Am­gen may see $3B+ in ad­di­tion­al tax­es; EQRx, Ab­Cellera ink an­ti­body de­vel­op­ment deal

Along­side the re­lease of its Q2 re­sults late Tues­day, Am­gen al­so sig­naled that it’s de­fend­ing what could be a size­able chunk of cash that it owes the IRS.

Last month, the com­pa­ny said it filed a pe­ti­tion in the US Tax Court to con­test no­tices of de­fi­cien­cies re­ceived from the IRS over three years in the ear­ly 2010s.

“These no­tices seek to in­crease our U.S. tax­able in­come by an amount that would re­sult in ad­di­tion­al fed­er­al tax of ap­prox­i­mate­ly $3.6 bil­lion, plus in­ter­est. Any ad­di­tion­al tax that could be im­posed would be re­duced by up to ap­prox­i­mate­ly $900 mil­lion of repa­tri­a­tion tax pre­vi­ous­ly ac­crued on our for­eign earn­ings,” the com­pa­ny said, adding, “We firm­ly be­lieve that the IRS’s po­si­tions in the no­tices are with­out mer­it and we will vig­or­ous­ly con­test the no­tices through the ju­di­cial process.”

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