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KVUE 4.4% 5.5% 4.2% 4.1% 1.5% 2.3%
Listerine -0.3% 7.4% 10.7% 1.4% 0.2% 1.5%
Tylenol 13.7% 14.6% 4.8% 14.7% 8.5% 10.5%
Zyrtec 3.5% 3.3% 6.8% 7.8% 5.2% 4.8%
Benadryl 2.0% 4.5% 7.4% 6.3% 3.9% 4.4%
Aveeno -0.1% -0.9% 1.9% 2.0% 0.2% 0.9%
Neutrogena -0.3% 4.4% 5.8% -2.2% -3.1% -1.8%
Band Aid -0.2% 3.2% 7.2% 4.1% 3.8% 4.8%
$ Takeaway (YOY) 4Y CAGR $ Takeaway (YOY)
12W Ending 12W Ending
Source: NielsenIQ. J.P. Morgan
The latest NielsenIQ data shows that Listerine􀋖s dollar takeaway was up +10.7% driven
by pricing, which was up +15.2%, while volume was down -3.9% in the latest fiveweek
period ending May 6. This is a sequential acceleration from the brand􀋖s dollar
takeaway for the 12-week period ending 4/1/23 (bracketing Q123), which was up +7.4%
(pricing up +10.7% while volume was down -2.9%) and also improved from the 12-
week period ending 12/31/22, where the headline takeaway was flat (-0.3%), broken out
into pricing up +8.1% but volume down -7.7%. We note that the uptick may be
attributable to easier comps in the base period, where headline takeaway was down -
7.7% (pricing up +2.3% but volume down -9.8%) in the five-week period ending 5/7/22.
Normalizing for the pandemic, takeaway was up +1.4% for the 12-week period ending
12/31, flat (+0.2%) for the 12-week period ending 4/01, and +1.5% for the five-week
period ending 5/06 on a four-year CAGR basis.
This document is being provided for the exclusive use of DAVID WANG at MARLOWE PARTNERS LP.
45
Andrea Teixeira, CFA AC
(1-212) 622-6735
andrea.f.teixeira@jpmorgan.com
North America Equity Research
29 May 2023 J P M O R G A N
Figure 64: $ Takeaway in Tracked Channels - Listerine
Rolling 12W Period Ending 5/06
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
01/16/21
02/13/21
03/13/21
04/10/21
05/08/21
06/05/21
07/03/21
07/31/21
08/28/21
09/25/21
10/23/21
11/20/21
12/18/21
01/15/22
02/12/22
03/12/22
04/09/22
05/07/22
06/04/22
07/02/22
07/30/22
08/27/22
09/24/22
10/22/22
11/19/22
12/17/22
01/14/23
02/11/23
03/11/23
04/08/23
05/06/23
Sales Volume Pricing
Source: NielsenIQ. J.P. Morgan
The most recent tracked channel data shows that Tylenol􀋖s dollar takeaway was up
+4.8% driven by pricing (up +12.8%) while volume was down (-7.1%) in the latest 5-
week period ending May 6. This print is a sequential deceleration on the headline (but
accelerated on a four-year CAGR) from the 12-week period ending 4/01, where
Tylenol􀋖s takeaway was up +14.6% (pricing +14.4%, volume flat or +0.2%). It also
decelerated from the 12-week period ending 12/31/22 in which the brand􀋖s takeaway
was up +13.7% (pricing up +12.8% and volume slightly up +0.9%). As it relates to fouryear
CAGR, takeaway was up +14.7% for the 12-week period ending 12/31, +8.5% for
the 12-week period ending 4/01, and +10.5% for the five-week period ending 5/06.
Figure 65: $ Takeaway in Tracked Channels - Tylenol
Rolling 12W Period Ending 5/06
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
01/16/21
02/13/21
03/13/21
04/10/21