Johnson & Johnson on Wednesday lowered its previously reported third-quarter pro...
FILE PHOTO: The U.S. flag is seen over the company logo for Johnson & Johnson to celebrate the 75th anniversary of the company's listing at the New York Stock Exchange in New York, U.S., September 17, 2019. REUTERS/Brendan McDermid
- Johnson & Johnson on Wednesday lowered its previously reported third-quarter profit by $3 billion to account for a proposed opioid settlement payment. A framework settlement, announced on Monday, was hammered out by some drugmakers and distributors and attorneys general in North Carolina, Pennsylvania, Tennessee and Texas. The proposed deal will need broad support among all the state attorneys general and local governments that have sued the companies over the opioid crisis.
J&J, which is facing thousands of lawsuits over a variety of products, lowered its reported profit to $1.8 billion, or 66 cents per share, from $4.8 billion, or $1.81 per share, and said there was no impact to its adjusted earnings numbers.“ has to disclose it now - and take the accounting hit.
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