Johnson & Johnson’s opioid verdict may benefit 2 other drugmakers
Drugmakers Teva Pharmaceuticals and Endo International are in focus Tuesday morning after an Oklahoma judge ordered Johnson & Johnson to pay $572 million in damages — far less than what the state was seeking in its opioid lawsuit against the company. Both Teva and Endo are also being sued by Oklahoma for their alleged roles in the state’s opioid crisis.
Ahead of Tuesday’s opening bell, Teva was trading up 3.1 percent and Endo was higher by 2.06 percent.
Cleveland County District Judge Thad Balkman on Monday ruled the drugmaker was liable for contributing to the state’s opioid crisis and ordered it to pay $572 million in damages. The state was seeking $17 billion. Johnson & Johnson, whose shares were up 1.24 percent early Tuesday, plans to appeal the verdict.
The pharmaceutical industry has been hit with a number of opioid-related lawsuits over the past few years. OxyContin maker Purdue Pharma is being sued by 48 states, and a number of other opioid manufacturers are also facing lawsuits.