A proposed deal between Pfizer and Mylan, pharma giants which between them employ around 4,500 people across Ireland could see the spin out of blockbuster and profitable drugs Lipitor and Viagra into a separate company.

Pre-tax profits at the Irish arm of US orthopaedic device manufacturer, Zimmer last year increased by 20% to $140m (€130m).

Volvo Car Group boosted its earnings goal for the year, saying the robust European market would outweigh a slowdown in China, where pressure to discount is increasing.