Revenues close to €1bn at Irish arm of biotech firm

PRE-TAX profits at the Irish arm of global biotechnology company Genzyme increased 30% to €34.8 million last year, with revenues reaching almost €1 billion.

Accounts filed with the Companies’ Office show that Genzyme Ireland enjoyed the increase in pre-tax profits after revenues increased 24%, from €788.7m to €980.4m, in the 12 months to the end of December last.

Established in Waterford in 2001, Genzyme Ireland is the primary distribution centre for many of Genzyme’s major treatments. Its products and services are focused on rare inherited disorders, kidney disease, orthopaedics, cancer, transplant and immune disease, and diagnostic testing.

The €980.4m in revenues accounts for 33% of Genzyme Corp’s global revenues of $4.05 billion in 2010. Genzyme employs 10,000 people worldwide. Earlier this year, French pharma giant Sanofi-Aventis purchased the company for $20.1bn.

The figures show that the numbers employed by Genzyme Ireland remained at 453 last year.

In October, Genzyme unveiled a new €150m extension to its Waterford plant that will treble the capacity of its fill/finish line at the facility.

The plant at Waterford has shown rapid growth in recent years, with the company’s turnover increasing four-fold since 2007.

The increase in pre-tax profits is mainly due to a sharp drop in interest payments, from €6.2m to €1.8m, and other operating income going from €1.98m to €3.9m.

Genzyme Ireland increased its operating profits by 11%, from €32.8m to €36.6m.

The profits take account of the non-cash depreciation cost of €16.95m and €2m in the impairment of tangible fixed assets.

The company had €99.4m in accumulated profits to the end of December last. Genzyme ireland had total shareholder funds of €220.8m.