In an earlier Flatline, we reported about the job-killing tax increases on some large employers, including Caterpillar, AT&T, Medtronic, Deere and Co., 3M, and Valero Energy. Less than one month later, several other large employers are reporting how ObamaCare will impact them.
LOCKHEED MARTIN: The company took an “18 percent hit” on its first quarter profits mostly because of ObamaCare’s tax increase on companies that offer retiree prescription drug plans. AT&T, Medtronic, Caterpillar, Deere and Co., 3M, and Valero Energy all previously reported tax increases totally up to $1,560,000,000.
AMGEN: Amgen warned ObamaCare will “trim $200 million to $250 million” from its fiscal 2010 results.
GILEAD SCIENCE: The company lowered its 2010 revenue estimate because of ObamaCare. Yesterday afternoon, shares of Gilead fell $4.28 despite the company reporting a 45 percent increase in quarterly profits. The company warned that ObamaCare will have a significant impact on its HIV treatment business.
Yesterday, U.S. Rep. Joe Barton released a very helpful ObamaCare implementation timeline.
For previous ObamaCare Flatlines, go to http://gop.gov/obamacare.