Kenvue to Cut About 4% of Workforce as Services for J&J Expire [BNN Bloomberg (Canada)]
Johnson & Johnson (JNJ)
Last johnson & johnson earnings: 4/14 06:31 am
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Source: BNN Bloomberg
The cuts are related to the expiry of services Kenvue agreed to provide to Johnson & Johnson after it was spun off from the pharmaceutical company last year. Kenvue expects to incur pre-tax restructuring costs of $275 million in fiscal years 2024 and 2025 as a result of the cuts. Kenvue has about 22,000 employees around the world, according to its 2023 annual report. “These initiatives will enable Kenvue to adjust its cost structure and ways of working,” Chief Financial Officer Paul Ruh said in a statement. The company, whose brands include Tylenol, Neutrogena and Aveeno, expects to reinvest a portion of the resulting annualized cost savings in the business. Kenvue shares gained as much as 3% in early Tuesday trading in New York. Through Monday's close, Kenvue shares have fallen 11% this year, compared with an 8.6% gain for the S&P 500 Index. Kenvue also reaffirmed its full-year forecast and reported quarterly profit and sales for the period ended March 31 that beat expecta
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JNJ
Earnings
- 4/16/24 - Beat
JNJ
Sec Filings
- 5/21/24 - Form CERT
- 5/20/24 - Form 8-A12B
- 5/20/24 - Form 8-K
- JNJ's page on the SEC website