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711
100
150
200
250
KENVUE BAYER AG SANOFI PRIVATE LABEL HALEON
4W 13W 52W
Source: NielsenIQ, J.P. Morgan
Figure 95: Paincare - U.S. Volume Share
For Periods Ending 5/06/23, YOY (bps)
(35)
(4) (0)
69
(30)
(14)
(69)
(0)
111
(17)
13
(123)
(1)
58
47
(150)
(100)
(50)
-
50
100
150
KENVUE BAYER AG SANOFI PRIVATE LABEL HALEON
4W 13W 52W
Source: NielsenIQ, J.P. Morgan
Allergies. In the allergies category globally, KVUE leads with market share of 17.2% as
mentioned above, followed by Bayer (13.1%) and Sanofi (11.8%). As it relates to
brands, both of KVUE􀋖s brands, Zyrtec and Benadryl, have gained global market share
slightly during the time frame considered.
Figure 96: Allergy - Global Market Share by Company
15.8%
17.2%
12.3%
13.1%
11.8%
11.8%
4.1% 3.8%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Kenvue Bayer Sanofi Haleon
Source: Euromonitor, J.P. Morgan
This document is being provided for the exclusive use of DAVID WANG at MARLOWE PARTNERS LP.
64
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 97: Allergy - Global Market Share by Brands - KVUE Absolute Leader Combining Zyrtec and Benadryl
11.8%
8.3%
7.9%
6.2%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Claritin Zyrtec Allegra/Telfast Benadryl
Source: Euromonitor, J.P. Morgan
In the U.S., NielsenIQ tracked channel data shows that KVUE gained +89 bps of value
share in the four-week period ending 5/6/23, which is slightly below gain of +96 bps as
of PYE but improved from losing -37 bps as of PY. However, KVUE􀋖s volume share has
been pressured, losing -64 bps in the four-week period ending 5/6/23 (and compares to
losing -69 bps as of PYE but gaining +20 bps as of PY). We note here that private label
gained +85 bps of volume share in the four-week period ending 5/6/23 (vs. +88 bps as
of PYE but losing -90 bps as of PY). 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.
Figure 98: Allergy - U.S. Value Share
For Periods Ending 5/06/23, YOY (bps)
89
(10)
(59)
(19)
27
124
(85)