Johnson & Johnson Shares Rise

Date : 10/16/2019 @ 4:11PM
Source : Dow Jones News
Stock : AmerisourceBergen Corp (ABC)
Quote : 83.89  0.0 (0.00%) @ 1:00AM

Johnson & Johnson Shares Rise

Johnson and Johnson (NYSE:JNJ)
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6 Months : From Oct 2019 to Apr 2020

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By Patrick Thomas


Johnson & Johnson (JNJ) shares rose 2.2% Wednesday following better-than-expected quarterly earnings earlier this week and after The Wall Street Journal reported it was involved in discussions to contribute additional money to a sweeping opioid crisis settlement.

Three major drug distributors are in talks to pay $18 billion over 18 years to settle litigation brought by state and local governments blaming them for fueling the opioid crisis, the Journal reported.

Shares of McKesson Corp. (MCK) rose 7.3%, AmerisourceBergen (ABC) shares rose 6.3% and Cardinal Health Inc. (CAH) shares rose about 5.5% Wednesday.

On Tuesday, J&J raised its financial forecast for the rest of 2019, despite grappling with a heavy case load of litigation, as it reported quarterly results that were above Wall Street estimates, boosted by gains in its consumer and pharmaceuticals divisions.

"JNJ will remain a relative safe haven in a volatile market as investors and companies digest the potential impact from political uncertainty both in the U.S. and abroad," analysts at SVB Leerink said in a research note. "JNJ delivered a strong quarter with continued growth momentum across all segments, and more importantly, this momentum seems to be sustainable into 4Q19 and 2020."

Also on Tuesday, a Missouri state appeals court reversed a $110 million jury award in 2017 to a Virginia woman who claimed her use of J&J's talcum powder caused ovarian cancer. The appeals court cited lack of jurisdiction. Attorneys for the woman plan to appeal the ruling.


Write to Patrick Thomas at


(END) Dow Jones Newswires

October 16, 2019 10:56 ET (14:56 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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