The expense is primarily related to taxes on unremitted offshore earnings, the company said.
(Reuters) - Bristol-Myers Squibb Company (BMY.N) will record a $3 billion charge in the fourth quarter of 2017 as a result of the U.S. tax reform law passed last month, the drugmaker said in a regulatory filing on Friday.
The expense is primarily related to taxes on unremitted offshore earnings, the company said.
Bristol said the charge will affect its previous forecast for net earnings per share and its tax rate, but will not have an impact on its outlook after adjusting for one-time items.
