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J&J says proposed opioid settlement to lower reported third quarter profit by $3 billion

J&J says proposed opioid settlement to lower reported third quarter profit by $3 billion
FILE PHOTO: The U.S. flag is seen over the company logo for Johnson & Johnson to celebrate the 75th anniversary of the company's listing at the New York Stock Exchange (NYSE) in New York, U.S., September 17, 2019. REUTERS/Brendan McDermid -
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BRENDAN MCDERMID(Reuters)
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(Reuters) – Johnson & Johnson <JNJ.N> on Wednesday lowered its previously reported profit for the third quarter to $1.8 billion (£1.40 billion) from $4.8 billion to account for a proposed opioid settlement payment.

The company lowered its earnings per share for the quarter to $0.66 from $1.81, and said there was no impact to its adjusted earnings numbers.

A framework deal, announced on Monday, was hammered out by some companies and attorneys general in North Carolina, Pennsylvania, Tennessee and Texas, and will need broad support among the state attorneys general and local governments that sued several drugmakers and distributors over the opioid crisis.

J&J said it could not predict when or if the deal would be finalized.

(Reporting by Manojna Maddipatla in Bengaluru; Editing by Saumyadeb Chakrabarty)

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