Healthcare giant Johnson & Johnson has set aside more than $3 billion for costs related to the recall of its ASR hip implant that was designed and manufactured by its subsidiary DePuy Orthopaedics. It appears as though Johnson & Johnson is finally recognizing the significant damage its defective product has caused thousands of patients. Many individuals that received an ASR implant have experienced severe metal toxic poisoning, tissue and bone damage, pain, implant loosening, and implant dislocation.
The $3 billion charge will be set aside for medical costs, patients, and lawyers currently involved in the product liability litigation.
The company forecast 2012 earnings of $5.05 to $5.15 per share, fell below the Wall Street estimate of $5.21, largely due to the litigation revolving around artificial hips.
Parker McDonald, P.C. currently represents hundreds of clients across the countries who have received a defective hip implant. Contact us today if you, or a loved one, have received a defective hip implant.