U.S. Pharma Giants Skirt Taxes Despite Billions in Domestic Profits

• U.S. drug makers book huge profits but pay very little in taxes - effective rates ranging from 8-14% vs 21% corporate rate

• Companies like Pfizer report losing money in the U.S. despite most sales happening domestically

• This is achieved through legal practices like licensing IP to foreign subsidiaries and shifting profits abroad

• Pfizer has negative 2023 tax rate and won't pay any U.S. taxes despite nearly $60B in revenue

• Attempts to change tax laws have failed; new legislation introduced but unclear if it will pass