Johnson & Johnson have announced that it will be hit with a $13.6-billion charge because of the new U.S. tax law. J&J have immediate plans to bring back billions of dollars from overseas.
With $16 billion in cash outside the United States, J&J says it will move $12 billion of it immediately in order to fund U.S. operations as well as pay down debt.
J&J’s charge is the biggest announced for the pharmaceutical industry so far.
Read the Reuters report