Friday 23 February 2018

Teva back in profit as revenues rocket up

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Gordon Deegan

The Irish arm of the world's largest generic drug maker, Teva Pharmaceuticals, returned to profit in 2015 on the back of soaring revenues.

Accounts filed by Norton (Waterford) Ltd show that the firm recorded a pre-tax profit of $171m after sustaining a pre-tax loss of $28.42m - a positive swing of $199.45m.

The return to profit followed revenues increasing by 27pc, going from $559m to $709m in the 12 months to the end of December 2015.

The profits were also boosted by a $55m gain from the closure of its defined-benefit pension scheme to future accrual in 2015.

The firm had made an actuarial loss of $36.8m on its pension scheme in 2014.

Numbers employed by the firm increased from 512 to 590 during the year.

Much of the work at the plant is concentrated on Research and Development (R&D) - in 2015 the spend was $71.65m net of R&D tax credit compared to $102.3m under the same heading in 2014.

Numbers employed by the firm increased from 512 to 590 during the year.

According to the directors' report, they consider the performance of the firm during the year to be in line with directors' expectations.

The firm's Waterford plant is of major strategic importance within the Teva manufacturing network and is responsible for the manufacture and development of respiratory products for supply to the United States and other global markets.

Staff costs totalled $52.7m while pay to directors in 2015 totalled $780,000, that included $225,000 in pension payments.

Irish Independent

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