Kimberly-Clark Shares Gain 8% as Kenvue Acquisition Advances

Kimberly-Clark stock closed Oct. 16 about 8% above its Oct. 9 close, as preliminary results showed higher adjusted earnings from continuing operations and the pending Kenvue acquisition advanced through another regulatory step.

For the three months ended Sept. 30, Kimberly-Clark estimated net sales of $4.134 billion, down from $4.150 billion a year earlier. Organic sales declined 1.3%, compared with 2.5% growth in the year-ago quarter. Adjusted earnings per share from continuing operations climbed to $1.70 from $1.45. A separate adjusted earnings-per-share measure attributable to Kimberly-Clark fell to $1.70 from $1.82. The preliminary third-quarter figures are unaudited management estimates and may change. The two earnings-per-share calculations use different reporting scopes, giving distinct views of the quarter.

Kimberly-Clark left its 2026 outlook unchanged. The forecast puts organic sales growth about 100 basis points below weighted average category growth. It also factors in about 100 basis points of unfavorable impact from previously disclosed social-media disruptions in China. The company’s trailing 12-month weighted average category-growth measure was about 1.7%.

China’s State Administration for Market Regulation (SAMR) and three other agencies found no formamide in 368 diaper batches spanning 180 brands. The public summary did not identify the brands individually, so it provides no brand-specific Huggies result.

The European Commission’s conditional approval of the proposed Kenvue acquisition on Oct. 13 came with commitments addressing competition concerns in tampon markets, particularly in Czechia, Estonia and Slovakia. Kimberly-Clark had received the required bondholder consents for proposed amendments to all outstanding Kenvue note series by 5 p.m. ET on Oct. 9 (21:00 UTC). The amendments take effect only if the exchange offers settle; settlement was not expected before Nov. 2.

The transaction was announced at an enterprise value of about $48.7 billion. Kenvue shareholders are due $3.50 in cash plus 0.14625 Kimberly-Clark shares per share. Kimberly-Clark has projected $1.9 billion in cost synergies within three years after closing; those savings have not been realized.

The acquisition remains pending. Kimberly-Clark is scheduled to release final third-quarter results Nov. 5 at about 6:30 a.m. ET (11:30 UTC), followed by an analyst Q&A at 8 a.m. ET (13:00 UTC).