129.01 -0.19 (-0.15%)
After hours: 4:43PM EDT
|Bid||129.25 x 1100|
|Ask||129.32 x 800|
|Day's Range||128.09 - 130.54|
|52 Week Range||121.00 - 148.99|
|Beta (3Y Monthly)||0.73|
|PE Ratio (TTM)||20.22|
|Earnings Date||Jan 20, 2020 - Jan 24, 2020|
|Forward Dividend & Yield||3.80 (2.97%)|
|1y Target Est||150.19|
Yahoo Finance’s Dan Roberts, Anjalee Khemlani and Scott Gamm discuss on YFi AM the different approaches major drug companies are taking to the opioid crisis lawsuits.
LOS ANGELES/NEW YORK (Reuters) - Facing off against a plaintiff’s lawyer for the first time about Johnson & Johnson’s Baby Powder, the company’s Chief Executive Alex Gorsky earlier this month insisted that the company’s iconic brand was safe. “We unequivocally believe that our talc and our baby powder does not contain asbestos,” Gorsky testified in an Oct. 3 deposition in a case involving a retired Indiana college professor who alleges his cancer was caused by the Baby Powder he used for decades. The deposition has not been previously reported.
Four drug/biotech stocks are scheduled to release third-quarter results on Oct 23. Let's see how these companies are placed before their earnings call.
Encouraging growth in the emerging markets despite the ongoing trade tiff is likely to contribute to revenues in the medical products space this earnings season.
Biogen (BIIB) beats estimates for both earnings and sales in the third quarter. It is set to pursue FDA approval of aducanumab. Shares skyrocket in pre-market trading.
There are certain characteristics and reasonings behind stocks that are suitable for investors to buy – and hold – throughout the life of their portfolios.
October has been a rough month for short sellers betting against companies at the heart of the opioid crisis, although those traders still have paper profits of almost $600 million for the year, according to data from financial analytics firm S3 Partners. The data from S3 analyzed changes in short interest and profits related to shares of eight companies named in U.S. opioid litigation. The list includes U.S. shares of drugmakers Mallinckrodt Plc , Endo International Plc and Teva Pharmaceutical Industries Ltd , drug distributors Cardinal Health Inc, McKesson Corp and AmerisourceBergen Corp, pharmacy chain Walgreens Boots Alliance Inc and healthcare conglomerate Johnson & Johnson.
The tentative settlement was announced late Monday by Pennsylvania Attorney General Josh Shapiro and three other AGs from across the U.S.
Five drug companies announced a $48 billion deal after the close on Monday that aims to settle claims related to the opioid crisis in North Carolina, Pennsylvania, Tennessee and Texas.
As the Q3 2019 corporate earnings reporting season goes into full swing for the S&P 500 companies, a rising U.S. dollar is creating yet another headwind for profits along with increased costs and faltering demand in the midst of the U.S.-China trade war and a global economic slowdown. The WSJ Dollar Index, which compares the value of the dollar to a basket of 16 other currencies, reached its highest level since 2017 in September, up by nearly 1% so far in 2019 after rising by 4.3% in 2018, The Wall Street Journal reports. At least 16 of them have indicated that the rising dollar took a significant bite out of Q3 2019 profits, including such big names as Delta Air Lines Inc. (DAL), Johnson & Johnson (JNJ), General Mills Inc. (GIS), and Nike Inc. (NKE).
(Bloomberg Opinion) -- They kicked the can down the road.That’s the best way to describe what happened at the bellwether opioid trial that was set to begin Monday morning in Cleveland. Last week, the two sides — companies being sued for their alleged role in the opioid crisis and lawyers suing them on behalf of states, cities and counties nationwide — tried to fashion a global settlement. As it’s been outlined in the media, that settlement could have seen the defendant companies offer more than $50 billion to the plaintiffs to stop the litigation.That effort ended in failure Friday night. So over the weekend, the parties engaged in a smaller but more manageable task: settling with the two Ohio counties who were the plaintiffs in the upcoming trial. They succeeded at around 1 a.m. on Monday. For the companies — Cardinal Health Inc., McKesson Corp., AmerisourceBergen Corp. and Teva Pharmaceutical Industries Ltd. — the money being handed over to the plaintiffs is pocket change: some $260 million spread over 18 months. But for the two counties, Summit and Cuyahoga, it’s badly needed money that will help them treat and mitigate opioid addiction.Still, with more than 2,000 opioid cases yet to be tried, this settlement only offers a temporary reprieve. A significant portion of those cases are in the courtroom of Judge Dan Aaron Polster of the Northern District of Ohio. Soon enough, he will schedule another bellwether trial, and they’ll start it up all over again.Unless, that is, they manage to put a global settlement in place. There is not much doubt at this point that that’s going to happen. The two sides just couldn’t get there by Monday morning. Which is why they punted.What stands in the way of a global settlement? The states had already accepted the deal offered by the companies. But when they took it to the lawyers for the cities and counties, they got shot down. These smaller entities are deeply suspicious of letting the states take the lead. They don’t want to allow the same thing to happen with opioids that happened with tobacco in the late 1990s: The states took all the settlement money, and most of them put it in their general coffers instead of using it for tobacco control efforts.Outside the courthouse after Polster had announced the settlement, I asked the well-known plaintiffs’ lawyer Joe Rice, who is leading the charge for the cities and counties, for his reaction to the claim that his clients were blocking a global settlement. He was unapologetic. “We did not agree to those terms,” he replied. “If we are the hold-up of that settlement we did a really good thing.” He added that his clients are still talking to the states and the defendants. But, he added, “It’s gotta be fair and it’s gotta be now.”Immediacy – Rice’s “now” – is the second stumbling block. The three distributors, Cardinal, McKesson and AmerisourceBergen, initially offered to pay $18 billion over 18 years as their contribution to a global settlement. But outside the courthouse, several county executives stressed that the opioid crisis was a true national emergency and they couldn’t wait 18 years to get all the money due them.Another reporter asked Rice if the settlement with Summit and Cuyahoga counties was likely to serve as a template for future settlements. That seems pretty unlikely. If every government entity suing over opioids got the kind of money the two Ohio counties are getting, it would come to over $300 billion. Because they were first in line, Summit and Cuyahoga counties got very lucky.There are other reasons both sides need to find a way to settle this litigation. In late August, a judge ordered Johnson & Johnson to pay $572 million to Oklahoma for its alleged role in that state’s opioid crisis. (The amount was later reduced by $107 million because the judge made a math error.) J&J is appealing, arguing in part that the state’s novel use of “public nuisance” law to bring the case was a “misapplication” of the law. If the verdict is overturned, it will embolden the defendant companies because many of the opioid lawsuits are built on local public nuisance laws. If the verdict us upheld, however, the $50 billion currently on the table may look like peanuts to the plaintiffs.There is no question that the cities and counties that have sued desperately need money to help end the crisis. There is also no question that the only way they’re going to get that funding is from the big companies they’re suing. The only other potential source, the federal government, hasn’t put up anywhere near the kind of money these damaged and desperate communities require.The companies may not like all of this. They may not think it is fair. They may wish they could hold out and fight in court. But society is demanding that they pay up for their roles in the opioid scourge. And sooner or later, they will.To contact the author of this story: Joe Nocera at firstname.lastname@example.orgTo contact the editor responsible for this story: Timothy L. O'Brien at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Joe Nocera is a Bloomberg Opinion columnist covering business. He has written business columns for Esquire, GQ and the New York Times, and is the former editorial director of Fortune. His latest project is the Bloomberg-Wondery podcast "The Shrink Next Door."For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
J&J (JNJ) voluntarily recalls one lot of its baby powders, which is the subject of numerous lawsuits claiming that its talc-based products contain asbestos that causes cancer.
Johnson & Johnson (NYSE: JNJ) just can't seem to shake its talcum powder problems. On Friday, Johnson & Johnson recalled 33,000 bottles of baby powder after a bottle purchased online by the FDA tested positive to asbestos. Last year, a jury awarded a group of 22 women $4.69 billion in a ruling against J&J. The women claimed contaminated baby powder is linked to cases of ovarian cancer.
U.S. stocks closed sharply lower on Friday owing to negative report of two important Dow stocks, disappointing growth of China in the third quarter and Brexit-related uncertainties.
(Bloomberg) -- The three largest U.S. drug distributors and a major generic-drug manufacturer have agreed to pay more than $250 million to settle the first federal trial over the companies’ role in fueling the U.S. opioid epidemic.Drug distributors McKesson Corp., Cardinal Health Inc. and AmerisourceBergen Corp., plus drugmaker Teva Pharmaceutical Industries Ltd., entered into the agreement with two Ohio counties just before the start of the trial Monday in Cleveland, according to people familiar with the pact. The people asked not to be identified because the matter is still private.The agreement is likely to help buy more time for a wider industry settlement in other opioid cases. McKesson, Cardinal and AmerisourceBergen, which together control 90% of the U.S. drug-distribution market, have proposed an $18 billion settlement for more than 2,000 other lawsuits filed by states, counties and cities, according to people familiar with those negotiations. No deal has been reached on that offer.The settlement is expected to be announced in court later on Monday, said the people. Walgreens Boots Alliance Inc., the last remaining defendant, hasn’t yet reached a deal so far, said the people. The trial scheduled for Monday is likely to be canceled. A separate trial, involving claims by West Virginia municipalities, is scheduled for next year.Shares of the companies fell before the markets opened in New York. McKesson dropped 2.1%, AmerisourceBergen was down 2.9%, Cardinal lost 2.4% and Teva declined 1.5%.Opioid DefendantsThe people said the settlement deal was reached at midnight after weekend-long talks in Cleveland. Other defendants in the case brought by the Ohio counties had already settled.Last week, drugmaker Johnson & Johnson agreed to settle the Cleveland case for $20.4 million. J&J has separately offered $4 billion to settle all the opioid lawsuits against it.Last month, generic-opioid manufacturer Mallinckrodt Plc settled for $30 million. A unit of Endo International Plc offered to pay $10 million and donate $1 million worth of drugs to avoid the trial, and Allergan Plc agreed to pay $5 million.More than 400,000 Americans have died of opioid overdoses over two decades as U.S. addiction rates surged, and local communities have sued to recover expenses on more drug treatment and police services.Drugmakers and distributors have been accused in thousands of lawsuits of turning a blind eye to red flags about unusually large opioid shipments and employing lax compliance standards to rake in billions in profits. The lawsuits are being overseen by U.S. District Judge Dan Polster in Cleveland.The companies have been in talks with states, cities and counties in hopes of reaching an overarching agreement to resolve all the litigation.The case is In Re National Prescription Opioid Litigation, 17-md-2804, U.S. District Court, Northern District of Ohio (Cleveland).(Updated shares. An earlier version corrected the spelling of AmerisourceBergen in the second paragraph.)To contact the reporters on this story: Jef Feeley in Wilmington, Delaware at firstname.lastname@example.org;Riley Griffin in New York at email@example.comTo contact the editors responsible for this story: David Glovin at firstname.lastname@example.org, ;Drew Armstrong at email@example.com, Steve StrothFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
McKesson Corporation (NYSE: MCK ), Cardinal Health Inc (NYSE: CAH ), Teva Pharmaceutical Industries Ltd (NYSE: TEVA ) and AmerisourceBergen Corp. (NYSE: ABC ) have reached 11th-hour settlements to avert ...
Four key defendants in the opioid litigation reached a last-minute deal to sit out of a key trial scheduled to begin Monday morning, according to The Wall Street Journal, but a hoped-for settlement to resolve the opioid litigation remains elusive.
Four large drug companies could resume talks on Tuesday to try to reach a $48 billion settlement of all opioid litigation against them, after agreeing with two Ohio counties to a $260 million deal to avert the first federal trial over their role in the U.S. opioid epidemic. Drug distributors AmerisourceBergen Corp, Cardinal Health Inc and McKesson Corp and drugmaker Teva Pharmaceutical Industries Ltd agreed to the deal that removed the immediate threat of a trial that was to begin on Monday in Cleveland. The parties could resume talks as soon as Tuesday aimed at a broader settlement of thousands of opioid lawsuits brought by states and local governments, according to Paul Hanly, an attorney for the towns and counties.
Shares of Johnson & Johnson suffered another blow Friday related to product safety, as the consumer products giant’s recall of some baby powder, after tests reveal traces of asbestos.
A committee guiding OxyContin maker Purdue Pharma’s bankruptcy has suggested other drugmakers, distributors and pharmacy chains use Purdue’s bankruptcy proceedings to settle more than 2,000 lawsuits seeking to hold the drug industry accountable for the national opioid crisis.
Brexit Purgatory Continues As the world turns, so the Brexit saga continues. Futures traders are now betting the odds of first contact with an alien species of hyperintelligent snails is more likely than this chapter ever being closed. (This is not to be taken literally.) SEE: AMP Signs Cannabis Distribution Agreement with CC Pharma What happened […]The post Market Weekend: Brexit Purgatory, Syria Troops to Iraq, J&J Arsenic, JPMorgan ‘Big Liquidity Thing’ appeared first on Market Exclusive.