Johnson & Johnson Wins Patent Case
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Johnson & Johnson was awarded $324.4 million in damages from a federal jury in a patent infringement case relating to stents, and the company also reported that its LifeScan unit would pay $60 million in fines and settlement damages relating to a faulty glucose monitor.
The health-care and consumer products company reiterated that it expects earnings at the high end of estimates for the full year. Analysts on average have expected earnings in the range of $3.35 a share to $3.40 a share.
LifeScan still faces a class-action lawsuit brought on behalf of more than 400,000 American diabetics who purchased the defective monitors and the test strips. Meanwhile, Johnson & Johnson said Boston Scientific Corp. would appeal a federal jury’s ruling that would have the company pay $324.4 million in damages to J&J;’s Cordis Corp. in the patent infringement case.
Therefore, the company could not predict when the award would be paid. Shares in New Brunswick, N.J.-based J&J; closed off 69 cents at $98.56 on the NYSE.
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