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The LA Times article didn't refer to CEO Bresch's testimony, so I'm including the relevant pieces here. Apologies for all caps, I'm copying as-is. Rep Coleman a
by gizmo 10y ago
The LA Times article didn't refer to CEO Bresch's testimony, so I'm including the relevant pieces here. Apologies for all caps, I'm copying as-is. Rep Coleman asking questions to Bresch.
https://www.c-span.org/video/?415549-1/mylan-inc-ceo-heather-bresch-testifies-epipen-price-increases https://www.c-span.org/video/?415549-1/mylan-inc-ceo-heather...
WE KNOW YOU PROFITED FROM INCREASING THE PRICE OF EPIPEN. HE OF -- THE COMPANY HAS ALSO INCREASED PROFITS BY TAKING ADVANTAGE OF THE TAX LOOPHOLE. THE TEXAN VERSION WHICH INVOLVES A COMPANY MOVING ITS OFFICIAL HEADQUARTERS ABROAD TO A LOWER -- TO LOWER THE TAXES PAID. IN 2014, MYLAN MOVED TO THE NETHERLANDS.
>> THAT IS TRUE.
YOU WRITE TO SHAREHOLDERS ABOUT THE TEXAN VERSION AND I QUOTE, THE TRANSACTION ALSO IS EXPECTED TO LOWER MY LINK TAX RATE -- MYLAN'S TAX RATE. LOWER TO 20-20 1% IN THE FIRST FULL YEAR AFTER THE CONSUMMATION OF THE TRANSACTION. WHAT WAS THE COMPANYWIDE EXPECTED TAX RATE IN 2014?
>> I BELIEVE IT WAS IN THE MID-20'S BEFORE WE INVERTED.
WHAT IS IT TODAY?
>> BETWEEN 15-17%
...
DO YOU THINK IT IS FAIR THAT YOU DON'T HAVE TO PAY THE TAXES AS A U.S. COMPANY?
>> WE DO PAY TAXES HERE IN THE UNITED STATES FOR ALL OF THE SALES AND REVENUE THAT WE RECEIVE IN THE UNITED STATES. WE ARE PAYING OUR TAXES. FOR EVERYTHING WE SELL.
...
DID YOU LOWER THE COST OF THE EPIPEN EXPENSE THEY WOULD BE SAVING BY THIS MOVE?
>> 15-17% IS OUR GLOBAL TAX RATE. THAT IS AFTER AVERAGING EVERYTHING UP. IN THE UNITED STATES, WE ARE PAYING HIGHER TAXES ON EVERYTHING THAT WE SELL.
I can only conclude her testimony is directly contradicted by the LA times article.