NEW YORK (
Johnson & Johnson
was under pressure Friday as the medical products maker faces numerous lawsuits alleging it knowingly made problematic artificial hips.
J&J's DePuy Orthopaedics unit faces around 1,000 lawsuits claiming it continued to make metal-on-metal hips even after it knew the hips had faults, according to a report in
The Wall Street Journal
Production of the metal-on-metal hips was stopped in 2009, and any joints that remained available on the market were
J&J shares fell 0.7% to $67.45 on Friday.
Analysts at Wells Fargo estimated that J&J could be on the hook for $1 billion in liability and other costs related to the flood of lawsuits.
J&J, meanwhile, said its product-liability reserves were $570 million more than a year ago. The company also allotted a reserve of $280 million to specifically cover the medical costs of patients directly affected by the recalled artificial hips.
, a rival to J&J in the hip replacement space, saw its shares fall 1.4% to $59.78.
-- Written by Miriam Marcus Reimer in New York.
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