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Johnson & Johnson (JNJ) has agreed to stop selling opioid medications across the country as part of a nearly $230M settlement with New York over the company's alleged role in contributing to the nation's opioid crisis. Payments to the state would be made over nine years. In addition, J&J would have to pay an additional $30M in the first year if Gov. Andrew Cuomo signs into law a bill that was approved by the New York legislature creating an opioid settlement fund.
Quote: "The opioid epidemic has wreaked havoc on countless communities across New York state and the rest of the nation, leaving millions still addicted to dangerous and deadly opioids," said New York Attorney General Letitia James. "Johnson & Johnson helped fuel this fire, but today they're committing to leaving the opioid business - not only in New York, but across the entire country."
Under terms of the deal, J&J is prohibited from promoting opioids through sales representatives and disciplining those reps for not meeting sales quotas. The company is also prohibited from lobbying lawmakers on opioids at the federal, state or local levels. J&J opioid products are manufactured by the company's Janssen division and include Duragesic (fentanyl patch) and Nucynta (tapentadol), though J&J says both are no longer sold in the U.S.
Fine print: The agreement removes Johnson & Johnson from a trial involving opioid manufacturing and distribution set to begin tomorrow in Long Island, N.Y. While that lawsuit involves Teva Pharmaceutical (TEVA), McKesson (MCK), and Walgreens (WBA), J&J still faces similar cases in other states. The latest settlement "is not an admission of liability or wrongdoing by the company," according to J&J, but is rather consistent with a prior agreement from October 2020 that includes an all-in settlement of $5B to resolve opioid claims from "states, cities, counties and tribal governments." (108 comments)
Start your electric motors! Germany's Volkswagen (OTCPK:VWAGY) just announced it will stop selling combustion engine cars in Europe by 2035 and aims for the region's electric cars to account for 70% of total sales by 2030. Ceasing sales of ICE vehicles in the United States and China will occur "somewhat later," according to VW board member Klaus Zellmer, and by 2050 - at the latest - the entire fleet should be carbon neutral. "South America and Africa will take a good deal longer due to the fact that the political and infrastructure framework conditions are still missing."
Volkswagen isn't the only carmaker getting serious about emissions targets. Ford (NYSE:F) has already said it will only sell EVs in Europe by 2030, Volvo (OTCPK:GELYF) is retiring the ICE automobile and hybrids by the same year and Honda (NYSE:HMC) announced plans to phase out gas-powered cars by 2040. Meanwhile, Stellantis (NYSE:STLA) is no longer planning to invest in the development of new internal combustion engines, while General Motors (NYSE:GM) will stop building polluting vehicles by 2035. Some seem not as prepared, like VW's German rivals - Daimler (OTCPK:DDAIF) and BMW (OTCPK:BAMXF).
Go deeper: Countries and cities are also revving up their green goals when it comes to EVs. The U.K. plans to end the sale of ICE vehicles by 2030 and plug-in hybrids by 2035, France has set a 2040 phase-out date, while Norway is the most ambitious nation with a 2025 deadline. Over in the U.S., California has banned the sale of gas-powered vehicles by 2035 and a dozen other states are looking at similar legislation. (130 comments)
In Europe, at midday, London -0.5%. Paris -0.4%. Frankfurt -0.1%.
Futures at 6:20, Dow -0.1%. S&P +0.1%. Nasdaq +0.2%. Crude +0.1% at $74.13. Gold -0.1% at $1776.70. Bitcoin +5.5% at $34480.
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