FILE PHOTO: In this July 30, 2013, file photo, large banners hang in an atrium at the headquarters of Johnson & Johnson in New Brunswick, N.J. Johnson & Johnson has become the latest company to settle a lawsuit to get out of the first federal trial over the nation's opioids crisis, reaching a deal worth more than $20 million with two Ohio counties, the company announced Tuesday, Oct. 1, 2019.
Mel Evans / AP Photo
Mel Evans / AP Photo
FILE PHOTO: In this July 30, 2013, file photo, large banners hang in an atrium at the headquarters of Johnson & Johnson in New Brunswick, N.J. Johnson & Johnson has become the latest company to settle a lawsuit to get out of the first federal trial over the nation's opioids crisis, reaching a deal worth more than $20 million with two Ohio counties, the company announced Tuesday, Oct. 1, 2019.
(Washington) — Johnson & Johnson says it has set aside $4 billion for its share of a proposed multistate agreement to settle opioid litigation, a step that forced it to slash its recently reported financial results.
In a Securities and Exchange Commission filing Wednesday, J&J said the charge cuts third-quarter net income from $4.8 billion to $1.8 billion, or from $1.81 to 66 cents per share. Its net income for 2019’s first nine months shrank from $14.2 billion to $11.1 billion, or from $5.28 to $4.13 per share.
The $4 billion would go toward a $48 billion deal, combining cash and addiction treatment drugs, proposed Friday by several state attorneys general to settle all opioid litigation against J&J, drugmaker Teva and three drug wholesalers.
The deal faces considerable opposition and may fall through.
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