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Pfizer Settles Prempro Lawsuits for $896 Million

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According to a securities filing, Pfizer Inc has paid out $896 million to settle nearly 6,000 lawsuits filed against the company over allegations that its Prempro and other menopause drugs cause cancer. Bloomberg reports that Pfizer has set aside another $330 million to resolve the remaining 4,000 lawsuits, though this figure is an estimate.

Pfizer spokesperson Chris Loder said, “After nine years of litigation involving this medicine, we are confident in our medicine, our track record of success in court where we have won eight of the last 10 final verdicts at trial, and in our ability to resolve these cases on appropriate terms.”

In total, Pfizer has dedicated over $1.2 billion to resolve litigation accusing the pharmaceutical giant of failing to adequately warn consumers about the serious health risks associated with the menopause drugs.

In 2002, the National Institutes of Health sponsored a study by the Women’s Health Initiative which linked Prempro and related menopause treatments to an increased risk of cancer. Bloomberg estimates 6 million women used Prempro and other estrogen- and progestin- containing medications, earning Pfizer’s subsidiary Wyeth more than $2 billion in sales.

breakinglawsuitnews.com disclaimer: This article: Pfizer Settles Prempro Lawsuits for $896 Million was posted on Friday, June 22nd, 2012 at 1:11 am at breakinglawsuitnews.com and is filed under Defective Drug Lawsuits.

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