Johnson & Johnson To Stop Selling Talc-Based Powder

Johnson & Johnson JNJ said it plans to stop selling its legacy talc-based baby-powder products globally in 2023, a move amid continued legal battles and two years after the company discontinued the product in the U.S. and Canada.
After assessing its portfolio, J&J said it had made the "commercial decision" to transition all its baby powder products to cornstarch instead of talcum powder in 2023.
Related: Johnson & Johnson's Baby Talc Litigation, Faces Fresh Claims It Hid Evidence.
The health conglomerate maintains that the product is safe. It faces about 38,000 lawsuits claiming its talc products caused cancer due to contamination with asbestos, a known carcinogen.
Last year, J&J created a subsidiary, LTL Management, assigned the talc claims to it, and put the company into bankruptcy, pausing the legal actions.
Also Read: US Raises Objection To Johnson & Johnson's High-Cost Lawyer For Talc Bankruptcy Case: Reuters
Before the bankruptcy filing, the company faced costs from $3.5 billion in verdicts and settlements, including one in which 22 women were awarded a more than $2 billion judgment.
Price Action: JNJ shares are up 0.48% at $167.94 during the premarket session on the last check Friday.