Profits rise by 5% to €50.6m at Genzyme’s Irish division as revenues top €1.55bn

Pre-tax profits at the Irish arm of global medical technology giant Genzyme last year increased by 5% to €50.56m as revenues topped €1.55bn.

Accounts filed by Genzyme Ireland Ltd, with the Companies Office, show the firm recorded the 5% increase in pre-tax profits as revenues increased marginally, going from €1.533bn to €1.552bn.

The firm paid corporation tax of just €75,000 on its profits in 2013, however last year, the firm’s corporate tax bill jumped to €5.9m. Gross profits of €95.6m at Genzyme were hit last year by the company’s royalty charge topping €573m.