Show an ad over header. AMP

I am the FIRST

Drug distributors, J&J reach $26 billion opioids settlement

The three dominant prescription drug distributors — AmerisourceBergen, Cardinal Health and McKesson — and Johnson & Johnson have agreed to pay a combined amount of $26 billion settle allegations that they fueled the country's opioid crisis.

Why it matters: The companies, which have admitted no wrongdoing, are paying a sum of money that equates to 4% of their combined annual revenue. Meanwhile, a record 70,000 Americans died from opioid overdoses during the pandemic in 2020.


By the numbers: The $26 billion settlement, announced by a group of state attorneys general, varies by company and will be paid out over time.

  • J&J: $5 billion over nine years
  • AmerisourceBergen: $6.4 billion over 18 years
  • Cardinal Health: $6.4 billion over 18 years
  • McKesson: $7.9 billion over 18 years
  • Each of the three drug distributors have already set aside funds in anticipation of a settlement.

The big picture: All states, except for West Virginia, and local governments will now have a chance to sign on to the settlement.

  • "The substantial majority of the money is to be spent on opioid treatment and prevention," the state AGs said.

What they're saying: "Distributors can easily bear this burden," analysts at stock market firm Baird wrote this week. "We think [Wall] Street is more than ready for substantial resolution, even if not all-encompassing ... We haven't popped the champagne yet, but the bottle is definitely chilling."

Flashback: In 2018, executives at AmerisourceBergen, Cardinal Health and McKesson told Congress they did not think their companies contributed to the opioid crisis.

What to watch: Settlements have still not been finalized with Purdue Pharma, other opioids manufacturers like Teva and pharmacies, although Purdue is working on a settlement through bankruptcy. Native American tribes also are pursuing legal action.

Activist Tong Ying-kit found guilty of terrorism in first Hong Kong security law trial

Tong Ying-kit, the first person to be charged and tried under Hong Kong's national security law was found guilty of terrorism and inciting secession by three judges Tuesday, per Bloomberg.

Editor's note: This a breaking news story. Please check back for updates.

Naomi Osaka eliminated from Olympic tennis tournament in Tokyo

Tennis superstar Naomi Osaka was eliminated from the Olympics after losing her Tokyo tennis tournament match 6-1, 6-4 in the third round to Czech Marketa Vondrousova on Tuesday.

Editor's note: This a breaking news story. Please check back for updates.

Extreme drought pushes 2 major U.S. lakes to historic lows

Two significant U.S. lakes, one of which is a major reservoir, are experiencing historic lows amid a drought that scientists have linked to climate change.

What's happening: Lake Powell, the second largest reservoir in the U.S., has fallen 3,554 feet in elevation, leaving the crucial reservoir on the Colorado River, at 33% capacity — the lowest since it was filled over half a century ago, new U.S. Bureau of Reclamation data shows.

Keep reading... Show less

North and South Korea restart hotline and pledge to improve ties

North and South Korea's leaders have pledged to improve relations and resumed previously suspended communication channels between the two countries, per Reuters.

Details: South Korean President Moon Jae-in and North Korean leader Kim Jong-un agreed to "restore mutual confidence and develop their relationships again as soon as possible," South Korea's Blue House spokesperson Park Soo Hyun said in a televised briefing, AP notes.

  • This followed an exchange of letters between the two leaders since April.

Go deeper: Kim Jong Un says prepare for "dialogue and confrontation" with U.S.

Editor's note: This a breaking news story. Please check back for updates.

U.S. teen Lydia Jacoby wins Olympic gold medal in 100m breaststroke at Tokyo Games

Team USA's 17-year-old swimmer Lydia Jacoby has won the Olympic gold medal in the women's 100-meter breaststroke at the Tokyo Games.

Of note: The Alaskan is the first American woman to win an Olympic gold medal in Tokyo, and she beat Lilly King into second place.

Editor's note: This a breaking news story. Please check back for updates.

Pelosi expected to extend proxy voting as Delta variant surges

House Speaker Nancy Pelosi (D-Calif.) is expected to extend proxy voting through the fall — and potentially until the end of the year — Democratic lawmakers and aides tell Axios.

Why it matters: The spread of the Delta variant has alarmed both members and staffers anxious about interacting with the unvaccinated. Pelosi’s anticipated move — continuing an emergency COVID-19 measure enacted last year so lawmakers could vote remotely — is aimed at allaying those concerns.

Keep reading... Show less

Jan. 6 panel to paint haunting scene of Capitol attack with graphic footage

The Jan. 6 select committee will paint a haunting picture of what unfolded during the attack on the Capitol during its first public hearing on Tuesday, Axios is told.

Why it matters: The nine-member panel will not only hear from four police officers on the grounds that day, but show graphic video footage similar to the chilling 13-minute video Democrats aired during Donald Trump's second impeachment trial.

Keep reading... Show less

Bipartisan infrastructure bill reaches do-or-die as infighting breaks out ahead of deadline

A host of new problems emerged Monday morning threatening whether the Group of 10 can actually make this "infrastructure week" after all.

Why it matters: This is the bill's do-or-die moment.

Keep reading... Show less

Insights

mail-copy

Get Goodhumans in your inbox

Most Read

More Stories