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Amgen’s Q1 Overshadowed By Tax Dispute That May Cost $7.1bn To Resolve

IRS Identifies $5.1bn Shortfall, Proposes $2bn Penalty

Executive Summary

First quarter revenue of $6.2bn and product sales of $5.7bn were up 6% and 2%, respectively, year over year. However, a looming – and potentially growing – tax liability is a multibillion-dollar overhang. 

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