** Shares of Tylenol-maker Kenvue KVUE.N fall 6.8% to $22.07, the biggest decliner among S&P 500 .SPX constituents
** KVUE execs say at a Deutsche Bank conference that retailers have been de-stocking products in China and U.S. due to tariff-related uncertainty
** Co says the tariff environment created a lot of uncertainty for retailers, leading to immediate actions with shipments "definitely trailing consumption" in Q2
** Co expects a gross tariff impact of around $150 million for 2025, though they mentioned seeing "a slight positive on the China front" since their previous update - conf
* Kenvue expects Q2 to be "not materially different from Q1" - conf
** Including session moves, stock up 4.8% YTD
(Reporting by Kamal Choudhury in Bengaluru)
((Kamal.Choudhury@thomsonreuters.com;))
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