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Dataset card Data Studio Files
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711
-500
-400
-300
-200
-100
0
100
200
300
-2% 0% 2% 4% 6% 8% 10%
Source: Euromonitor, J.P. Morgan
Figure 81: U.S. Market Share Growth by Category
Y-Axis: KVUE Market Share change (2017 - 2022); X-Axis: KVUE Category 5Y CAGR
Baby/Child
Products
Oral
Care
Skin
Care
Sun Care
Analgesics
Dermatologicals
Digestive
Eye
Care
Wound Care
Allergy
Paediatric Consumer
Health
Hygiene
-600
-400
-200
0
200
400
600
800
1000
1200
-2% 0% 2% 4% 6% 8% 10% 12% 14%
Source: Euromonitor, J.P. Morgan
Household Penetration in the U.S. Is Strong in Key Brands Yet Can Grow Further
To analyze the household penetration (HHP) of some of KVUE􀋖s iconic brands in the
U.S., we looked at an independent data vendor, Numerator. The sequential changes are
valuable to check, but we caveat the data in absolute terms may not be very reliable
given that it is based on consumers providing receipts, which we feel tends to skew
toward younger consumers, although the company notes matching to U.S. Census.
Using the HHP trends for the 52-week period ending 4/30, Tylenol (32.1%), Listerine
(28.9%), and Neutrogena (25.6%, in the face care category) appear to have some of the
highest household penetration in the U.S., although the data shows a deceleration in
HHP especially for the latter two brands. Note that Listerine􀋖s HHP has been worse
recently, while UW-rated Church & Dwight􀋖s TheraBreath HHP has improved (more
below under NielsenIQ). Additionally, the data points to high private label HHP,
especially in the categories pertaining to the Self Care segment that we examined below.
As such, management noted that the U.S. Self Care business has higher private label
exposure of about 25-30%, although this is much lower (~10%) for the overall company
in aggregate. We have provided more details in the tables below.
This document is being provided for the exclusive use of DAVID WANG at MARLOWE PARTNERS LP.
57
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 82: Household Penetration - Allergy Care
52W-period ending 5/5/19, 5/3/20, 5/2/21, 5/1/22 and 4/30/23
2019 2020 2021 2022 2023
Private Label 42.9% 45.2% 41.7% 43.2% 42.3%
Benadryl 13.3% 14.1% 13.6% 14.5% 13.0%
Claritin 10.5% 10.9% 10.3% 11.1% 10.0%
Zyrtec 9.2% 9.1% 9.4% 10.0% 9.7%
Flonase 7.0% 6.7% 6.0% 6.8% 6.8%
Allegra 6.2% 6.0% 5.8% 6.3% 6.2%
Source: Numerator, J.P. Morgan
Figure 83: Household Penetration - Pain Relievers
52W-period ending 5/5/19, 5/3/20, 5/2/21, 5/1/22 and 4/30/23
2019 2020 2021 2022 2023
Private Label 62.6% 65.5% 59.3% 60.7% 59.4%
Tylenol 24.9% 32.2% 29.3% 32.4% 32.1%
Advil 19.6% 20.7% 18.2% 18.8% 19.4%
Aleve 18.0% 17.5% 14.6% 14.2% 12.3%
Motrin 9.2% 10.3% 7.2% 9.7% 9.8%
Bayer 10.8% 10.7% 12.0% 11.6% 9.7%
Excedrin 10.8% 9.7% 7.3% 8.6% 7.7%
Midol 2.5% 2.8% 2.9% 3.2% 3.1%
Source: Numerator, J.P. Morgan
Figure 84: Household Penetration - Cold, Cough & Flu
52W-period ending 5/5/19, 5/3/20, 5/2/21, 5/1/22 and 4/30/23
2019 2020 2021 2022 2023
Private Label 58.6% 61.7% 42.2% 54.0% 56.6%
Vicks 27.8% 31.9% 21.9% 34.3% 36.9%
Halls 32.0% 32.7% 20.2% 28.8% 31.1%
Mucinex 21.8% 22.1% 13.6% 23.8% 27.5%
Ricola 17.2% 18.4% 10.7% 18.2% 21.1%
Robitussin 10.9% 11.6% 5.7% 10.4% 11.9%
TheraFlu 6.4% 7.0% 3.5% 5.8% 7.0%
Sudafed 5.9% 6.5% 4.1% 6.3% 6.1%
Zarbee's 4.9% 6.0% 3.4% 5.3% 5.3%
Source: Numerator, J.P. Morgan