J&J gains after opioid ruling

An Oklahoma district court has ordered Johnson & Johnson (NYSE:JNJ) to pay $572M over its role in the opioid epidemic there. One-time co-defendants Purdue Pharma and Teva Pharmaceutical Industries (NYSE:TEVA) settled earlier for $270M and $85M, respectively.

Shares are up 4% after hours as investors react to the relatively modest amount (some analysts were predicting a fine of $5B or more).

The three major drug wholesalers, McKesson (NYSE:MCK), AmerisourceBergen (NYSE:ABC) and Cardinal Health (NYSE:CAH) should see some action now that J&J’s exposure is clarified (an appeal is likely, however).

Other opioid-related tickers: Mylan (NASDAQ:MYL), Mallinckrodt (NYSE:MNK), Perrigo (NYSE:PRGO), Assertio Therapeutics (NASDAQ:ASRT), Nektar Therapeutics (NASDAQ:NKTR), Endo International (NASDAQ:ENDP), Alkermes (NASDAQ:ALKS)

https://seekingalpha.com/news/3494710-j-and-j-gains-opioid-ruling