08 jun: Damark/vismand: Regeringen skal finde nye penge
10 jun: Overskud i APM´s containerforretning
09-06-2012 00:07:00

UPDATE: J&J to Record $600 Million Charge Due to Outstanding Lawsuits

Relateret indhold
Relateret debat
19 apr - 
Sikke dog noget tømmermændssnak GW. Fordi du ikke kom m..
19 apr - 
Siger kloven i biotek
19 apr - 
Siger proffesoren i biotec.

--J&J to take litigation charge of about $600 million in second quarter

--Charge deals with litigation surrounding drugs Risperdal, Invega and Natrecor

--Took $1.1 billion litigation charge in the fourth quarter of 2011

(Updated to include details of previous litigation charge in the third paragraph.)

By Ben Fox Rubin

Johnson & Johnson (JNJ) said it plans to record a special charge of roughly $600 million in its second quarter to increase its accrual for potential legal settlements, as it has faced a series of lawsuits over accusations of bribery and improper drug-marketing practices.

The company said the settlement payments stem for a series of outstanding civil cases that involve its drugs Risperdal, Invega and Natrecor, as well as nursing-home pharmacy operator Omnicare Inc. (OCR).

In the fourth quarter, J&J recorded a $1.1 billion charge related to litigation settlements. At the time, Chief Financial Officer Dominic Caruso said the litigation costs were primarily linked to Risperdal. The company didn't have a similar charge in its April first-quarter report.

The health-care products company has faced lawsuits related to alleged off-label promotion of its antipsychotic treatment Risperdal, which was once J&J's top-selling drug before generic copycats hit the market, as well as legal challenges over off-label promotion of another schizophrenia treatment, Invega, and the heart-failure drug Natrecor.

Furthermore, the federal government is suing J&J, accusing it of paying kickbacks to induce Omnicare to encourage use of Risperdal and other J&J drugs.

J&J also has dealt with state lawsuits regarding its promotion of Risperdal, including an Arkansas case in which the company in April was ordered to pay $1.2 billion after a jury found that J&J's past marketing of the drug violated the state's consumer-protection laws. J&J previously was ordered to pay $327 million in a South Carolina case and $258 million in Louisiana. The company is appealing all three cases.

In January, J&J agreed to settle a Texas case for $158 million.

Meanwhile, the company agreed to pay an $85 million fine in a criminal case regarding off-label marketing of Natrecor. Parallel civil litigation still hasn't been settled.

The company in April said its first-quarter earnings rose on a foreign-exchange-related gain tied to an acquisition and lower expenses.

Shares closed Friday at $62.98 and were unchanged after hours. The stock is down 4% so far this year.

--Anjali Athavaley contributed to this report.

Write to Ben Fox Rubin at ben.rubin@dowjones.com

(END) Dow Jones Newswires

June 08, 2012 18:07 ET (22:07 GMT)

Copyright (c) 2012 Dow Jones & Company, Inc.

Opret kommentar

Relateret debat

  • 1 uge
  • 1 måned
  • 1 År
Ingen indlæg

Fondsbørsmeddelelser

Aktier/tendens: Udsigt til stigninger med Coloplast i fokus

03-05-2016 08:17:12
På ryggen af positive aktiemarkeder i USA og Asien er der udsigt til stigende aktier i Danmark og Europa, når handelen kommer i gang kl. 9. Der ventes fokus på ..

Shipping/Bimco: 2016 kan blive udfordrende for hele industrien

02-05-2016 15:38:02
Der er fortsat pres på fragtraterne, selv om tørlastindekset Baltic Dry er steget, siden det i februar ramte et historisk lavpunkt.Det vurderer Peter Sand, der ..

Mærsk: Konkurrent følger succes med nyt nødrateløft

02-05-2016 13:14:04
Efter den største ratestigning på Asien-Europa-ruten i år har det store franske containerrederi CMA CGM fået appetit på mere.CMA CGM vil hæve priserne på fragt ..

Mest læste nyheder

  • 24 timer
  • 48 timer
  • 1 uge
1
Aktier/middag: Vestas i bunden af C20 efter Runevad-rygte
2
Aktier/tendens: Udsigt til stigninger med Coloplast i fokus
3
Vestas hvirvlet ind i sag om mulig bestikkelse - citat
4
Banker tøver med milliardregning til kunderne - citat
5
Mandagens aktier: Mærsk og Vestas trak C20 i rødt

Relaterede aktiekurser

Johnson & Johnson 112,75 0,0% Aktiekurs uændret

Køb- og salgsanbefalinger

  • Trend
  • Pengemaskinen

Copyright Euroinvestor A/S 2016  Disclaimer Privatlivspolitik
Aktieinformation leveres af Interactive Data.
Data er forsinket 15-20 minutter iht. de enkelte børsers regler om videredistribution.
 
3. maj 2016 10:43:57
(UTC+01:00) Brussels, Copenhagen, Madrid, Paris
Version: LiveBranchBuild_20160502.2 - EUROWEB1 - 2016-05-03 10:43:57 - 2016-05-03 10:43:57 - 1 - Website: OKAY

Når du besøger Euroinvestor.dk accepterer du, at der anvendes cookies, som vi og vores samarbejdspartnere benytter til funktionalitet, statistik og markedsføring. Læs mere om cookies på Euroinvestor.dk her

x