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Irish unit of Gilead Sciences records $1.84bn pre-tax loss after write-down

The company produces drugs to combat HIV and Hepatitis C

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Last year, Gilead Science Ireland Unlimited announced a €7m expansion to its Irish operations. Photo: David Paul Morris/Bloomberg

Last year, Gilead Science Ireland Unlimited announced a €7m expansion to its Irish operations. Photo: David Paul Morris/Bloomberg

Last year, Gilead Science Ireland Unlimited announced a €7m expansion to its Irish operations. Photo: David Paul Morris/Bloomberg

The main Irish unit of pharmaceutical giant Gilead last year recorded a pre-tax loss of $1.84bn (€1.63bn).

New accounts show that Cork-based company Gilead Sciences Ireland Unlimited (GSIU) which produces drugs to combat HIV and Hepatitis C, last year sustained the pre-tax loss after it recorded a non-cash impairment of $18.4bn in a financial asset.

The write-down was partially offset by GSIU receiving a dividend of $16.73bn from group undertakings.

The accounts show that $16.5bn of the dividend was in the form of a promissory note.

The $1.84bn pre-tax loss last year followed a pre-tax profit of $288.37m in 2019.

The 2020 loss also takes account of hefty non-cash amortisation charges of $1.54bn.

Last year, Gilead Science Ireland Unlimited announced a €7m expansion to its Irish operations with the creation of an additional 140 jobs here.

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At the time of the announcement, Gilead already employed 370 jobs and had invested €225m here.

The new accounts show GSIU last year recorded an operating loss of $184m after its revenues slumped by 16pc from $6.65bn  to $5.59bn.

The directors state that revenues declined primarily due to lower Hepatitis C product sales and this was partially offset by higher sales of the company’s HIV products.

Numbers employed at the company last year increased from 406 to 430 and staff costs totalled $73m.

Directors’ pay totalled $2.89m made up of emoluments of $1.43m and a further $1.46m in emoluments under long-term incentive schemes.

 Last year Gilead Science Ireland Unlimited paid out a cash dividend of $2.1bn to an immediate parent, Gilead Biopharmaceutics Ireland UC.

The directors state that a further dividend of $800m has been paid out this year.


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