Proposed opioid settlement will see J&J earnings slashed by $3 billion
US healthcare giant, Johnson & Johnson (NYSE: JNJ) and its USA-based Janssen Pharmaceutical Companies confirm an agreement in principle to settle opioid litigation as publicly announced and outlined by a committee of State Attorneys General on October 21, 2019, the company revealed in a filing with the Federal Trade Commission.
The company, which is facing thousands of lawsuits over a variety of products, would contribute $4 billion, subject to various conditions and an agreement being finalized. The agreement in principle is intended to provide certainty for involved parties and critical assistance for families and communities in need. J&J said that this agreement in principle is not an admission of liability or wrong-doing and would resolve opioid lawsuits filed and future claims by states, cities and counties. The company cannot predict if or when the agreement will be finalized.
Impact on earnings
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