Word: tylenols
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...company as a whole doubtless will survive and even prosper. Johnson & Johnson makes all manner of sanitary products that have become consumer bywords. Among them: Band-Aids, Stayfree maxi-pads, Ortho-Novum oral contraceptives, many baby products. Tylenol accounted for only $400 million of the company's 1981 sales of nearly $5.4 billion, which ranked J&J No. 68 on the FORTUNE 500 list of the largest U.S. industrial companies. Some Wall Street analysts now guess that the expense of recalling all Tylenol capsules will cause the company to report a loss for the current quarter, but add that...
Immediately Johnson & Johnson will have the problem of fighting off lawsuits. At least four were filed last week. Three, brought by members of the families of people who died after taking cyanide-laced Tylenol, ask for damages totaling $35 million. The fourth is a class-action suit brought by Merle Kirsner of Highland Park, Ill., demanding refunds for everyone who bought Tylenol products in the entire country this year - maybe $600 million, including retail markups, estimates Kirsner's lawyer...
Generally, the suits accuse Johnson & Johnson of failing to package Tylenol in a tamperproof manner. Attorneys who are expert in product-liability law think that Johnson & Johnson will be able to convince the courts that it could not have been expected to anticipate and guard against the acts of a putative madman. But they add that the company is likely to incur expenses running into the millions in defending itself...
...there is the awesome problem of re-establishing a product that had enabled Johnson & Johnson to win 37% of the entire $1 billion-plus market in nonprescription painkillers last year, vs. a mere 4% in 1976. Company officials would say nothing last week about their future marketing plans for Tylenol...
...Wall Street, Hal Chefitz, an analyst with the brokerage firm of Gintel & Co., voiced a widespread view. Said he: "Use of the name Tylenol is dead." Advertising executives, who have more than a passing interest in the subject-it was aggressive advertising and promotion by Johnson & Johnson that catapulted Tylenol into its lead position-were not so sure...