Johnson & Johnson Statement on Nationwide Opioid Settlement Agreement

On February 25, 2022 Johnson & Johnson and its U.S.-based Janssen Pharmaceutical Companies (collectively, the "Company") reported there is sufficient level of participation to move forward with the nationwide settlement agreement to resolve opioid-related claims and litigation by states, cities, counties, and other subdivisions in the United States (Press release, Johnson & Johnson, FEB 25, 2022, View Source [SID1234609126]).

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As previously announced on July 21, 2021, the Company will contribute up to $5 billion to the nationwide settlement, which is designed to directly support state and local efforts to make meaningful progress in addressing the opioid crisis in the United States. This settlement agreement is not an admission of any liability or wrongdoing, and the Company will continue to defend against any litigation that this final settlement agreement does not resolve. The Company no longer sells prescription opioid medications in the United States as part of our ongoing efforts to focus on transformational innovation and serving unmet patient needs.

The Company announced separate settlement agreements that are consistent with the terms of the nationwide settlement agreement with the States of New York in June 2021, Texas in October 2021, and Nevada and New Mexico in January 2022. The Company also announced a settlement agreement with the federally recognized Tribes in February 2022. The dollar amounts to be received in these settlement agreements are the pro-rated shares that would have been received under the nationwide settlement agreement and will be deducted from the $5 billion all-in settlement amount.