Walgreens $WBA and CVS $CVS Announce Opioid Settlements Totaling $10 Billion

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On November 2, 2022, CVS Health and Walgreens announced they had agreed in principle to pay about $5 billion each to settle lawsuits across the country about the effects of opioids. A lawyer said that Walmart is in talks for a deal as well.

Only a few opioid settlements have had bigger dollar figures than the CVS plan. Johnson & Johnson finalized a $5 billion deal, while distributors AmerisourceBergen, Cardinal Health and McKesson finalized settlements worth $21 billion.

After years of litigation over the drug industries role in an overdose epidemic that has killed more than 500,000 people in the US, the developments amount to what could be the last round of large settlements.

In the lawsuits, governments said that pharmacies were filling prescriptions that they should have known were wrong.

The deals require most of the money from CVS, a Woonsocket, Rhode Island company, and Walgreens, a Deerfield, Illinois company, to be used to fight the opioid crisis.

CVS would pay $5 billion to local governments and about $130 million to Native American tribes over a decade. Walgreens would pay $5 billion to governments and $155 million to Native American tribes over a 15-year period. The final figure will depend on how many governments sign onto the agreements.

CVS, Walgreens announce opioid settlements totaling $10B

CVS, Walgreens announce opioid settlements totaling $10B

CVS Health Stock Technical Analysis

CVS stock is in a technical weak downtrend. The stock is testing a downtrend channel breakout.

CVS stock chart on November 5, 2022, testing downtrend channel wall with a positive MACD and positive money flow.

Walgreens Stock Technical Analysis

Walgreens stock is in a technical weak downtrend. The stock has moved into an intermediate term uptrend channel.

Walgreens stock on November 5, 2022, in an intermediate time frame uptrend channel with a positive MACD and negative money flow.
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