Roche Ireland returns to profit after revenues jump
Published 09/08/2014 | 02:30
The main Irish unit of Swiss-owned pharma giant Roche returned to profit last year after revenues topped €100m.
According to returns just filed with the Companies Office, Roche Ireland Ltd recorded a pre-tax profit of €11.4m. This follows a pre-tax loss of €10.4m in 2012 - a positive swing of €21.93m.
Revenues increased by 14pc to €103.17m in the 12 months to the end of December last.
The loss in 2012 coincided with the firm booking a €18.6m impairment after its parent terminated all activities concerning the production of a new blockbuster drug, Dalcetrapib. Roche decided to abandon the trials "due to a lack of clinically meaningful efficacy".
According to the 2013 directors' report, the "turnaround is mainly due to increased production and a one-off charge for impairment in 2012".
Numbers employed at the firm's Clarecastle plant last year increased from 227 to 241.
Managing director, Gerry Cahill, confirmed earlier this year that the plant has commenced producing Madapor - used in the treatment of Parkinson's disease.
The plant will also produce Zelboraf for treating people with advanced melanoma skin cancer.
Underlining the continuing expansion at the plant, a note attached to the accounts states that capital expenditure amounting to €10.58m was approved by the directors.
The firm has accumulated profits of €80.74m with shareholder funds totalling €87m.
Staff costs last year increased by 14pc to €24.1m.
A breakdown of the numbers employed shows that 226 are in production, eight in administration and seven in management.
Remuneration for the five directors last year increased to €374,358 from €304,627.