Johnson & Johnson and its U.S.-based Janssen Pharmaceutical Companies today announced a settlement agreement with the State of New York and its participating subdivisions, including Nassau County and Suffolk County, resolving their opioid-related claims against the Company. With this agreement, the Company is removed from the trial scheduled to begin in Suffolk County on June 28, 2021.
The settlement will provide New York and its participating subdivisions with up to $263 million in funding to address opioid related issues, as well as reimbursement for attorney fees and costs. Note, the Company made the business decision in 2020 to discontinue all of its prescription pain medications in the United States. The settlement is not an admission of liability or wrongdoing by the Company, and it is consistent with the terms of the previously announced $5 billion all-in settlement agreement in principle for the resolution of opioid lawsuits and claims by states, cities, counties and tribal governments. The dollar amount to be received by the State is the pro-rated share it would have received under the broader agreement in principle, which will be deducted from the all-in settlement amount.
There continues to be progress toward finalizing the all-in settlement agreement, and the Company remains committed to providing certainty for involved parties and critical assistance for communities in need. The Company will continue to defend against any litigation that the final agreement does not resolve.
The Company's actions relating to the marketing and promotion of important prescription pain medications were appropriate and responsible. Janssen developed two prescription opioid medicines - a patch and a crush-resistant tablet - designed to help patients suffering from pain. DURAGESIC, NUCYNTA, and NUCYNTA ER have accounted for less than one percent of total opioid prescriptions in the U.S. since launch. Although these products are no longer sold in the U.S. by the Company, it continues to work with partners to help families and communities address their opioid-related issues.
For more information, visit www.FactsAboutOurPrescriptionOpioids.com.
About DURAGESIC, NUCYNTA and NUCYNTA ER
For full prescribing information, instructions for use, and medication guide for DURAGESIC, please visit http://bit.ly/duragesicPI.
For full prescribing information and medication guides for NUCYNTA and NUCYNTA ER, please visit http://bit.ly/nucyntaPI and http://bit.ly/nucyntaER-PI.
Cautions Concerning Forward-Looking Statements
This press release contains 'forward-looking statements' as defined in the Private Securities Litigation Reform Act of 1995 regarding the resolution agreement reached in New York State regarding opioid litigation. The reader is cautioned not to rely on these forward-looking statements. The information contained in this press release 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 press release 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 of clinical success and obtaining regulatory approvals; uncertainty of commercial success for new and existing products; challenges to patents; the impact of patent expirations; the ability of the company 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 concerns resulting in product recalls or regulatory action; changes to applicable laws and regulations, including tax laws and global health care reforms; trends toward health care cost containment; changes in behavior and spending patterns of purchasers of health care products and services; financial instability of international economies and legal systems and sovereign risk; increased scrutiny of the health care industry by government agencies. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson's Annual Report on Form 10-K for the fiscal year ended December 30, 2020, including in the sections captioned 'Cautionary Note Regarding Forward-Looking Statements' and 'Item 1A. Risk Factors,' in the company's most recently filed Quarterly Report on Form 10-Q and in the company's subsequent filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. Any forward-looking statement made in this release speaks only as of the date of this release. Neither the Janssen Pharmaceutical Companies nor Johnson & Johnson undertakes to update any forward-looking statement as a result of new information or future events or developments. The Company expressly disclaims all liability in respect to actions taken or not taken based on any or all the contents of this press release.
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