The gains Amgen, Inc. reported for the first quarter were overshadowed by the company’s disclosure that a US Internal Revenue Service audit identified a $5.1bn tax deficiency between 2013 and 2015, with the IRS proposing a $2bn penalty tied to the shortfall.
Amgen’s Q1 Overshadowed By Tax Dispute That May Cost $7.1bn To Resolve
IRS Identifies $5.1bn Shortfall, Proposes $2bn Penalty
First quarter revenue of $6.2bn and product sales of $5.7bn were up 6% and 2%, respectively, year over year. However, a looming – and potentially growing – tax liability is a multibillion-dollar overhang.
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