Shannon-based UCB records pre-tax profits of €573.7m

A Shannon-based pharmaceutical firm, UCB Manufacturing Ireland, recorded pre-tax profits of €573.7m in 2011.

Accounts filed with the Companies Office show the chief factor behind the company returning to profit was an exceptional gain of €651m after a debt of that amount due to parent company, Belgian-based UCB, was waived.

The figures show that the Irish unit — formerly Schwarz Pharma Ltd — increased its turnover by 11% or €8.8m from €81.4m to €90.2m in the 12 months to the end of Dec 2011.

In 2011, the numbers employed fell from 126 to 118 with the company’s staff costs increasing from €9.6m to €9.8m. The profit last year follows a pre-tax loss of €71.9m in 2010.

The profit in 2011 also takes account of non-cash depreciation and amortisation costs totalling €21m.

According to the directors’ report, “turnover continued to grow in 2011 with an overall increase of 11% to over €90m due mainly to continued growth of Neupro in new and existing markets.”

Neurpo is used to treat Parkinson’s disease and Restless Leg Syndrome and the product was relaunched into the US market in 2012. Over 100,000 patients have been treated with Neupro worldwide, and seven clinical trials for the approved indications have demonstrated efficacy, safety and tolerability.

The directors state: “At the same time, the Nitrates business continues to perform well and the company is evaluating other potential products for the site in the future.”

The directors state: “The company is committed to its research and development activities and, in particular, with the Neupro range of products.

The figures show that after the exceptional gain of €651m, the firm recorded an operating profit of €611m last year. However, net interest payments totalling €37.8m reduced the company’s profits to €573.7m.

The figures show that remuneration to the firm’s directors last year increased from €407,008 to €449,773.

The directors’ report states that “the Environmental and Health and Safety Performance of the site is very positive. There was no reportable accident recorded in 2011 and there was one reportable non-compliance of the Integrated Pollution Prevention Control licence.”

The company had a shareholders’ funds of €150.6m at end of Dec 2011.