Johnson & Johnson (NYSE:JNJ) today said a $4 billion settlement deal between its Janssen Pharmaceutical division and a group of state attorneys general over opioid drugs deleted some $3 billion from its bottom line.
The New Brunswick, N.J.-based healthcare conglomerate last week posted third-quarter results that beat expectations, reporting profits of $4.83 billion ($1.81 per share) for the three months ended Sept. 30. Today the company said that the Oct. 21 deal with the state AGs in North Carolina, Pennsylvania, Tennessee and Texas cut Q3 profits by -63.7% to $1.8 billion, or 66¢ per share.
Adjusted results were not affected, J&J said, adding that there’s no guaranteeing if or when the state AG deal will be finalized.
JNJ shares were up slightly at $130.06 apiece today in mid-morning trading.