The Sacklers Made More Than $12 Billion In Profit From OxyContin Maker Purdue Pharma, New Report Says

Topline: The Sackler family made $12 billion to $13 billion in profit from OxyContin manufacturer Purdue Pharma—much more than what was previously known, according to the Wall Street Journal, citing court records. 

• Since Purdue Pharma is a private company owned 100% by the Sacklers, it’s been a mystery how much money has been paid out to the family over the years. 
• Court filings with the $12 billion to $13 billion figure were revealed during Purdue Pharma’s bankruptcy proceedings. 
• The company filed for bankruptcy in an attempt to settle scores of lawsuits over the company's alleged role in fueling the opioid epidemic. But some are worried that bankruptcy protection could help the company avoid litigation, and many of the plaintiffs, which include city and state governments, haven’t accepted the settlement.
• Earlier this year Forbes estimated the Sackler family was worth $12.4 billion, using a conservative estimate for the profits paid out to the family over the years. That valuation may be higher now.

Purdue Pharma declined to comment. Daniel S. Connolly, an attorney for the Raymond Sackler family, said in a statement: “The distribution numbers do not reflect the fact that many billions of dollars from that amount were paid in taxes and reinvested in businesses that will be sold as part of the proposed settlement.”

With the settlement, “the Sackler family hopes to reach a productive resolution where they contribute Purdue for the public benefit and provide at least $3 billion of additional money to help communities and people who need help now,” the statement continues.

Key background: Purdue Pharma’s controversial billionaire owners, the Sackler family, have become pariahs as the public blames the Sacklers for profiting from the highly addictive painkiller OxyContin. In response to the more than 2,000 lawsuits against Purdue Pharma, museums, universities and other cultural institutions have severed ties with the family, even going as far as removing their names from plaques and signs.

Big number: More than 300,000 people have died from opioid overdoses since 2000.