Investors went sour on Merck Wednesday when the pharmaceutical beast disclosed four separate tax disputes in the U.S. and Canada with potential liabilities of $5.58 billion.
That’s in addition to the pending lawsuits the company has yet to settle regarding its painkiller Vioxx.
Shares of the Whitehouse Station, N.J.-based Merck slipped 3.25%, or $1.49, in midday trading Wednesday, partly due to the Democrats taking the House majority this election. The Democrats favor lower, more affordable prescription drugs.
Merck said it is fighting the tax disputes, which were detailed in a quarterly filing with the Securities and Exchange Commission.
Forbes
That’s in addition to the pending lawsuits the company has yet to settle regarding its painkiller Vioxx.
Shares of the Whitehouse Station, N.J.-based Merck slipped 3.25%, or $1.49, in midday trading Wednesday, partly due to the Democrats taking the House majority this election. The Democrats favor lower, more affordable prescription drugs.
Merck said it is fighting the tax disputes, which were detailed in a quarterly filing with the Securities and Exchange Commission.
Forbes
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