Pretax profits at Genzyme fall 65%

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.

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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.