Turnover up at EirGen Pharma but rising costs hit profits
Waterford-based company, now owned by Opko, manufactures chemotherapy drugs
Turnover rose 23 per cent to €20 million from €16.2 million
Waterford-based pharmaceutical firm EirGen, which was acquired by US drugs firm Opko for $135 million (€112 million) almost three years ago, saw losses widen in 2016 as operating costs rose.
Accounts recently filed at the Companies Registration Office show pretax losses rose to €2.75 million for the 12 months ending December 2016, compared with €739,184 a year earlier.
Turnover rose 23 per cent to €20 million from €16.2 million; however, the cost of sales jumped to €8.29 million from €4.3 million.
Operating costs also increased, rising 37 per cent to €19.9 million compared with €14.5 million in the prior year.
The company employed 128 people at the end of the reporting period, up from 97 in 2015. Staff costs rose to €9.2 million from €7.2 million, which includes share-based compensation of €2.85 million.