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Johnson & Johnson shares drop after report says firm 'knew' of asbestos | Johnson & Johnson shares drop after report says firm 'knew' of asbestos |
(about 2 hours later) | |
Shares in Johnson & Johnson plunged more than 10% on Friday, after Reuters reported that the US pharmaceutical giant had known about asbestos tainting its talcum powder for decades. | Shares in Johnson & Johnson plunged more than 10% on Friday, after Reuters reported that the US pharmaceutical giant had known about asbestos tainting its talcum powder for decades. |
The report comes as the company faces thousands of lawsuits claiming that its talc products caused cancer. | |
Reuters' review of documents found the company was aware of trace amounts of asbestos since at least 1971. | Reuters' review of documents found the company was aware of trace amounts of asbestos since at least 1971. |
J&J lawyers said: "Johnson & Johnson's baby powder is safe and asbestos-free. | J&J lawyers said: "Johnson & Johnson's baby powder is safe and asbestos-free. |
"The Reuters article is one-sided, false and inflammatory. Simply put, the Reuters story is an absurd conspiracy theory." | "The Reuters article is one-sided, false and inflammatory. Simply put, the Reuters story is an absurd conspiracy theory." |
Attorney Peter Bicks told Reuters in an email. "The scientific consensus is that the talc used in talc-based body powders does not cause cancer, regardless of what is in that talc. | Attorney Peter Bicks told Reuters in an email. "The scientific consensus is that the talc used in talc-based body powders does not cause cancer, regardless of what is in that talc. |
"This is true even if - and it does not - Johnson & Johnson's cosmetic talc had ever contained minute, undetectable amounts of asbestos." | "This is true even if - and it does not - Johnson & Johnson's cosmetic talc had ever contained minute, undetectable amounts of asbestos." |
Internal tests | Internal tests |
Reuters reviewed Johnson & Johnson documents produced as part of the trials, many of which had been shielded from view by court orders. | Reuters reviewed Johnson & Johnson documents produced as part of the trials, many of which had been shielded from view by court orders. |
The documents revealed that from at least 1971 to the early 2000s the firm's internal tests sometimes found small amounts of asbestos in its raw talc and finished powders. | |
Most of the firm's tests did not find asbestos, and it did not disclose the tests that did to regulators, Reuters found. | Most of the firm's tests did not find asbestos, and it did not disclose the tests that did to regulators, Reuters found. |
Mr Bicks said the tests cited by Reuters article were "outlier" results. In court, the firm has argued that some of the documents referred to industrial talc products. | Mr Bicks said the tests cited by Reuters article were "outlier" results. In court, the firm has argued that some of the documents referred to industrial talc products. |
The investor reaction wiped 10% off the firm's market value at one point, making it the biggest loser on the Dow. | The investor reaction wiped 10% off the firm's market value at one point, making it the biggest loser on the Dow. |
Legal cases against Johnson & Johnson have had mixed results. | Legal cases against Johnson & Johnson have had mixed results. |
In July, Johnson & Johnson was ordered to pay $4.7bn (£3.6bn) in damages to 22 women who alleged that its talc products caused them to develop ovarian cancer. | In July, Johnson & Johnson was ordered to pay $4.7bn (£3.6bn) in damages to 22 women who alleged that its talc products caused them to develop ovarian cancer. |
The verdict marked the largest payout the firm has faced over the allegations. The firm is appealing against the decision. | The verdict marked the largest payout the firm has faced over the allegations. The firm is appealing against the decision. |