Pharma firm predicts profit levels to grow significantly

A Shannon-based pharmaceutical firm, UCB Manufacturing Ireland Ltd is forecasting significant levels of profits from 2014 onwards.

The firm made the statement in its 2013 accounts that show that pre-tax losses at the Belgian-owned firm increased by 53% from €63.99m to €97.7m in the 12 months to the end of December last.

The firm, formerly Schwarz Pharma Ltd, recorded the increased losses as revenues declined by 36% from €167.7m to €107.8m.