Johnson & Johnson (JNJ) was ordered on Thursday by a jury in Missouri to pay $4.69 billion in damages to 22 women who claimed the company's baby powder contained asbestos that caused their ovarian cancer.
The jury award in the case included $550 million in compensatory damages and $4.14 billion in punitive damages, according to a statement from the attorneys representing the plaintiffs.
Johnson & Johnson shares fell $3.01, or 2.36%, in after-hours trading.
The company faces more than 9,000 cases over body powders containing talc, according to its latest quarterly filing with the SEC.
In a statement, the company said it would appeal the verdict, "which was the product of a fundamentally unfair process that allowed plaintiffs to present a group of 22 women, most of whom had no connection to Missouri, in a single case all alleging that they developed ovarian cancer."