AbbVie, which is already being probed by congressional Democrats for its pricing practices, is now being investigated by Senate Finance Committee chair Ron Wyden, who accused the drug maker of shifting profits offshore and registering patents in low-tax jurisdictions to consistently avoid paying U.S. corporate income taxes.
In a letter sent to AbbVie chief executive officer Richard Gonzalez, Wyden (D-Ore.) questioned how the company has paid “a stunningly low effective tax rate” and regularly reported net losses in the U.S. and net income outside of the U.S., even though it is headquartered in the U.S. and the vast majority of its sales are generated in the U.S.
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