Purdue Pharma's business is struggling amid opioid lawsuits
Purdue Pharma, the maker of OxyContin, is facing sluggish sales, a dwindling workforce and restructuring challenges as it fights a slew of lawsuits claiming that the company contributed to the opioid epidemic, the Wall Street Journal reports.
What's happening: The company's revenue is expected to be less than $1 billion this year for the first time in a decade, and it has said it's considering filing for bankruptcy.
- Sales for OxyContin have been declining since 2010, as providers have changed their prescribing habits and the public has grown more aware of the threat of opioid addiction.
Purdue's financial reliance on OxyContin was a result of business decisions made by the company and its board, including members of the Sackler family — which is also under legal scrutiny.
- The company's leaders are now more focused on dealing with the ongoing litigation than growing the business, sources told the WSJ.