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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