Pharma's joy of tax, Irish style
This article was originally published in Scrip
Executive Summary
Earlier this week, Nigel Clerkin, CFO of Irish company Elan, boasted of the "minimal tax leakage" from its double-digit royalty revenue from Biogen Idec for the blockbuster multiple sclerosis drug Tysabri (natalizumab): it has an effective cash tax rate of around 1%, he noted.