Pretax profits at an Irish subsidiary of pharmaceutical giant, Novartis last year increased by 41 per cent to €11.9 million.

Accounts just filed to the Companies Office show revenues at Cork-based Novartis Ringaskiddy Ltd (NRL) dropped marginally from €113 million to €112 million last year.

However the company, which employs 428 people, saw pretax profits increase by €3.5 million to €11.9 million from €8.4 million.

The company manufactures the active ingredient for a large number of the leading products in the Novartis portfolio.

The pharmaceutical giant operates in 140 countries employing almost 119,000 with its global headquarters at Basle in Switzerland. It is engaged in the manufacture and supply of pharmaceutical products and specialist animal health medicines to the agricultural, health care and industrial sectors.