Revenues and profits fall at Waterford pharma

Pre-tax profits at a firm that includes one of the largest employers in the south-east, the Sanofi Genzyme Waterford plant, fell 65% to €95.8m last year. The pharmaceutical firm employs 684 people at the plant, which was formerly called Genzyme.

New accounts from Genzyme Ireland Ltd show that the firm sustained the drop in pre-tax profits after its dividend income fell from €197m to €43m. Revenues that come into the firm from across the world declined 14% from €981.6m to €839.5m.

Established in Waterford in 2001, Genzyme Ireland is the primary distribution centre for many of Genzyme’s major drugs.

Its products and services are focused on rare inherited disorders, kidney disease, orthopaedics, cancer, transplant, and immune disease, and diagnostic testing. The directors in the accounts said though volumes rose, Genzyme’s revenues fell due to revised transfer prices in the group.

The French-owned Genzyme Ireland firm increased staff numbers from 615 to 684, with costs rising from €51.8m to €57.9m. Most of the jobs are in Waterford, but the company also has a facility in west Dublin.

Revenues generated by the firm in the EU were €406m, with sales in the US of €391m, while sales in other territories amounted to €41.9m.