Johnson & Johnson - JNJ STOCK NEWS

Johnson & Johnson (NYSE: JNJ) will participate in the Bernstein 39th Annual Strategic Decisions Conference on May 31st at the New York Hilton Midtown. Joaquin Duato, Chairman of the Board and CEO, will represent the company in a session scheduled for 10:00 a.m. (Eastern Time).

This event will be accessible to investors and interested parties via the Johnson & Johnson website at www.investor.jnj.com. A replay of the webcast will be available approximately 48 hours after the live session.

Johnson & Johnson (NYSE: JNJ) has announced the launch of a roadshow for the initial public offering (IPO) of its subsidiary, Kenvue Inc., offering 151,204,000 shares at an expected price of $20.00 to $23.00 per share. The underwriters will have a 30-day option to purchase an extra 22,680,600 shares. After the IPO, JNJ will hold 91.9% of Kenvue's shares. Goldman Sachs, J.P. Morgan, and BofA Securities are leading the IPO, with a registration statement filed with the SEC that is not yet effective. The press release emphasizes the commitment of JNJ to health and wellness, along with a cautionary note on forward-looking statements regarding the IPO and economic factors impacting Kenvue's success as a standalone company.

Lawyers for around 55,000 plaintiffs in the lawsuit against Johnson & Johnson (JNJ) over cancer-linked talcum powder have formed an Ad Hoc Committee. They support an $8.9 billion settlement aimed at resolving a lengthy legal battle. LTL Management, a J&J subsidiary, is again filing for Chapter 11 bankruptcy to create a trust for compensating affected victims.

The proposed settlement includes removing all talc-based products globally and ensuring compensation for current claimants within a year. The Ad Hoc Committee, which has retained bankruptcy counsel, needs a 75% claimant approval for the settlement to pass. This follows scientific evidence linking J&J's products to serious health issues, as well as previous bankruptcy attempts that were rejected by the courts.

Johnson & Johnson (JNJ) reported a 5.6% increase in first-quarter 2023 sales, reaching $24.7 billion. The operational growth was 9.0%*, with adjusted operational growth at 7.6%*. The basic loss per share was ($0.03), showing a 101.6% decrease due to a one-time charge, while adjusted earnings per share (EPS) rose 0.4%* to $2.68. The company is increasing its 2023 full-year guidance for adjusted operational sales and EPS. Key segment performances included Consumer Health, up 11.3%*, Pharmaceuticals, up 7.2%*, and MedTech, with a 6.4%* increase. Positive developments included CHMP opinion for AKEEGA and promising results for CARVYKTI and Nipocalimab studies.

Johnson & Johnson (NYSE: JNJ) has reached a resolution involving a total payout of $12.08 billion to compensate around 65,000 plaintiffs affected by cancer linked to its talcum powder products. This agreement includes an initial $8.9 billion into a bankruptcy trust to support current and future victims. JNJ's history of concealing product risks has led to legal battles, culminating in a recent court ruling against its previous bankruptcy filing. Under the new terms, JNJ aims to have all current claimants paid within one year, while committing to remove talc-based products globally.

Johnson & Johnson has announced the re-filing of its subsidiary LTL Management LLC for voluntary Chapter 11 bankruptcy protection. This move aims to secure approval for a revised reorganization plan to resolve all claims related to cosmetic talc litigation with a present value commitment of $8.9 billion over 25 years. This is a significant increase from the $2 billion previously committed. Over 60,000 claimants have expressed support for this resolution. Importantly, this re-filing does not indicate any admission of wrongdoing regarding the safety of the Company’s talc products.

Virtual Incision Corporation has appointed Piet Hinoul as the new Chief Medical Officer, while Dmitry Oleynikov transitions to Chief Surgeon. Hinoul, with over 30 years in healthcare, previously headed medical affairs at Novocure (NASDAQ: NVCR) and has experience in surgical robotics at Johnson & Johnson (NYSE: JNJ). This leadership change aims to bolster Virtual Incision's efforts as it develops the MIRA Surgical System, the first miniaturized robotic-assisted surgery system designed for improved surgical efficiency. The company is focused on making every operating room RAS-ready, enhancing accessibility to advanced surgical technology.

The Third Circuit Court has denied a rehearing request regarding Johnson & Johnson's (NYSE:JNJ) bankruptcy petition related to talcum powder litigation, determining it was not filed in good faith. This decision enables over 38,000 lawsuits alleging links between J&J's talc products and cancer to resume. The court found that J&J's use of the Texas Two-Step bankruptcy strategy to limit claims was not justified and indicated that LTL, its subsidiary, was not in financial distress. The firm plans to cease production of talc-based products globally amid ongoing litigation and regulatory scrutiny over the potential carcinogenic effects of talc.

Johnson & Johnson (NYSE: JNJ) will host a conference call on April 18, 2023, at 8:30 a.m. (Eastern Time) to discuss its first-quarter results. Key executives, including Joseph J. Wolk and Jessica Moore, will lead the call, which will also include a Q&A session. Investors can join via webcast at www.investor.jnj.com or by dialing specific numbers for U.S. and international participants. A replay will be available until May 3, 2023. The press release with detailed financial results will be published at approximately 6:45 a.m. (Eastern Time) on the same day.