Politics & Finances

Senate Finance Committee Probes Biotech Firm That Owed IRS $10.7 Billion

12/8/2022

Senator Ron Wyden (D-OR) and his Senate Finance Committee have sent a letter to Amgen CEO Robert Bradway requesting details about his firm's tax practices.

Credit: Kevin Dietsch/Getty Images

Wyden has recently been focused on probing how "Big Pharma" and biotech companies in the United States lower their tax liability via the use of subsidiaries in low-tax or no-tax jurisdictions.

Amgen previously responded to a request from the Senator in September but he and the Senate Finance Committee now want additional information. According to Wyden:

"Specifically, I requested country-specific information related to Amgen's pre-tax earnings, profit margins, employee headcount and tax paid for tax years 2018 - 2021....Unfortunately, Amgen declined to provide the committee this information, choosing to keep secret how much of its profits are reported by offshore subsidiaries that are treated as foreign for tax purposes."

Wyden also alleged that 70% of Amgen's sales last year were in the United States but the firm reported only 28% of its pretax income in the country.

As noted, the government's probe into Amgen's tax practices has been ongoing. In August, the Internal Revenue Service (IRS) battled the biotech giant over a $10.7 billion tax bill that wasn't paid after the company improperly shifted assets to a subsidiary based in Puerto Rico.

Credit: Comezora/Getty Images

The IRS alleged that the biotech giant transferred approximately $24 billion in profits between 2010 and 2015, leaving them with $10.7 billion in back taxes.

At the time, The Wall Street Journal noted:

Amgen has long had one of the lowest tax rates in the pharmaceutical industry, reporting a median 12.5% effective tax rate over the past decade, compared with an 18% median rate across the 10 largest U.S. drug companies, according to FactSet data.

Amgen bills itself as a "worldwide pioneer in biotechnology," and is known for manufacturing medications like migraine prevention injection Aimovig and arthritis treatment Enbrel.

The company has until December 21 to respond to Senator Wyden's latest letter.

What do you think about Amgen's tax practices?

Rebekah Barton

Rebekah's search engine optimization career began completely by accident as a college student. Over the course of her career so far, she has "grown up" with the SEO industry, from writing content while juggling classes to managing her own teams of writers and overseeing SEO strategy in subsequent roles. She is excited to bring her passion for high-quality content to CountingWorks, Inc.

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