Pfizer Gains From Tax Law, Pledges to Boost Spending in U.S.

Jan. 30, 2018, 2:04 PM

Pfizer Inc., benefiting from U.S. tax reform, is pledging to invest in the U.S. through manufacturing and bonuses for its workers.

The drugmaker scored a nearly $11 billion gain from the tax revamp in 2017 because of the changes to how overseas earnings are taxed, the company said Jan. 30 in a statement reporting fourth-quarter earnings. The company said that as a result of the new legislation, it expects to pay tax of about $15 billion over eight years on cash parked offshore that it would bring back to the U.S.

Pfizer joined other corporations with plans to invest $5...

To read the full article log in. To learn more about a subscription click here.