Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Nashville news?

Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Columbus news?

Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Dallas news?

Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!
Data: Company filings; Chart: Sara Wise/Axios

Since 2016, the four companies involved in the latest opioid settlement — Johnson & Johnson, McKesson, AmerisourceBergen and Cardinal Health — have funneled a combined $100 billion to shareholders through stock buybacks and dividends.

Why it matters: If that's any indication, those companies won't have much trouble paying off a combined $26 billion settlement agreement.

By the numbers: J&J represents 80% of the stock buyback and dividend cash from the four companies over the past five years.

  • J&J has much higher profit margins than the other three, which are drug distributors, because J&J sells pharmaceuticals and medical devices alongside its consumer products.
  • The company's dividends in 2020 alone totaled $10.5 billion — more than double the $5 billion it'll have to pay out over nine years, per the proposed settlement.

The distributors have lower profit margins, but Wall Street doesn't expect the settlement to absorb large chunks of their cash flows.

  • McKesson has to pay $7.9 billion over 18 years. The company, which just raised its dividend by 12% on Monday, has doled out almost $10 billion to shareholders in buybacks and dividends in the past five years.
  • AmerisourceBergen and Cardinal Health will each pay $6.4 billion over 18 years. Those companies each averaged $1.1 billion in stock buybacks and dividends annually over the past five years.

What to watch: Whether the settlement sticks. The deal would effectively end these companies' opioid liabilities — but states still have 30 days to sign, and then local governments have four months to join.

  • Washington state's attorney general has already said he won't accept the deal. It's "not a transformative amount of money, and is not sufficient to address the opioid crisis' devastation," AG Bob Ferguson said last week.

Go deeper

Oct 12, 2021 - Science

Weather and climate disasters have cost the U.S. over $100 billion in 2021

Piles of debris is all that's left of a restaurant after heavy rain from remnants of Hurricane Ida came through in Manville, New Jersey, on Sept. 7. Photo: Tayfun Coskun/Anadolu Agency via Getty Images

Weather and climate disasters in 2021 have killed 538 people in the U.S. and cost over $100 billion, according to a report from the National Oceanic and Atmospheric Administration.

Why it matters: The first nine months of 2021 saw the largest number of billion-dollar disasters in a calendar year so far, with 2021 on pace for second behind 2020, per the report.

7 hours ago - World

Biden seeks to reboot U.S. sanctions policy

Sanctions increased under Obama and dramatically under Trump. Photo: Tom Williams/CQ Roll Call

The Biden administration is rethinking the U.S. approach to sanctions after four years of Donald Trump imposing and escalating them.

The big picture: Sanctions are among the most powerful tools the U.S. has to influence its adversaries’ behavior without using force. But they frequently fail to bring down regimes or moderate their behavior, and they can increase the suffering of civilians and resentment of the U.S.

7 hours ago - World

Merkel's farewell spoiled by Poland crisis at EU summit

One last awkward EU "family photo." Photo: John Thys/AFP via Getty Images

Angela Merkel took up her vaunted mantle as Europe's crisis manager for what could be the last time tonight, as she urged the EU to find compromise in its showdown with Poland.

Why it matters: The European Commission has threatened to withhold over $40 billion in pandemic recovery funds after Poland's constitutional tribunal — stacked with loyalists from the ruling right-wing populist party — rejected the principle that EU law has primacy over national law.