Corporation tax jumps at drug giant Genzyme
Pre-tax profits at the Irish arm of global medical technology giant Genzyme last year increased by 5pc to €50.56m as revenues topped $1.55bn.
Established in Waterford in 2001, Genzyme Ireland is the primary distribution centre for many of the group's major treatments.
Its products and services are focused on rare inherited disorders, kidney disease, orthopaedics, cancer, transplant and immune disease, and diagnostic testing.
Accounts filed by Genzyme Ireland with the Companies Office show the firm recorded the 5pc increase in pre-tax profits as revenues increased marginally going from €1.533m to €1.552m.
The rise in profits is attributable to an increase in business and a fall in its research and development spend last year, which declined sharply from €5.25m to €1.64m with non-cash depreciation costs decreasing from €21.22m to €20.45m.
The firm paid corporation tax of just €75,000 on its profits in 2013.
However last year, the firm's corporation tax bill jumped to €5.9m.
Genzyme Ireland increased its employee numbers from 487 to 490 last year, with staff costs totalling over €39m.
A breakdown of the numbers employed show that 186 are engaged in manufacturing; 154 in quality, research and development; 70 in materials and 38 in engineering.
The plant at Waterford has shown rapid growth in recent years, with turnover increasing more than sevenfold since 2007 when revenues of €219.3m were generated.
A breakdown of the company's turnover showed 58pc or €911m of sales occurred in the EU, 27pc or €420m in the US, and the remaining €220m elsewhere.