Kenvue rises on favorable court ruling for its pain, fever drug

Rite Aid

19/12/2023 16:26

(Updates)
    ** Shares of consumer health company Kenvue  KVUE.N  rise
5.2% to $22.11 
    ** Kenvue received a favorable court ruling on Monday
related to a class action lawsuit, which said that exposure to
the company's fever- and pain-reducing drug Tylenol may
contribute to autism or attention-deficit hyperactivity disorder
(ADHD) during pregnancy
    ** The court granted the company's request to exclude
plaintiffs' expert witnesses' opinions regarding autism spectrum
disorder and ADHD     
    ** In October 2022, a federal judicial panel had
consolidated dozens of lawsuits against the drug, naming
retailers like CVS Pharmacy  CVS.N , Rite Aid Corp  RADCQ.PK ,
Target  TGT.N  and Walgreens Boots Alliance  WBA.O  as
defendants 
    ** Analysts at J.P. Morgan added KVUE to its analyst focus
list and said that the ruling effectively collapses the
plaintiffs' case in the multi-district litigation
    ** UBS says that conversations with investors suggest that
this decision was largely expected following the initial hearing
several weeks ago
    ** Including session's move, shares mostly flat this year

 (Reporting by Christy Santhosh)
 ((Christy.Santhosh@thomsonreuters.com))