Shares of Kenvue slid more than 7% before United States President Donald Trump linked its pain medication Tylenol to autism.
Trump advised pregnant women and parents of young children not to use or administer the over-the-counter painkiller although this is not supported by medical advice.
"I want to say it like it is, don't take Tylenol. Don't take it," Trump told a news conference.
"Fight like hell not to take it. There may be a point where you have to, and that you'll have to work out with yourself, so don't take Tylenol."
The advice from Trump, who admitted "I'm not a doctor", is counter to medical advice, which cites studies showing acetaminophen, the generic name for the drug branded as Tylenol, plays a safe role in the well-being of pregnant women.
In an extraordinary news conference at the White House, the President also linked autism to childhood vaccines.
Kenvue shares fell $1.37 (7.47%) to $16.97, capitalising the consumer health company at $32.57 billion, before recovering to $17.74 in after-hours trade.
The stock fell ahead of the announcement because investors were expecting the announcement.
The share price had fallen to a record low earlier this month after a newspaper report that United States Health Secretary Robert F. Kennedy Jr. planned to announce the use of Tylenol in pregnant women was potentially linked to autism.
The company, spun off by consumer health giant Johnson & Johnson in 2023, owns brands such as Band‑Aid, Neutrogena, Listerine, Aveeno, Johnson’s Baby, Benadryl and Lactaid.
