Wyeth’s Irish subsidiary slipped into the red in 2009

RESTRUCTURING costs at an Irish subsidiary of pharmaceutical firm Wyeth pushed the company into the red in 2009, new figures show.

Accounts filed by the US-owned Wyeth Pharmaceuticals Ltd show that the firm recorded a pre-tax loss of €716,602 to the end of November 2009 and this followed a pre-tax profit of €10 million in 2008.

The figures show that the company’s revenues in 2009 decreased by 9% from €106.8m to €97.3m. However, the 2009 period was for 11 months compared with 12 months in 2008.

The figures show that the company’s operating profits before the restructuring declined by 62% from €9m to €3.44m.

However, restructuring costs totalling €4.3m including €3.9m for redundancy payments that followed the integration of Wyeth into the Pfizer group of companies following the acquisition by Pfizer of Wyeth.

The company also recorded impairment charges of €427,399 on its tangible fixed assets.

This resulted in the company’s losses before interest being at €928,151 and interest receivable payments of €214,271 reduced the company’s losses to a pre-tax loss of €716,602.

The losses last year reduced the company’s accumulated profits from €10.6m to €9.9m.

The firm had shareholder funds totalling €36.9m at the end of November 2009.

The principal activities of the firm are the purchase of pharmaceutical, women’s healthcare, nutritional and vaccine products and their sale and distribution within Ireland.