Raise a glass to the pharma giant Abbvie. The company's latest annual report, released last week, tells us that while the company made $3.7 billion of pretax profits worldwide in 2024, it *lost* $7.7 billion in the US. This obviously means Abbvie banked a cool $11.4 billion outside the US. (1/x)
Comments
https://www.finance.senate.gov/imo/media/doc/Pharma%20Tax%20Report.pdf
https://www.sec.gov/Archives/edgar/data/1551152/000155115224000011/abbv-20231231xex21.htm .
Of the 182 foreign subs I was able to count before dozing off, only 14 of them are based in Bermuda, which didn't have a corporate income tax before January.
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