Shares of Johnson & Johnson (JNJ) were up 0.3% in trading on Wednesday after a dozen or so state attorneys general announced an opioid settlement that requires J&J to pay $5 billion over nine years, including $3.7 billion in payments over the first three years. The company is also required to stop selling opioids for 10 years, and it cannot fund or provide grants to organizations that promote opioids or lobby on opioids during that time period. The agreement resolves around 4,000 opioid-related lawsuits in both federal and state courts. As part of the deal, which has been in the works for several years, AmerisourceBergen Corp. (ABC), Cardinal Health Inc. (CAH), and McKesson Corp. (MCK) will pay $21 billion. J&J's stock is up 7.4% so far this year, while the broader S&P 500 has gained 15.2%.
-Jaimy Lee; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
07-21-21 1427ETCopyright (c) 2021 Dow Jones & Company, Inc.