- Johnson & Johnson JNJ said it plans to stop selling its legacy talc-based baby-powder products globally in 2023, a move amid continued legal battles and two years after the company discontinued the product in the U.S. and Canada.
- After assessing its portfolio, J&J said it had made the "commercial decision" to transition all its baby powder products to cornstarch instead of talcum powder in 2023.
- Related: Johnson & Johnson's Baby Talc Litigation, Faces Fresh Claims It Hid Evidence.
- The health conglomerate maintains that the product is safe. It faces about 38,000 lawsuits claiming its talc products caused cancer due to contamination with asbestos, a known carcinogen.
- Last year, J&J created a subsidiary, LTL Management, assigned the talc claims to it, and put the company into bankruptcy, pausing the legal actions.
- Also Read: US Raises Objection To Johnson & Johnson's High-Cost Lawyer For Talc Bankruptcy Case: Reuters
- Before the bankruptcy filing, the company faced costs from $3.5 billion in verdicts and settlements, including one in which 22 women were awarded a more than $2 billion judgment.
- Price Action: JNJ shares are up 0.48% at $167.94 during the premarket session on the last check Friday.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.