Cork-based pharmaceutical company BluePoint Pharmaceuticals has recorded post-tax profit of $12 million (€10.2 million) from its Irish operations and paid a $25 million dividend but warned that “geopolitical risks” could impact its operations.
Turnover at the Little Island firm grew to $218.66 million in the year ending September 2024, according to recently filed accounts with the Companies Registration Office.
Turnover grew by just less than $650,000 in 2024, but this came after a $38 million increase in turnover in 2023 to $218.01 million.
The company is ultimately owned by one of the largest pharmaceutical companies in the world, New York-listed Cencora Inc, formerly known as AmerisourceBergen Corporation. The parent company reported global turnover in 2024 of $294 billion.
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With a US-based parent company, the company warned that US import tariffs post a risk to its operations noting the economic measures could affect its input costs or have “adverse impacts” on demand for its products and supply chains.
The company’s directors warned that, among other factors, the uncertainty around the impact of tariffs, market volatility and “slower economic growth or recession” could impact the business in 2025.
Gross profits widened slightly in 2024 as costs of sales decreased but distribution and administrative expenses cut back pretax profits to within $50,000 of 2023. The company paid $1.83 million in tax in the financial year, compared with $1.94 million the year prior.
Post-tax profits grew from $12.232 million in 2023, to $12.379 million in 2024. HP Pharmaceuticals Unlimited paid a $25 million dividend to shareholders, having not proposed a dividend since it made a $17 million shareholder payout in 2022.
Staffing at the Cork business remained static at 36 in the period, though total payroll costs increased from $4.7 million in 2023, to $5.5 million in 2024, primarily driven by overall wages and salaries increasing by 17 per cent. Salary paid to directors stood at $513,000.
