The company said Net sales for fiscal 2023 were $15.4 billion, up $494 million (3.3%) from $15.0 billion a year earlier. Organic growth, which excludes the $253 million impact of currency changes, was $747 million.

1. 01

   The company said Net sales for fiscal 2023 were $15.4 billion, up $494 million (3.3%) from $15.0 billion a year earlier. Organic growth, which excludes the $253 million impact of currency changes, was $747 million.

2. 02

   The company said Segment adjusted operating income in Self Care rose $211 million (10.1%) to $2.3 billion in fiscal 2023, while Skin Health and Beauty fell $29 million (4.1%) to $679 million and Essential Health fell $100 million (9.0%) to $1.0 billion.

3. 03

   SG&A expenses rose $508 million (9.0%) to $6.1 billion in fiscal 2023, and as a share of Net sales increased 210 basis points to 39.8%, the company said. It cited higher enterprise function costs from operating on a standalone basis, transition services agreement costs with J&J, and an increase of $255 million in non-recurring Separation-related costs as the drivers.

4. 04

   The company said net cash flows from operating activities rose $643 million to $3.2 billion in fiscal 2023 from $2.5 billion a year earlier. Financing activities reflected the $13.8 billion distribution to J&J related to the Separation, $7.7 billion in net proceeds from the Senior Notes, and $4.2 billion from the sale of common stock in the Kenvue IPO.

Key figures

Fiscal year ended December 31, 2023

Revenue

$15.4B

Operating income

$2.5B

Net income

$1.7B

EPS

$0.90

Gross profit

$8.6B

Operating cash flow

$3.2B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.