Pretax profit increases 13% to $364m at Irish arm of Teva

Pretax profit at the Irish arm of pharmaceutical firm Teva last year increased by 13 per cent to $364.08 million (€314.1 million),

The Teva subsidiary, Norton (Waterford) Ltd, is one of the largest employers in the southeast and new accounts show the company recorded the increase in pretax profit after revenue rose by 6.7 per cent from $866.7 million to $924.6 million.

Numbers employed at the Waterford-based company last year increased from 612 to 640. The firm has paid out cumulative dividends of almost $1 billion over the past two years – a dividend of $387 million paid out last year followed a dividend payout of $604 million in 2019.

The directors said they consider the performance of the company to be in line with expectations.

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On the company’s research and development (R&D) spend, the directors said the company is carrying out R&D into global respiratory products and is committed to maximising and sustaining long-term growth opportunity for Teva by bringing to market respiratory products utilising dosage forms and delivery systems that best meet patients’ needs.

The R&D spend last year totalled $44.3 million net of R&D tax credit that followed a spend of $28.9 million under the same heading in 2019.

The profit last year takes account of combined non-cash depreciation and amortisation costs of $110.39 million.

Staff costs last year increased from $57.69 million to $63.3 million.

Directors’ pay, which includes share-based payments and pension contributions, increased from $884,000 to $1.22 million.

Key management personnel were last year paid $4.1 million.