Johnson & Johnson climbs after settling two opioid epidemic lawsuits, allowing it to avoid an upcoming federal trial
. More than 70,000 people died of drug overdoses in 2017 alone, with 68% of the fatalities involving prescription or illicit opioids.accusing the company of fueling the opioid crisis. The drugmaker was ordered to pay a $572 million fine, a sum that fell well under the more than $17 billion sought by the state.
Oxycontin producer Purdue Pharma folded in September after lawsuits pushed the company to file for bankruptcy protection. The company's settlement costs could breach $12 billion over time,J&J has 12 "buy" ratings, 11 "hold" ratings, and one "sell" rating from analysts, with a consensus price target of $148.53, according to Bloomberg data.
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