Animal Medicine Giant Zoetis Hit With IRS $450 Million Tax Bill

American pharmaceutical company Zoetis Inc. said it plans to contest a $450 million tax bill it received from the IRS for the 2018 tax year.

According to quarterly filings, the company received the Notice of Proposed Adjustment in July, “related to the one-time mandatory deemed repatriation tax incurred on the 2018" federal income tax return, estimating an additional tax liability of around $450 million, not including interest and penalties.

Zoetis, which develops medicines and vaccines for pets and livestock, said in the filing that it disagrees with this assessment and plans to defend its current position.

• The company previously ...