MedWatch

Amgen to fight USD 10bn tax bill

On the day the firm’s second quarter results are slated for release, Amgen also announces it will contest a double-digit billion-dollar tax bill issued by the US Internal Revenue Service.

Photo: Robert Galbraith/Reuters/Ritzau Scanpix

The US Internal Revenue Service, or IRS, has had its attention fixed on Boston-based biotech firm Amgen. In connection with the firm’s first quarterly report from April, Amgen said it had received a notice from the IRS stating that the firm had to pay USD 5.1bn plus interest in addition to a fine of around USD 2bn for missing tax payments, reports The Wall Street Journal on the day Amgen presents its second quarter report.

The IRS says Amgen had wrongfully moved part of its profits to its production facility in Puerto Rico from 2013 to 2015, meaning the firm’s bottom line appeared smaller in those years than it really was, and there is outstanding income tax to be paid. Since then, the combined USD 7.1bn has grown to USD 10.7bn, after a preceding case in 2010–2012 worth USD 3.6bn was added. Amgen is now contesting these claims, and is ready to drag the IRS to court.

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