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J&J Says No Legal Reserves Needed Amid Wave of Lawsuits

  • ‘There’s nothing to book, nothing to accrue,’ CFO Wolk says
  • Health company’s shares gain after third-quarter results
Johnson's baby powder.

Johnson's baby powder.

Photographer: Justin Sullivan/Getty Images

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Johnson & Johnson won’t set aside any legal reserves for the more than 100,000 lawsuits it faces across its portfolio of drugs, consumer products and medical devices, saying it expects to fight and win many of the claims.

The company has spent $832 million on litigation expenses this year, and outside estimates of damages from lawsuits over opioids, psychiatric drugs, talc powder and medical devices range in the tens of billions of dollars. While several large verdicts have attracted headlines, J&J Chief Financial Officer Joseph Wolk said the company expects to fight and win many of the thousands of cases.