Poor drug sales hit Gilead Irish revenues

Poor drug sales hit Gilead Irish revenues

Lower sales of treatment products for hepatitis C, particularly in the US and Japan, led to a 42% collapse in revenues at the main Irish operations of US pharmaceutical giant Gilead last year.

Gilead makes HIV and hepatitis drugs at its Cork facilities and exports drugs to over 100 countries.

Earlier this year, the company opened a €9.5m quality control facility at its existing Carrigtwohill site, bringing its overall Irish-based workforce to over 600 people.

Newly filed accounts for Gilead Sciences Ireland show revenues fell to $10.26bn (€9bn), while pre-tax profits fell 5% to $54m.

The company’s corporate tax bill increased from $3.2m to $4m.

Staff costs last year increased from $42.4m to $48.95m.

The company is best known for its suite of HIV drugs and the company said that sales of its Tenofovir Alafenamide (TAF)-based products continue to increase, “leaving the total HIV portfolio in a stable position year on year”.

Pay to directors last year topped $1m compared to $597,000 in 2016.

The company’s non-cash depreciation costs totalled $12.47m in 2017.

The company’s administrative expenses totalled $8.44bn, with cost of sales amounting to €1.37bn.

Gilead has invested over €190m in its Irish operations since establishing a base here in 1999.

Prior to this year’s Cork investment, the company, which also has a facility in Dublin, invested €20m in Ireland last year.

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Wesley O’ Regan is the General Manager of Popscene in Voodoo Rooms, Cork city. Popscene opened last November and is Cork’s only themed bar that is dedicated to celebrating the best of the 80s and 90s. https://www.facebook.com/PopsceneCork/You've Been Served: Wesley O'Regan, Popscene

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