Walgreens shares surge 8% amid Tylenol lawsuit developments
2023.12.07 22:45
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NEW YORK – Walgreens Boots Alliance (NASDAQ:) Inc. witnessed an 8% surge in its stock price on Thursday, leading the gains in the . The climb comes as the market reacts to a pivotal New York court ruling that is expected to address the admissibility of evidence regarding the safety of Tylenol when used by pregnant women. Kenvue Inc . (NYSE:), the company behind Tylenol, also saw its shares jump by 10%.
The legal proceedings have garnered significant attention with around 440 lawsuits alleging that prenatal use of acetaminophen, the active ingredient in Tylenol, may increase the risks of autism and ADHD in children. Defendants in these cases have consistently disputed these claims, asserting that there is no definitive evidence to support such allegations.
The outcome of this court decision is highly anticipated as it has the potential to either pave the way for a wave of additional lawsuits or dismiss the current ones, which could have substantial implications for retailers and pharmaceutical companies involved.
In tandem with these legal developments, Walgreens also announced improvements to its flu services. The company emphasized its ongoing provision of no-cost COVID vaccines, which are supported by most insurance plans without a copay and include coverage for flu and RSV vaccines. This announcement follows a call for more research into the risks associated with prenatal Tylenol use by Nature Reviews Endocrinology in 2021.
Meanwhile, Walmart (NYSE:) Inc. experienced a slight downturn, with its shares dropping by 1%. The retail giant’s stock movement contrasts with the positive trends seen in Walgreens and Kenvue amid Thursday’s legal updates.
Investors and consumers alike are closely monitoring the situation, as the court’s ruling will not only affect stock valuations but could also influence public opinion on widely used pharmaceutical products.
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