Heard on the Street: The Johnson & Johnson opioid verdict is a relief for shareholders, but other drug makers and distributors likely won’t benefit
Hold the celebration: The opioid litigation cloud hanging over drug stocks won’t clear up soon.
An Oklahoma judge ruled Monday that Johnson & Johnson is liable for fueling the opioid crisis and must pay $572 million. At first glance, that seems like a win for shareholders. The state’s attorneys had asked for as much as $17 billion in damages. Purdue Pharma and Teva Pharmaceutical Industries, which opted to settle Oklahoma’s claims instead of going to trial, paid $270 million and $85 million to resolve their cases, respectively.
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