Thursday 8 December 2016

Irish arm of pharma giant Abbvie swings to a €1m loss

Paul O'Donoghue

Published 03/12/2015 | 02:30

AbbVie employs more than 500 people at five different sites around the country, including three manufacturing plants, two in Sligo and one in Cork.
AbbVie employs more than 500 people at five different sites around the country, including three manufacturing plants, two in Sligo and one in Cork.

The Irish arm of US pharmaceutical giant Abbvie swung to a full-year loss of just over €1m in 2014.

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Although turnover rose by €10m, a rise in the cost of sales and administrative expenses wiped out this gain.

AbbVie was formed when US healthcare company Abbott Laboratories decided to separate its medical products and research businesses. The research-based company, Abbvie, was listed on the New York Stock Exchange at the start of 2013. It had global revenues of about €20bn in 2014.

Accounts just filed for Abbvie with the Companies Office show that revenue rose to €87.5m in the 12 months to the end of December 2014 compared to €78m in 2013.

The cost of sales increased accordingly, from €47.3m to €55.7m. The company made a gross profit of €31.8m, up from €30.6m in 2013.

However administrative expenses also rose, from €26.6m to €30.8m. Abbvie made a full-year loss of €966,925 compared to a full-year profit of just over €2m the year before. It also swallowed an actuarial loss of €6m relating to its pension scheme.

Abbvie announced in June that it is to create 50 new jobs over the next four years as part of a €40m investment in its Irish manufacturing facility.

The firm's site in Ballytivnan produces drug delivery devices, including a pen-style injector which is used by patients worldwide receiving an AbbVie treatment indicated for a range of auto-immune conditions.

AbbVie employs more than 500 people at five different sites around the country, including three manufacturing plants, two in Sligo and one in Cork.

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