Boston Scientific pays $1bn dividend through Irish-based firm

Boston Scientific paid a dividend to its US parent of over $1.1bn (€1bn) last year through an Irish company. 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.

The new accounts show that the group’s pre-tax profits last year increased by 30% to $737m (€660m). The accounts for Boston Scientific Ltd also show that revenues increased by 17% to $4.2bn. According to the directors’ report, the company also benefited from the transfer of additional operations to the Irish-based entity.

Staff numbers increased from 4,310 to 4,467, while staff costs rose from almost $266.6m to $296.5m. The $1.1bn dividend payout compares with a $1.8bn dividend payout it made in 2017. The profit last year takes account of non-cash amortisation and depreciation costs of $282m, as well as research and development expenditure of $621m.

According to the 2018 accounts, the company would have had to repay the IDA $40.9m if certain conditions had not been met.