This is a simple formula, still they put in fragrance, seems unnecessary.
Probably for the purpose of de-greasing, they put in sodium laureth sulfate (SLS). It is a detergent component for its strong cleansing and foaming effect. When applied to skin directly it could be extremely drying and cause skin sentisization. In addition, SLS denatures skin protein which allows contaminants into the deeper layers of the skin. It was rather surprising because Cetaphil has a reputation for gentle products. Maybe the concentration of SLS here is not high enough to be of serious concerns. That said, better safe than sorry.
They do have moisturizing factors, including panthenol (pre-vitamin B, pump of moisture), to make the product less drying.
Safety alert: Cautious
review based on scientific information of the product ingredients.