Pharmaceutical firm AbbVie makes the bulk of its profits from arthritis drug Humira on sales in the U.S., but reports almost all its taxable income in foreign subsidiaries, according to a critical Senate report
Illinois-based AbbVie Inc. makes the bulk of its profits from arthritis drug Humira on sales in the U.S.
, but the company reports almost all its taxable income in foreign subsidiaries, according to a Senate Finance Committee report that criticizes the pharmaceutical company’s use of entities in Bermuda and Puerto Rico to reduce its tax burden.details how AbbVie Biotechnology Ltd., a Bermuda-based AbbVie subsidiary with no employees or significant operations in Bermuda, owns the U.S. intellectual property rights for Humira, one of the world’s top-selling drugs.
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