Johnson & Johnson (NYSE:JNJ) said it would stop selling talc-based baby powder globally in 2023, over two years after ending US sales of a product that drew thousands of safety lawsuits.
"As part of a worldwide portfolio assessment, we have made the commercial decision to transition to an all cornstarch-based baby powder portfolio," the company said in a statement, adding that cornstarch-based J&J's baby powder is already sold in countries around the world.
J&J announced in 2020 that it would stop selling its talcum baby powder in the US and Canada due to "misinformation" about the product's safety and a barrage of legal challenges.
The company faces about 38,000 lawsuits from consumers and their survivors alleging asbestos contamination in its talc products caused cancer.
As it announced the discontinuation of the product, J&J reiterated that decades of scientific testing and regulatory approvals demonstrated that its talc was safe and asbestos-free.
J&J spun off subsidiary LTL Management in October, assigned its talc claims to it, and immediately placed it into bankruptcy, pausing pending lawsuits.
Those suing J&J say the company should defend itself from these lawsuits, while those defending the company and the bankrupt subsidiary process say it is an equitable solution.
According to bankruptcy court records, the company faced US$3.5bn in verdicts and settlements, including one where 22 women were awarded a judgment of more than US$2bn.