Shock of shocks: Big Pharma, which pays its CEOs tens of millions a year (Bernie on Twitter)

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9. They Pay No Taxes

They make most of their profits off the US yet a lot of them pay no taxes at all. Taxes should be based on the percentage of income from the US (which is most of it).

Pfizer paid negative US taxes on $42.5 billion in domestic revenue

The tax system is designed in a way that makes it easy to exploit, and pharmaceuticals companies don’t miss their chances. In 2022, for instance, Setser noted in his testimony, AbbVie declared losses of nearly $5 billion in the US—and $20 billion in profits internationally. The company has reported losses in the US every year since 2013, despite the fact that it makes most of its profits there, thanks to its blockbuster arthritis drug Humira.

While not so egregious in its offshoring, Pfizer declared making only $5 billion of its $35 billion profit in the US last year, on total domestic sales of $42.5 billion. The company reported US operating losses of $2.9 billion in 2020, $4 billion in 2018, and $6.9 billion 2017—all despite getting most of its revenue domestically. For 2022, Pfizer ended up receiving half a billion dollars in US tax credits, as it did in 2021, and paid $4.2 billion in foreign tax.

Of the eight companies analyzed, Gilead was the only one to declare most of its profits domestically ($4 billion out of a $5 billion total). It paid $1.5 billion in US taxes last year—more than Pfizer and AbbVie combined.

https://www.google.com/amp/s/finance.yahoo.com/amphtml/news/guess-much-big-pharma-paid-080000373.html