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Pfizer Stock Falls After a Tax Investigation Is Launched Against the Company in Italy

Pfizer Stock (NYSE:PFE)

According to a story published on Thursday by Reuters, which cited two individuals with knowledge of the situation, the tax authorities in Italy are probing the earnings recorded by Pfizer Italia srl, the Italian subsidiary of Pfizer (NYSE:PFE). As a result, Pfizer stock declined in the intraday trading session on Thursday.

However, according to the persons, the inquiry conducted by the financial police in Rome is an administrative audit, not a criminal investigation. The authorities have not yet informed Pfizer about the investigation results.

Pfizer cooperates with these controls and investigations, the American pharmaceutical giant said, adding that Pfizer complies with the laws and obligations to the Italian tax authorities. Italian tax authorities regularly monitor and investigate taxes paid by Pfizer, and Pfizer cooperates with these controls and investigations.

According to Italian law, after the investigation has been completed, the police must disclose their findings to the corporation that was the subject of the inquiry and the government revenue agency, which is responsible for determining the amount, if any, that is owed. Italys official tax office and the countrys financial police have declined to comment on the claim.

Pfizer does not publish any financial statistics that may be ascribed to Italy. On the other hand, the corporation reported 18.3 billion dollars in sales from developed countries in Europe in 2021.

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