Johnson & Johnson recalls some baby powder after traces of asbestos are found
Johnson & Johnson is recalling one lot of its Johnson’s Baby Powder after tiny amounts of asbestos contamination were found in samples from a single bottle purchased online.
J&J shares slid 6.2% on Friday. The stock has been under pressure as investors try to ascertain the company’s potential liabilities in a series of lawsuits related to talc and other products.“Thousands of tests over the past 40 years repeatedly confirm that our consumer talc products do not contain asbestos,” J&J said in a statement Friday.
During a brief call with investors Friday, J&J global supply chain and women’s health executives said they had received the product’s test results the previous day and acted promptly to inform the public. The investigation could take 30 days or more, they said. The executives didn’t take questions from participants on the call.
Baby powder-related liabilities could eventually cost the company as much as $10 billion, according to Bloomberg Intelligence. Though the product accounts for only a small fraction of J&J’s annual revenue, it has been a core brand for the company for more than a century.
“This confirms thousands of tests” over the years that have uncovered asbestos in J&J’s baby powder, he said.
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