Advertisement We need your help now Support from readers like you keeps The Journal open. You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough. If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it. One-off amount I already contribute Sign in. It’s quick, free and it’s up to you. An account is an optional way to support the work we do. Find out more. Investigates Investigates Money Diaries Daft.ie Property Magazine Allianz Home Magazine The 42 Sports Magazine The Journal TV Climate Crisis Cost of Living Road Safety Newsletters Temperature Check Inside the Newsroom The Journal Investigates The Explainer A deep dive into one big news story Sport meets news, current affairs, society & pop culture have your say Or create a free account to join the discussion Advertisement More Stories A Pfizer facility in Parsippany, New Jersey.Alamy Stock Photo Irish companies helped Pfizer reduce corporate tax bill, claims US investigation The report said Pfizer significantly lowered its tax bill by routing profits through Ireland and other jurisdictions. 12.06am, 1 Apr 2025 Share options IRISH CORPORATE ENTITIES helped American pharmaceutical giant Pfizer reduce its global tax bill, a US investigation has said. An investigation by Democratic staff of the US Senate Finance Committee said Pfizer significantly lowered its tax bill by routing profits through Ireland, as well as Puerto Rico and Singapore. The probe said Pfizer paid a tax rate of just 5.4% in 2019, “followed by rates of 5.3%, 7.6% and 9.6% between 2020 – 2022”. The headline US corporate tax rate is 21%. “In fact, Pfizer pays a lower tax rate than millions of working American families,” the report said. “Pfizer appears to book large amounts of profits in subsidiaries in Ireland, joining a trend of large multinational U.S. corporations that are exploiting subsidiaries in Ireland to capitalize on heavily favorable tax treatment.” In a statement to The Journal, Pfizer said: “Substantially all of Pfizer’s worldwide income is subject to tax in the United States. Advertisement “Pfizer has paid over $12.8 billion in income taxes in the US over the past four years,” it said, referencing the four years 2021 – 2024, inclusive. “The information published by [the] Senate Finance Committee Ranking Member is incomplete,” the company said. Asked if any of the information in the Senate report was incorrect, Pfizer did not respond. Figures published by Pfizer show its profits rose sharply in 2022 due to blockbuster sales of its Covid vaccine. In 2022, Pfizer recorded net income of $31.4 billion, compared to $22 billion in 2021 and $9.1 billion and 2020 respectively. The company’s 2022 annual report states: “Our effective tax rates for GAAP Reported income from continuing operations were: 9.6% in 2022, 7.6% in 2021 and 5.3% in 2020.” Multiple corporate entities Many US companies have been accused of shifting their profits to Ireland in an effort to lower their global tax bills. Pfizer has long been identified as one of Ireland’s biggest corporate taxpayers, with much of its international revenue flowing through its Irish operations. The company’s annual report shows that Pfizer has approximately a dozen corporate entities located in Ireland. Related Reads Tariff threats: Taoiseach says fallout 'could very well' impact Budget calculations The US Commerce Secretary says Ireland runs a 'tax scam'. Does he have a point? The Irish Times previously reported that these Irish subsidiaries are controlled by a firm called CP Pharmaceuticals, which is registered in the Netherlands. CP Pharmaceuticals had a tax liability of $3.3 billion in 2022, up from $2.4 billion the year before, with most of this likely paid in Ireland. The US investigation comes at a sensitive time for Ireland, as multiple US figures have recently criticised how the country has used its tax system to attract US pharma companies. Last week, US President Donald Trump said Ireland was “very smart” in how multiple US pharma businesses shifted their operations there. He pledged to introduce tariffs to “bring pharmaceuticals back” to the US. US Secretary of Commerce, Howard Lutnick, said recently that Ireland had operated a “tax scam” which resulted in many US pharma and tech companies shifting their intellectual property (IP). Asked by The Journal if Pfizer had moved IP assets to Ireland, the company did not respond. Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Support The Journal Paul O'Donoghue Send Tip or Correction Embed this post To embed this post, copy the code below on your site Email “Irish companies helped Pfizer reduce corporate tax bill, claims US investigation”. Recipient's Email Feedback on “Irish companies helped Pfizer reduce corporate tax bill, claims US investigation”. Your Feedback Your Email (optional) Report a Comment Please select the reason for reporting this comment. Please give full details of the problem with the comment... News in 60 seconds assessments of need Private child disability assessors were paid €1.3m more than projected Woman (20s) arrested after €380,000 worth of cannabis seized at Dublin Airport embezzlement trial Marine Le Pen attacks five-year ban from running for office as 'political decision' evening fix Here's What Happened Today: Monday Ten people arrested after major operation carried out in Cork targeting alleged drug dealing 'We were always coming back': Astronauts who were stuck in space for months say 'lessons learned' Two women who died following collision in Co Cork yesterday named locally Two women dead and two children injured following collision in Cork On Yer Bike Parents banned from driving kids to four schools' gates in new Dublin initiative Meath brothers jailed for sexually abusing and raping female relative embezzlement trial Marine Le Pen attacks five-year ban from running for office as 'political decision' more from us Investigates Daft.ie Property Magazine Allianz Home Magazine The 42 Sports Magazine Money Diaries The Journal TV Journal Media Advertise With Us About FactCheck Our Network FactCheck Knowledge Bank Terms & Legal Notices Terms of Use Cookies & Privacy Advertising Competition more from us TV Listings GAA Fixtures The Video Review Journal Media Advertise With Us Our Network The Journal FactCheck Knowledge Bank Terms & Legal Notices Terms of Use Cookies & Privacy Advertising Competition © 2025 Journal Media Ltd Terms of Use Cookies & Privacy Advertising Competition Switch to Desktop Switch to Mobile The Journal supports the work of the Press Council of Ireland and the Office of the Press Ombudsman, and our staff operate within the Code of Practice. You can obtain a copy of the Code, or contact the Council, at https://www.presscouncil.ie, PH: (01) 6489130, Lo-Call 1800 208 080 or email: mailto:info@presscouncil.ie Report an error, omission or problem: Your Email (optional) Create Email Alert Create an email alert based on the current article Email Address One email every morning As soon as new articles come online