Kenvue (NYSE:KVUE) shares were modestly pressured early Friday after CVS Health Corp (NYSE:CVS) said it is removing some popular cold and cough medications from its shelves after the FDA found that products that contain phenylephrine are ineffective.
"We are removing certain oral cough and cold products that contain phenylephrine as the only active ingredient from CVS Pharmacy stores," the company said in a statement. "Other oral cough and cold products will continue to be offered to meet consumer needs."
Last month, an FDA advisory panel reached the conclusion that phenylephrine is ineffective when administered orally. Although the FDA affirmed the safety of oral phenylephrine formulations, it also acknowledged their limited efficacy, even when taken at standard or higher dosages.
Kenvue, which was recently spun out from Johnson & Johnson (NYSE:JNJ) owns the Tylenol and Sudafed brands, which may be impacted.
Other brands that contain phenylephrine and may be impacted include Procter & Gamble's (NYSE:PG) Dayquil, Reckitt Benckiser 's (OTC:RBGLY) (LON:RKT) Mucinex, and GSK's (NYSE:GSK) Theraflu, among others.
Other pharmacies, including Walgreens' (NASDAQ:WBA) and Rite Aid (NYSE:RAD), could follow CVS's move, although they have yet to announce anything.
Kenvue shares last traded down fractionally in pre-open trading on Friday. Shares of the other companies possibly impacted were flat.
Kenvue has not responded to a request to comment at this time.