Teva Announces $80M Settlement To Baltimore: City Continues Opioid Litigation Against Other Companies
Portfolio Pulse from Vandana Singh
Teva Pharmaceuticals has reached an $80 million settlement with Baltimore over opioid claims, opting out of a national settlement. This is part of Baltimore's broader litigation against opioid manufacturers, with previous settlements totaling $322.5 million. The city will use the funds for education, recovery centers, and crisis helplines.
September 10, 2024 | 6:09 pm
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NEUTRAL IMPACT
AbbVie's Allergan has previously settled with Baltimore as part of the city's opioid litigation, contributing to a total of $322.5 million in recoveries.
AbbVie's involvement in the opioid settlements is already known, and the current news does not introduce new factors that would impact its stock price in the short term.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
Cardinal Health has previously settled with Baltimore as part of the city's opioid litigation, contributing to a total of $322.5 million in recoveries.
Cardinal Health's involvement in the opioid settlements is already known, and the current news does not introduce new factors that would impact its stock price in the short term.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
CVS Health Corp has previously settled with Baltimore in the opioid litigation, contributing to the city's total recoveries.
CVS's involvement in the opioid settlements is already known, and the current news does not introduce new factors that would impact its stock price in the short term.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
NEGATIVE IMPACT
Teva Pharmaceuticals has agreed to an $80 million settlement with Baltimore over its role in the opioid crisis. This settlement is significantly higher than the national settlement offer, reflecting Baltimore's aggressive litigation strategy.
The $80 million settlement is a significant financial commitment for Teva, which may impact its short-term financials. The decision to settle for a higher amount than the national offer suggests a strategic move to mitigate further legal risks. However, the negative sentiment around opioid litigation could weigh on the stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100