Johnson & Johnson and Pfizer prepare for massive legal costs; Teva confirms Taiyo buy
According to press reports emerging ahead of the weekend, two US drug giants, Pfizer (NYSE: PFE) and Johnsons & Johnson (NYSE: JNJ) have each made filings with the Securities and Exchange Commission outlining expected costs.
In a regulatory filing, J&J said it had set aside an unspecified amount of money for a potential settlement of the probe into whether the company’s Ortho-McNeil Janssen unit had promoted the antipsychotic drug Risperdal (risperidone) for unapproved uses.
The Wall Street Journal said that prosecutors are seeking about $1 billion to resolve a long-standing probe into marketing of the drug, citing sources familiar with the matter. Sales of Risperdal Consta, a long-acting injectable for the management of bipolar I disorder and schizophrenia grew 6.6% to $404 million in the first quarter of this year.
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