Reuters had recently reported that the New Brunswick, New Jersey-based company knew about the presence of carcinogenic components in its talc products as early as 1971. The report had sent the US pharma giant’s shares plunging.
It may be noted that Johnson & Johnson’s consumer segment accounts for a lion’s share of the baby products market in India.
JNJ stock has declined 9% in the past year.
Meanwhile, the filings show that after-tax gains improved 18% to $98 million during fiscal 2018 in India, including gains from forex transactions.
In 2019, the pharma giant awaits trial in over 11,700 claims. Johnson’s continue to strongly defend its talc-based products against the verdicts it has lost, but it faces an uphill task of restoring brand loyalty. Johnson’s has about $16 billion of funds allocated for any possible payouts.