The Washington Post
Business Context

Johnson & Johnson’s opioid tax disclosure

Updated Feb 12, 2021 at 11:39 AM EST

The pharmaceutical giant said in its quarterly SEC filing in October, 2020 it expects to pay a total of $5 billion into the nationwide opioid settlement. The company said it expects this amount to be taxed at an effective rate of 21.4 percent, suggesting it expects to deduct roughly $1.1 billion of those costs. In the same footnote, Johnson & Johnson says changes in regulations could alter the amount of the settlement it ultimately is able to deduct.

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Johnson & Johnson disclosed plans in an SEC filing to take a tax deduction to offset costs from the company's opioid litigation settlement.