Celgene Appeals Pennsylvania Tax After Bristol-Myers Acquisition

Celgene Corp. told the Pennsylvania Commonwealth Court that the company should be allowed to consider $112.9 million in proceeds from selling inventory in its psoriasis and arthritis drug Otezla when calculating its state income tax for 2019.

The biopharmaceutical company wants the appeals court to review a Board of Finance and Revenue decision declining to order a reassessment of Celgene’s corporate net income tax return. The board held that Celgene didn’t provide adequate proof that the proceeds, which didn’t produce any profit or loss, should be included in its total sales for apportionment purposes.

Otezla was one of the company’s ...