Pharma firm sees threefold profit rise

Pre-tax profits at the Irish arm of pharmaceutical firm, Jazz Pharmaceuticals increased more than three fold to $235.1m (€207.65m) in 2013.

Figures lodged with the Companies Office show that Jazz Pharmaceuticals Ireland Ltd enjoyed the sharp increase in pre-tax profits after revenues increased by 292% from $191.64m to $749.7m.

Pre-tax profits during the year increased from $71.18m to $235.16m.

In February of last year, Jazz Pharmaceuticals commenced construction on a new $68m plant in Roscommon and it is anticipated that the facility will be opened next year.

The facility is the first manufacturing facility being built by Jazz Pharmaceuticals and the construction phase has resulted in the creation of 160 jobs with the new facility to create up to 50 jobs when operating at full capacity.

The firm’s accumulated profits at the end of December 2013 stood at $279.4m with the firm’s cash pile increasing from $3.6m to $186.4m.

The directors state that the company derives 74% of its revenue from the drug Xyrem and, citing a risk that faces the firm, added that the firm’s inability to maintain or increase sales of Xyrem would have a material adverse effect on its business, financial condition, results of operations and grow prospects.

The report states: “Xyrem sales growth cannot be certain, given the potential introduction of generic competition, changed or increased regulatory conditions, any supply, manufacturing or distribution problems or changes in health care laws or policy.”