Hawaii Court Rules Against Bristol Myers, Sanofi In Blood Clot Drug Case, Increases Liability To $916M
Portfolio Pulse from Vandana Singh
A Hawaii court has ordered Bristol Myers Squibb (NYSE:BMY) and Sanofi (NASDAQ:SNY) to pay over $916 million for failing to warn non-white patients about health risks associated with their blood thinner Plavix. This ruling increases the liability from an earlier $834 million judgment. The companies plan to appeal the decision.
May 22, 2024 | 5:25 pm
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Bristol Myers Squibb has been ordered to pay over $916 million for failing to warn non-white patients about health risks associated with Plavix. The company plans to appeal the decision.
The significant financial liability and negative legal outcome are likely to impact BMY's stock price negatively in the short term. The company's intention to appeal may mitigate some of the immediate impact, but the overall sentiment is likely to be negative.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Sanofi has been ordered to pay over $916 million for failing to warn non-white patients about health risks associated with Plavix. The company plans to appeal the decision.
The significant financial liability and negative legal outcome are likely to impact SNY's stock price negatively in the short term. The company's intention to appeal may mitigate some of the immediate impact, but the overall sentiment is likely to be negative.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100