Landmark opioid case settled before trial: Report
FOX Business’ Grady Trimble breaks down the opioid case settlement against drug makers marketing opioids, causing epidemic.
Johnson & Johnson told investors its proposed $4 billion settlement tied to opioid litigation will impact profits.
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|JNJ||JOHNSON & JOHNSON||129.90||+0.70||+0.54%|
The health care giant, along with Janssen Pharmaceutical Companies, have agreed in "principle" to a settlement outlined by State Attorneys General earlier this week.
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"The agreement in principle is intended to provide certainty for involved parties and critical assistance for families and communities in need. 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 companies wrote in a Securities & Exchange Commission filing.
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As a result, third-quarter profits already reported were lowered to $1.8 billion from $4.8 billion. Per-share profit will now be $0.66 vs. $1.81, the filing also detailed.
Shares of J&J were little changed in the extended session Wednesday.
Additionally, the company stated it "cannot predict if or when the agreement will be finalized."
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