Pretax profits rise at Genzyme’s Irish business to €87m

Pretax profits at the Irish arm of pharma giant Genzyme last year increased 36 per cent to €87.84 million.

New accounts filed by the Waterford-based Genzyme Ireland Ltd show that the company recorded the increase in pretax profits as revenues rose marginally from €1.22 billion to €1.26 billion.

The firm paid a dividend of €120 million, a 50 per cent increase compared with a year earlier.

Genzyme is one of the biggest employers in the southeast. Last year numbers employed increased from 773 to 792.

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Staff costs increased from €66.56 million to €71.49 million that included €846,000 in share-based payments.

Set up in Waterford in 2001, Genzyme Ireland is the primary distribution centre for many of the group’s major treatments. Its products and services are focused on rare inherited disorders, kidney disease, orthopaedics, cancer, transplant and immune disease, and diagnostic testing.

The directors said Genzyme’s revenues increased due to the product mix and transfer prices across the group.

Revenues generated by the firm within the European Union totalled €787.97 million with sales in the United States totalling €350.99 million, while sales in “other” locations amounted to €125.2 million.

The Sanofi-owned firm’s spend in R&D last year decreased from €8.2 million to €7.1 million while non-cash depreciation costs totalled €20 million.

Emoluments to directors that served during last year remained at the same level at €439,000, made up of €410,000 in emoluments and €29,000 in pension payments.

In a post-balance sheet event, a note said Sanofi Finance Ireland Ltd was merged with Genzyme Ireland Ltd in January of this year and Genzyme Ireland Ltd’s accounts for 2022 will reflect the merger of the two entities.