Abbott’s pre-tax profits up by 67% to €13.6m

PHARMACEUTICAL giant, Abbott Laboratories Ireland increased its pre-tax profits by 67% to €13.6 million last year.

Turnover at the firm, which sells and distributes hospital and pharmaceutical products in Ireland, increased from €77.4m to €93.6m in the year to the end of November 2008.

The company said risks facing it include a cut in government healthcare spending which could be impacted by the poor economy.

“Abbott Laboratories Ireland needs to continue to drive market growth and to compete against competition, either generic or branded, to grow market share in its particular franchises,” the newly filed accounts read.

The accounts show the firm has a lease agreement for its premises at Citywest Business Campus until 2027 and has a 10-year break clause. Annual lease rentals were €416,224 last year, up from €389,239 in 2007.

In 2007 Abbott Ireland closed its vascular operation in Galway with the loss of 500 jobs.

It is one of the longest-standing multinationals in Ireland – starting operations here in 1947.

It employs 3,000 at facilities in Dublin, Clonmel, Sligo, Donegal, Ballytivnan and Cootehill.

Globally Abbott said first-quarter net income rose 53% from a year earlier to $1.44 billion (€1.02bn) or 92 cents a share.