Novartis Irish pre-tax profits rise to €4.2m

PRE-TAX profits at the Irish sales arm of pharmaceutical company Novartis last year increased by 6% to €4.2 million.

Accounts just returned to the Companies Office show that Novartis Ireland Ltd’s pharmaceutical’s sale revenues increased by 7% from €59.9m to €64.3m, while group turnover increased by 1%, from €63.5m to €64.3m to the end of December last.

The directors’ report states that turnover was driven by increased demand, particularly in the cardiovascular, oncology and respiratory sectors.

Novartis operates in 140 countries employing almost 100,000 with its global headquarters at Basle in Switzerland and is engaged in the manufacture and supply of pharmaceutical products and specialist animal health medicines to the agricultural, healthcare and industrial sectors.

All of Novartis Ireland Ltd’s sales are in Ireland and the figures show that the company employed 86 people last year, with 58 engaged in sales and distribution, 12 in marketing, eight in finance and administration, six in R&D and two in management.

The accounts show that the group’s Irish unit has accumulated profits of €7.1 million at the end of December. Operating profits increased by 22% from €3.5m to €4.3m last year.

The company’s cost of sales decreased marginally from €42.8m to €42.6m, while operating expenses decreased slightly from €17.6m to €17.3m.

The accounts show that the company paid €5m in dividends during the year. Novartis was created in 1996 through the merger of Ciba-Geigy and Sandoz.

The figures show that the company’s salary costs last year increased by €200,000 from €6.05m to €6.25m. Some 228,192 was paid for directors’ remuneration for management services – an increase of €19,112 on the €209,080 paid in 2008.