Please login to the form below

Not currently logged in
Email:
Password:

AstraZeneca to pay $1.1bn tax settlement

AstraZeneca has reached an agreement with UK and US authorities to pay $1.1bn to resolve all US transfer pricing and related valuation matters covering 2000 to 2010

AstraZeneca (AZ) has reached an agreement with UK and US authorities to pay $1.1bn to resolve all US transfer pricing and related valuation matters covering 2000 to 2010. The costs relate to an Advance Pricing Agreement relating to transfer pricing arrangements for AstraZeneca's US business for the period from 2002 to the end of 2014. AstraZeneca will make the agreed payment during 2011.

AZ had previously set aside $2.3bn to resolve this issue. As a result, it is now able to release $0.5bn, increasing the company's earnings per share for Q1 2011.

AZ has also reached agreement with the US tax authorities relating to matters arising as a result of integration of AZ's US businesses in 2000 following the global AstraZeneca merger in 1999.

As a result of the agreement, AZ's effective tax rate for 2011 has decreased by around 6 per cent resulting in an increase of earnings per share to around $6.90 to $7.20 from $6.45 to $6.75.

29th March 2011

Share

COVID-19 Updates and Daily News

Featured jobs

PMHub

Add my company
Six Degrees Medical Consulting

For over a decade, our medical communication services have helped pharmaceutical companies optimize their brand, disease and corporate objectives. Building...

Latest intelligence

Webinar:
Securing a future for telehealth with immersive market research insights...
Accelerating patient recruitment in clinical trials with the Clinical Enrolment Managers (CEMs)
How Innovative Trials' global Clinical Enrolment Managers (CEMs) give clinical trial sites the local touch...
Six ways to improve diversity in clinical trials
Diversity is becoming increasingly important as a focus of clinical trials. This whitepaper gives six approaches that could be implemented to help make diversity a bigger focus on your clinical...