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JOHNSON & JOHNSON

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Johnson & Johnson : J&J faces U.S. criminal probe related to baby powder - Bloomberg

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07/12/2019 | 05:15pm EDT
The Johnson & Johnson logo is displayed on a screen on the floor of the NYSE in New York

(Reuters) - The U.S. Justice Department is pursuing a criminal probe into whether Johnson & Johnson lied about potential cancer risks of its talcum powder and has convened a grand jury in Washington, Bloomberg reported on Friday, citing people with knowledge of the matter.

The Bloomberg report https://news.bloomberglaw.com/product-liability-and-toxics-law/j-j-denials-of-asbestos-in-baby-powder-spur-criminal-probe-1 said the grand jury was looking into documents related to what company officials knew about any carcinogens in their products.

J&J disclosed in its annual report in February that it had received subpoenas from the Justice Department and Securities and Exchange Commission related to the ongoing baby powder litigation but did not give more details.

The company said in a statement emailed to Reuters on Friday that there had been no new developments in the matter.

"As we previously disclosed in our February 2019 SEC filing, we have received a subpoena from the U.S. Department of Justice. We are fully cooperating with the DOJ investigation," spokesman Ernie Knewitz said in an emailed statement.

The Justice Department declined to comment.

Shares of the company fell 5% to $133.02 following the report.

Johnson & Johnson faces lawsuits involving over 14,000 plaintiffs who allege use of its talc products, including Baby Powder, caused cancer.

A Reuters report https://www.reuters.com/article/us-johnson-johnson-cancer-special-report/special-report-jj-knew-for-decades-that-asbestos-lurked-in-its-baby-powder-idUSKBN1OD1RQ on Dec. 14 revealed that Johnson & Johnson knew for decades that small amounts of asbestos, a known carcinogen, had been occasionally found in its talc and powder products, according to tests from the 1970s to the early 2000s - information it did not disclose to regulators or the public.

(Reporting by Caroline Humer in New York and Ankur Banerjee and Manas Mishra in Bengaluru; Additional reporting by Andy Sullivan in Washington; Editing by Chizu Nomiyama, Rosalba O'Brien and Daniel Wallis)

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Financials (USD)
Sales 2019 81 594 M
EBIT 2019 25 389 M
Net income 2019 18 319 M
Debt 2019 6 116 M
Yield 2019 2,91%
P/E ratio 2019 19,2x
P/E ratio 2020 17,0x
EV / Sales2019 4,26x
EV / Sales2020 4,00x
Capitalization 342 B
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Number of Analysts 21
Average target price 149,00  $
Last Close Price 128,64  $
Spread / Highest target 31,4%
Spread / Average Target 15,8%
Spread / Lowest Target -3,61%
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NameTitle
Alex Gorsky Chairman & Chief Executive Officer
Joseph J. Wolk Chief Financial Officer & Executive Vice President
Charles O. Prince Independent Director
William David Perez Independent Director
Anne M. Mulcahy Lead Independent Director
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