January 30, 2018

Pfizer reports $11 bn gain from new tax law

Pfizer Inc’s (PFE.N) quarterly profit jumped almost 16 times compared to a year ago on Tuesday, as the largest U.S. drug maker booked an 11 billion dollars gain from the new tax law.

The company said its net income surged to 12.27 billion dollars, or 2.02 dollars per share, in the fourth quarter, from 775 million dollars, or 13 cents per share, a year earlier.

The drugmaker said it gained 11.34 billion dollars from the new tax law, signed into law by President Donald Trump last month.

Revenue rose to 13.70 billion dollars from 13.63 billion dollars.