Johnson & Johnson + Boston Scientific: The $7.2 Billion Baby
January 22, 2015
Johnson & Johnson (JNJ) and Boston Scientific are best known on this site for the #CleanUpYourMesh campaign which has turned their patients into victims regarding mesh products; however, today New York federal judge is holding the keys to a $7.2 billion dollar damages case brought on by JNJ against Boston Scientific (unrelated to mesh). Always tough to know who to root for when two sets of criminals are suing one another. Too bad the judge can’t throw out the case and award the money to the vicitims from both companies.
Read the full story here: Reuters
JNJ Medical Devices down 9%: Mass+Device
JNJ reported worldwide medical device sales of $6.65 billion for the 4th quarter, a 9% decline compared with the same period in 2013 and a 4.7% slide on a constant-currency basis. The division brought in full-year revenues of $27.52 billion, down 3.4% compared with the prior year and off 1.6% excluding currency effects.
Stated on this site last year-a company that runs out the door when they’re only 60% ready is bound to have back to back billion dollar fines just as JNJ does-and it’s too tough for JNJ to make money on fraud in medical device as they’ve successfully done on the pharma side and why we’ll see them selling off more medical device divisions this year.
True to Johnson & Johnson (JNJ form) the company has decided to blame the strong U.S. dollar on their lower than expected international revenue. I’m sure JNJ’s slumped sales had nothing to do with the company’s inability to take accountability for their unethical and illegal activity-throughout the world. One can only hope that the continued exposure of the truth they’d rather remain hidden is negatively damaging their image and in turn profits. Mr. Gorsky perhaps the global Band-Aid is no longer going to suffice to hide all the fraud-might be time to fix the actual problems.