Kenvue Company U.S. Stock Prospectus (Version as of May 21, 2025)

Kenvue Inc.$750,000,0004.850% Senior Notes due 2032 Kenvue Inc. is offering $750,000,000 aggregate principal amount of 4.850% senior notes due 2032(the “notes”). The notes willbear interest at a rate of4.850% per year, payable semi-annually onMay 22 and November 22of each year, beginning onNovember We may redeem some or all of the notes at any time at the redemption prices described under the caption “Description of Notes—Optional Redemption.” The notes will be the Company’s senior unsecured obligations and will rank equally in right of payment with the Company’s otherexisting and future senior unsecured indebtedness. The notes will be issued only in registered form in minimum denominations of For a more detailed description of the notes, see “Description of Notes,” beginning on pageS-16of this prospectus supplement. We do not intend to apply for listing of the notes on any securities exchange or for inclusion of the notes in any automated Investing in the notes involves risks. See “Risk Factors” beginning on pageS-9of this prospectus supplement, page3of theaccompanying prospectus and page17of our Annual Report on Form 10-K for the fiscal year ended December29, 2024incorporated by reference herein to read about factors you should consider before purchasing the notes. Price to the publicUnderwriting discountProceeds to Kenvue Inc. (before expenses)__________________(1)(1) (1)Plus accrued interest, if any, from May 22, 2025. Neither the Securities and Exchange Commission (“SEC”) nor any state securities commission or other regulatory body has approvedor disapproved of these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is acriminal offense. The underwriters expect to deliver the notes through the facilities of The Depository Trust Company for the accounts of its direct participants,including Clearstream Banking,société anonyme(“Clearstream”) and Euroclear Bank S.A./N.V. (“Euroclear”), against payment therefor in NewYork, New York on or about May 22, 2025. Joint Book-Running Managers Citigroup J.P. Morgan TABLE OF CONTENTSProspectus Supplement ABOUT THIS PROSPECTUS SUPPLEMENTCAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTSPROSPECTUS SUPPLEMENT SUMMARYRISK FACTORSUSE OF PROCEEDSCAPITALIZATIONDESCRIPTION OF NOTESMATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS ABOUT THIS PROSPECTUSTHE COMPANYRISK FACTORS You should carefully review the information contained in this prospectus supplement, the accompanying prospectus and any freewriting prospectus, together with the documents we incorporate by reference herein or therein. We have not, and the underwriters havenot, authorized anyone to provide you with additional or different information. We are not, and the underwriters are not, making anoffer to sell these notes in any jurisdiction where such offer or sale is not permitted. You should assume that the information containedin this prospectus supplement or the accompanying prospectus or any free writing prospectus prepared by us or on our behalf is ABOUT THIS PROSPECTUS SUPPLEMENT In this prospectus supplement, unless otherwise indicated or the context otherwise requires, the terms “Kenvue,” “we,” “our,”“Company” and “us” refer to Kenvue Inc., a Delaware corporation, and its subsidiaries on a consolidated basis. As used herein, theterm “including,” and any variation thereof, means “including without limitation.” Unless the context otherwise requires, the use of the This document is in two parts. The first part is this prospectus supplement, which describes the specific terms of this offering andcertain other matters. The second part, the accompanying prospectus, gives more general information about us and our debt securitiesand capital stock. Generally, when we refer to “this prospectus,” we are referring to both parts of this document combined. To the We expect to deliver the notes against payment for the notes on the second business day following the pricing of the notes(“T+2”). Under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended (“Exchange Act”), trades in the secondary marketgenerally are required to settle in one business day, unless the parties to a trade expressly agree otherwise. Accordingly, purchasers CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS The statements contained in or incorporated by reference in this prospectus supplement contain forward-looking statements withinthe meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-lookingstatements do not relate strictly to historical or current facts and reflect management’s assumptions, views, plans, objectives, andprojections about the future. Forward-looking statements may be identified by the use of words such as “plans,” “expects,” “will,” Because forward-looking statements are based on current beliefs, expectations, and assumptions regarding future events, they aresubject