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Johnson & Johnson | 8-K: Johnson & Johnson Announces Plan by its Subsidiary, LLT Management LLC, to Resolve All Current and Future Ovarian Cancer Talc Claims Through a Consensual “Prepackaged” Reorganization

SEC announcement ·  May 1 19:04
Summary by Futu AI
On May 1, 2024, Johnson & Johnson released amended earnings for the first quarter ended March 31, 2024, reflecting a comprehensive Plan of Reorganization to settle ovarian cancer claims related to cosmetic talc litigation in the U.S. The plan excludes mesothelioma or State consumer protection claims and involves a payment of approximately $6.475 billion over 25 years. Due to this, the company recorded an additional charge of $2.7 billion, bringing the total reserve to a present value of about $11 billion. Consequently, GAAP net earnings for Q1 2024 were revised from $5.4 billion to $3.3 billion, and earnings per share (EPS) were adjusted from $2.20 to $1.34. The company's adjusted earnings, EPS, and operational EPS remain unaffected. The press release and financial statements detailing these changes were attached as exhibits to the SEC Form 8-K filing.
On May 1, 2024, Johnson & Johnson released amended earnings for the first quarter ended March 31, 2024, reflecting a comprehensive Plan of Reorganization to settle ovarian cancer claims related to cosmetic talc litigation in the U.S. The plan excludes mesothelioma or State consumer protection claims and involves a payment of approximately $6.475 billion over 25 years. Due to this, the company recorded an additional charge of $2.7 billion, bringing the total reserve to a present value of about $11 billion. Consequently, GAAP net earnings for Q1 2024 were revised from $5.4 billion to $3.3 billion, and earnings per share (EPS) were adjusted from $2.20 to $1.34. The company's adjusted earnings, EPS, and operational EPS remain unaffected. The press release and financial statements detailing these changes were attached as exhibits to the SEC Form 8-K filing.
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