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Amgen to Pay $6 Billion Tax Bill to Repatriate Cash

Amgen Inc. expects pay between $6 billion and $6.5 billion in taxes as it repatriates money from overseas operations, the company said Friday in a filing with the Securities and Exchange Commission. The Thousand Oaks biotech did not state how much money it planned to move back to the United States, nor did it give a timeline for moving the money. It issued that filing in reference to the “expected impact of U.S. tax reform legislation on the company.” The company said under the new tax law, its U.S. income generally will be taxed at 21 percent, the usual U.S. corporate income tax rate. Money from foreign countries and Puerto Rico generally will be taxed in the U.S. at 10.5 percent by using applicable tax credits. Amgen plans to issue final tax calculations in conjunction with fourth quarter and full-year 2017 earnings call on or about Feb. 1. Shares of Amgen (AMGN) closed Tuesday down 33 cents, or a fraction of a percent, to $176.09 on the Nasdaq.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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