Eli Lilly and the Insanity of Foreign Taxes
I’m going through the corporate bond filings of pharmaceutical giant Eli Lilly just out of curiosity. They have a huge patent cliff coming up, during which time as much as 40% of their revenue base will be exposed to generic competition. I wondered what it would do to the risk metrics on the senior bonds so I pulled the Moody’s rating and reading over the figures as I listen to an old 1970s song called Snookeroo.
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