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Johnson & Johnson : Government nixes tentative $1 billion settlement with J&J: WSJ

03/09/2012 | 08:44pm EDT
Products made by Johnson & Johnson for sale on a store shelf in Westminster

(Reuters) - Federal prosecutors in Washington, D.C. have nixed a tentative $1 billion settlement with Johnson & Johnson, holding out for a bigger settlement with the drugmaker for alleged improper marketing of its Risperdal schizophrenia drug, the Wall Street Journal said.

The report, citing sources familiar with the situation, said Department of Justice prosecutors in Washington rejected a proposed settlement worked out about two months ago between J&J and federal prosecutors in Philadelphia, and that the deal must now be renegotiated.

Officials in the Justice Department's criminal division could not be reached immediately for comment. J&J declined to comment.

The Department of Justice for years has been investigating the diversified healthcare company for alleged marketing of the anti-psychotic drug for unapproved uses, including for nursing home residents.

Individual states are also pressing similar allegations against J&J. The company in January said it will pay $158 million to settle a Texas lawsuit that accused it of improperly selling the drug to state residents on the Medicaid health program for the poor, including children.

That settlement fully resolved claims in Texas, J&J said, but does not affect other ongoing state or federal Risperdal litigation.

(Reporting By Ransdell Pierson; editing by Carol Bishopric)

© Reuters 2012
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Net income 2021 22 226 M - -
Net Debt 2021 1 328 M - -
P/E ratio 2021 20,1x
Yield 2021 2,51%
Capitalization 440 B 440 B -
EV / Sales 2021 4,75x
EV / Sales 2022 4,42x
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Alex Gorsky Chairman & Chief Executive Officer
Joseph J. Wolk Chief Financial Officer & Executive Vice President
Paulus Stoffels Chief Scientific Officer
James D. Swanson Global Chief Information Officer & Executive VP
Charles O. Prince Independent Director
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