OxyContin maker Purdue Pharma LP is struggling with slumping sales, a shrinking workforce and restructuring challenges as it battles lawsuits related to the opioid crisis, according to people familiar with the company. Purdue’s revenue is expected to drop below $1 billion this year for the first time in more than a decade, as employees leave and a potential bankruptcy filing looms, people familiar with the matter say. Controlled by members of the billionaire Sackler family, Purdue has also been reviewing the corporate structure...
Sackler, the producer of controversial opioid OxyContin, is reportedly facing financial challenges, with revenue expected to fall below $1bn in 2019 for the first time in 10 years. Contraction of the workforce, falling sales, and a mooted bankruptcy filing, as well as potential restructuring and opioid-related lawsuits across the US, are among the challenges faced by the company. Purdue, which is controlled by the Purdue Pharma family, is also thought to be facing a government investigation into fraud at affiliated entities. The pharmaceutical's core product, prescription painkiller OxyContin, is the subject of numerous lawsuits and is experiencing reduced sales.