WASHINGTON, D.C. – U.S. Senator Peter Welch (D-Vt.), a member of the Senate Finance Committee, this week took to the Senate Floor to highlight the Senate Finance Committee’s new report that found Pfizer, which generated $20 billion in U.S. sales of prescription drugs in 2019, reported zero taxable U.S. income by claiming 100% of its profits were earned overseas. Pfizer’s scheme enabled the pharmaceutical giant to dodge billions in U.S. taxes.
“What did we find out with the Wyden report? We found that a major United States pharmaceutical company was able to make sales of $20 billion of its product in 2019 and report zero in income. Zero in profits here in this country. What that ultimately means is that what Pfizer paid on its taxes—despite this extraordinary profit—they paid less than a mail room clerk pays in Social Security. They paid less than the pharmacist at the drugstore who dispenses the prescriptions. They paid less than the delivery drivers who may have brought these prescriptions to a person’s home. They paid less than the employees of Pfizer, whether it was a lab technician or a clerk or anyone at that company,” said Senator Welch.
“This is really shocking, but if any of us wonder why everyday folks, who are showing up to do their job in all of the places of employment—in your state and mine—and then at the end of the month, despite all their hard work, are having trouble paying the utility bill. And they just wonder: is this system rigged? They’re right, And Exhibit A is what has been exposed in this report by the Senate Finance Committee and Senator Wyden.”
Watch Senator Welch’s speech below:
The Senate Finance Committee’s investigation into Pfizer, led by Ranking Member Ron Wyden (D-Ore.), also revealed that Pfizer signed nondisclosure agreements for special tax deals with the governments of Singapore and Puerto Rico to conceal information how the company conspired to evade billions in taxes from Congressional investigation.
The full report containing new findings on Pfizer’s tax dodging scheme is available here. Pfizer joins the growing number of extraordinarily wealthy Big Pharma companies that report minimal or no U.S. profits on tax returns despite American patients providing their largest customer base.
Senator Welch’s Committee and Subcommittee Assignments for the 119th Congress include:
- Senate Committee on Finance
- Senate Committee on Agriculture, Nutrition, & Forestry
- Ranking Member, Subcommittee on Rural Development, Energy, and Credit
- Senate Committee on the Judiciary
- Ranking Member, Subcommittee on the Constitution
- Senate Committee on Rules & Administration
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