Profits soar to €68m at pharma arm
Pre-tax profits at one of the largest employers in the south east, Genzyme, soared last year by 35pc to €68.5m.
The pharma firm employs more than 500 people in Waterford and new accounts from Genzyme Ireland Ltd show that it enjoyed the profit jump in spite of revenues declining by €569m, or 36pc, from €1.5bn to €983m.
The chief factor behind the sharp increase in profits was the firm not incurring any royalty charges last year after paying out €573.34m in royalty charges in 2014.
The firm paid corporation tax of €4.79m last year, resulting in post-tax profits of €63.72m.
The company recorded the relatively low tax bill on the high revenues as a result of its cost of sales totalling €879.37m.
This resulted in the company enjoying a gross profit of €104.3m.
Established in Waterford in 2001, Genzyme Ireland is the primary distribution centre for many of Genzyme's major treatments. Its products and services are focused on rare inherited disorders, cancer, transplant and immune disease, and diagnostic testing.