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Health &
Beauty,
29.1%
Essential
Health,
30.6%
2022
Source: Company reports.
Figure 4: KVUE 2025E Revenue Mix
Self
Care,
41.7%
Skin
Health &
Beauty,
29.7%
Essential
Health,
28.7%
2025E
Source: J.P. Morgan estimates.
Figure 5: KVUE Category Sales Mix
% of FY22 Sales
COUGH, COLD AND
ALLERGY, 12%
PAIN CARE, 11%
OTHER SELF CARE
(DIGESTIVE HEALTH,
SMOKING
CESSATION AND
OTHER), 15%
FACE AND BODY
CARE, 22%
HAIR, SUN AND
OTHER, 8%
ORAL CARE, 11%
BABY CARE, 10%
OTHER ESSENTIAL
HEALTH (WOMEN'S
HEALTH AND
WOUND CARE), 11%
Source: Company reports.
Figure 6: KVUE Geographic Sales Mix
% of FY22 Sales
NORTH AMERICA,
50%
EMEA, 21%
ASIA PACIFIC,
21%
LATIN AMERICA, 8%
Source: Company reports.
This document is being provided for the exclusive use of DAVID WANG at MARLOWE PARTNERS LP.
9
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
Bottom up, the company􀋖s $369 billion TAM consists of:
• $114 billion in Self Care categories (e.g., analgesics, gastrointestinals,
dermatologicals, cough & cold, lifestyle CHC, allergy, eye care, smoking control)
• $217 billion in Skin Health & Beauty categories (e.g., conditioners and treatments,
hair loss treatment, shampoos, medicated shampoos, skin care, adult sun care)
• $38 billion in Essential Health categories (e.g., baby and child products ex-wipes,
mouthwash/dental rinses, sanitary protection ex-U.S./Canada/China, wound care)
Figure 7: KVUE TAM Build
$ bn
$369
$114
$217
$38
$0
$50
$100
$150
$200
$250
$300
$350
$400
Self Care Skin Health & Beauty Essential Health Total
Source: Company reports.
Figure 8: TAM Mix by Category vs. KVUE Revenue Mix
31%
59%
10%
40%
29% 31%
0%
10%
20%
30%
40%
50%
60%
70%
Self Care Skin Health & Beauty Essential Health
% of TAM % of KVUE 2022 Sales
Source: Company reports.
Growth across the categories has been broad based over the past three years with a