FILE - Extra Strength Tylenol is shown in Carmel, Ind., Tuesday, Sept. 23, 2025. Photo by Michael Conroy / AP

Kimberly-Clark is buying Tylenol maker Kenvue in a cash and stock deal worth about $48.7 billion, creating a massive consumer health goods company.

Shareholders of Kimberly-Clark will own about 54% of the combined company. Kenvue shareholders will own about 46%.

The combined company will have a large stable of household brands under one roof, putting Kenvue’s Listerine mouthwash and Band-Aid side-by-side with Kimberly-Clark’s Cottonelle toilet paper, Huggies and Kleenex tissues. It will also generate about $32 billion in annual revenue.

Kenvue has spent a relatively brief period as an independent company, having been spun off by Johnson & Johnson two years ago. J&J first an

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