Morning Briefing
Summaries of health policy coverage from major news organizations
Pfizer Announces Plans To Invest $5B In U.S. Manufacturing Citing Positive Tax Law Revisions
The Wall Street Journal: Pfizer Plans $5 Billion Boost In U.S. Manufacturing From Tax Law Changes
Pfizer Inc. offered a rosy outlook for the year, outlining the benefits from the new U.S. tax law and casting the Amazon.com-led partnership to lower health-care costs as positive for the drug industry. (Rockoff and Moise, 1/30)
The Hill: Pfizer Plans Investments, Bonuses In Wake Of Tax Law
Pfizer on Tuesday announced plans for new investments and bonuses following the enactment of the GOP tax law. The pharmaceutical giant said it is going to make about $5 billion in capital investments in the U.S. over the next five years. The company also said it has set aside $100 million for one-time bonuses to be paid to nonexecutive employees in the first quarter of this year. (Jagoda, 1/30)
Reuters: Pfizer's New Tax Rate Higher Than Investors Hoped, Shares Fall
Pfizer Inc said on Tuesday it expected to pay tax at an adjusted rate of about 17 percent this year, higher than some investors had expected, sending its shares down more than 3 percent. Shares of the largest U.S. drugmaker jumped last Friday after rival AbbVie Inc projected a new adjusted tax rate of just 9 percent and rose to their highest level since 2002 on Monday on hopes that Pfizer might benefit to a similar extent. (Berkrot, Erman, and Grover, 1/30)
