Amgen under fire from Sen. Wyden over tax practices - Reuters

Aug. 11, 2022 5:42 PM ETAmgen Inc. (AMGN)ABBVBy: Jonathan Block, SA News Editor30 Comments

Senators Warren, Wyden, And King Discuss Tax Plans

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  • Sen. Ron Wyden (D-Ore.) wants to know what methods Amgen (NASDAQ:AMGN) has used over the last four years to achieve an average effective tax rate of 12%, according to Reuters.
  • The Senate Finance Committee chairman sent a letter to company CEO Robert Bradway Thursday asking him to provide financial documents by the end of the month.
  • In the letter, Wyden said that while Amgen (AMGN) made 70% of its sales in the United States, it reported only 28% of its pretax income there.
  • The senator is also interested in any tax agreements it may have with authorities in Puerto Rico as those may give Amgen (AMGN) a 0% tax rate there.
  • Wyden's letter comes less than two weeks after The Wall Street Journal reported that the IRS is investigating the company for underreporting taxable income.
  • An interim report issued in July by Wyden on pharma industry tax practices focused exclusively on AbbVie (ABBV).

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