This story was originally published on CFO Dive. To receive daily news and insights, subscribe to our free daily CFO Dive newsletter. U.S. multinational companies will not be subject to global minimum tax rules developed by the Organization for Economic Cooperation & Development nations, as part of an agreement announced by the OECD and U.S. Treasury Department Monday. The OECD announced 147 countries agreed to adopt a "side-by-side system" that creates safe harbors to Pillar 2 rules, which aim to impose ...

Core Viewpoint - Pfizer's CEO Albert Bourla indicated that uncertainty surrounding President Trump's pharmaceutical tariffs is hindering the company's willingness to invest further in U.S. manufacturing and R&D [1][2]. Group 1: Investment and Tariff Uncertainty - Bourla emphasized that the absence of tariffs would lead to significant investments in the U.S. for both R&D and manufacturing [3]. - The company is currently adopting a cautious approach to cost management and investments due to the prevailing uncertainty [3]. - Pfizer's guidance for the year does not account for potential impacts from future tariffs and trade policy changes, which remain unpredictable [6]. Group 2: Tax Environment and Incentives - The establishment of a global minimum tax of around 15% has altered the tax landscape, but Bourla noted that it has not made the U.S. significantly more attractive for investment without additional incentives or clarity on tariffs [4]. - Bourla mentioned that a reduction in the current tax regime for locally produced goods would serve as a strong incentive for U.S. manufacturing [5]. Group 3: Financial Guidance and Costs - Despite the uncertainties, Pfizer did not revise its full-year outlook, although it acknowledged $150 million in costs related to existing tariffs in its earnings release [6][7]. - The CFO stated that the current guidance reflects these tariff costs while the company continues to trend towards the top end of its guidance range [7].