Giovanni Caforio, Bristol Myers Squibb CEO (Pablo Martinez Monsivais/AP Images)
Bristol Myers faces $1B+ tax fight after accidental disclosure reveals alleged offshore patents scheme — report
The IRS has battled Big Pharma for years over offshore patent transfer schemes, which it said have bilked the public interest by billions of dollars. Now, loose lips at the agency have revealed its pursuit of another drugmaker — Bristol Myers Squibb — that it says is on the hook for more than $1 billion in back taxes.
Bristol Myers could face nearly $1.4 billion in back taxes the IRS believes it evaded paying as part of a scheme to move its patent rights from the US to an Irish subsidiary and reap the income write-offs, the New York Times reports.
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