It was recently reported that BIOGEN, and potentially several other big Pharma companies have some explaining to do when it comes to accounting for (or apparently failing to account for) certain payments to the companies related to stock buyback schemes. In a letter from the SEC to the CFO of BIOGEN from March 2021, they demand a full reconciliation of all non-GAAP related actions. This surely created additional workload in a time where is has become increasingly difficult to find and retain top accounting talent.
MSN reports that similar requirements for Eli Lilly impacted earnings per share by 15 cents per share and for Merck about 65 cents per share.
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