“The shortage of transparency into this association raises essential questions associated to the place earnings related to the U.S. Humira web revenues is being acknowledged for tax functions,” Wyden wrote in a four-page letter to Scott Reents, a tax and treasury vice chairman at AbbVie.
The senator has been escalating strain on AbbVie and different corporations to clarify how they profited from the 2017 tax legislation backed by former President Donald Trump, which lower company tax charges from 35%.
Final month, AbbVie reported $17.3 billion of 2021 Humira gross sales within the U.S. and $3.4 billion internationally. However AbbVie’s efficient tax charge was 12.5%, in comparison with the 21% statutory company charge, Wyden mentioned.
Wyden had written to AbbVie Chief Govt Officer Richard Gonzalez in June with a sequence of questions on its tax practices. In response to the corporate’s solutions in September, Wyden mentioned Friday he’s dedicated to understanding how drugmakers like AbbVie “keep away from paying billions in taxes on prescription drug gross sales made in the US.”
Representatives for AbbVie didn’t instantly reply to a request for remark.
The letter, which mentioned the corporate declined to fulfill Wyden’s workers for a briefing, posed technical questions on how AbbVie booked income.
Humira debuted in 2003 and final 12 months generated $20.7 billion in income. AbbVie was fashioned in 2012 by former guardian Abbott Laboratories, which spun it off right into a publicly-traded firm in 2013.
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