Shares of Johnson & Johnson (NYSE: JNJ) opened more than 3% higher on Wednesday after the company reported that 15 new tests from the same bottle of Johnson’s Baby Powder previously tested by the U.S. Food and Drug Administration (FDA) found no asbestos in the product.
The pharmaceutical giant said an additional 48 new laboratory tests of J&J’s baby powder recalled earlier this month confirmed the product does not contain the carcinogen.
“Rigorous and third-party testing confirms there is no asbestos in Johnson’s Baby Powder. We stand by the safety of our product,” the company said.
The New Brunswick, New Jersey-based company is facing a mountain of lawsuits claiming its talc-based baby powder contained asbestos, causing mesothelioma and ovarian cancer.
In previous talc trials, a St. Louis jury ordered J&J to pay USD 4.69 Billion to 22 women who alleged the company’s talc-based baby powder caused them to develop ovarian cancer. J&J is appealing the judgement and has won several other court cases alleging liability and damages.
Other recent verdicts ordered J&J to pay USD 325 Million and USD 25 Million to plaintiffs in California and New York, respectively.
The company is also facing securities lawsuits claiming it failed to disclose the alleged asbestos contamination in its baby powder, leading to billions worth of financial losses for investors from drops in the price of Johnson & Johnson’s stock.
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