Kenvue (KVUE.N) on Thursday cut its annual profit forecast, as it expects lower demand for its cough, cold and flu medicines and increased impact from a stronger dollar.
Kenvue shares slipped 2.43% after posting financial results.
Benadryl-maker Kenvue and peer Haleon, which makes Sensodyne toothpaste, have seen sustained demand for their consumer health products as people prioritize spending on essentials amid a cost-of-living crisis in some parts of the world.
Kenvue, the spun-off unit of Johnson & Johnson (JNJ.N), now expects full-year adjusted profit between $1.26 and $1.28 per share, compared with its previous forecast of $1.26 to $1.31 per share.
The consumer health company, however, reported higher revenue of $3.92 billion for the quarter ended Oct. 1, compared with $3.79 billion, a year earlier, aided by strong sales for its over-the-counter medicines in the quarter.
