“We know this market very well, and we thought that the recovery would be gradual, and that’s what we see happening.” “We were never in the camp of those who thought that China would recover overnight,” Mongon said. “We saw some softness in Asia this quarter,” Mongon said, with China’s slow recovery contributing to volume declines in the essential health category, which includes oral care, baby and wound care. In a Bloomberg News interview prior to J&J’s announcement, Mongon said that a slow economic recovery in China is hurting sales. The company has said it’s trying to improve its margins by making its supply chain more efficient. Kenvue, whose offering broke a long lull in large US listings, reported second-quarter earnings earlier on Thursday. “We are fully ready to operate as an independent company.” “That was always part of the plan,” he said. J&J has said all along that it intended to separate from Kenvue in 2023, Kenvue Chief Executive Officer Thibaut Mongon said on Bloomberg Television. See Also: J&J Lifts 2023 Profit View as Medical Technology Sales Rise The J&J comments are “stoking uncertainty” in the market, Bloomberg Intelligence analyst Diana Gomes said, given that the company acknowledged that “it may have to sit with a large stake after the share exchange.” J&J still holds nearly 90% of Kenvue’s shares, and the exchange offer would lead to dilution, potentially reducing the value of existing investors’ shares and their proportional ownership of the company. J&J Chief Financial Officer Joe Wolk said during a call with analysts that the exchange offer will depend on the state of the market and could begin in “the coming days.” Shares of Kenvue sank as much as 10% in New York trading, the most since the company started trading publicly in May, before paring much of that loss. What a UPS Strike Would Mean for Consumers, Businesses and the Economy Nadella’s Microsoft Payouts Top $1 Billion on 1,000% Stock Boom Selloffs, Inequality, China Tension: Here Are the Next Big Risks (Bloomberg) - Kenvue Inc., the consumer-focused spinoff of Johnson & Johnson that owns brands such as Band-Aid and Tylenol, fell on Thursday after J&J said it’s preparing to launch an exchange offer for its majority stake.īillionaire Sternlicht Sees ‘Category 5 Hurricane’ Spurred by Fed Rate HikesĪpple Tests ‘Apple GPT,’ Develops Generative AI Tools to Catch OpenAI
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