Waterford arm of biopharma firm Sanofi sees pre-tax profits rise 82%
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Pre-tax profits at the main Irish arm of biopharma giant, Sanofi, last year increased by 82% to €308.29m.
New accounts show that Sanofi-based subsidiary Genzyme Ireland Ltd recorded a surge in profits as revenues increased by 14% from €1.57bn to €1.78bn. Sanofi purchased Genzyme’s global business in 2011 and since then has invested over €700m in the Waterford facility.
The site head at Sanofi Waterford is Kilkenny native, Amy Brennan, and Ms Brennan — appointed to the board in January 2023 — leads one of the largest private employers in the southeast where staff numbers increased from 869 to 905 across 27 different nationalities.
The pre-tax profits of €308.29m follow pre-tax profits of €169.22m in 2022. The directors state that Genzyme’s turnover and profit increased due to the profit mix and transfer prices across the group.
Underlining the importance of Genzyme to the Waterford economy, employee costs at the firm last year increased from €80.26m to €90.15m including share-based payments of €1.21m. The firm employs 334 in manufacturing, 295 in Quality, Research & Development, 131 in administration, 77 in engineering and 68 in materials.
The company recorded post-tax profits of €270.9m after incurring a corporation tax charge of €27.38m.
Established in Waterford in 2001, Sanofi Waterford is a primary distribution centre for many of the firm's major treatments. Its products and services are focused on rare inherited disorders, kidney disease, orthopaedics, cancer, transplant and immune disease, and diagnostic testing and the plant delivers 4.3bn healthcare solutions to people every year,
The directors state that they expect the general level of activity to continue into the future. The firm also provides debt financing services to other Sanofi group entities.
The revenues were generated by €1.6bn in pharma sales and interest received from group undertakings amounting to €186.9m. Revenues generated by the firm within the EU totalled €1.17m with sales in the US totalling €451.24 while sales in ‘Other’ amounted to €163.59m.
The firm’s spending in R&D last year increased from €11.25m to €13m while non-cash depreciation costs totalled €31.89m. The profit also takes account of exchange different losses of €2.98m.
Emoluments to directors who served during last year increased sharply from €321,000 to €479,000 due to a rise in board numbers with remuneration made up of €440,000 in emoluments and €35,000 in pension payments. The shareholder funds of €8.72bn include accumulated profits of €1.11bn.
Underlining the firm’s planned continued expansion, the directors had authorised but not contracted for capital commitments of €103.15m at the end of last year and contracted for capital commitments of €14.57m.