February 22, 2012 |
Johnson & Johnson chief executive officer Bill Weldon, 63, will retire in April, after a string of product recalls that have embarrassed the health-care giant in recent years. Alex Gorsky, 51, one of two vice chairmen, will succeed Weldon at the company's annual meeting. Gorsky edged out fellow vice chair Sheri McCoy for the top spot with the company, which had $65 billion in sales with such names as Band-Aids and Tylenol, along with medical devices and pharmaceuticals. The last big acquisition on Weldon's watch - and one of the biggest in health care in 2011 - was the as-yet-unfinalized $21.3 billion takeover of the medical-device manufacturer Synthes Inc., which has operations in Chester County.
January 25, 2012 |
The McNeil Consumer Healthcare plant in Fort Washington, Montgomery County, will not resume production until at least 2013, Johnson & Johnson's chief executive officer, Bill Weldon, said Tuesday as the company reported 2011 full-year and fourth-quarter financial results. Recalls, repairs, litigation, and costs related to the acquisition of Synthes Inc. played a big part in J&J's profit dropping 88.8 percent in the fourth quarter of 2011 compared with the same period a year earlier.
January 23, 2012
The United States spends about $2.6 trillion per year on health care, or about 17.4 percent of our gross domestic product - more than most developed nations without correspondingly good results. The Justice Department has increased prosecution of health-care fraud, which can physically harm patients and fiscally injure taxpayers, against individuals or multinational companies. Philadelphia is a center for that fight because there are many health-care companies in the area.
January 6, 2012 |
Johnson & Johnson will pay more than $1 billion to the United States and most states to resolve a civil investigation into marketing of the antipsychotic Risperdal, according to people familiar with the matter. J&J, the world's largest health-products company, reached an accord last week with the U.S. attorney in Philadelphia, according to the sources, who were not authorized to speak about the matter. It doesn't resolve negotiations over a possible criminal plea, they said. The U.S. government has been investigating Risperdal sales practices since 2004, including allegations that the company marketed the drug for unapproved uses, J&J has said in Securities and Exchange Commission filings.
January 5, 2012 |
The little boy was 2 years old, and his name was River. On the night of July 22, 2010, he had a fever. Mothers and fathers worry about little boys with fevers, so Katy Moore gave her son Very Berry Strawberry Children's Tylenol. Within 30 minutes, he was spitting up blood. By the next day, he was dead from liver failure. In a lawsuit filed in Philadelphia Common Pleas Court, Daniel and Katy Moore of Ellensburg, Wash., southeast of Seattle, blame Tylenol's manufacturer, Johnson & Johnson Inc., and its McNeil Consumer Healthcare subsidiary, which has a plant and headquarters in Fort Washington, Montgomery County.
December 23, 2011 |
Patients and profits are often on opposite sides of the cost equation for pharmaceutical companies. That was evident this week, when Johnson & Johnson decided not to help an international nonprofit organization that tries to help provide AIDS drugs in poor nations at cheaper prices by making patent-protected drug formulas available to lower-cost manufacturers. J&J said three drugs, including one whose research was partially funded by U.S. taxpayers, would not be released to the Medicines Patent Pool.
December 15, 2011
Synthes Inc. shareholders, meeting at the company's headquarters in Solothurn, Switzerland, voted to approve the proposal by Johnson & Johnson to take over Synthes for $21.3 billion in cash and stock. Synthes has facilities and a U.S. headquarters in Chester County. The companies hope to close the deal in the first half of 2012. "The shareholders approved the proposal to adopt the agreement and plan of merger as outlined in the invitation," Synthes said in a statement. The European Union is reviewing the deal to examine the antitrust effects on the market for screws, plates and other devices to fix bones broken through trauma or wear and tear.
December 2, 2011 |
Like many people, Michel Orsinger works for a company going through dramatic change because it has been acquired by a larger company. Unlike many people, Orsinger helped arrange the acquisition. Unlike almost anyone, Orsinger is getting $51.9 million for leaving the old company and a multimillion-dollar pay package from the new company. His new base salary of $700,000 will be a cut in pay from his old firm, but he will have some lucrative bonus opportunities. If he can make do clipping coupons for three years, he will get a stock package worth $17.2 million.
November 28, 2011
Securities trades recently reported to the Securities and Exchange Commission by officers, directors, and principal shareholders of corporations based or having sizable employment in the Philadelphia area. Titles are as reported to the SEC. Amkor Technology Inc. Winston J. Churchill Jr. , director, sold 1,514 shares at $4.87 Nov. 16 and now indirectly holds 54,555 shares. Boeing Co. Thomas J. Downey , officer, sold 6,558 shares at $67.93 Nov. 15 and now directly holds 51,403 shares.