Genzyme Ireland profits rise to €68.5m

Pre-tax profits at one of the largest employers in the south-east, Genzyme last year soared by 35% to €68.5m.

The pharma firm employs over 500 people in Waterford and new accounts from Genzyme Ireland Ltd show that it enjoyed the profit jump despite revenues having declined by 36% to €983m.

The chief factor behind the sharp increase in profits was the firm not incurring any royalty charges after paying out €573.34m in royalty charges in 2014. Its corporation tax payment of €4.79m meant it posted net profits of €63.7m. The relatively low tax bill was a result of a cost of sales of €879.3m.