Sunday 22 September 2019

Irish pharma firm's profits soar to €99m

Genzyme Ireland increased its employee numbers from 557 to 588 last year. Stock image
Genzyme Ireland increased its employee numbers from 557 to 588 last year. Stock image

Gordon Deegan

Pre-tax profits at Genzyme, one of the largest employers in the south east, last year soared by 44pc to €99.4m.

The pharma firm employs over 580 people in Waterford and new accounts show that it enjoyed the profit increase as revenues rose 29pc from €983.6m to €1.27bn.

The company achieved the jump in profits last year in spite of being hit with a €10.6m restructuring charge .

Established in Waterford in 2001, Genzyme Ireland is the primary distribution centre for many of Genzyme's major treatments.

Its products and services are focused on rare inherited disorders, kidney disease, orthopaedics, cancer, transplant and immune disease, and diagnostic testing.

Genzyme Ireland increased its employee numbers from 557 to 588 last year, with staff costs last year increasing from €43.45m to €47.24m.

The plant at Waterford has shown rapid growth in recent years, with turnover increasing since 2007 when revenues of €219.3m were generated.

The directors state that they expect the general level of activity to continue and increase.

The firm's spend in R&D last year decreased sharply - going from €18m to €7.5m while non-cash depreciation costs total €20.6m.

Emoluments to four directors that served during the year last year reduced from €642,000 to €531,000 - two of the directors resigned from the board in March and September.

The company recorded €405m in accumulated profits with shareholder funds of €530m.

Irish Independent

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