NEW BRUNSWICK, NJ – October 1, 2019: Johnson & Johnson (NYSE: JNJ) and its Janssen Pharmaceutical Companies today announced a settlement agreement with the Ohio counties of Cuyahoga and Summit that resolves all of the counties’ claims with no admission of liability and removes the Company from the federal trial scheduled to begin October 21, 2019. As part of the agreement, the Company will make a combined $10 million settlement payment to the counties.
The settlement allows the Company to avoid the resource demands and uncertainty of a trial as it continues to seek meaningful progress in addressing the nation’s opioid crisis. The Company recognizes the opioid crisis is a complex public health challenge and is working collaboratively to help communities and people in need.
Under the terms of the settlement, the Company has also agreed to reimburse $5 million of the counties’ legal and other expenses incurred in preparation for the trial. Further, the Company will direct $5.4 million of its charitable contributions to non-profit organizations in connection with opioid-related programs in these two counties.
As previously stated, the Company is open to identifying an appropriate, comprehensive resolution of the overall opioid litigation. At the same time, the Company remains prepared to defend its actions. The Company responsibly marketed DURAGESIC®, NUCYNTA® and NUCYNTA® ER, which, since launch, have accounted for less than one percent of total opioid prescriptions in the United States. The Company sold the the U.S. marketing rights for NUCYNTA® in 2015 and has not marketed DURAGESIC® in the U.S. since 2008.
For more information, visit www.FactsAboutOurPrescriptionOpioids.com.
About DURAGESIC®, NUCYNTA® and NUCYNTA ER®
For full prescribing information, instructions for use, and medication guide for DURAGESIC®, please visit http://bit.ly/duragesicPI.
About Johnson & Johnson
At Johnson & Johnson, we believe good health is the foundation of vibrant lives, thriving communities and forward progress. That’s why for more than 130 years, we have aimed to keep people well at every age and every stage of life. Today, as the world’s largest and most broadly-based health care company, we are committed to using our reach and size for good. We strive to improve access and affordability, create healthier communities, and put a healthy mind, body and environment within reach of everyone, everywhere. We are blending our heart, science and ingenuity to profoundly change the trajectory of health for humanity. Learn more at www.jnj.com. Follow us at @jnjglobalhealth.
About the Janssen Pharmaceutical Companies
At Janssen, we’re creating a future where disease is a thing of the past. We’re the Pharmaceutical Companies of Johnson & Johnson, working tirelessly to make that future a reality for patients everywhere by fighting sickness with science, improving access with ingenuity, and healing hopelessness with heart. We focus on areas of medicine where we can make the biggest difference: Cardiovascular & Metabolism, Immunology, Infectious Diseases & Vaccines, Neuroscience, Oncology, and Pulmonary Hypertension.
Learn more at www.janssen.com. Follow us at www.twitter.com/JanssenGlobal. Janssen Pharmaceuticals, Inc. is part of the Janssen Pharmaceutical Companies of Johnson & Johnson.
Cautions Concerning Forward-Looking Statements
This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding the resolution agreement reached in the scheduled October 21, 2019 trial in the Federal Multidistrict Litigation (MDL) in Cleveland, Ohio, against opioid manufacturers as well as other litigation in other jurisdictions. The reader is cautioned not to rely on these forward-looking statements. The information contained in this press release is for informational purposes only and should not be construed as a commitment by the Company to engage in any specific strategy or course of action. Due to the inherent uncertainty of litigation, the Company cannot predict the timing, ultimate outcome or financial impact of this matter, or any other ongoing or future litigation. The forward-looking statements in this press release are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of the Janssen Pharmaceutical Companies and/or Johnson & Johnson. Risks and uncertainties include, but are not limited to: significant adverse litigation or government action, including related to product liability claims; economic factors, such as interest rate and currency exchange rate fluctuations; competition, including technological advances, new products and patents attained by competitors; challenges inherent in new product research and development, including uncertainty of clinical success and obtaining regulatory approvals; uncertainty of commercial success for new and existing products; challenges to patents; the impact of patent expirations; the ability of the company to successfully execute strategic plans; the impact of business combinations and divestitures; manufacturing difficulties or delays, internally or within the supply chain; product efficacy or safety concerns resulting in product recalls or regulatory action; changes to applicable laws and regulations, including tax laws and global health care reforms; trends toward health care cost containment; changes in behavior and spending patterns of purchasers of health care products and services; financial instability of international economies and legal systems and sovereign risk; increased scrutiny of the health care industry by government agencies. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson's Annual Report on Form 10-K for the fiscal year ended December 30, 2018, including in the sections captioned “Cautionary Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors,” in the company’s most recently filed Quarterly Report on Form 10-Q and in the company’s subsequent filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. Any forward-looking statement made in this release speaks only as of the date of this release. Neither the Janssen Pharmaceutical Companies nor Johnson & Johnson undertakes to update any forward-looking statement as a result of new information or future events or developments. The Company expressly disclaims all liability in respect to actions taken or not taken based on any or all the contents of this press release.
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