Johnson & Johnson Reports Sales Up, Revenues Down Following DePuy Hip Recall

FOR IMMEDIATE RELEASE
Los Angeles, California, United States of America (Free-Press-Release.com) January 25, 2012 -- Los Angeles, CA, January 25, 2012 – The Johnson & Johnson Company reported that sales were up in the fourth quarter but revenues were sharply down, due largely in part to costs associated with litigation settlements and the 2010 DePuy metal hip recall.

The earnings announcement comes just a week after the company stated that its Janssen Pharmaceuticals unit would pay $158 million to settle a Medicaid fraud case in Texas. The Texas Attorney General argued that Janssen illegally marketed Risperdal for off-label use.

According to a Reuters report, the company earned $218 million in the quarter compared with the $1.9 billion it earned just a year earlier. The 89% drop in sales reportedly reflects after-tax charges of $2.9 billion, including product liability costs totaling $1.2 billion, litigation settlements loss of $1 billion and a charge of $336 million for the hip recall. The company also forecast 2012 earnings of $5.05 to $5.15 a share, slightly below Wall Street’s estimate of $5.21.

DePuy Orthopaedics, a division of the Johnson & Johnson Company, opted to issue a voluntary recall of its all-metal ASR hip replacement systems in 2010 after concerns were raised over the potential for premature failure of the devices. Approximately 90,000 artificial hips were recalled and the company is currently facing numerous lawsuits filed on behalf of patients who say they suffered serious complications after being implanted with one of the devices.

In addition to the DePuy ASR hip litigation, the company is also facing a number of lawsuits filed in connection with its Pinnacle line of hip replacement devices. Unlike the ASR hips, the Pinnacle hip remains on the market.

Patients who suffered complications after receiving a DePuy metal hip implant are encouraged to complete a MedWatch form by visiting the Food and Drug Administration’s website. Patients are also urged to contact an experienced personal injury lawyer to discuss their rights.

Nadrich & Cohen LLP offers confidential, no-cost consultations to patients across the country who believe they were harmed by a defective hip. Help is available by calling the firm’s injury hotline at 1-800-722-0765 or by completing an online case evaluation form at www.depuyhipreplacementlawyers.net.

Nadrich & Cohen LLP is a national law firm with offices in Los Angeles, Sacramento, San Diego and other cities throughout California specializing in handling mass tort actions and representing individuals in cases involving pharmaceutical companies and medical device manufacturers. The firm is committed to achieving the best outcome possible in every case and has recovered over $200 million in settlements on behalf of its clients.

In addition to handling DePuy and Zimmer hip claims, Nadrich & Cohen LLP is also investigating cases involving Accutane, Actos, Avandia, Fosamax, Paxil, Zoloft, Vaginal Mesh, Wright Conserve Hips, Yaz, Yasmin, Stevens-Johnson Syndrome, Benzene, Reflex Sympathy Dystrophy, Fen Phen and PPH, Depakote and Reglan.

The time you have to file an injury claim is limited, so it’s important to act as quickly as possible to protect your rights. Call 1-800-722-0765 today to speak with a qualified personal injury expert or visit www.personalinjurylawcal.com.

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Nadrich & Cohen LLP is a national law firm specializing in representing individuals who have been injured by defective medical devices, harmful prescription drugs, faulty products, car accidents, motorcycle accidents and dog bites. For more information, visit www.PersonalInjuryLawCal.com.

Contact:

Jennifer Poole
National Client Intake Coordinator
Nadrich & Cohen LLP
12100 Wilshire Blvd.
Suite 1250
Los Angeles, CA 90025
800-718-4658
info@personalinjurylawcal.com
www.personalinjurylawcal.com

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