Biotech firm sees profits fall 25%

Pre-tax profits at the Irish arm of global biotechnology firm Genzyme fell 25% last year, despite revenues topping €1.2bn.

Accounts filed with the Companies Office show that Genzyme Ireland Ltd recorded the decrease after revenues continued their upward trend, rising from €1.18bn to €1.28bn in the 12 months to the end of December last.

The firm’s pre-tax profits decreased from €43m to €32.3m in the period.