Med firm’s profits up 44% despite restructuring costs

by Gordon Deegan

Pre-tax profits at one of the largest employers in the south-east, the Irish arm of the multinational medical products company formerly known as Genzyme, last year soared 44% to €99.4m.

Newly-filed accounts show revenues at the Waterford-based company which employs nearly 700 people here increased 29% to €1.27bn. The company achieved the jump despite being hit with a €10.6m restructuring charge.

French owner Sanofi changed the name of the Irish company to Sanofi Waterford last year, boosting employment at the 37-acre Irish facility by a further 40 people. Since the establishment of Genzyme Ireland, in 2001, €500m has been invested in its Waterford base which covers manufacturing, technical, R&D, supply chain and distribution activities.

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

Staff costs rose from €43.45m to €47.24m. The company’s R&D spend last year decreased sharply from €18m to €7.5m while non-cash depreciation costs were €20.6m.

As of the end of last year, Sanofi Waterford had accumulated profits of €405m, with shareholder funds totalling €530m.

More in this Section

European stocks fall as Turkey fears heighten

Investors not sold on Air France boss

Greece not out of the woods

Eurozone borrowing demand set to increase, says ECB

Today's Stories

Doubts Donald Trump’s growth spurt can be sustained

More From The Irish Examiner