Here's why Johnson & Johnson's $572-million court judgment looks like good news for investors.
You can be forgiven for thinking that Johnson & Johnson just got some good news. The stock closed up by $1.84, or 1.44%, on Tuesday while the broad market was lower. At its peak for the day, the gain had been nearly $5, and that was on the heels of a healthy gain for the shares on Monday.
Johnson & Johnson says it will appeal the $572-million judgment, but even if it loses, that sum is the equivalent of about two weeks of profits for the giant pharmaceutical firm, which pocketed more than $15 billion in net income last year. If you’re an investor, what’s not to like? . That applies to companies with exposure to opioid litigation in general, Trucchio said, estimating the total risk at $150 billion.The size of the judgment in a small state, levied on a company with a tiny 1% market share in opioid painkillers, also has gotten the attention of legal experts.
The harvest included the deaths of 2,100 Oklahomans from opioid overdoses in 2011 to 2015. Balkman noted that in 2015 alone, more than 326 million opioid pills were dispensed to state residents, “enough for every adult to have 110 pills.” One was Tasmanian Alkaloids, which grew opium poppies in Tasmania and anticipated demand for opioids in the mid-1990s by developing a high-opiate variety of the plant.
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