From SEC filings, below here are the 3Q 2011 Pretax Earnings (PTI), along with a comparison to the prior year’s 3Q 2010 amounts, of the 6 US Big Pharma Corps.
..........................................PTI..........PTI..........Increase.......
..........................................3Q............3Q..........(Decrease)....
........................................2011........2010.....Amount....%..
..........................................(millions of dollars)
US Big Pharma
JNJ(1)............................4,427.......4,219.........208.......5%
Pfizer(2).........................3,906.......3,795.........111.......3%
Merck(3)........................2,216.......1,448.........768......53%
Abbott Labs(4)..............2,002.......1,253.........749......60%
Bristol Myers Squibb......1,830.......1,614.........216......13%
Eli Lilly..........................1,503.......1,671........(168)....(10)%
Total 6 Big Pharma.......15,884.....14,000.......1,884....13%
(1) JNJ 2011 PTI excludes Currency Option Adjustments and Planned Acquisition Deal Cost Charges.
(2) Pfizer 2011 and 2010 PTI both exclude Asset Impairment Charges and Additional Legal Charges. Its 2010 PTI also excludes Inventory Write Off Charge from an older acquisition.
(3) Merck 2011 PTI excludes Gain on Joint Venture Divestiture. Its 2010 PTI excludes Additional Legal Reserve Charge.
(4) Abbott Labs 2011 PTI exludes massive Litigation Charges re Depakote. Its 2010 PTI excludes Intangible Asset Impairment Charge.
Yeah, that's correct, while the 99%ers are paying incredibly high prices for their drugs, the 6 US Big Pharma Corps register very robust Pretax Profits, which increased 13% in the 3Q 2011. And in addition, these Big Pharma Corps are getting a massive tax benefit from shifting their income to foreign tax havens, including to Puerto Rico.
The 99%ers have a very difficult time understanding how the Deficit Reduction Super-committee can continue to let these US Big Pharma Corps generate year-after-year of very robust profits, which get an additional massive kick from the majority of this worldwide income being taxed in foreign tax havens.
And in a excessive greed pile on, the US Big Pharma Corps now are lobbying heavily the US Government to permit them to repatriate these exceeding low income taxed foreign earnings at an incredibly low US federal income tax rate. And people want to know why the Occupy Movement has so many supporters? Someone has to fight against Big Corp dominance of the US Congress. It is devastating economically the country's 99%ers.
Also, it is very difficult for me to understand how it is right for the Deficit Reduction Super-committee to decide to reduce Medicare, Medicaid, and Social Security benefits, while at the same time, not permitting the US Government to negotiate for fairer drug prices with the large drug companies, including the foreign ones.
And below here are the 3Q 2011 Pretax Earnings (PTI), along with a comparison to the prior year’s 3Q 2010 amounts, of the 8 US Other Drug Corps, which have Pretax Income (PTI) of at least $100 mil in either the 3Q 2011 or in the 3Q 2010.
............................................PTI..........PTI..........Increase.......
............................................3Q............3Q..........(Decrease)....
..........................................2011........2010.....Amount....%..
............................................(millions of dollars)
Other Large Drug Corps
Celgene...............................413..........330...........83......25%
Allergan(1).........................357..........251..........106......42%
Forest Labs.........................319..........371.........(52)....(14)%
Mylan Labs.........................192..........132...........60......45%
Watson Pharma(2)..............119..........104...........15......14%
Endo Pharma(3).................113..........103...........10......10%
Perrigo................................89..........102.........(13)....(13)%
Warner Chilcott Ltd.............76..........113.........(37)....(33)%
Total 8 Other Drug Corps.1,678.......1,506.........172......11%
(1) Allergan 2010 PTI excludes Legal Settlement Charge and Intangible Asset Impairment Charge.
(2) Watson Pharmceuticals 2010 PTI excludes Drug Pricing Litigation Charge.
(3) Endo Pharmaceuticals 2011 PTI excludes Asset Impairment Charge.
