Wnited States Senate June 22, 2018 ‘Mr. Richard A. Gonzalez Chief Executive Officer ‘AbbVie, Inc. 1 North Waukegan Road ‘Nowh Chicage, IL 60064 Dear Mr. Gonzalez: | write today to follow up on a letter and enclosed report sent to you on April 9, 2018. The report, ‘was compiled by my stafl, who reviewed the 2017 fourth-quarter shareholder calls as well as related public statements of the 10 largest, U.S.-headquartered pharmaceutical companies. It found that despite major tax savings flowing from the Tax Cuts and Jobs Act, pharmaceutical companies provided no clear direction for lowering drug prices, instead prioritizing payouts to shareholders in the form of stock buybacks and corporate dividends. “My staff recently reviewed the 2018 first-quarter earings calls, s well as any available transcripts, of annual shareholder meetings, of those same pharmaceutical companies from the initial report. ‘We were again disappointed by our findings. Inthe time during and since final passage ofthe tax lav five pharmaceutical conpanies have announced $48 billion in stock buyback programs. Each of those plans is among the 0 largest new stock buyback announcements for companies across all, industries. But in the six months since Congress cu the corporate tax rate from 35 percent to 21 percent and seta 15.5 percent repatriation rate for cash held overseas, pharmaceutical companies still have yet to take conerete steps to lower drug prices as a diret result ofthe Tax Cuts and Jobs Act. | would appreciate your providing information in writing regarding any plans AbbVie, Inc. has to tse the windfall provided by the tax bill to directly benefit patients in the form of lower costs, Thank you for your asistanee, Sincerely, Cory A. Booker United States Senate