johnsone/initiation · Datasets at Hugging Face

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This document is being provided for the exclusive use of DAVID WANG at MARLOWE PARTNERS LP.
59
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
pricing at retail increased tremendously during the time line observed. More
specifically, KVUE gained +15 bps of value share in the four-week period ending
5/6/23, improving from losing -45 bps in the four-week period ending 12/31/22 and -
152 in the four-week period ending 5/7/22 as mentioned above. Similarly, the company
lost -54 bps of volume share in the four-week period ending 5/6/23, or 22 bps lower
from -32 bps volume share loss in the four-week period ending 12/31/22, but improving
from -83 bps volume share loss in the four-week period ending 5/7/22. During this time,
pricing at retail increased tremendously by +14.7% in the four-week period ending
5/6/23 and compares to up by +8.5% in the four-week period ending 12/31/22 and
+2.3% in the four-week period ending 5/7/22, as the company took pricing in 2H22 and
again in 1Q23.
Figure 90: KVUE Value & Volume Share Change by Key Categories – U.S.
Contribution to Total Sales in Latest 4, 13 & 52-Weeks, Weighted Change in Value Share & Dollar Equivalent Unit (EQ) Share
For Periods Ending 5/06/23
JOHNSON & JOHNSON % $ Mix % $ Mix % $ Mix
L4W L13W L52W L4W L13W L52W L4W L13W L52W
KVUE
Acid Relief 2.6% 2.7% 2.7% 50 58 20 (29) (18) (19)
Allergy 13.9% 12.8% 11.1% 89 124 66 (64) (53) (63)
Antibiotic 2.2% 2.3% 2.4% 158 55 (92) (22) (134) (267)
Anti-Diarrhea 2.4% 2.4% 2.3% (101) (42) 76 (266) (187) (26)
Antiseptic 0.1% 0.1% 0.0% 456 410 482 437 396 485
Baby Bath 3.0% 3.2% 3.2% 408 206 (78) 244 2 (141)
Baby Lotion 0.8% 0.8% 0.8% (252) (312) (273) (28) (140) (260)
Baby Oil 0.5% 0.6% 0.5% 32 (47) (246) (55) (59) 24
Baby Powder 0.4% 0.4% 0.5% 1,138 572 175 1,594 713 150
Baby Soap 1.0% 1.0% 1.0% 198 102 (104) 257 303 50
Bandages 4.5% 4.5% 4.5% (72) (39) (64) (176) (127) (143)
Body Wash 2.2% 2.3% 2.3% (32) (28) (12) (50) (27) 4
Body Lotion 3.1% 3.4% 3.2% (87) (87) (100) (57) (32) (20)
Cold & Flu 1.1% 1.2% 1.4% (133) (6) 32 (3) (0) (1)
Digestive Aid 0.6% 0.7% 0.7% 102 19 (22) (322) (332) (199)
Facial Skin Care 9.7% 10.2% 10.2% (197) (215) (296) (191) (207) (255)
Mouthwash 8.3% 8.8% 9.1% (102) (61) (256) (109) (59) (151)
Pain Relief 16.2% 16.1% 16.9% 76 218 137 (35) (14) 13
Sun Care 5.1% 3.7% 4.0% 38 99 (148) 81 187 6
Weighted Total 77.6% 77.1% 76.8% 15 41 (53) (54) (53) (85)
YOY $ Share Change (bps) YOY EQ Share Change (bps)
Source: NielsenIQ, J.P. Morgan
This document is being provided for the exclusive use of DAVID WANG at MARLOWE PARTNERS LP.
60
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 91: KVUE Pricing Change by Key Categories – U.S.
Change in Pricing in Latest 4, 13 & 52-Weeks
For Periods Ending 5/06/23
JOHNSON & JOHNSON % $ Mix % $ Mix % $ Mix
L4W L13W L52W L4W L13W L52W
KVUE
Acid Relief 2.6% 2.7% 2.7% 16.8% 13.8% 10.2%
Allergy 13.9% 12.8% 11.1% 13.7% 13.7% 10.8%
Antibiotic 2.2% 2.3% 2.4% 13.7% 13.0% 12.7%
Anti-Diarrhea 2.4% 2.4% 2.3% 16.5% 15.3% 11.0%
Antiseptic 0.1% 0.1% 0.0% 22.2% 42.8% 55.8%
Baby Bath 3.0% 3.2% 3.2% 18.1% 16.1% 13.7%
Baby Lotion 0.8% 0.8% 0.8% 16.2% 13.7% 12.3%
Baby Oil 0.5% 0.6% 0.5% 13.1% 11.4% 10.7%
Baby Powder 0.4% 0.4% 0.5% 15.6% 17.0% 15.2%
Baby Soap 1.0% 1.0% 1.0% 16.2% 11.8% 13.0%
Bandages 4.5% 4.5% 4.5% 12.5% 12.7% 10.5%
Body Wash 2.2% 2.3% 2.3% 19.6% 14.5% 7.8%
Body Lotion 3.1% 3.4% 3.2% 11.1% 9.3% 7.2%
Cold & Flu 1.1% 1.2% 1.4% -0.9% 11.9% 19.7%
Digestive Aid 0.6% 0.7% 0.7% 21.3% 17.4% 9.7%
Facial Skin Care 9.7% 10.2% 10.2% 17.7% 17.1% 15.2%
Mouthwash 8.3% 8.8% 9.1% 16.9% 14.1% 8.9%
Pain Relief 16.2% 16.1% 16.9% 14.8% 21.2% 13.4%
Sun Care 5.1% 3.7% 4.0% 8.4% 0.4% -1.9%
Weighted Total 77.6% 77.1% 76.8% 14.7% 15.0% 11.2%
YOY EQ Price Change (%)
Source: NielsenIQ, J.P. Morgan
Below we provide an in-depth discussion of the three segments – Self Care, Skin Health
& Beauty, and Essential Health – and examine the categories within each of these
segments further using data from Euromonitor, mainly for global market share/trends,
and NielsenIQ for U.S. market share/trends. As it specifically relates to NielsenIQ, we
carried out a YOY analysis of the recent NielsenIQ data available (ending 5/6/23) and
also analyzed YOY data as of 12/31/22 (we will refer to this as prior year-end or
􀋘PYE􀋙) to see how KVUE categories performed YTD as well as considering YOY data
as of 5/7/22 (we will refer to this as prior-year or 􀋘PY􀋙) to see how KVUE performed in
the categories from a year ago (as of 5/6/23). We have not provided the charts pertaining
to PYE and PY data points but have only referred to the data in our analysis. Below, we
delve into some of the specific categories within each of KVUE􀋖s three segments.
This document is being provided for the exclusive use of DAVID WANG at MARLOWE PARTNERS LP.
61
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
Global Category Market Share

This document is being provided for the exclusive use of DAVID WANG at MARLOWE PARTNERS LP.

59

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

pricing at retail increased tremendously during the time line observed. More

specifically, KVUE gained +15 bps of value share in the four-week period ending

5/6/23, improving from losing -45 bps in the four-week period ending 12/31/22 and -

152 in the four-week period ending 5/7/22 as mentioned above. Similarly, the company

lost -54 bps of volume share in the four-week period ending 5/6/23, or 22 bps lower

from -32 bps volume share loss in the four-week period ending 12/31/22, but improving

from -83 bps volume share loss in the four-week period ending 5/7/22. During this time,

pricing at retail increased tremendously by +14.7% in the four-week period ending

5/6/23 and compares to up by +8.5% in the four-week period ending 12/31/22 and

+2.3% in the four-week period ending 5/7/22, as the company took pricing in 2H22 and

again in 1Q23.

Figure 90: KVUE Value & Volume Share Change by Key Categories – U.S.

Contribution to Total Sales in Latest 4, 13 & 52-Weeks, Weighted Change in Value Share & Dollar Equivalent Unit (EQ) Share

For Periods Ending 5/06/23

JOHNSON & JOHNSON % $ Mix % $ Mix % $ Mix

L4W L13W L52W L4W L13W L52W L4W L13W L52W

KVUE

Acid Relief 2.6% 2.7% 2.7% 50 58 20 (29) (18) (19)

Allergy 13.9% 12.8% 11.1% 89 124 66 (64) (53) (63)

Antibiotic 2.2% 2.3% 2.4% 158 55 (92) (22) (134) (267)

Anti-Diarrhea 2.4% 2.4% 2.3% (101) (42) 76 (266) (187) (26)

Antiseptic 0.1% 0.1% 0.0% 456 410 482 437 396 485

Baby Bath 3.0% 3.2% 3.2% 408 206 (78) 244 2 (141)

Baby Lotion 0.8% 0.8% 0.8% (252) (312) (273) (28) (140) (260)

Baby Oil 0.5% 0.6% 0.5% 32 (47) (246) (55) (59) 24

Baby Powder 0.4% 0.4% 0.5% 1,138 572 175 1,594 713 150

Baby Soap 1.0% 1.0% 1.0% 198 102 (104) 257 303 50

Bandages 4.5% 4.5% 4.5% (72) (39) (64) (176) (127) (143)

Body Wash 2.2% 2.3% 2.3% (32) (28) (12) (50) (27) 4

Body Lotion 3.1% 3.4% 3.2% (87) (87) (100) (57) (32) (20)

Cold & Flu 1.1% 1.2% 1.4% (133) (6) 32 (3) (0) (1)

Digestive Aid 0.6% 0.7% 0.7% 102 19 (22) (322) (332) (199)

Facial Skin Care 9.7% 10.2% 10.2% (197) (215) (296) (191) (207) (255)

Mouthwash 8.3% 8.8% 9.1% (102) (61) (256) (109) (59) (151)

Pain Relief 16.2% 16.1% 16.9% 76 218 137 (35) (14) 13

Sun Care 5.1% 3.7% 4.0% 38 99 (148) 81 187 6

Weighted Total 77.6% 77.1% 76.8% 15 41 (53) (54) (53) (85)

YOY $ Share Change (bps) YOY EQ Share Change (bps)

Source: NielsenIQ, J.P. Morgan

This document is being provided for the exclusive use of DAVID WANG at MARLOWE PARTNERS LP.

60

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 91: KVUE Pricing Change by Key Categories – U.S.

Change in Pricing in Latest 4, 13 & 52-Weeks

For Periods Ending 5/06/23

JOHNSON & JOHNSON % $ Mix % $ Mix % $ Mix

L4W L13W L52W L4W L13W L52W

KVUE

Acid Relief 2.6% 2.7% 2.7% 16.8% 13.8% 10.2%

Allergy 13.9% 12.8% 11.1% 13.7% 13.7% 10.8%

Antibiotic 2.2% 2.3% 2.4% 13.7% 13.0% 12.7%

Anti-Diarrhea 2.4% 2.4% 2.3% 16.5% 15.3% 11.0%

Antiseptic 0.1% 0.1% 0.0% 22.2% 42.8% 55.8%

Baby Bath 3.0% 3.2% 3.2% 18.1% 16.1% 13.7%

Baby Lotion 0.8% 0.8% 0.8% 16.2% 13.7% 12.3%

Baby Oil 0.5% 0.6% 0.5% 13.1% 11.4% 10.7%

Baby Powder 0.4% 0.4% 0.5% 15.6% 17.0% 15.2%

Baby Soap 1.0% 1.0% 1.0% 16.2% 11.8% 13.0%

Bandages 4.5% 4.5% 4.5% 12.5% 12.7% 10.5%

Body Wash 2.2% 2.3% 2.3% 19.6% 14.5% 7.8%

Body Lotion 3.1% 3.4% 3.2% 11.1% 9.3% 7.2%

Cold & Flu 1.1% 1.2% 1.4% -0.9% 11.9% 19.7%

Digestive Aid 0.6% 0.7% 0.7% 21.3% 17.4% 9.7%

Facial Skin Care 9.7% 10.2% 10.2% 17.7% 17.1% 15.2%

Mouthwash 8.3% 8.8% 9.1% 16.9% 14.1% 8.9%

Pain Relief 16.2% 16.1% 16.9% 14.8% 21.2% 13.4%

Sun Care 5.1% 3.7% 4.0% 8.4% 0.4% -1.9%

Weighted Total 77.6% 77.1% 76.8% 14.7% 15.0% 11.2%

YOY EQ Price Change (%)

Source: NielsenIQ, J.P. Morgan

Below we provide an in-depth discussion of the three segments – Self Care, Skin Health

& Beauty, and Essential Health – and examine the categories within each of these

segments further using data from Euromonitor, mainly for global market share/trends,

and NielsenIQ for U.S. market share/trends. As it specifically relates to NielsenIQ, we

carried out a YOY analysis of the recent NielsenIQ data available (ending 5/6/23) and

also analyzed YOY data as of 12/31/22 (we will refer to this as prior year-end or

􀋘PYE􀋙) to see how KVUE categories performed YTD as well as considering YOY data

as of 5/7/22 (we will refer to this as prior-year or 􀋘PY􀋙) to see how KVUE performed in

the categories from a year ago (as of 5/6/23). We have not provided the charts pertaining

to PYE and PY data points but have only referred to the data in our analysis. Below, we

delve into some of the specific categories within each of KVUE􀋖s three segments.

This document is being provided for the exclusive use of DAVID WANG at MARLOWE PARTNERS LP.

61

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

Global Category Market Share