10:58 AM EDT, 05/21/2024 (MT Newswires) -- Senate Finance Committee Chairman Ron Wyden is seeking information on Pfizer's ( PFE ) tax practices.

In a letter sent Monday to Pfizer ( PFE ) Chief Executive Officer Albert Bourla, Wyden inquired how Pfizer ( PFE ) managed to book most of its profits offshore, despite the US market contributing significantly to its global revenue.

"The American public deserves to understand how Pfizer ( PFE ), a multinational pharmaceutical corporation based in the U.S. with annual sales of at least $58 billion, paid a lower tax rate than a preschool teacher or a firefighter," Wyden wrote.

The letter further asks Pfizer ( PFE ) to explain how it booked only 16% of its taxable income in the US in 2022, even though 42% of the company's global sales came from the US. It also sought information about Pfizer's ( PFE ) patents and a detailed country-wise breakdown of its pre-tax earnings and profit margins.

Pfizer ( PFE ) did not immediately respond to MT Newswires' request for comment.

Shares of Pfizer ( PFE ) were down 0.4% in Tuesday trading.

Price: 28.41, Change: -0.12, Percent Change: -0.42