I'm very pleased with the quality of the execution by the team around the world. No [ph] material (00:02:00) impact on the business. But 2024, you see a very different Kenvue in action. It's our first full year as an independent company and you see an organization that is mostly focused on three things. We are first and foremost transforming the way we work to reach more consumers to accelerate our top line. That's one area where we know that we can do more to fully unleash the potential of our brands and our positioning in consumer health. So, we are changing the way we are working very actively, very intentionally to reach more consumers and activate our brands at a bigger scale and with more precision in the execution of our plans. We are also funding this growth differently by continuing to expand our gross margins. That's an area where we have a strong track record and we continue to exercise this muscle by expanding our gross margins, but also by rebalancing our investment from infrastructure to brand activation. So, we are investing more behind brand activation, but it doesn't come at the expense of margin and margin dilution. We are really rebalancing from a high base of infrastructure cost that we are inheriting from our parent company. And as we move to being a fit-for-purpose, competitive company in the consumer health space, we're able to reinvent the ways of working and do it at a lower cost.

And finally, and very importantly, we are focused on fostering a culture of impact and performance in the organization where the entire organization is really able to see the impact of what they are doing, something that was not necessarily easy to do in a larger organization. We have changed our incentive system and we are really focused on driving this growth mindset.

Stephen Powers

Analyst, Deutsche Bank Securities, Inc.

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Kenvue, Inc. (KVUE)	Corrected Transcript
Deutsche Bank dbAccess Global Consumer Conference	04-Jun-2024

Okay. And that lastly on culture, how are - do you think you're in the early stages, really feel like the organization has embraced the new call to action.

Thibaut Mongon

Chief Executive Officer & Director, Kenvue, Inc.

Yeah. Culture doesn't happen overnight, so it's definitely a multiyear journey. But I'm very, very excited with the way the organization has embraced the opportunity. There is really a desire to leverage this unique moment in time in our business, to reinvent our ways of working, embrace the new opportunity, and unleash the full potential of this business.

Stephen Powers

Analyst, Deutsche Bank Securities, Inc.

Great. So - if maybe we just take a kind of a 30,000 foot level view and run through of your three major businesses, Self Care, Essential Health, Skin Health and Beauty. How would you describe current trends and momentum? And how would you frame the long-term opportunity for each?

Thibaut Mongon

Chief Executive Officer & Director, Kenvue, Inc.

Sure. The first, yes, we operate in three segments. I would say with - the first thing to understand well about Kenvue is that it's a power of one portfolio. We are the undisputed leader in consumer health, the largest consumer health company in the world by revenue. And that's really the power of the portfolio. So yes, we have Skin Health, Essential Health and Self Care, but they are all part of a portfolio that covers the full spectrum of consumer health needs. It allows us to partner with retailers in a unique way. I was in Canada last last week where we have a very strong market positions across the portfolio and it was great to see how we go to market in a differentiated manner with a large retailer there. We have a summer readiness program where you have product in Self Care with Zyrtec in allergy and skin health of sunscreen products, in Essential Health with BAND-AID and Listerine. It's all part of a summer readiness program, and you see the power of the portfolio. So that's high level.

Now, if you go one step lower and you look at the detail by segment, in Self Care, we continue to outperform the market. It's our largest segment and so it's very important for us to continue to strengthen our positions. We have outperformed the market for a number of years now and I'm excited by what's ahead of us. We have strong capabilities, strong market positions, strong pipeline, and so we intend to continue to gain share and drive the market in the right direction, even if in some of our businesses are seasonal businesses, we will continue to see variations. If you think about the season we are in right now, allergy, it's a slow season. And so, we are going to see a temporary impact on the business, but it doesn't prevent us from gaining share as we speak with between Zyrtec and Benadryl in the US. I'm very pleased with our share performance. So, continued strength in Self Care.

Our second largest segment is Essential Health. Here, we are very strong in this segment. Our brands are often synonymous with the categories they're playing, whether it's BAND-AID, Listerine or Johnson's, we are very big in these categories. In mouthwash, we are not only the largest mouthwash brand in in the world with Listerine in both alcohol and non-alcohol, but we are five times bigger than the next competitor. In baby, we are number one, number two, 8, 9 times bigger than the next competitor. So our job in Essential Health is to expand the category, drive category growth. And that's what we are doing in mouthwash by driving penetration into more households or in baby care, where we're expanding into kids very successfully with Aveeno Kids in the US, for example. So we want to continue to seek to do that moving forward.

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Kenvue, Inc. (KVUE)	Corrected Transcript
Deutsche Bank dbAccess Global Consumer Conference	04-Jun-2024

And then Skin Health is a segment where we have strong equities. We are doing well in pockets of our business, like in EMEA where Carlton leads our business. The US is an area where we have more work to do, and we are focused on recovering our positions in the US in that part, specific part of the portfolio.

Stephen Powers

Analyst, Deutsche Bank Securities, Inc.

Okay. Yeah. If we can then maybe dive like a little bit deeper into Skin Health and Beauty and there's change going on, right. You had Jan takeover the North American role at the end of last year. There's a search ongoing for a global leader of that segment, moving the headquarters of that segment to the US. Maybe just - maybe again a little bit more detail on the progress since some of those changes - as those changes are unfolding. And how do you define and how do you think about the organization's, kind of medium-term goals for that business?

Thibaut Mongon

Chief Executive Officer & Director, Kenvue, Inc.

Yeah, it's one area skin care - Skin Health in the US, where we are not pleased with our performance today. So, we are actively working on it. We are strengthening our teams. You talked about Jan taking over our North America business. We are in the process of strengthening our Skin Health brand teams across the organization. So a lot of work happening there. The US team under Jan's leadership is really focused on executing with precision, the plan that they have put together at the beginning of the year, and I'm pleased with the early signs of progress in this area. We are far from being done. I said all along that it will not happen overnight and that our objective for this year is to stabilize the business. And I see them making progress on all three areas of their plan. I see in-store our brands being more prominently featured. We'll see an increase in displays of our skincare brand, Neutrogena and Aveeno in the back half of the year. I see progress in how we engage with dermatologist. In the first quarter, we increased our sampling budget and we saw an immediate lift in dermatologist recommendation. In the second quarter from April 1, we have doubled the size of our detailing sales force to dermatologists. So, I would expect to see continued progress there.

And in terms of consumer outreach, the good news is that we already knew that Neutrogena was the brand with the highest penetration in the US in terms of skin care brand. We saw this penetration increasing in Q1. Now, there are certain demographics where we are not - where we want to be yet. And so, we are actively working on those. But I see the team pivoting our marketing efforts to a more influencer based program and a few [ph] tentpole (00:11:55) events we had in March and April. We saw that one - we were able to be number one in terms of share of voice. And two, we were able to come up with content that was relevant for consumers and especially young consumers. So more to come on that, some green shoots. Way too early to declare victory, is going to be a sequential improvement that we are focused on executing that plan.

Stephen Powers

Analyst, Deutsche Bank Securities, Inc.

Okay. So, from an annualized perspective, it seems like 2024 is more about kind of resetting the foundation with the objective to kind of resume hopefully more structural growth as we get into 2025 and beyond.

Thibaut Mongon

Chief Executive Officer & Director, Kenvue, Inc.

Correct. So, in Europe, it's really about accelerating the momentum we have. We are seeing and driving further growth. In the US, it's about stabilizing the business to grow from there - from 2025 onwards.

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Kenvue, Inc. (KVUE)	Corrected Transcript
Deutsche Bank dbAccess Global Consumer Conference	04-Jun-2024

Stephen Powers

Analyst, Deutsche Bank Securities, Inc.

Okay. Maybe we can talk a bit and we'll get Carlton involved in this too, but maybe we kind of we do the same kind of walk through by geography. From my perspective, it seems like North America and Asia-Pacific are facing relative headwinds, maybe not more so than was expected coming into the year, but it remains a little bit more difficult while EMEA and Latin America obviously a testament to Carlton's great leadership had been a little bit over delivered in the first quarter. Maybe just walk through the dynamics you're seeing across those regions, [indiscernible] (00:13:24) you agree or disagree with my summarization there. And then how each region you see trending versus planned in 2024?

Thibaut Mongon

Chief Executive Officer & Director, Kenvue, Inc.

Yeah we have a well-balanced business, right. About half of our business is in North America, half of our business is outside of North America. North America, the majority of the business is doing well. We talked about Self Care, the majority of our Essential Health business. I'm pleased with the performance. We have this focus on skin care that we are actively addressing, as I just talked about. Then Asia-Pacific, in China in particular, here we have upside opportunity and we are excited about the future of this region. If you take China, we are relatively underdeveloped in - and China is only about 7% of our total revenue base. So ample opportunity for us to grow. So majority of our business in Chinese Self Care today. And it's an area where we see consistent demand for highly efficacious products like ours. We have been in China for a very long time, have very strong positions, continue to innovate. Last year, we brought more innovation to the market than in the previous 11 years combined to give you a sense of the intensity of the innovation - of our innovation pipeline in China. And so, we had a good year last year. We had a good start of the year in Self Care, and we expect this to continue moving forward.

So a small part of our portfolio, which is non-Self Care, we don't have all our brands in China, but here we see as everybody else Chinese consumer that is more cautious about where they spend their money. We, I said at the beginning of the year, we are not going to invest ahead of the curve on that part of the business. But we have strong equities that will be ready to be well-positioned when the consumer is ready. And we are not counting on it for our growth algorithm this year. So from that perspective, no change compared to what we talked about.

And then, we have Europe and that continues to do well. We had a couple of very good years in Europe, Middle East and Africa, off to a good start this year as well and Carlton will be able to talk about it more. Latin America is a relatively smaller region for us. It's about 10% of our global revenue and opportunities there as well, but we are pleased with the strength of our brands in that region. Carlton, do you want to speak about it?

Carlton Michael Lawson

Group President-Europe, Middle East & Africa, Kenvue, Inc.

Well if I - just noting on the skin part of the portfolio, so we have seen - taking the same portfolio of brands, Neutrogena and Aveeno, leveraging the playbooks. And we've been on this probably two years or more. We've been able to build momentum in those brands in a region where you got a heartland of European competitors, right. So, it is just as competitive in France, Germany in the homeland and the UK, by the way. So in the UK, with Aveeno, we're growing twice as fast as the market and we expanded into face and so on, so super competitive position there. In Germany building on the Neutrogena platform, again face very competitive. And right now our model in Southern Europe is leveraging our strength in OTC and Self Care and pharmacy to be able to gain distribution of Neutrogena across Southern Europe. And that's a unique position because we're very strong in pharmacy through OTC and therefore pharmacists trust us and see the opportunity with Neutrogena. So we're rolling that out right now. In fact, the pharmacy in this block here the in the Pharmacie de L'opéra there's a

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Kenvue, Inc. (KVUE)	Corrected Transcript
Deutsche Bank dbAccess Global Consumer Conference	04-Jun-2024

Neutrogena premier block there and that's having real impact. So, 3,500 of those units are being deployed right now.

Thibaut Mongon

Chief Executive Officer & Director, Kenvue, Inc.

Don't forget to buy your Neutrogena product.

Carlton Michael Lawson

Group President-Europe, Middle East & Africa, Kenvue, Inc.

Yeah.

Stephen Powers

Analyst, Deutsche Bank Securities, Inc.

That's right.

Thibaut Mongon

Chief Executive Officer & Director, Kenvue, Inc.

I'll take mine.

Stephen Powers

Analyst, Deutsche Bank Securities, Inc.

Well said. Carlton, may be building on that, how have you defined sort of the broader priorities for your region? What objectives have you set for the organization? And if there are any other - beyond what you've just said any other areas of sort of notable overdelivery or notable areas for improvement that you would like to call out?

Carlton Michael Lawson

Group President-Europe, Middle East & Africa, Kenvue, Inc.

Sure, Steve. So sort of across EMEA and LatAm, it's about 3 billion consumers, right, a very sizable it's dynamic and maybe some might say it's complex, right. It's 120 markets in EMEA, for instance, that we distribute products to very different regulatory environments and so on. But we know how to win in this market. We have teams who deeply understand the route to market, work with regulators, work with customers, and we can build businesses. And we have a portfolio of brands that leverage the global power brands that we have, the billionaire brands through to regional brands and local jewels that meet the needs of consumers in this region. And it's through that brand portfolio that actually we're able then to expand from that foundation, our footprint. So good examples are touched on that with Aveeno, Neutrogena just before but in Africa and the Middle East very strong Johnson's Baby foundation that we're able off the back of that in the last few years to drive a Self Care business, which is growing very, very well.

We're seeing how we can have impact here. Nicorette is our biggest brand in the region. It's - and smoking remains a significant high level of incidence, but vaping has increased significantly, particularly in markets like the UK. We saw that opportunity. There's a lot dissonant vapers and so we added an indication to Nicorette from smoking to include vaping, the only product available to help people quit vaping. And that was launched at the beginning of last year. And we've seen double-digit growth in the UK on Nicorette.

On Listerine, a good example here is for many years in every market has its own dental guidelines issued by dentists and KOLs. And forever brushing twice a day with a fluoride toothpaste and flossing was the gold

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Kenvue, Inc. (KVUE)	Corrected Transcript
Deutsche Bank dbAccess Global Consumer Conference	04-Jun-2024

standard. You don't need to do anymore. Until we presented data that showed periodontitis, gingivitis, oral health caries were continuing to be on the increase. So it can't be the panacea. And now in the UK, the guidelines have changed so that now a chemical mouthwash is added to that brush floss regime. And so, we can leverage that with dentists and with consumers. And we have a new global indication on Listerine, which is 5 times more effective than brushing and flossing alone. And that's driven complete reappraisal of the brand with dentists and with consumers. And that drives penetration on daily use oral health benefits. So there are couple of examples that we're deploying here. And I said - the final thing I'd say is there's quite a lot of local jewels, our Le Petit Marseillais is a big brand, an iconic brand in France if you're familiar with the region or if I take Calpol in the UK, which is infant acetaminophen, paracetamol suspension. We're able to take Tylenol, formulas, insights and so on and leverage them in Calpol in UK or Skin Health chassis and leverage them in Le Petit Marseillais. So, we're able to take global platforms and deploy them either the brand or through regional local jewels.

Stephen Powers

Analyst, Deutsche Bank Securities, Inc.

Great. Paul, you're very patient on getting involved here. So maybe doing so by moving to 2024 momentum here as we talked about, the first quarter results came in ahead of external expertise - I think internal - ahead of internal expectations as well. Relative to that, you've called for some slowing in Q2 and then re-acceleration in the second half. Maybe talk through some of the dynamics there. And when the dust settles on the first half, given those kind of puts and takes between 1Q and 2Q, do you see the business is likely to be net on track in the aggregate, a bit ahead or a bit behind? How are you thinking about the year as it's taking shape?

Paul Ruh

Chief Financial Officer, Kenvue, Inc.

Good. Thank you for the question. And let me reiterate that at this point, we're not updating our full year guidance that we issued on May 7. And we remain on track to deliver on our full year commitments. And we're also remaining on track to deliver on our first half commitments. But it's important to talk about a few nuances that are specific to Q2. If I think about the first half, we over-delivered in Q1 and we expect that over-delivery both in top line and bottom line to be fully offset in the second quarter to be able to deliver on the first half in line with our commitments and also the second half remains with our commitment so that the overall full year is in line.

Now, in the case of Self Care specifically, we see some of the headwinds that we mentioned in the quarterly earnings call that included the laps, the destocking, and also the seasonality, particularly in allergy and also in sun in the case of Skin Health and Beauty as well, coming through. In fact, what we talked about has been an early start of the allergy season is turning out to be a slow season in allergy and we see that in the quarter. So with those dynamics that we're seeing, that's why we believe that the over-performance we had in Q1 is going to be fully offset in Q2, both in top line and bottom line, but we remain on the first half intact and in the second half as well. In the second half, we are seeing easier comps and we also see the momentum that we are putting behind our brands delivering the results. So, overall, we feel good about the year with these dynamics that I talked about in the quarter and we also believe that if you look at our segment performance, we will continue to drive the gaining share performance in Self Care, the momentum in Essential Health, the recovery in North American Skin Health, and the continued overall performance of our Self Care outside the US.

Stephen Powers

Analyst, Deutsche Bank Securities, Inc.

Okay. Is that the trade inventory rebalancing that you mentioned in 2Q, is that simply a carryover of the first quarter or is that incremental some trade inventory rebalancing tied to a slower allergy, slower sun season?

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Kenvue, Inc. (KVUE)	Corrected Transcript
Deutsche Bank dbAccess Global Consumer Conference	04-Jun-2024

Paul Ruh

Chief Financial Officer, Kenvue, Inc.

We talked about the destocking of certain channels in the US during our Q1 call and we also said that we expect those to continue.

Stephen Powers

Analyst, Deutsche Bank Securities, Inc.

Yeah.

Paul Ruh

Chief Financial Officer, Kenvue, Inc.

We see that happening.

Stephen Powers

Analyst, Deutsche Bank Securities, Inc.

Okay.

Paul Ruh

Chief Financial Officer, Kenvue, Inc.

And we do not foresee necessarily that to transpire further in the balance of the year. We are at healthy levels of inventory, the level of inventory of our retailers is their decision. But we work collaboratively with them to ensure that they have the right - the right level, so that in case of a spike of demand, we're able to have our products on the shelf. It's not about the COVID times where we have inventory just in case. Now, it's about having just in time inventory. We have strengthened the supply chain collectively and we're able to be operating with more efficiency.

Stephen Powers

Analyst, Deutsche Bank Securities, Inc.

Okay. Great. So I think another - well another aspect to me at least of your first quarter performance and the

2024 outlook that maybe has been underappreciated is just the strength in gross margins that was exhibited in the first quarter over 60%. And that allowed for strong investments, stronger than expected investments back into the business. You also announced the Our Vue Forward program in the first quarter, which frees up more opportunity for reinvestment. Maybe can you talk a little bit more about how we should think about core strength in gross margin from here that Our Vue Forward savings program and essentially how you will rebalance or balance your investments back into the business to drive growth without diluting margins?

Paul Ruh

Chief Financial Officer, Kenvue, Inc.

Very good. Yes, we are pleased with our gross margin performance. And in fact, during our earnings release, we talked about the fact that we now expect to be ahead of our original expectations that were to have adjusted gross margins back to the 2021 levels of 59%. So we will most likely be ahead of that given where the inflation is trending, where the forex is trending, notwithstanding that there may be some volatility, of course, in FX. So, that is a continued source of fuel for our growth and we see building blocks to continue to drive that going forward. Another important building block is Our Vue Forward. Our Vue Forward we talked about these efficiency and effectiveness program that will allow us to turn what is unproductive SG&A into productive SG&A. So put more investment behind our brands. We talked about a restructuring charge of 2 times $275 million, so $550 million, approximately over 2024 and 2025. That will allow us to deliver savings in the range of $350 million odd on a full

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Kenvue, Inc. (KVUE)	Corrected Transcript
Deutsche Bank dbAccess Global Consumer Conference	04-Jun-2024

year basis in 2026 and beyond. And we are already putting that to work. We're starting putting that to work in more advertising, and that is what is fueling our growth. The advertising that we're putting in place, we are already

it's reflecting that in the P&L. So we should expect our overall operating margins to be slightly lower than 2023 numbers, which was what we said at the beginning of the year. And the SG&A number that we saw in Q1 to be about the same for the balance of the year. So that's how the algorithm and the P&L shapes out. All of these allows us to deliver within the guidance of bottom line as well. We are taking the charge associated with the with the Our Vue program. We have the strength of the balance sheet and it will also continue in 2025. We're not done in 2024 because we see further opportunity in Our Vue Forward and continued gross margin enhancement, and that will allow us to deliver on our long-term algorithm, which is growing income faster than sales.

Stephen Powers

Analyst, Deutsche Bank Securities, Inc.

And of the funds freed up from that, as you said the initial wave is sort of kind of leaning into advertising and that will continue. Are there other capabilities, technology, automation that are prioritized? And what kind of where do they sit on the timeline in terms of reinvestment?

Paul Ruh	A
Chief Financial Officer, Kenvue, Inc.

Yes, the funds that are freed up are going to be used against investment behind our brands in a broad sense.

Stephen Powers

Analyst, Deutsche Bank Securities, Inc.

Okay.

Paul Ruh

Chief Financial Officer, Kenvue, Inc.

Advertising is a part. But remember, we also use other levers that include our healthcare professional network activation. We're increasing our promotional spend as well, and we're fortifying and amplifying innovation with all these levers. We're also building additional capabilities, marketing capabilities. We're leveraging some of our new strengths and we continue to develop through more agile systems and - on automation, information that allows us to have faster or a closer pulse to the business so that we can have faster and more agile decision making.

Stephen Powers

Analyst, Deutsche Bank Securities, Inc.

Perfect. Question for Thibaut or for Paul or both of you. With all the investments that Paul just ran us through, both in 2024, looking out to the next couple of years, it would seem that at least for the time being, the M&A, which was a key, is a key part of the Kenvue strategy that maybe that in the near term has been pushed back a little bit to the back burner just as you focus on organic reinvestment and - et cetera. Can you - can you clarify or validate that thought process? And then as you think about the longer-term strategic vision, just the role of M&A in the overall capital allocation strategy?

Paul Ruh

Chief Financial Officer, Kenvue, Inc.

Why don't I take that, I'm on roll here.

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ESSITY AB	+8.56%	17.97B
GODREJ CONSUMER PRODUCTS LIMITED	+21.63%	16.88B
DABUR INDIA LIMITED	+7.81%	12.77B
COLGATE-PALMOLIVE (INDIA) LIMITED	+12.37%	9.27B

Kenvue Inc.

Equities

KVUE

US49177J1025

Personal Products

Kenvue : Webcasts Fireside Chat at the dbAccess Global Consumer Conference Transcript

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Sector Other Personal Products