July 25, 2020 / 5:11 AM / 13 days ago

J&J says proposed IRS regulations may have material impact on results

FILE PHOTO: The company logo for Johnson & Johnson is displayed to celebrate the 75th anniversary of the company's listing at the New York Stock Exchange (NYSE) in New York, U.S., September 17, 2019. REUTERS/Brendan McDermid/File Photo

(Reuters) - Johnson & Johnson said on Friday regulations proposed by the Internal Revenue Service might limit the tax deductibility of payments under the agreement to settle opioid litigation.

The financial impact of these regulations may be material to its results in the period in which they are finalized which could be later in fiscal 2020, J&J said in a filing.

Reporting by Akanksha Rana in Bengaluru; Editing by Anil D'Silva

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