Drugmaker stocks slammed over Zantac lawsuit concerns

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Thousands of Zantac users have filed cases against companies including Sanofi, GlaxoSmithKline, Haleon and Pfizer accusing them of failing to properly warn users of the recalled heartburn drugs' health risks.

Analysts at Morgan Stanley predict that the companies could potentially face between $10.5 billion to $45 billion in legal damages based on previous similar litigation settlements.

As of Aug. 1, the company was aware of approximately 2,850 personal injury plaintiffs across both state and federal jurisdictions with filed cases naming Sanofi in addition to other defendants. When factoring in additional Zantac cases that do not involve Sanofi, the company said it is aware of approximately 3,450 total personal injury plaintiffs across all jurisdictions.

"Over time, the number of unfiled claims alleging either Rx and/or OTC use and implicating a variety of defendants in these actions has exceeded 150,000 – a significant number of these claims, however, do not implicate Sanofi," the company added. Pfizer said it only sold Zantac between 1998 and 2006 and that the Zantac recalls did not involve any of its products. It noted that a "number of lawsuits" have been filed against it and other defendants.

 

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Imagine if consumers could sue pharma for the vax like they can with Zantec? But they cant. Its not legal. Funny how thats never brought up. Stay asleep everyone

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