Johnson & Johnson To Pay $149M In Opioid Settlement, Washington State AG Says 'We Are Not Done'
Portfolio Pulse from Nina Zdinjak
Johnson & Johnson (NYSE:JNJ) settled an opioid lawsuit with Washington state, agreeing to pay $149.5 million to address the financial and societal impacts of opioid misuse allegedly caused by the company. The settlement, which is more than the $98.9 million offered in a 2021 multistate settlement, requires $123.3 million to be used to combat the opioid epidemic. J&J was accused of misleading marketing practices and supplying raw materials for opioids. The payment is due within 21 days of local government ratification by May.
January 29, 2024 | 4:19 pm
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Johnson & Johnson agreed to a $149.5M settlement in an opioid lawsuit with Washington state, which is expected to be paid this fiscal year. The company was accused of deceptive marketing and supplying raw materials for opioids.
The settlement is likely to have a negative short-term impact on JNJ's stock price due to the substantial payout and the negative publicity surrounding the company's role in the opioid crisis. However, the impact may be somewhat mitigated by JNJ's large size and diversified portfolio.
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IMPORTANCE 75
RELEVANCE 100