AstraZeneca ups 2011 forecast after UK and USA tax deals
UK and US government tax authorities have agreed to the terms of an Advance Pricing Agreement regarding transfer pricing arrangements for Anglo-Swedish drug major AstraZeneca’s (LSE: AZN) US business for the 13-year period from 2002 to the end of 2014, which will help increase the firm’s earnings this year.
The news was welcomed by investors, pushing the drugmaker’s shares 1.4% higher to £29.22 in early trading this morning. AstraZeneca is facing a hit on it profits as it encounters significant patent losses on blockbuster drugs.
Concurrently, AstraZeneca has settled with the US Tax Authorities on a related valuation matter arising on integration of its US businesses in 2000 following the merger in 1999 of the UK’s Zeneca with Sweden’s Astra.
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