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Johnson & Johnson has twice been unsuccessful in using a controversial bankruptcy tactic to contain lawsuits alleging its baby powder caused cancer. The third time, J&J said, will be different.
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 ...
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The company stopped selling talc-based baby powder in the United States and Canada in 2020 [11] and has said it will stop all talc sales worldwide by 2023, switching to a corn starch-based formula. However, Johnson & Johnson says that its talc-based baby powder does not contain asbestos and is safe to use. [12]
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. [125]
A Matagorda County, Texas jury found that Amoco had wrongly backed out of a contract to sell Wyoming oil fields to Rubicon. The jury verdict totaled $480 million. [9] In the 1998 trial of Aaron v. Abex, Lanier was the lead counsel for a group of steelworkers who contracted asbestos disease at an Alabama steel mill. The jury verdict was $115 ...
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.