Kenvue plunged over 10% on Friday following reports that Health Secretary Robert F. Kennedy Jr. may link autism to Tylenol use during pregnancy. HHS is expected to release a report later this month that could establish the connection.

The report is also anticipated to suggest that a medicine derived from folate — a water-soluble vitamin — could help treat symptoms of autism in some individuals. An HHS spokesperson emphasized:

“We are using gold-standard science to get to the bottom of America’s unprecedented rise in autism rates. Until we release the final report, any claims about its contents are nothing more than speculation.”

Kennedy, who oversees federal health agencies regulating drugs and therapies, has previously influenced U.S. vaccine policy and amplified controversial claims about mRNA shots. He has made autism a central focus of HHS, pledging in April that the agency would “know what has caused the autism epidemic” by September and eliminate harmful exposures. The effort involves a “massive testing and research effort” with hundreds of scientists worldwide to determine the causes of the disorder.

In response, Kenvue said it has “continuously evaluated the science and [continues] to believe there is no causal link” between acetaminophen — the generic name for Tylenol — and autism during pregnancy. The company added that the Food and Drug Administration and leading medical organizations “agree on the safety” of the drug, its use during pregnancy, and the information provided on the Tylenol label.

The upcoming HHS report has drawn significant attention from investors, public health officials, and the medical community, highlighting the sensitive intersection of pharmaceutical regulation, scientific research, and public perception.