STAT+: Pharmalittle: Amgen faces $7B IRS back-tax bill and fine; McKinsey exec apologizes for opioid work during hearing

Rise and shine. Another busy day is on the way. Indeed, the official to-do list is brimming with tasks and reminders. On the bright side, there is a shiny sun and a cool breeze wafting about the Pharmalot campus, where the official mascot is enjoying the moment. As for us, yes, we are downing still more cups of stimulation to steel ourselves for what today may bring. No doubt, you may relate. Our choice today is vanilla macadamia nut. So please feel free to join us, or grab a bottle of water, if you prefer. Meanwhile, here are some items of interest. Have a great day, everyone …

Amgen is facing a potential $7.1 billion fine from the U.S. Internal Revenue Service related to how the company reported profits from the years 2013 to 2015, Reuters explains. The IRS is proposing $5.1 billion in back taxes related to how profit was allocated between entities in Puerto Rico and the U.S. plus penalties of around $2 billion. The company believes the adjustments and penalties “are without merit” but it acknowledged that it will take several years to resolve the dispute in court. The new bill comes on top of the $3.6 billion in back taxes plus interest that Amgen disclosed last August that the IRS was seeking for the years 2010 to 2012.

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