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Self Care
Our analysis of the tracked channel data for some of the major categories within the Self
Care segment are laid out below from various tracked channel data sources including
Euromonitor and NielsenIQ.
Paincare. We utilized Euromonitor to assess how KVUE􀋖s market share fared globally
both at the company and brand level within the OTC paincare category. KVUE has a
global market share of 7.1% in this category. Looking further at the brand level, we get
the sense that KVUE􀋖s brands (both Tylenol and Motrin) have been gaining market
share globally. More specifically, the data shows that Tylenol grew market share
tremendously from 2.5% in 2013 to 4.6% in 2022, and Motrin also grew but at a lower
magnitude, from 0.9% in 2013 to 1.4% in 2022. Note that some of the other major
brands in the category, including Advil (Haleon), Aspirin (Bayer), and Aleve (Bayer),
lost market share during this time frame.
Figure 92: Paincare - Global Market Share by Company
15.2% 15.2%
5.9% 7.1%
5.5% 5.6%
5.9% 5.4%
3.3%
4.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Haleon Kenvue Sanofi Bayer Reckitt
Source: Euromonitor, J.P. Morgan
This document is being provided for the exclusive use of DAVID WANG at MARLOWE PARTNERS LP.
62
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 93: Paincare - Global Market Share by Brands
4.6%
3.9%
2.9%
1.4%
1.2%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Tylenol Advil Aspirin Motrin Aleve
Source: Euromonitor, J.P. Morgan
Looking specifically in the U.S. employing NielsenIQ, due to the iconic Tylenol and
Motrin brands, paincare makes up the largest component for both the overall company
and within the Self Care segment (as per category weight based on sales calculated
using data from NielsenIQ). The tracked channel data for the four-week period observed
shows that KVUE􀋖s dollar value share has remained consistent through the time line
considered with value share gain of +76 bps for the four-week period ending 5/6/23 (vs.
+75 bps in the four-week period ending 12/31/22 or PYE and +76 bps in the four-week
period ending 5/7/22 or PY). We note that private label (PL) lost -30 bps of value share
in the four-week period ending 5/6/23; however, PL gained +148 bps as of PYE and
gained more modestly (+53 bps) as of PY. As it relates to volume share, KVUE lost -35
bps in the four-week period ending 5/6/23 while PL gained +69 bps during this period.
Below we show how both value and volume share performed for the 4, 13, and 52
weeks ending 5/6/23 for KVUE and some of its competitors.
This document is being provided for the exclusive use of DAVID WANG at MARLOWE PARTNERS LP.
63
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 94: Paincare - U.S. Value Share
For Periods Ending 5/06/23, YOY (bps)
76
(19) (11)
(30) (26)
218
(59)
(34)
(83)
(30)
137
(87)
(36)
14
(4)
(150)
(100)
(50)
-
50