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J&J to Record $600 Million Charge in 2Q

Johnson & Johnson (JNJ) said it plans to record a special charge of roughly $600 million in its second quarter to increase its accrual for potential legal settlements, as it has faced a series of lawsuits over accusations of bribery and improper drug-marketing practices. The company said the settlement payments stem for a series of outstanding civil cases that involve its drugs Risperdal, Invega and Natrecor, as well as nursing-home pharmacy operator Omnicare Inc. (OCR). The health-care products company has faced lawsuits related to alleged off-label promotion of its antipsychotic treatment Risperdal, which was once J&J's top-selling drug before generic copycats hit the market, as well as legal challenges over off-label promotion of another schizophrenia treatment, Invega, and the heart-failure drug Natrecor. Furthermore, the federal government is suing J&J, accusing it of paying kickbacks to induce Omnicare to encourage use of Risperdal and other J&J drugs. In addition, J&J has dealt with state lawsuits regarding its promotion of Risperdal, including an Arkansas case in which the company in April was ordered to pay $1.2 billion after a jury found that J&J's past marketing of the drug violated the state's consumer-protection laws. J&J previously was ordered to pay $327 million in a South Carolina case and $258 million in Louisiana. The company is appealing all three cases. In January, J&J agreed to settle a Texas case for $158 million. Meanwhile, the company agreed to pay an $85 million fine in a criminal case regarding off-label marketing of Natrecor. Parallel civil litigation still hasn't been settled. The company in April said its first-quarter earnings rose on a foreign-exchange-related gain tied to an acquisition and lower expenses. Shares closed Friday at $62.98 and were unchanged after hours. The stock is down 4% so far this year. Write to Ben Fox Rubin at ben.rubin@dowjones.com

Stock News for Omnicare (OCR)
DateTimeHeadline
07/06/201515:41:47Additional Proxy Soliciting Materials (definitive) (defa14a)
07/02/201516:37:35Statement of Changes in Beneficial Ownership (4)
06/26/201517:16:54Proxy Statement - Merger or Acquistion (preliminary) (prem14a)
06/19/201516:15:00Omnicare's Series A and Series B Trust PIERS to Accrue Contingent...
06/16/201516:44:21Statement of Changes in Beneficial Ownership (4)
06/15/201508:20:08CVS to Buy Target Pharmacy Business
06/05/201516:20:30Current Report Filing (8-k)
05/29/201517:15:49Initial Statement of Beneficial Ownership (3)
05/29/201517:14:58Initial Statement of Beneficial Ownership (3)
05/29/201517:14:05Initial Statement of Beneficial Ownership (3)
05/29/201510:01:03What You Need to Know About CVS's $12.7 Billion Acquisition of...
05/27/201522:00:00SHAREHOLDER ALERT: Brower Piven Commences An Investigation Into...
05/27/201517:42:13Statement of Changes in Beneficial Ownership (4)
05/27/201517:41:21Statement of Changes in Beneficial Ownership (4)
05/27/201517:39:25Statement of Changes in Beneficial Ownership (4)
05/27/201517:38:59Statement of Changes in Beneficial Ownership (4)
05/27/201510:59:00OMNICARE, INC. SHAREHOLDER ALERT: Rigrodsky & Long, P.A. Announces...
05/27/201505:35:00SHAREHOLDER ALERT: Brodsky & Smith, LLC Announces Investigation...
05/26/201516:23:00OMNICARE INVESTOR ALERT BY THE FORMER ATTORNEY GENERAL OF LOUISIANA:...
05/26/201514:24:36Additional Proxy Soliciting Materials (definitive) (defa14a)

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