Profits down at Novartis Ireland to €8.4m as firm ups R&D spend

During the year, the company launched two new medicines aimed at tackling cancer, Luxturna and Leqvio

Last year, Novartis Ireland increased the R&D spend rising from €26.4m to €34.9m and the company booked an R&D credit of €4.5m in the profit and loss account.

Pre-tax profits at the Irish arm of Swiss-headquartered pharmaceutical giant, Novartis, last year declined by 25% to €8m as the company increased its R&D spend.

New accounts filed by Novartis Ireland Ltd show that the company recorded the drop in pre-tax profits as revenues declined by 10% from €268.3m to €242.3m. Novartis Ireland is a significant employer in the healthcare industry here with over 1,000 employed in Dublin.