KVUE & KMB: Takeaways from Expert Call on Tylenol MDL Appeal Ruling

Research evidence excerpt

KVUE & KMB: Takeaways from Expert Call on Tylenol MDL Appeal Ruling

Equity Research

22 July 2026

KVUE & KMB

Takeaways from Expert Call on

Tylenol MDL Appeal Ruling

On the heels of last week's ruling from the Second Circuit KVUE EQUAL WEIGHT

Court of Appeals, we hosted Paul Schiff Berman to discuss the U.S. CHPC & Beverages NEUTRAL

case and next steps. Price Target USD 19.00

Price (20-Jul-26) USD 19.02

Potential Upside/Downside -0.1%

Yesterday, we hosted Paul Schiff Berman, the Walter S. Cox Professor of Law at the George Source: Bloomberg, Barclays Research

Washington University Law School, for another discussion on the acetaminophen multidistrict

litigation (MDL), as last week the Second Circuit Court of Appeals ruled that District Judge Cote KMB EQUAL WEIGHT

should not have excluded the testimony of three experts. On our call, we discussed not only the U.S. CHPC & Beverages NEUTRAL

decision itself (including what exactly it ruled on), but also next steps for the federal MDL as well Price Target USD 115.00

as the outlook for state-level cases. Price (20-Jul-26) USD 108.48

Potential Upside/Downside +6.0%

Last week’s decision revived the MDL that District Judge Cote had thrown out. Recall, as we Source: Bloomberg, Barclays Research

have highlighted in our prior notes on the acetaminophen litigation, District Judge Denise Cote

had initially ruled that the plaintiffs’ medical experts did not adequately prove a causal link

U.S. CHPC & Beveragesbetween acetaminophen and autism/ADHD, finding the evidence inadmissible. The Second

Lauren R. LiebermanCircuit Court of Appeals heard oral arguments in November, and as was largely expected, last

+1 212 526 3112

week vacated and remanded the case. Note, though, that the appellate court was not ruling on lauren.lieberman@barclays.com