| From: Sr K | 9/16/2011 7:01:42 PM | | | | | | MANAGEMENT | SEPTEMBER 16, 2011, 5:34 P.M. ET
J&J Negotiated Over Executive's Departure
By JOANN S. LUBLIN And JONATHAN D. ROCKOFF
Johnson & Johnson's insistence on enforcing a non-compete agreement to keep senior executive Michael Mahoney from joining archrival Boston Scientific Corp. as chief executive led to unusual employment terms at the medical device maker, according to people familiar with the matter.
J&J agreed to allow Mr. Mahoney to join Boston Scientific only after the company promised the 46-year-old won't supervise competing businesses or become its chief executive until late 2012 and agreed to have its general counsel personally monitor compliance, those people said.
Boston Scientific said Tuesday that Mr. Mahoney, who had been heading J&J's medical devices and diagnostics group, would become its president next month and CEO effective on Nov. 1, 2012. In the interim, Hank Kucheman, who has been running Boston Scientific's defibrillator business, will serve as chief executive. Current CEO Ray Elliott is retiring.
wsj.com |
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| From: zax | 12/1/2014 1:44:57 PM | | | | | | | Sold 4/5 of my JNJ today; 100%+ gain. Nice run. With Remicade coming off of patent protection, I'm seeing the end of a great run on the horizon. |
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| From: Sr K | 2/23/2016 12:18:42 PM | | | | | | Reuters
2/23/2016
J&J must pay $72 million for cancer death linked to talcum powder: lawyers
By Jonathan Stempel
(Reuters) - Johnson & Johnson (JNJ) was ordered by a Missouri state jury to pay $72 million of damages to the family of a woman whose death from ovarian cancer was linked to her use of the company's talc-based Baby Powder and Shower to Shower for several decades.
In a verdict announced late Monday night, jurors in the circuit court of St. Louis awarded the family of Jacqueline Fox$10 million of actual damages and $62 million of punitive damages, according to the family's lawyers and court records.
The verdict is the first by a U.S. jury to award damages over the claims, the lawyers said.
Johnson & Johnson (JNJ) faces several hundred lawsuits claiming that it, in an effort to boost sales, failed for decades to warn consumers that its talc-based products could cause cancer.
Fox, who lived in Birmingham, Alabama, claimed she used Baby Powder and Shower to Shower for feminine hygiene for more than 35 years before being diagnosed three years ago with ovarian cancer. She died in October at age 62.
Jurors found Johnson & Johnson (JNJ) liable for fraud, negligence and conspiracy, the family's lawyers said. Deliberations lasted four hours, following a three-week trial.
Jere Beasley, a lawyer for Fox's family, said Johnson & Johnson (JNJ) "knew as far back as the 1980s of the risk," and yet resorted to "lying to the public, lying to the regulatory agencies." He spoke on a conference call with journalists.
Carol Goodrich, a Johnson & Johnson (JNJ) spokeswoman, said: "We have no higher responsibility than the health and safety of consumers, and we are disappointed with the outcome of the trial. We sympathize with the plaintiff's family but firmly believe the safety of cosmetic talc is supported by decades of scientific evidence."
In October 2013, a federal jury in Sioux Falls, South Dakota found that plaintiff Deane Berg'suse of Johnson & Johnson's (JNJ) body powder products was a factor in her developing ovarian cancer. Nevertheless, it awarded no damages, court records show.
Valeant Pharmaceuticals International Inc (VRX) now owns the Shower to Shower brand but was not a defendant in the Fox case.
The case is Hogans et al v. Johnson & Johnson (JNJ) et al, Circuit Court of the City of St. Louis, Missouri, No. 1422-CC09012. |
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| From: Sr K | 6/16/2017 8:35:15 AM | | | | | | 3:51 am Johnson & Johnson completes acquisition of Actelion ( ALIOY) ( JNJ) :
Johnson & Johnson ( JNJ) announced the completion of the acquisition of Actelion ( ALIOY) for a total purchase price of ~$30 bln in cash.
Actelion will now become part of the Janssen Pharmaceutical Companies of Johnson & Johnson.In connection with the completion of the public tender offer, Actelion has spun off its drug discovery operations and early-stage clinical development assets into a newly created Swiss biopharmaceutical company, Idorsia |
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| From: ChristophMcLee | 7/5/2017 12:58:04 PM | | | | | | JNJ second quarter earnings are expected in two weeks, and atmosphere is intense, especially with the completion of Actelion acquisition. JNJ posted a decent Q1 with 2% sales growth and 6% adjusted EPS growth.
Hoping to see more leverage in the coming quarter also! |
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| To: zax who wrote (537) | 2/21/2018 1:08:42 PM | | From: zax | | | | | Sold my remaining 1/5th today. Again, Remicade blockbuster status is nearing its end, and Novartis is looking like the place to be, with Consentyx, among other blockbusters. |
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| From: Sr K | 2/14/2019 1:37:39 AM | | | | | | Reuters
2/13/2019
A key supplier of talc used in Johnson & Johnson's baby powder filed for Chapter 11 bankruptcy on Wednesday in the wake of multibillion-dollar lawsuits alleging its products caused ovarian cancer and asbestos-related mesothelioma.
Imerys Talc America, the U.S. unit of French group Imerys SA, said it filed for bankruptcy because it lacks the financial clout to defend against nearly 15,000 lawsuits over its talc mineral product.
Imerys said that while it continued to believe the lawsuits are without merit, the prospect of rising settlement and defense costs over the next few years prompted the decision to file for bankruptcy.
They also cite a multibillion-dollar verdict against Johnson & Johnson and the ensuing media attention as factors that led to the Chapter 11 filing.
In July, a Missouri jury ordered J&J to pay a record $4.69 billion to 22 women who said asbestos in talc caused ovarian cancer. The healthcare conglomerate has said it is appealing that verdict.
Imerys settled for an undisclosed amount prior to the trial.
J&J has said that its talc products do not contain asbestos.
Bankruptcy provides Imerys a single forum to settle the widespread litigation. A similar strategy has been used by numerous companies facing litigation over faulty breast implants, asbestos-tainted products and recalled automotive airbags.
"After carefully evaluating all possible options, we determined that pursuing Chapter 11 protection is the best course of action to address our historic talc-related liabilities and position the filing companies for continued growth," Imerys Talc America said in a statement.
Two North American subsidiaries of Imerys, Imerys Talc Vermont and Imerys Talc Canada, also filed for Chapter 11 on Wednesday.
Mark Lanier, a Texas-based lawyer representing many of the more than 11,700 talc plaintiffs, on Wednesday said Imerys Talc America's bankruptcy would not change the litigation.
"We have always targeted our cases against J&J and Colgate Palmolive, the companies that put the asbestos laced talc into the products," Lanier said.
Colgate-Palmolive is another defendant in the U.S. talc litigation. The New York-based company sold Cashmere Bouquet, a cosmetic talcum powder, from 1871 to 1995.
Colgate did not respond to a request for comment. It has denied allegations that its talc products cause cancer. |
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| From: Sr K | 3/28/2019 12:03:32 PM | | | | | | WSJ
3/28/2019
Johnson & Johnson plans to start airing the first U.S. television commercial for a prescription drug that discloses how much it costs, a nod toward rising political pressure over prices. |
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| From: Sr K | 4/16/2019 10:30:33 AM | | | | | | Reuters
4/16/2019
JNJ beat quarterly profit estimates on higher sales at its pharmaceuticals unit even as it faces fierce competition for some of its biggest drugs, sending the company's shares up more than 2 percent.
Sales from the business, which accounts for more than half of the company's total revenue, rose 4.1 percent and beat estimates, mainly boosted by demand for Stelara - its treatment for psoriasis and Crohn's disease - as well as cancer drugs Darzalex and Imbruvica.
"J&J's first-quarter results reflect another stellar quarter in pharma despite significant generic/biosimilar headwinds and continued progress in medical devices," Cowen & Co analyst Joshua Jennings said.
J&J's medical device unit, its second-largest business, reported a 4.6 percent fall in sales but beat analysts' average estimate of $6.44 billion.
The unit has been struggling with slow growth of its spine and hip business, and the drugmaker has been selling off some underperforming businesses.
Sales of Stelara jumped about 32 percent in the quarter to $1.41 billion, while revenue from prostate cancer drug Zytiga, which is facing competition from cheaper generics, fell 19.6 percent.
Sales of Darzalex, used to treat multiple myeloma, and Imbruvica, which J&J jointly sells with Abbvie Inc, also rose in double digits on a percentage basis.
Overall sales increased slightly to $20.02 billion, edging past the average estimate of $19.61 billion, according to IBES data from Refinitiv.
The company's net profit fell 14.2 percent to $3.75 billion in the first quarter. J&J recorded litigation expense of $423 million in the first quarter. The company did not record litigation expense in the year-ago period.
Excluding items, the company earned $2.10 per share, beating analysts' estimate of $2.03 per share.
(despite myriad lawsuits stemming from Talc claims)
For the full year, the company said it expects adjusted operational sales, which excludes the impact of M&As and a stronger dollar, to rise between 2.5 percent and 3.5 percent, compared with its previous forecast of a 2 percent to 3 percent rise. |
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