London: Kenview to cut 4 percent of its global workforce amid investments to grow its key brands tylenol And the Band-Aid maker said Tuesday, as it beat Wall Street estimates for first-quarter profit.

Since its spinoff johnson and johnson Last year, Kenview focused on its 15 priority brands and announced in February that it would increase its advertising expenses this year.

The company said on Tuesday that its goal is pre-tax gross savings About $350 million annually through 2026 through a cost-cutting program, but will cost $275 million each restructuring expenses In 2024 and 2025.

consumer health firm According to its annual report, it had 22,000 employees at the end of December.

Kenview reported adjusted profit of 28 cents per share for the first quarter, beating analysts’ estimates of 26 cents.

“Given where investor expectations are for (Kenview), we believe this was a solid overall print and the best since becoming a public company,” RBC Capital Markets analyst Nick Mody said in a note. It was less noisy.”

Kenview’s stock is down 11 percent so far this year, and 13 percent below its IPO price since it listed in May last year. Shares were up 2.3 percent in premarket trading Tuesday.

According to LSEG data, the self-care segment – which includes cough and cold medicines like Tylenol and Benadryl – recorded net sales of $1.70 billion, up 3.5 percent year-over-year and above the average analyst estimate of $1.56 billion. is more.

kenview skin health And the beauty segment, which includes brands including Neutrogena and Clean & Clear, reported a 5 percent decline in net sales to $1.05 billion in the first quarter, but was largely in line with estimates.

The company has placed an emphasis on improving the presence of its skin health products on store shelves in the US as it looks to reverse sluggish sales over the past few quarters.

Posted by New Jersey based company first quarter revenue of $3.89 billion, beating estimates of $3.79 billion.

(Reporting by Sneha SK and Leroy Leo in Bengaluru; Editing by Sriraj Kalluvila)