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The company stopped selling talc-based baby powder in favor of cornstarch-based products, citing an increase in lawsuits and "misinformation" about the talc product's safety.
On Johnson & Johnson's earnings call earlier this month, management provided an update on the talc lawsuits. Chief Financial Officer Joseph Wolk says that claimants will be able to vote on the ...
NEW YORK (Reuters) -A Johnson & Johnson subsidiary can pursue its third attempt to resolve tens of thousands of lawsuits alleging its talc products caused cancer in a federal bankruptcy court in ...
For the fiscal year 2023, Johnson & Johnson reported earnings of $35.15 billion, with an annual revenue of $85.16 billion, an increase of 10.57% over the previous fiscal cycle. Johnson & Johnson's shares traded at over $160 per share, and its market capitalization was valued at over $386.7 billion in July 2024.
The previous bankruptcy filings put the talc litigation on hold from 2021 to 2023, but trials have resumed after a federal judge ruled the latest bankruptcy case should be dismissed in July 2023.
A plaintiffs' lawyer who represents 11,434 of approximately J&J's roughly 100,000 talc claimants said the company's figure is inflated, and its latest bankruptcy petition is "fraught with problems."
JPMorgan Chase analysts in a separate note after J&J earnings last week said the talc settlement progress was "one of the most important drivers" of the company's stock in 2023.
J&J’s proposed settlement represents just 7.8% of its $85.2 billion in annual sales for 2023. Johnson & Johnson’s latest gambit to solve its massive talcum powder asbestos issue: A $6.5 ...