Merck & Co. (MRK), Johnson & Johnson (JNJ) and Celgene Inc. (CELG) may wonder what happened to US Senator Cory Booker, who represents her home state of New Jersey.
Booker publishes a detailed report that has brought the three companies – along with seven other pharmaceutical companies – to account for not lowering drug prices after cutting taxes for the companies in billions of dollars.
In the past, Booker was a solid voice for the interests of the pharmaceutical industry and the jobs they created in the Garden State. And his critics have quickly pointed out that the Big Pharma companies were generous with their support of Booker and since 2013 have sent over $ 400,000 in contributions in their own way.
But the romance has deteriorated. Booker, a leading new Democratic Party voice, announced last June that its adoption of political donations coming from the pharmaceutical industry has been put on hold because it has been distracted in its efforts to lower drug prices. In February, Booker said he was done with political donations from political action committees (PACs).
It is rumored that Booker belongs to a small group of Democrats considering a candidacy for the White House 2020 and its new position on political donations (1
Booker points out that the tax cuts have reduced the corporate tax rate from 35% to 21%, particularly benefiting the pharmaceutical sector. Not only was 14% deducted from the tax rate, but it also gave companies that had stowed cash overseas a one-off tax relief on the repatriated money and lowered the rate to 15.5% to bring those dollars home. The report indicated that the New Jersey companies Merck, J & J and Celgene reported 21.9 billion, 41.3 billion and 6.1 billion dollars, respectively, according to a 2017 report by Credit Suisse Had created overseas.
The report also pointed out that Merck is planning a $ 10 billion share repurchase program and Celgene will launch a $ 5 billion program because of the tax rebate
Booker's report also absorbed other companies. Pfizer (PFE), Gilead Sciences (GILD), AbbVie (ABBV), Amgen (AMGN), Bristol-Myers Squibb (BMY), Eli Lilly & Co. (LLY) and Mylan NV (MYL) are all cited for drug advertising Share prices, share buybacks and the interest of shareholders in front of the public.
Merck, J & J and Celgene did not respond to a request for comment on Booker's report.
The pharmaceutical advocacy organization, Pharmaceutical Research and Manufacturers of America, He stated that Booker failed to point out that the same companies were using tax savings on research and development, employee bonuses and capital improvement projects
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