Johnson & Johnson is sliding after a jury awarded $4.69 billion to 22 women who said its talcum baby powder gave them cancer

Shares of Johnson & Johnson were sliding Friday morning, down 2.68%, the day after a St. Louis jury awarded $4.69 billion to the 22 women who said its talcum baby powder gave them ovarian cancer.

The jury's award was the sixth-largest product-defect award in US history, consisting of $550 million in compensatory damages and $4.14 billion in punitive damages.

Johnson & Johnson plans to appeal the decision.

A Johnson & Johnson spokeswoman, Carol Goodrich, told Bloomberg the verdict was "the product of a fundamentally unfair process that allowed plaintiffs to present a group of 22 women, most of whom had no connection to Missouri, in a single case all alleging that they developed ovarian cancer."

The company is set to report its second-quarter results on Tuesday. Wall Street is expecting adjusted earnings of $2.07 a share on revenue of $24.4 billion.

Johnson & Johnson shares had slumped 8.56% this year through Thursday.

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