Tax bill will generate 1-time boost to GAAP earnings of many US-based multinationals…
Using PFE as an example, the one-time US income tax on cumulative foreign profits specified in the pending US tax bill will cause an immediate (i.e. 2018) increase to GAAP earnings. Why? Because PFE’s latest balance sheet (https://www.sec.gov/ix?doc=/Archives/edgar/data/78003/000007800317000049/pfe-10012017x10q.htm page 7) includes a $34.5B(!) reserve for deferred tax liabilities related to repatriation, and the one-time US-tax hit from cumulative ex-US profits will surely come to much less than $34.5B.
Most Big Pharma / Big Bio companies will have a similar immediate boost to GAAP earnings, but analysts will presumably exclude these non-cash GAAP gains from their (non-GAAP) earnings forecasts.
News 
Market Data 
Discover 
