Over the past several months, multiple cases have been filed against pharmaceutical giant Johnson & Johnson. These lawsuits feature multiple allegations regarding various products that they manufactured and released to the market. So far, the company spent over $900 million in litigation costs and we expect this to continue to grow. The safety of the manufacturer's prescription drugs and medical devices is in question. There is now an overwhelming number of Johnson & Johnson lawsuits in court and many are questioning the legitimacy of this household name. The litany of litigation against the company, as well as settlement amounts, are below.
Johnson & Johnson lawsuits breakdown
The company is facing around 50,000 different lawsuits across the United States. All of these cases carry different accusations against different products. Specifically, the cases pertain to Talc products, Hip Implants, Artificial Hips, and the blood thinner called Xarelto. As of October of 2019, the breakdown of the lawsuits is as follows.
- Talc: 14,000
- Hip Implants: 6,000
- Artificial Hips: 4,500
- Xarelto: 2,500
According to Forbes, the breakdown of the abovementioned lawsuits is as follows.
- Talc
- Total cost to settle: About $4 billion
- The $4 billion estimated figure is a product of the number of talc-related lawsuits, and average settlement cost per lawsuit.
- Average settlement cost per case: $280,000
- Hip Implant:
- Total cost to settle: Over $1 billion
- The $1 billion estimated figure is a product of the number of hip implant-related lawsuits, and average settlement cost per lawsuit.
- The company agreed to pay $1 billion to settle 95% of the lawsuits.
- Average settlement cost per case: $180,000
- Artificial Hip:
- Total cost to settle: Over $800 million
- The $800 million estimated figure is a product of the number of artificial hip-related lawsuits, and average settlement cost per lawsuit.
- Average settlement cost per case: $180,000
- Blood Thinner Xarelto:
- Total cost to settle: $775 million
- The $775 million figure is a product of number of Xarelto related lawsuits, and average settlement cost per lawsuit.
- The company, along with Bayer, has agreed to pay $775 billion to settle all of the lawsuits. This will be an equal split between J&J and Bayer.
- Average settlement cost per case: $31,000
Oklahoma's Opioid lawsuit against J&J
Separately, the state of Oklahoma filed against Johnson & Johnson for pushing doctors to prescribe opioids while downplaying the risks of addiction. State prosecutors claim that this helped fuel the opioid epidemic happening in the state. In addition, they claim this led to more than 6,000 deaths over two decades. On Monday, August 26th, the judge ruled that the company had to pay $572 million for the destruction wrought by prescription painkillers. This verdict is an indication that many similar lawsuits are a possibility. Approximately 2,000 similar lawsuits could arise.
What does this mean for the company financially?
Johnson & Johnson will be required to pay billions of dollars to settle all of these cases. While the total possible cost for settlement of all 50,000 lawsuits is close to $6.2 billion, the company’s cash as of June 30, 2019, is $14.4 billion. In other words, the company will settle all of the cases against it using the available cash at hand.
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