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AbbVie Faces U.S. Senate Pressure Over Tax Payments
AbbVie faces U.S. Senate questioning regarding how it loses money in the U.S. and posts profit overseas.
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AbbVie (
ABBV) - Get Report faces pressure Wednesday as the drugmaker takes questions from the Senate Finance Committee chairman regarding how it loses money in the U.S. and posts profit overseas.
Sen. Ron Wyden (D-Oregon) said in a letter to AbbVie Chief Executive Richard Gonzales that for 2020 the company reported a U.S. pretax loss of $4.5 billion and foreign pretax profit of $7.9 billion.
In that year the company generated 75% of its $34.9 billion of global sales in the U.S.
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Virgin Galactic (
SPCE) - Get Report shares soared on Monday, climbing as much as 36% in premarket trading, after the company successfully completed its first space flight in more than two years, taking it a step closer to offering regular commercial trips into outer space.
The successful mission not only provided revenue-generating scientific research experiments for NASA, it also collected key data for the Federal Aviation Administration - something Virgin Galactic needs to gain a federal commercial reusable spacecraft operator’s license.
“We view this event as a major milestone,” Truist Securities analyst Michael Ciarmoli said in a research note, adding that the flight enables the company to commence revenue generating commercial flights in early 2022.