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J&J to end global sales of talc-based baby powder

(Reuters) -Johnson & Johnson will stop selling talc-based baby powder globally in 2023, the drugmaker said on Thursday, more than two years after it ended U.S. sales of a product...

(Reuters) -Johnson & Johnson will stop selling talc-based baby powder globally in 2023, the drugmaker said on Thursday, more than two years after it ended U.S. sales of a product that drew thousands of consumer safety lawsuits.

"As part of a worldwide portfolio assessment, we have made the commercial decision to transition to an all cornstarch-based baby powder portfolio," it said, adding that cornstarch-based baby powder is already sold in countries around the world.

In 2020, J&J (NYSE:JNJ) announced https://reut.rs/3C0rdwj that it would stop selling its talc Baby Powder in the United States and Canada because demand had fallen in the wake of what it called "misinformation" about the product’s safety amid a barrage of legal challenges.

The company faces about 38,000 lawsuits from consumers and their survivors claiming its talc products caused cancer due to contamination with asbestos, a known carcinogen.

J&J denies the allegations, saying decades of scientific testing and regulatory approvals have shown its talc to be safe and asbestos-free. On Thursday, it reiterated the statement as it announced the discontinuation of the product.

The company spun off subsidiary LTL Management in October, assigned its talc claims to it and immediately placed it into bankruptcy, pausing the pending lawsuits.

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 judgment of more than $2 billion, according to bankruptcy court records.

A 2018 Reuters investigation https://reut.rs/2QevfW1 found that J&J knew for decades that asbestos, a carcinogen, was present in its talc products. Internal company records, trial testimony and other evidence showed that from at least 1971 to the early 2000s, J&J's raw talc and finished powders sometimes tested positive for small amounts of asbestos.

In response to evidence of asbestos contamination presented in media reports, in the court room and on Capitol Hill, J&J has repeatedly said its talc products are safe, and do not cause cancer.

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01-05-2024 10:45:17 (UTC+7)

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
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 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
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 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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