The move: Kenvue stock fell as much as 10% on Monday. The Tylenol maker is down 19% year-to-date.
The Chart:
Why: Reports on Monday indicate that White House officials are planning to link autism to Tylenol use during pregnancy. The over-the-counter pain drug is manufactured by McNeil Consumer Healthcare, a subsidiary of Kenvue.
Robert F. Kennedy Jr., the Secretary of the Department of Health and Human Services, has been focused on determining the causes of autism, framing it as a critical public health issue.
The report from the administration will focus on the use of Tylenol for pregnant women and is expected to be released in this month.
This isn’t the first time that risks posed by Tylenol use during pregnancy have been raised. In 2021, a study published by the medical journal Nature Reviews Endocrinology presented evidence that pregnant women should avoid acetaminophen unless medically prescribed.
What it means: Kenvue has said it strongly disagrees with claims that Tylenol is linked to autism, stating it believes science has shown there’s no causal link to acetaminophen use.
The stock joins the ranks of other pharmaceutical shares that have struggled in 2025 as Kennedy and the Trump administration try to reshape discussions around public health. Vaccine makers in particular have been under pressure amid changes to vaccine guidance proposed by the government.