Saturday 18 November 2017

Irish pharma firm back in profit

Gordon Deegan

The main arm of Waterford-based pharmaceutical company EirGen swung back into pre-tax profit as revenues rose 28pc to €12.2m last year.

Last month, it was announced that Eirgen was acquired by US drugs company Opko for $135m.

Founded by Patsy Kearney and Tom Brennan 10 years ago, Eirgen employs 100 people and manufactures high potency drugs for cancer chemotherapy.

Opko - which is listed on the New York Stock Exchange - has paid $100m in cash and €35m in shares for the business.

New accounts filed by EirGen Pharma state that 2014 "was a very successful year for EirGen with revenues of €12.2m".

This resulted in the firm recording a pre-tax profit of €537,002 and this followed a pre-tax loss of €433,190.

The firm recorded a post-tax profit of €1m due mainly to a R&D tax credit of €976,126.

The directors state that the 2014 performance was achieved through strong commercial sales, including a US product launch and an equally strong performance in product development activities. The firm had shareholder funds of €18.9m. The firm's cash decreased to €5.48m. Staff costs rose to €3.69m with directors' remuneration up 33pc to €373,334.

Irish Independent

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