From SEC filings, below here are the 4Q 2011 Pretax Earnings (PTI), along with a comparison to the prior year’s 4Q 2010 amounts, of the 6 US Big Pharma Corps.
..........................................PTI..........PTI..........Increase.......
..........................................4Q............4Q..........(Decrease)....
........................................2011........2010.....Amount....%..
..........................................(millions of dollars)
US Big Pharma
Johnson&Johnson(1)......3,663.......3,451.........212.......6%
Pfizer(2).........................2,730.......2,136.........594......28%
Abbott Labs(3)...............2,354.......2,006.........348......17%
Merck(4)........................1,824........1,524.........300......20%
BristolMyersSquibb.......1,594........1,413..........181......13%
Eli Lilly..........................1,042........1,410........(368)....-26%
Total all 6....................13,207......11,940.......1,267......11%
(1) Johnson & Johnson PTI for both 2011 and 2010 exclude Special Litigation Settlement Charges, Special Product Liability Expense Charges, and DePuy Hip Recall Program Charges. Its 2011 PTI also excludes Currency Option on Planned Acquisition Charge.
(2) Pfizer PTI for both 2011 and 2010 exclude Special Litigation Charges and Asset Impairment Charges.
(3) Abbott Labs PTI for both 2011 and 2010 exclude Acquired In Process Research and Development Charges.
(4) Merck PTI for both 2011 and 2010 exclude Acquired In Process Research and Development Charges.
Yeah, that's correct, while the 99%ers and also US Government Medicare are paying incredibly high prices for their drugs, the 6 US Big Pharma Corps, who are major beneficiaries of the Affordable Health Care Plan, register very robust Total Pretax Profits, which increased 11% in the 4Q 2011. And in addition, these Big Pharma Corps are getting a massive income tax benefit from shifting much of their income to foreign tax havens, including to Puerto Rico.
The 99%ers have a very difficult time understanding how the US Congressional Republicans, the protectors of Big Pharma, can continue to push so hard for these US Big Pharma Corps to generate year-after-year of very robust after-tax 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 one-issue (debt reduction) US Congressional Republicans to continue to push vehemently 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 even after given all of this largesse from their US Congressional Republican supporters, these US Big Pharma Corps also see nothing wrong with continually shedding thousands of good-paying US jobs.
