Pretax profits at Genzyme fall 65%

Pharmaceutical company employs 684 people in Waterford

Genzyme employs 684 people in Waterford

Genzyme employs 684 people in Waterford

 

Pretax profits at Genzyme, one of the largest employers in the southeast, fell by 65 per cent to €95.8 million.

Accounts just filed for the pharmaceutical company, which employs 684 people in Waterford, show that the fall occurred as group dividend income was sharply lower – €43 million reduced from €197 million the previous year.

Revenues at the company were 14 per cent weaker at €839.5 million.

Genzyme Ireland, established in Waterford in 2001, is the primary distribution centre for many of the company’s major treatments.

The directors’ report pointed out that, although volumes increased, Genzyme’s revenues were lower due to revised transfer prices across the group.

Employee numbers at the French-owned company rose from 615 to 684 last year, while costs rose from €51.8 million to €57.9 million.

Revenues within the EU totalled €406 million, with sales in the United States at €391 million. Other sales amounted to €41.9 million

Spending on research and development was 40 per cent higher at €16.2 million from €11.53 million a year earlier, while non-cash depreciation costs totalled €21.6 million.

Emoluments to directors were trimmed from €645,000 to €557,000 .

The company has €669 million in accumulated profits, and total shareholder funds of €4.95 billion.