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

Pfizer did not immediately reply to a request for comment from MT Newswires

Price: 24.92, Change: -0.30, Percent Change: -1.17