Lilly, J&J plan profits repatriation
Two major US pharmaceutical companies, Eli Lilly and Johnson & Johnson, have said they are likely to repatriate billions of dollars of overseas profits under a one-year tax break, reports the Wall Street Journal.
Recently, Lilly officials revealed that the firm had $9.3 billion of unremitted earnings from foreign subsidiaries at the end of 2003, and the firm's chief executive, Sidney Taurel, commented on CNBC news that the company was looking to repatriate around $8-$9 billion of this.
Commenting on the J&J situation, a spokesman told the WSJ that, based on a "quick review" of the situation, "it continues to be our intention to repatriate approximately $10-$11 billion of our international cash holdings." In October last year, he said, the company has estimated that the cost of repatriating some $7-$10 billion would be $350-$500 million in 2005.
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