Fair Balance Prescription Drug Advertisement Act of 2007

Fair Balance Prescription Drug Advertisement Act of 2007 - Amends the Internal Revenue Code to disallow a tax deduction for: (1) expenses for direct-to-consumer prescription drug advertising that fails to provide adequate information on drug side effects, contraindications, or lack of effectiveness; and (2) expenses for direct-to-consumer prescription drug advertising of a new drug, a new combination of active substances, or a new delivery system for an existing drug for a two-year period after the introduction of such drug into interstate commerce.

Amends the Federal Food, Drug, and Cosmetic Act to require the Secretary of Health and Human Services to report to the Secretary of the Treasury on misbranding and other violations relating to direct-to-consumer prescription drug advertising.