AbbVie Questioned on U.S. Taxes in Senate Finance Investigation
By David Voreacos
June 2, 2021, 1:44 PM
AbbVie Inc., already under attack by some congressional Democrats for its drug-pricing practices, is facing new questions from the Senate Finance Committee chairman over how it consistently loses money in the U.S. and doesn’t pay more in taxes.
Senator Ron Wyden, the Democratic chairman, noted in a letter Wednesday to AbbVie Chief Executive Officer Richard Gonzalez that the company reported a U.S. pretax loss of $4.5 billion in 2020 and foreign pretax profits of $7.9 billion. The North Chicago, Illinois-based drugmaker generated 75% of its global sales last year, a total of $34.9 billion, in the U.S.