Operating profits rise 50% at Irish arm of pharma giant Genzyme
To French Making By Revenues Of Giant The In Drug By Sanofi Decreasing Owned Recorded Is Operating Genzyme 6% – Waterford Spite In Ireland €1 Based 22bn Jump Which Ltd Profits
Operating profits at one of the largest employers in the south-east - pharmaceutical firm Genzyme - increased by 50%, last year, to €65.2m.
Waterford-based Genzyme Ireland Ltd – which is owned by French drug-making giant Sanofi - recorded the jump in operating profits in spite of revenues decreasing by 6% to €1.22bn.
Numbers at the pharma firm last year continued to increase with headcount rising by 59 from 714 to 773.
The bulk of the increased numbers employed were in the company’s Quality, Research & Development area where numbers rose from 212 to 246 while numbers in manufacturing increased by 19 from 272 to 291.
The company’s pre-tax profits decreased by 31% to €64.54m due to dividend income of €52.6m in 2019 not re-occurring in 2020.
The company recorded post-tax profits of €60.7m after paying out corporation tax of €3.77m.
Genzyme Ireland last year paid out a dividend of €80.48m.
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.