In the wake of changes to the federal tax code, one lawmaker wants to know why so many drug makers are sharing their windfalls with stockholders and not lowering prices.
The new tax law, you may recall, slashed the corporate tax rate and made it easier for companies to repatriate overseas cash, making dividends and share buybacks quick and appealing options. And in fact, nine drug makers are spending a combined $50 billion on new share buyback programs, all of which were announced during or after passage of the tax bill, according to a recent tally by Axios.
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