02:52 PM EDT, 03/27/2025 (MT Newswires) -- (Update with Pfizer's ( PFE ) response to a request for comment.)

Pfizer ( PFE ) sold $20 billion of drugs to US patients in 2019, but reported zero taxable profits by claiming that 100% of the profits were earned offshore, according to the findings of an investigation conducted by Senate Finance Committee Ranking Member Ron Wyden, D-Oregon, released Thursday.

Pfizer ( PFE ) also signed nondisclosure agreements with the governments of Puerto Rico and Singapore on special tax deals negotiated with those jurisdictions to keep hidden from Congress how it avoids paying billions in taxes, Wyden said.

"Pfizer ( PFE ) carried out what could be the largest tax-dodging scheme in the history of Big Pharma," Wyden said.

Wyden report is not an accurate portrayal of the effect of 2017 Tax Cut and Jobs Act (TCJA) on Pfizer ( PFE ), a spokesperson for Pfizer ( PFE ) told MT Newswires. "As we have communicated, substantially all of Pfizer's ( PFE ) worldwide income is subject to tax in the United States resulting in Pfizer ( PFE ) paying U.S. tax on a larger portion of its global income than it had pre-TCJA.

Pfizer ( PFE ) has paid more than $12.8 billion in income taxes in the US over the past four years, the spokesperson added. The information published by Wyden is incomplete.

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