Johnson & Johnson has received subpoenas from the Justice Department and the SEC related to litigation involving alleged asbestos contamination in its Baby Powder line.
Sales of psoriasis treatments and cancer drugs helped Johnson & Johnson beat Wall Street analysts' fourth-quarter earnings and revenue expectations. For 2019, the company forecast earnings that match profit estimates but fall short on revenue.
Johnson & Johnson plans to repurchase $5 billion in shares after the company lost more than $50 billion in market value over two trading days following a scathing news report Friday claiming J&J knew its talc baby powders contained asbestos.
J&J relaunched its baby care line this year. Sales showed signs of improvement, but a Reuters report alleging the company knew about asbestos in its talc baby powder products threatnens that. J&J has denied the allegation.
Johnson & Johnson CEO Alex Gorsky called for changes in the way prescription drugs are paid for but stopped short of saying pharmaceutical companies need to lower the prices they charge.
World-renowned economists and executives addressed rising trade tensions between the U.S. and China, discussing the possible impacts of a trade war from the annual China Development Forum.