SKILLMAN, N.J.-- May 10, 2023 -- Kenvue Inc. (NYSE: KVUE) (“Kenvue”) the world’s largest pure-play consumer health company by revenue, today announced the closing of its initial public offering (“IPO”) of 198,734,444 shares of its common stock at a price to the public of $22.00 per share, including the underwriters’ full exercise of their option to purchase 25,921,884 shares to cover over-allotments. Shares of Kenvue’s common stock began trading on the New York Stock Exchange under the symbol “KVUE” on May 4, 2023.

As of the closing of the IPO, Johnson & Johnson (NYSE: JNJ) owns approximately 89.6% of the total outstanding shares of Kenvue common stock. Johnson & Johnson has publicly stated that it has an intention to dispose of its majority stake in Kenvue common stock in 2023, subject to market conditions.

The net proceeds from the IPO will be paid to Johnson & Johnson as partial consideration for the consumer health businesses that Johnson & Johnson transferred to Kenvue in connection with the IPO.

Goldman Sachs & Co. LLC, J.P. Morgan and BofA Securities acted as joint lead book-running managers for the IPO. Citigroup, Deutsche Bank Securities, BNP Paribas, HSBC, RBC Capital Markets and UBS Investment Bank acted as book-running managers for the IPO and BBVA, ING, IMI - Intesa Sanpaolo, Santander, UniCredit Capital Markets, Academy Securities, Independence Point Securities, Ramirez & Co., Inc., R. Seelaus & Co., LLC and Siebert Williams Shank acted as co-managers for the IPO.

The offering was made only by means of a prospectus. Copies of the prospectus related to the offering may be obtained from:

Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316, or by emailing: prospectus-ny@ny.email.gs.com; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone: 1-866-803-9204, or by emailing: prospectus-eq_fi@jpmchase.com; or BofA Securities, NC1-022-02-25, Attention: Prospectus Department, 201 North Tyron Street, Charlotte, North Carolina 28255, telephone: 1-800-294-1322, or by emailing: dg.prospectus_requests@bofa.com.

A registration statement relating to these securities was filed with, and declared effective by, the U.S. Securities and Exchange Commission. This press release is neither an offer to sell nor a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.