The following is from a Bloomberg News and AP update on Hormone Therapy payments. Our Firm is still in the middle of this litigation. Pfizer purchased Wyeth about 2 years ago, which is why it is interchangeable in this article.
The AP (5 1/2, Johnson) reported that Pfizer “recorded charges totaling $472 Million as it reached agreements to settle about one-third of the lawsuits it faces” over whether hormone-replacement therapy (HRT) drugs made by its “Wyeth subsidiary caused breast cancer or other harm to women.” In an SEC filing “late Thursday, Pfizer said it took a $172 million charge in the first quarter to cover those agreements, plus verdicts in lawsuits it has lost.” The pharmaceutical company also “recorded a $300 million charge in the quarter for the minimum expected costs to resolve all of the other outstanding hormone-replacement therapy actions against Pfizer and its affiliated companies.”
Bloomberg News (5/13, Feeley) reports that in February, Pfizer had “agreed to pay about $330 million to resolve 2,200 cases over the menopause drugs, according to people familiar with the accords.” Overall, Pfizer’s “Wyeth and Upjohn units have lost eight of the fifteen Prempro [conjugated estrogens and medroxyprogesterone] cases decided by juries since trials began in 2006.”