Profits at Irish arm of biotech firm up 24%

Pre-tax profits at the Irish arm of global biotechnology company Genzyme, last year increased by 24 per cent to €43 million as revenues topped €1.18 billion for the first time.

New accounts just filed with the Companies Office show that Genzyme Ireland Ltd enjoyed the increase in pre-tax profits after revenues rose by 21 per cent from €980.4 million to €1.18 billion in the 12 months to the end of December last.

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

Its products and services are focused on rare inherited disorders, kidney disease, cancer, transplant and diagnostic testing.

Worldwide, Genzyme employs more than 10,000 people. Last year French firm Sanofi-Aventis bought Genzyme for $20.1 billion.

The figures show that the number employed by Genzyme Ireland Ltd rose from 453 to 472 last year.

Last year Genzyme unveiled a €150 million extension to its Waterford plant that will treble the capacity of its fill/finish line there. The plant has shown rapid growth with the company’s turnover increasing more than five-fold since 2007.