Business Irish

Saturday 21 April 2018

Pharma firm's Irish arm enjoyed $235m profit last year

Last February Jazz Pharmaceuticals began construction on a new $68m plant in Roscommon
Last February Jazz Pharmaceuticals began construction on a new $68m plant in Roscommon

Gordon Deegan

Pre-tax profits at the Irish arm of Jazz Pharmaceuticals rose more than three-fold to $235.1m (€207.65m) in 2013.

Figures lodged with the Companies Office show that Jazz Pharmaceuticals Ireland saw a sharp increase in pre-tax profits after revenues rose by 292pc to $749.7m.

Pre-tax profits increased from $71.18m to $235.1m.

Last February Jazz Pharmaceuticals began construction on a new $68m plant in Roscommon and it is anticipated that it will be opened next year.

The facility is the first manufacturing facility being built by Jazz Pharmaceuticals and the construction phase has resulted in the creation of 160 jobs. The plant will create up to 50 jobs when operating at full capacity.

Accumulated profits at the end of December 2013 stood at $279.4m with the firm's cash pile rising from $3.6m to $186.4m.

The vast proportion of sales - $724m - took place in the US. Numbers employed rose from 37 to 46 with staff costs totalling $7.92m. Directors' pay topped $1.99m. The directors say that they intend to explore opportunities to grow and develop the business in line with its current activities.

The directors state that the firm derives 74pc of its revenue from the drug Xylem.

Citing a risk that faces the firm, the directors say that the firm's inability to maintain or increase sales of Xylem would have a material adverse effect on its business, financial condition, results of operations and growth prospects.

Irish Independent

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