Mylan (MYL) Says Use of Statutory Tax Rate for EpiPen is 'Standard'
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Mylan (NASDAQ: MYL) in a statement to StreetInsider provided clarity on the EpiPen price provided to Congress. The statement was made following an earlier Wall Street Journal article that suggested profits without a tax-related reduction would be close to 60% higher than the figure the company gave to Congress.
“Tax is typically included in a standard profitability analysis and the information provided to Congress has made clear that tax was part of the EpiPen® Auto-Injector profitability analysis. In fact, Mylan has provided Congress with a detailed analysis of EpiPen® Auto-Injector profitability. It also is important to note that use of a statutory tax rate for the jurisdiction being analyzed (in this instance, the U.S.) is standard. Just as we did not use a blended global tax rate, we also did not allocate corporate expenses associated with running the business, which would have further reduced its profitability. We believe it is most appropriate, and conservative, to focus entirely on EpiPen® Auto-Injector specific costs and associated taxes.”
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