Johnson & Johnson Down More Than 9% After Reuters Report
December 14 2018 - 2:02PM
Dow Jones News
By Michael Dabaie
Johnson & Johnson (JNJ) shares on Friday were down 9.31% to
$134.07 after a Reuters report that said internal documents show
the company's baby powder was sometimes tainted with asbestos and
that J&J kept that information from regulators and the
public.
That drop puts the stock on pace for the largest percent
decrease since July 19, 2002, when it fell 15.85%
"Johnson & Johnson's baby powder is safe and asbestos-free.
Studies of more than 100,000 men and women show that talc does not
cause cancer or asbestos-related disease," Johnson & Johnson
said in a response to the Reuters report. "Thousands of independent
tests by regulators and the world's leading labs prove our baby
powder has never contained asbestos."
The company said it has cooperated with the U.S. Food and Drug
Administration and other global regulators and provided them with
all the information they requested over decades. "We have also made
our cosmetic talc mines and processed talc available to regulators
for testing. Regulators have tested both, and they have always
found our talc to be asbestos-free," Johnson & Johnson
said.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
December 14, 2018 13:47 ET (18:47 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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