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In March of 2014 Johnson & Johnson announced sale of K-Y to European Reckitt Benckiser for undisclosed amount - a loss of $100 m in annual sales. In April of 2014 Johnson & Johnson announced sale of Ortho Diagnostics to Carlyle for $4 billion - a loss of $2 B in annual sales.
Keywords: divesture, J&J, JNJ, gorsky, corruption, vaginal, mesh, lawsuit
Date Created/Edited: 2014, April 3
In March of 2014 Johnson & Johnson announced sale of K-Y to European Reckitt Benckiser for undisclosed amount - a loss of $100 m in annual sales as reported by Forbes. In April of 2014 Johnson & Johnson announced sale of Ortho Diagnostics to Carlyle for $4 billion - a loss of $2 B in annual sales as reported by Linda A. Johnson, AP Business Writer. Will selling off subsidiaries offset the global deluge of vaginal mesh lawsuits?
Based on a low rough estimate of $1 million each plus court costs. Each case against J&J should cost roughly $1.5 million. There are currently, and this is very low as the numbers rise quite quickly:
400 in Scotland, estimate at $1.5 million each totals $600 million
60,000 women in Israel, cost already of $1.8 billion settlement
400 in Canada, estimate at $1.5 million each totals $600 million
11,376 in United States, estimate at $1.5 million each totals over $17 BILLION!
The extremely low estimate from the countries currently with lawsuits against J&J for their known defective mesh product is already expected to be more than $20 BILLION. Wow! Nope, the liquidation of Ortho for $4 billion is only a portion of what is needed to cover the cost of more than 100,000 victims of Johnson & Johnson Ethicon known harmful vaginal mesh.
Johnson & Johnson better sell off a lot more to be able to afford the costs associated with vaginal mesh lawsuits. And they still have global metal-on-metal hip lawsuits around the world to pay off, I mean settle. Annnnd they still have the mess with Risperdal and stealing from Omnicare. Who was the corrupt leader at the head of all of these unethical decisions that injured hundreds of thousands of people and cost the company billions? Oh, Johnson & Johnson's current CEO, Alex Gorsky. Maybe it's time to request Alex Gorsky's resignation.
1. Trefis Team Contributor (2014, March 19). Johnson & Johnson's Sale Of K-Y Brand To Reckitt Benckiser Confirms Focus on Pharma Forbes. Retrieved from http://www.forbes.com/sites/greatspeculations/2014/03/19/johnson-johnsons-sale-of-k-y-brand-to-reckitt-benckiser-confirms-focus-on-pharma/
2. Linda a. Johnson (2014, January 16). Carlyle Group makes $4.15B offer for J&J business Publication. Retrieved from http://finance.yahoo.com/news/carlyle-group-makes-4-15b-164953412.html;_ylt=A0LEV0FabjxT1WIAPRZXNyoA;_ylu=X3oDMTEzdWRpYjU4BHNlYwNzcgRwb3MDNQRjb2xvA2JmMQR2dGlkA1ZJUDM3MF8x
3. Emily Patterson (2013, September 22). Johnson & Johnson Pelvic Mesh Lawsuits Go Global Johnson and Toxin. Retrieved from http://www.johnsonandtoxin.com/mesh_global_lawsuits.shtml
4. Mark Hollmer (2014, March 13). Vaginal mesh lawsuits are escalating in Scotland Fierce Medical Devices. Retrieved from http://www.fiercemedicaldevices.com/story/vaginal-mesh-lawsuits-are-escalating-scotland/2014-03-13
5. Itzhak Dannon (2013, October 12). Woman Sues Johnson & Johnson in Possible $1.7 Billion Class Action Suit Jewish Business Journal. Retrieved from http://jewishbusinessnews.com/2013/10/12/woman-sues-johnson-johnson-in-possible-1-7-billion-class-action-suit/
6. CTVNews.ca Staff (2012, June 5). Company to stop selling pelvic mesh tied to complications CTV News. Retrieved from http://www.ctvnews.ca/company-to-stop-selling-pelvic-mesh-tied-to-complications-1.835338
7. Shezad Malik MD JD (2013, December 7). Report: Johnson & Johnson Destroyed Ethicon Vaginal-Mesh Files Publication. Retrieved from http://fortworth.legalexaminer.com/defective-dangerous-products/report-johnson-johnson-destroyed-ethicon-vaginal-mesh-files/
8. Emily Patterson (2013, June 24). Johnson & Johnson $4 Billion for DePuy Hip Harm in U.S., With Lawsuits in at Least 4 More Countries Johnson and Toxin. Retrieved from http://www.johnsonandtoxin.com/hip_lawsuits.shtml
9. Emily Patterson (2013, May 8). List of Reasons Johnson & Johnson CEO Alex Gorsky Should Immediately Resign Johnson and Toxin. Retrieved from http://www.johnsonandtoxin.com/alex_gorsky_resignation.shtml