Washington, DCOne aspect of the need for investor's meetings and the filing of quarterly reports, is the virtual impossibility for a corporation to hide events, data and statistics it might otherwise prefer to keep under wraps. Such is the case with Bayer Pharmaceuticals, the manufacturer of Yasmin birth control.
During the process of reporting its second quarter results (Q2), the pharmaceutical giant revealed Yasmin lawsuits and similar litigation surrounding Yaz could cost the company as much as $1.2 billion in settlement dollars, the company confirmed. And that estimate is contingent upon the value of settlements remaining fairly consistent with the ratio of prior settlements—about $212,000 each, on average Bayer says.
Yasmin, and its cousin Yaz are variously linked to a higher incidence of Yasmin blood clots and Yaz side effects than comparable, older second-generation oral contraceptives. That's because Yaz and Yasmin contain drospirenone, a synthetic hormone. All oral contraceptives are thought to carry some risk of blood clots, however, the Bayer products and other third and fourth-generation products have been linked to a higher risk.
Bayer defends its products as carrying no greater risk than any other oral contraceptives, despite what studies suggest.
Lawyers Weekly USA (8/7/12) reports Bayer shared with its stockholders that it faces no fewer than 12,325 Yaz lawsuits, together with litigation concerning Yasmin. Allegations are that Yaz and Yasmin are behind heart attacks, strokes, gallbladder issues and Yasmin blood clots.
Yasmin DVT, or deep vein thrombosis, is the more involved technical term for blood clot. Bayer reported to investors that it has resolved, on a case-by-case basis, about 1,900 lawsuits at a cost to the company of $402.6 million.
As part of those settlements, there has been no admission of liability on the part of Bayer.
Bayer reportedly told its investors during the Q2 reporting that it is currently in the throes of settling lawsuits alleging blood clot injuries only. That amounts to about 6,000 or about half of all current outstanding litigation.
"On the assumption that the number of lawsuits will continue to decline and that we will be able to settle future claims of this kind for amounts similar on average to those agreed to date and based on the information currently available, we believe that we have made appropriate provisions for most of the cases we consider to be worthy of settlement with these accounting measures and the now exhausted insurance coverage," the company wrote.
Yaz and Yasmin birth control pills were introduced to much fanfare due to added-value benefits that suggested less bloating and help to control acne. Young women switched to the Bayer duo in droves. As the US food and Drug Administration (FDA) continues to push Bayer to beef up labeling information, there are no plans to take Yasmin birth control or Yaz off the market.
The end result is that thousands of Yasmin and Yaz patients have sought out a Yaz lawyer following a negative—if not crippling—experience with the third-generation products.
If you or a loved one have suffered losses in this case, please click the link below and your complaint will be sent to a drugs & medical lawyer who may evaluate your Yasmin Birth Control claim at no cost or obligation.