J&J Predicts Higher 2024 Tax Rate From Global Minimum Tax

Pharmaceutical giant Johnson & Johnson expects a big bump to its effective tax rate this year largely due to the ongoing rollout of the Pillar 2 global minimum tax that countries around the world have begun implementing.

“Our effective tax rate is now expected to be between 17.5% and 18.5% for the full year, much higher than 2023, largely due to the impact of OECD Pillar 2 as well as the non-deductible nature of the recently announced NM26 bispecific antibody acquisition,” Joseph Wolk, Johnson & Johnson CFO, said on an earnings call Wednesday. J&J agreed to buy the rights ...