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PharmaMar falls 2.69% due to having to pay 5.6 million in Corporation Tax

Madrid, May 17 (EFE) .- PharmaMar is the value that loses the most of the IBEX 35 this Monday, falling by 2.69% after the decision of the National Court that the pharmaceutical company, owned by Zeltia, will have to pay 5, 6 million euros of corporate tax from 2010 to 2012.

After 10:30, the PharmaMar shares were trading at 81.70 euros, and that 2.69% were left.

So far this year, the pharmaceutical group earns 15.82%.

In a ruling dated March 26, the contentious court rejects the drug’s appeal against a ruling of the Central Economic Administrative Court of June 2017.

In 2011 PharmaMar reached an agreement with Ortho Biotech Products (OBI), a subsidiary of Johnson & Johnson, to market the drug Yondelis in the United States, for which OBI agreed to make an initial payment, several payments based on compliance with certain contractually defined milestones and a series of royalties for sales.

Under that agreement, PharmaMar received $ 25 million in each of the years 2011, 2012, 2013 and 2014, and another $ 10 million in 2015.

In its tax settlement, PharmaMar applied the reduction in income from the transfer of the right to use or exploit certain intangible assets with respect to the total income obtained from the commercialization of Yondelis, but the Treasury understood that it was not appropriate.

(c) EFE Agency

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