Gilead Holds Cash Overseas to Save Billions on Taxes
(Bloomberg) -- Gilead Sciences Inc., whose $1,000-a-pill hepatitis C treatment is one of the world’s most expensive drugs, is avoiding billions of dollars in U.S. taxes by booking profits overseas.
The company reported foreign income before taxes of $8.2 billion for 2014, earning more in non-U.S. profits than it recorded in non-U.S. sales. The data released in a securities filing Wednesday suggest that Gilead is shifting valuable intellectual property to low-tax countries and paying about 5 percent in taxes on its foreign income, said Robert Willens, an independent tax consultant based in New York.
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The company reported foreign income before taxes of $8.2 billion for 2014, earning more in non-U.S. profits than it recorded in non-U.S. sales. The data released in a securities filing Wednesday suggest that Gilead is shifting valuable intellectual property to low-tax countries and paying about 5 percent in taxes on its foreign income, said Robert Willens, an independent tax consultant based in New York.
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