By Katherine Hamilton
Viatris has agreed to pay as much as $335 million to settle claims regarding its sale of opioids.
The Pittsburgh pharmaceutical company said Monday it was not admitting wrongdoing, but had agreed to settle with states, local governments and tribes that had brought lawsuits against it and several other drug companies. The claims related to the sale, marketing and distribution practices of prescription opioid products.
Viatris has accrued about $270 million for the settlement, it said in its annual report filed in February. Its payment depends on its level of participation in the settlement. If it pays the highest amount, it will make annual payments over nine months of $27.5 million to $40 million each.
The money is planned to go toward state and local efforts to address opioid-related issues, Viatris said.
Shares fell 2.4% to $7.44 mid-morning Monday, and earlier hit a new 52-week low of $7.15.
Viatris, along with other drug companies and pharmacies, is a defendant in more than 1,000 cases in the U.S. and Canada related to opioids, per the company's annual report.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
April 07, 2025 10:36 ET (14:36 GMT)
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