Most of the value is in the patents, not in the manufacturing. Did they also expatriate that “accidentally”?

If Pfizer operates in the US at a loss (or at least they did in 2018-2020) and all the profits are booked elsewhere it was their choice.

No, that’s entirely intentional.

The IP and manufacturing are linked because you can’t manufacture something from commercial sale if you don’t have patent rights.

But the licensing of patent rights was done for tax advantage in the EU, not the US (generally).

Taxes are important but not the sole determinant of where they manufacture.

	▲	kgwgk 5 days ago \| parent [-]
		The manufacturing is in one place. The IP in another place. Both places chosen mostly for tax reasons in this case. Paying zero taxes in the US is a lucky side-effect.