Meet New Jersey’s newest Fortune 100 company: Kenvue

Consumer health spinoff from J&J officially becomes own company — one valued at approximately $40B

Kenvue, the multibillion-dollar spinoff of the consumer health brands of Johnson & Johnson, became official Wednesday, as the company marked its first day as a fully independent company.

Thibaut Mongon, Kenvue’s CEO and director, said the impact of the day will be felt for years.

“This is a historic moment for Kenvue,” he said. “With a singular focus on delivering innovative care solutions to customers and consumers around the world, we’re excited to write the next chapter of consumer health.”

For those concerned about the stock, here are the numbers.

On Wednesday, Johnson & Johnson accepted an aggregate of more than 190.9 million shares of Johnson & Johnson common stock in exchange for 1.534 billion shares of Kenvue common stock.

As a result, Johnson & Johnson now owns 9.5% of the outstanding shares of Kenvue common stock. The exchange offer was 4.2 times subscribed.

Kenvue expects to also become the newest member of the S&P 500.

S&P Dow Jones Indices announced its intent to add Kenvue to the S&P 500 index, effective prior to the opening of trading Friday.

Kenvue stock closed Wednesday at about $24 a share, giving the company a value of approximately $40 billion.

The company announced in April that it has entered into a long-term lease at Summit East, the 46-acre landscaped campus ideal for research & development, health care and specialty uses that was purchased by Onyx Equities in 2021.

The relocation to this campus is expected to begin in 2025 for the office building and continue through 2026 for occupancy into the new R&D building, officials said.

J&J, in an SEC filing, said Kenvue will continue to operate from its interim corporate headquarters in Skillman until that time. J&J is headquartered in New Brunswick.

Kenvue is the world’s largest pure-play consumer health company by revenue — built on more than a century of heritage, its iconic brands include Aveeno, Band-Aid Brand Adhesive Bandages, Johnson’s, Listerine, Neutrogena and Tylenol.

Mongon said many are responsible for the moment.

“Thank you to our passionate teams who have prepared us for this significant milestone, and welcome to our new shareholders,” he said. “As the home to some of the world’s most beloved brands, we step into the future as a fully independent company from a position of strength and look forward to all that we will continue to achieve as a global leader in consumer health.”