NEW BRUNSWICK, NJ, - Johnson & Johnson (the Company) and its U.S.-based Janssen Pharmaceutical Companies today announced a settlement agreement with the State of New Mexico and its participating subdivisions resolving their opioid-related claims against the Company. With this agreement, the Company is removed from pending litigation by the State and its subdivisions.
The $44 million settlement with New Mexico is consistent with the terms of the previously announced nationwide opioid settlement agreement. The dollar amount to be received by the State is the pro-rated share it would have received under this agreement, which will be deducted from the all-in settlement amount. This settlement is not an admission of any liability or wrongdoing and the Company will continue to defend against any litigation that the final agreement does not resolve.
The Company's actions relating to the marketing and promotion of important prescription opioid medications were appropriate and responsible. DURAGESIC, NUCYNTA and NUCYNTA ER accounted for less than one percent of total opioid prescriptions in New Mexico and the U.S. since launch. The Company no longer sells prescription opioid medications in the United States as part of our ongoing efforts to focus on transformational innovation and serving unmet patient needs.
For more information, visit www.FactsAboutOurPrescriptionOpioids.com.
Cautions Concerning Forward-Looking Statements
This statement contains 'forward-looking statements' as defined in the Private Securities Litigation Reform Act of 1995 regarding the resolution agreement regarding opioid litigation. The reader is cautioned not to rely on these forward-looking statements. The information contained in this statement is for informational purposes only and should not be construed as a commitment by the Company to engage in any specific strategy or course of action. Due to the inherent uncertainty of litigation, the Company cannot predict the timing, ultimate outcome or financial impact of this matter, or any other ongoing or future litigation. The forward-looking statements in this statement are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of the Janssen Pharmaceutical Companies and/or Johnson & Johnson. Risks and uncertainties include, but are not limited to: significant adverse litigation or government action, including related to product liability claims; economic factors, such as interest rate and currency exchange rate fluctuations; competition, including technological advances, new products and patents attained by competitors; challenges inherent in new product research and development, including uncertainty of clinical success and obtaining regulatory approvals; uncertainty of commercial success for new and existing products; challenges to patents; the impact of patent expirations; the ability of the company to successfully execute strategic plans; the impact of business combinations and divestitures; manufacturing difficulties or delays, internally or within the supply chain; product efficacy or safety concerns resulting in product recalls or regulatory action; changes to applicable laws and regulations, including tax laws and global health care reforms; trends toward health care cost containment; changes in behavior and spending patterns of purchasers of health care products and services; financial instability of international economies and legal systems and sovereign risk; increased scrutiny of the health care industry by government agencies. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson's Annual Report on Form 10-K for the fiscal year ended January 3, 2021, including in the sections captioned 'Cautionary Note Regarding Forward-Looking Statements' and 'Item 1A. Risk Factors,' in the company's most recently filed Quarterly Report on Form 10-Q and in the company's subsequent filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. Any forward-looking statement made in this statement speaks only as of the date of this statement. Neither the Janssen Pharmaceutical Companies nor Johnson & Johnson undertakes to update any forward-looking statement as a result of new information or future events or developments. The Company expressly disclaims all liability in respect to actions taken or not taken based on any or all the contents of this statement.
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