NEW BRUNSWICK, N.J. – WEBWIRE – Thursday, July 22, 2021
johnson & Johnson and its U.S.-based Janssen Pharmaceutical Companies announced the finalization of a nationwide settlement agreement to resolve opioid-related claims and litigation by states, cities, counties, and other subdivisions in the United States. As previously announced, the Company will contribute up to $5 billion to the settlement, depending on the number of state and local governments that elect to opt into the agreement over the next several months.
We recognize the opioid crisis is a tremendously complex public health issue, and we have deep sympathy for everyone affected. This settlement will directly support state and local efforts to make meaningful progress in addressing the opioid crisis in the United States, said Michael Ullmann, Executive Vice President, General Counsel, Johnson & Johnson.
The Companys actions relating to the marketing and promotion of important prescription opioid medications were appropriate and responsible. DURAGESIC®, NUCYNTA® and NUCYNTA® ER accounted for less than one percent of total opioid prescriptions in the U.S. since launch. This national settlement agreement is designed to resolve the vast majority of litigation-based claims regarding the past sales of the Companys prescription opioid medications. This is not an admission of any liability or wrongdoing and the Company will continue to defend against any litigation that the final agreement does not resolve. The Company no longer sells prescription opioid medications in the United States as part of our ongoing efforts to focus on transformational innovation and serving unmet patient needs.
For more information, visit www.FactsAboutOurPrescriptionOpioids.com.
Cautions Concerning Forward-Looking Statements
This statement contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995 regarding the resolution agreement regarding opioid litigation. The reader is cautioned not to rely on these forward-looking statements. The information contained in this statement 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 statement 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 o