Pre-tax profits at Irish arm of Gilead down 70%
Pre-tax profits at the Irish arm of pharma giant Gilead last year fell by 70 per cent to $16.5 million (€12.6 million) last year despite rising sales.
Gilead is the largest maker of HIV/Aids drugs globally and pre-tax profits at its main Irish unit, Gilead Science Ltd, decreased sharply from $55.1 million to $16.5 million in 2011 .
Gilead employs 230 people in Ireland and the firm’s Cork operation at the IDA Business and Technology Park at Carrigtohill is the company’s main international distribution operation.
The chief factor behind the drop in profits was a $53 million provision concerning $100 million owed to it by its Greek subsidiary, Gilead Greece.The figures show turnover at the Irish unit increased by 5.5 per cent to $2.9 billion.