June 26, 2021 – Johnson & Johnson and its US-based Janssen pharmaceutical companies today announced a settlement agreement with New York State and its participating subdivisions, including the counties of Nassau and Suffolk, resolving their opioid-related claims against society. With the deal, the Company is withdrawn from the trial set to begin in Suffolk County on June 28, 2021.
The settlement will provide New York and its participating subdivisions up to $ 263 million in funding to address opioid-related issues, as well as reimbursement of attorney fees and costs. The settlement does not constitute an admission of liability or wrongdoing on the part of the Company, and it is in accordance with the terms of the previously announced $ 5 billion global settlement agreement in principle for the resolution of lawsuits and claims. opioid laws by states, cities, counties and tribes. Governments. The dollar amount the Crown is to receive is the pro-rata share it would have received under the broader Agreement-in-Principle, which will be deducted from the aggregate settlement amount.
Progress continues to be made towards finalizing the Comprehensive Settlement Agreement, and the Company remains committed to providing certainty to affected parties and essential assistance to communities in need. The Company will continue to defend itself against any litigation that the final agreement does not resolve.
The Company’s actions in marketing and promoting important prescription pain relievers were appropriate and responsible. Janssen has developed two prescription opioid drugs – a patch and a crush-resistant tablet – designed to help patients with pain. DURAGESICÂ®, NUCYNTAÂ® and NUCYNTAÂ® ER have accounted for less than one percent of total opioid prescriptions in the United States since its launch. Although these products are no longer sold in the United States, the Company continues to work with partners to help families and communities resolve their opioid-related issues.
For more information, visit www.FactsAboutOurPrescriptionOpioids.com.
About DURAGESICÂ®, NUCYNTAÂ® and NUCYNTAÂ® ER
For complete prescribing information, instructions for use, and a medication guide for DURAGESICÂ®, please visit http://bit.ly/duragesicPI.
For complete prescribing information and medication guides for NUCYNTAÂ® and NUCYNTAÂ® ER, please visit http://bit.ly/nucyntaPI and http://bit.ly/nucyntaER-PI.
Cautions Regarding Forward-Looking Statements
This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 relating to the New York State resolution agreement regarding opioid-related litigation. The reader is cautioned not to rely on these forward-looking statements. The information contained in this press release is provided for informational purposes only and should not be interpreted as a commitment on the part of the Company to commit to any specific strategy or course of action. Due to the inherent uncertainty of litigation, the Company cannot predict the timing, final outcome or financial impact of this matter, or any other ongoing or future litigation. The forward-looking statements contained in this press release are based on current expectations of future events. If the underlying assumptions prove to be incorrect or if known or unknown risks or uncertainties materialize, actual results could differ materially from the expectations and projections of Janssen Pharmaceutical Companies and / or Johnson & Johnson. Risks and uncertainties include, but are not limited to: material adverse litigation or government action, including relating to product liability claims; economic factors, such as fluctuations in interest rates and exchange rates; competition, including technological advances, new products and patents obtained by competitors; challenges inherent in the research and development of new products, including the uncertainty of clinical success and obtaining regulatory approvals; the uncertainty of the commercial success of new and existing products; patent challenges; the impact of patent expirations; the company’s ability 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 issues resulting in product recalls or regulatory action; changes in applicable laws and regulations, including tax laws and global healthcare reforms; trends in the containment of health care costs; changes in the behavior and spending patterns of buyers of health care products and services; the financial instability of economies and international legal systems and sovereign risk; increased oversight of the health care sector by government agencies. A list and additional descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson’s annual report on Form 10-K for the year ended December 30, 2020, including in the sections entitled ” caution regarding forward-looking statements “. ‘and’ Item 1A. Risk Factors âin the Company’s latest Quarterly Report on Form 10-Q and in the Company’s subsequent filings with the Securities and Exchange Commission. Copies of these documents are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. Any forward-looking statements made in this press release speak only as of the date of this press release. Neither the Janssen Pharmaceuticals nor Johnson & Johnson undertakes to update any forward-looking statements as a result of new information or future events or developments. The Company expressly disclaims all liability for actions taken or not taken on the basis of all or part of the content of this press release.
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