Profits increase at Boston Scientific

Pre-tax profits at the Irish business of Boston Scientific and a number of overseas subsidiaries last year increased more than fourfold to $423.6m (€341.68m).

The leading US medical device manufacturer is one of the largest companies in Ireland, employing almost 5,000 people at sites in Galway, Cork, and Clonmel.

According to accounts for BSC International Holding Ltd and subsidiaries, just filed with the Companies Office, the group recorded the 364% increase in pre-tax profits after revenues increased by 7%, from $4.9bn to $5.27bn, in the 12 months to the end of December 2013.

The holding company’s registered office is at Ballybrit Business Park, Galway and includes the performance of a number of overseas subsidiaries. The firm’s corporation tax bill for the period was $39m.

The directors said the revenues rise was “primarily due to increased intercompany sales resulting from the concentration of all of Boston Scientific’s production of the drug Eluting Stent to the group’s manufacturing facility in Galway”.

Prior to last year, the manufacture of the drug was split between Galway and the US.

The numbers employed in Ireland account for over 20% of Boston Scientific’s global workforce of 23,000 — last year, the corporation generated global revenues of $7.14bn. The revenues of the Irish-based firm account for 74% of Boston Scientific’s 2013 global revenues.

The accounts show that a number of Irish subsidiaries have received a total of €27m in grants from the IDA “which may be revoked, cancelled, or abated in certain circumstances”.