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☆ The Hard-Partying Lawyers Who Get Negligent Companies to Pay Billions
  + stars: | 2024-09-05 | by ( Jack Newsham | ) www.businessinsider.com   time to read: +23 min
In 2023, mass-tort lawyers spent $152 million on TV ads and millions more on social media. The data provider X Ante estimated that in 2023, mass-tort lawyers spent $152 million on TV ads and millions more on social media. The decades that followed mass torts' onset on the national stage showed the big risks and big rewards of mass torts. AdvertisementIn a class action, a settlement is public, and the judge has to approve the lawyers' fees. But others are confident that indebted mass-tort lawyers can bounce back from a few bad bets.
Persons: Mike Papantonio, Pap, Johnson, Paul Cody, Bayer, Chris Seeger, audibles, Budd, Ness Motley, Motley Rice, South Carolina —, doling, Seeger, Wyeth, Phil Federico, Paul Hanly who'd, Federico, Lejeune, who've, Camp Lejeune, mack, Curt Miner, I've, Don Worley, Worley, —, Daniel A, Mark Lanier, wouldn't, Elizabeth Chamblee Burch, Burch, Ellen Relkin, Merck, Vioxx, There's, Lucian Pera, Keller Postman, Jeremy Troxel, Keller, Troxel, Michael McDonald, Warren Postman, Postman, Kelsey Vlamis, Jack Newsham Organizations: Wynn, Vegas, Camp Lejeune, pharma, Supreme, X, Pfizer, Defense, Marines, Veterans, Foreign, US Marine Corps, Johnson, University of Georgia, Business, Intuit, Rihanna, Morning Investments, Fortress Investment, Gramercy Funds, Deepwater, Investments Locations: Camp, Texas, South Carolina, Baltimore, North Carolina, Camp Lejeune, America, Beverly Hills , California, nonbanks
☆ GSK, Sanofi shares brighten as thousands of Zantac lawsuits are dismissed
  + stars: | 2022-12-07 | by ( Reuters Staff | ) www.reuters.com   time to read: +2 min
LONDON/PARIS (Reuters) - Shares of GSK and Sanofi surged in early trading on Wednesday, following the dismissal of thousands of U.S. lawsuits claiming that the heartburn drug Zantac caused cancer. Zantac, first approved in 1983, became the world’s best selling medicine in 1988 and one of the first-ever drugs to top $1 billion in annual sales. The decision bodes well for state cases too, they wrote in a note. Shares of Haleon, which comprises consumer health assets once owned by GSK and Pfizer and spun out as an independent company in July, also rose 5%. Barclays analysts said they viewed Zantac as substantially derisked, “leaving Haleon investible again for those without the appetite for pharma litigation risk.”
☆ GSK lifts earnings view again after forecast-beating quarter
  + stars: | 2022-11-02 | by ( Natalie Grover | ) www.reuters.com   time to read: +2 min
[1/2] GSK (GlaxoSmithKline) logo is seen in this illustration, August 10, 2022. Shingrix generated sales of 760 million pounds ($873 million) compared with the GSK-compiled analyst consensus forecast for 685 million pounds. In July, GSK had predicted 2022 sales growth of 6% to 8% and adjusted operating profit to climb by 13% to 15%, both increases on forecasts issued in February. GSK said it had incurred a charge of 45 million pounds in the third quarter, primarily reflecting provisions for increased legal fees related to heartburn drug Zantac. Originally marketed by a forerunner of GSK, Zantac has been sold by several companies at different times, including Pfizer (PFE.N), Boehringer Ingelheim and Sanofi (SASY.PA) as well as a plethora of generic drugmakers.
☆ New GSK shines brighter with another forecast upgrade
  + stars: | 2022-11-02 | by ( Natalie Grover | ) www.reuters.com   time to read: +3 min
Shingrix generated quarterly sales of 760 million pounds ($873 million), compared with the GSK-compiled analyst consensus forecast for 685 million pounds. GSK shares hit a 2-1/2 month high of 1,470.2 pence in early trade and were last up 1% at 1,461.3 pence. GSK said it had incurred a charge of 45 million pounds in the third quarter, primarily reflecting provisions for increased legal fees related Zantac. Originally marketed by a forerunner of GSK, Zantac has been sold by companies including Pfizer (PFE.N), Boehringer Ingelheim and Sanofi (SASY.PA), as well as many generic drugmakers. GSK reported a third-quarter adjusted profit of 46.9 pence per share on sales of about 7.83 billion pounds, topping analysts' forecasts for 40.1 pence and 7.32 billion pounds.
☆ Haleon rejects Zantac indemnification requests from GSK, Pfizer
  + stars: | 2022-09-20 | by ( ) www.reuters.com   time to read: +2 min
REUTERS/Brendan McDermidLONDON, Sept 20 (Reuters) - Haleon (HLN.L) on Tuesday said it had notified GSK (GSK.L) and Pfizer (PFE.N) that it had rejected their requests for indemnification in relation to U.S.-based litigation over the heartburn drug, Zantac. More than 2,000 legal cases related to Zantac have been filed in the United States over allegations that the compound contains a probable carcinogen. Zantac, originally marketed by a forerunner of GSK, has been sold by several companies at different times, including Pfizer, Boehringer Ingelheim and Sanofi (SASY.PA) as well as a plethora of generic drugmakers. Haleon - alongside GSK, Sanofi and Pfizer - saw billions wiped off their market value last month as uncertainty around the outcome of the impending litigation triggered investor concern, although some of those losses have been since pared back. However, in August, Haleon clarified that it never marketed Zantac in any form in the U.S., either as Haleon or as GSK consumer healthcare.
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