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

(Reuters) – Johnson & Johnson (N:) on Wednesday lowered its previously reported profit for the third quarter to $1.8 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.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.