UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☑ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2023 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number: 001-41697 Kenvue Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) 199 Gra ...

Financial Data and Key Metrics Changes - In 2023, net sales grew 3.3% to $15.4 billion, with organic growth of 5% reflecting a value realization of 7.7% and a volume decrease of 2.7% [29][60] - Fourth quarter organic sales declined 2.4%, contrasting with 6.2% organic growth in the previous year [27][29] - Fourth quarter gross margin expanded 220 basis points to 59.5%, while full-year adjusted gross margin increased 30 basis points to 58.4% [58][59] Business Line Data and Key Metrics Changes - Essential Health segment achieved 3.6% organic growth, exceeding long-term expectations, driven by gross margin enhancement strategies [9][10] - Self Care, the largest segment, delivered organic growth of 8.4% in 2023, following 10.9% growth in 2022 [16][37] - Skin Health and Beauty segment experienced organic growth of 1.8%, below expectations due to in-store execution issues in the US [38][41] Market Data and Key Metrics Changes - EMEA and Latin America showed strong performance, with double-digit growth in Latin America driven by Neutrogena's successful product launches [12][40] - In China, weaker consumer demand negatively impacted skin care brands, particularly Dr.Ci:Labo, due to temporary PR issues [41][104] - The US market underperformed expectations, with a disappointing execution of recovery plans in the Skin Health and Beauty segment [41][82] Company Strategy and Development Direction - The company has identified three key priorities for 2024: reaching more consumers, investing in brands, and fostering a performance-driven culture [7][50][98] - Plans include enhancing in-store presence, amplifying consumer engagement, and increasing marketing investments by approximately 15% [21][65][118] - The company aims to stabilize the Skin Health and Beauty business in the US while monitoring consumer sentiment in China [49][127] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in the Skin Health and Beauty segment but expressed confidence in the plans to improve execution and stabilize the business [55][72] - The outlook for 2024 anticipates organic growth in the range of 2% to 4%, with expectations for sequential improvement throughout the year [64][90] - Management highlighted potential headwinds, including softness in China and ongoing in-store execution issues in the US [92][102] Other Important Information - The company generated $2.7 billion in free cash flow for the year, benefiting from separation-related items and working capital timing [32][61] - A dividend program was initiated, reflecting a commitment to returning cash to shareholders with a 64% payout ratio [39][61] - Adjusted diluted earnings per share were $0.31 for the quarter and $1.29 for the year, including a benefit from non-recurring items [88][96] Q&A Session Summary Question: What is the visibility on the organic forecast for 2024? - Management expressed confidence in the organic growth forecast, expecting sequential improvement as investments and strategic initiatives take effect [100][101] Question: Can you clarify the advertising spend and its impact? - Advertising spend was slightly down in 2023, primarily due to reduced investment in Asia-Pacific, but plans for a 15% increase in 2024 were confirmed [139][142] Question: What are the specific challenges in the Skin Health and Beauty segment? - The challenges are mainly attributed to weak demand in China and in-store execution issues in the US, with a focused plan to improve these areas [104][143]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended October 1, 2023 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number: 001-41697 Kenvue Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) 1 ...

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number: 001-41697 Kenvue Inc. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended July 2, 2023 or (Exact name of registrant as specified in its charter) Delaware 88-1032011 (State or other jurisdiction of incorporation o ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended April 2, 2023 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number: 001-41697 Kenvue Inc. (Exact name of registrant as specified in its charter) Delaware 88-1032011 (State or other jurisdiction of incorporation ...