Sen. Wyden again presses Amgen for information on taxes and offshore subsidiaries
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Sen. Ron Wyden (D-Ore.), chairman of the Senate Finance Committee, on Thursday sent a letter to Amgen (NASDAQ:AMGN) CEO Robert Bradway seeking further information on the company's tax practices, including its use of offshore subsidiaries.
Wyden has been focused on examining how many pharma and biotech companies lower their US tax burden by booking income through subsidiaries in jurisdictions with low taxes or none at all.
Although Amgen (AMGN) responded to an earlier request from the senator in September, he wants more detailed information.
"Specifically, I requested country-specific information related to Amgen's pre-tax earnings, profit margins, employee headcount and tax paid for tax years 2018 - 2021....Unfortunately, Amgen declined to provide the committee this information, choosing to keep secret how much of its profits are reported by offshore subsidiaries that are treated as foreign for tax purposes."
Last year, according to Wyden, Amgen (AMGN) generated 70% of sales in the US but reported only 28% of its pretax income there.
The senator has asked Amgen (AMGN) to respond to a slew of specific questions by Dec. 21.
Read why Seeking Alpha contributor Sensor Unlimited says that Amgen (AMGN) is a buy.