- Johnson & Johnson (NYSE: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.
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- 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.
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- 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.
