When it comes to corporate tax planning, biopharmas as a group aren’t spectacularly sophisticated. (A few exceptions come to mind, most notably specialty pharma Valeant Pharmaceuticals International Inc. and Bristol-Myers Squibb Co., the latter of which upped its game and expects to drop its tax rate to 16% in 2013. That's down from 26% in 2011.)
It’s particularly hard for U.S. biopharmas to do much with offshore cash. That’s unless they buy something outside the U.S....
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