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04/08/23
05/06/23
Sales Volume Pricing
Source: NielsenIQ. J.P. Morgan
The latest tracked channel data point to Neutrogena􀋖s dollar takeaway improving with
consumption up +5.8% (pricing up +11.2%, volume down -4.9%) in the latest five-week
period ending May 6 and compares to dollar takeaway down -10.0% (pricing +0.5%,
volume -10.5%) in the prior period. As mentioned, this is a sequential acceleration from
the 12-week period ending 4/1/23 where the data shows that dollar takeaway was up
+4.4% (pricing was up +8.6% while volume was down -3.9%), and this too was a
sequential improvement from consumption slightly down (-0.3%, broken out into
pricing up +8.2% but volume down -7.8%) in the 12-week period ending 12/31/22.
Looking at longer term trends, four-year CAGR consumption was down -2.2% in the
12-week period ending 12/31/22 and decelerated to -3.1% in the 12-week period ending
4/01 but was less negative (down -1.8%) in the five-week period ending 5/06.
This document is being provided for the exclusive use of DAVID WANG at MARLOWE PARTNERS LP.
48
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 69: $ Takeaway in Tracked Channels - Neutrogena
Rolling 12W Period Ending 5/06
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
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 Band Aid􀋖s dollar takeaway was up
+7.2%, with pricing (+16.8%) being the main driver, while volume was down -8.3%,
which improved from both consumption up +3.2% (pricing +12.1%, volume -7.9%) for
the 12-week period ending 4/1/23 and flat (-0.2%, pricing up +11.4% but volume down
-10.4%) in the 12-week period ending 12/31/22. The brand􀋖s four-year CAGR for
consumption was up +4.1% in the 12-week period ending 12/31/22, +3.8% in the 12-
week period ending 4/01, and +4.8% in the five-week period ending 5/06.
Figure 70: $ Takeaway in Tracked Channels - Band Aid
Rolling 12W Period Ending 5/06
-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