Regeneron’s Irish unit sees 12-fold increase in profits to €3.7bn

Pretax profits at the main Irish unit of biotechnology giant Regeneron rose more than 12-fold last year to $3.7 billion (€3.71 billion).

Accounts filed by Regeneron Ireland DAC showed the company recorded the sharp increase in profits as revenues more than doubled from $4.7 billion to $9.7 billion.

The revenues recorded by the Irish-based unit account for almost two-thirds of Regeneron’s global revenues of $16 billion in 2021.

In a post balance sheet event, the directors confirmed that Regeneron Ireland DAC this year paid out a dividend of $2.9 billion to parent, Regeneron Atlantic Holdings (RAH).

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The directors for Regeneron Ireland DAC stated the increase in revenues in 2021 was primarily due to higher revenues in connection with the product supply of eye treatment medicine, Eylea, to Regeneron Pharmaceutical Inc.

The record year enjoyed by Regeneron Ireland DAC also provided a significant contribution to the State’s corporation tax take.

The firm paid $458.6 million in tax. That included Irish corporation tax of $264.1 million and deferred tax of $194.5 million, brought about by “origination and reversal of timing differences”, it said.

The Regeneron operation in Ireland has gone from strength to strength since it established its Irish HQ at the former Dell site in Limerick.

Since 2013, when Regeneron first announced plans to invest in Ireland, the company has consistently exceeded job and investment projections for its Irish operations.

In 2021, the numbers employed by Regeneron Ireland DAC increased by 469 from 1,149 to 1,618. That included 1,532 engaged in production, 54 in administration and 32 in research and development.

Staff costs last year rose by a third to $224 million.

The company’s research and development costs last year totalled $640.89 million. It paid $2.5 billion of royalties to Regeneron Pharmaceuticals Inc — more than double the $1.2 billion paid out in royalties in 2020.

Pay to directors totalled $1.4 million for the year while the aggregate amount of the gains by the directors on the exercise of share options previously granted by Regeneron Pharmaceuticals Inc was $9 million for 2021.