STAT+: Pharmalittle: Italy probes Pfizer over profit transfers; FDA postpones meeting for OTC birth control pill
Rise and shine, another busy day is on the way. However, this is also shaping up as a beautiful day as well, given the clear and sunny skies — and delicious breezes — enveloping the Pharmalot campus this morning. This calls for celebration with a cup of stimulation, and we are opening a new package of Pumpkin Spice for the occasion. Autumn, after all, is in full swing. Meanwhile, our ever-growing to-do list requires attention. Sound familiar? So, here are some items of interest. Have a great day, everyone …
Pfizer is the target of an Italian probe alleging the company hid at least $1.2 billion in profit by transferring money to units in other countries, Bloomberg News reports. Italy’s finance police have alleged that Pfizer Italia transferred excess capital to affiliates in the U.S. and the Netherlands to avoid taxes on profit that could be as high as 26%. The Italian branch allegedly sent the capital to foreign affiliates linked to a units based in Delaware called Pfizer Production and Pfizer Manufacturing. The investigation began in February and covers 2017, 2018, and 2019. Authorities alleged Pfizer did not distribute dividends and, instead, remunerated shareholders through reduction of share capital.
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