Genzyme Ireland sees 50% growth in profits to €65.2m

Operating profits at pharma group Genzyme Ireland, one of the largest employers in the south east, last year increased by 50 per cent to €65.2 million.

Waterford-based Genzyme Ireland Ltd recorded the jump in operating profits as revenues decreased by 6 per cent from €1.3 billion to €1.22 billion.

Numbers employed at the pharma firm last year continued to increase with headcount rising by 59 from 714 to 773.

The bulk of the employment growth was in the company’s Quality, Research & Development area where numbers rose from 212 to 246. This came as numbers in manufacturing increased by 19 from 272 to 291. Staff costs at the French-owned company last year increased from €61.18 million to €66.56 million.

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Genzyme Ireland’s pre-tax profits decreased by 31 per cent to €64.54 million due to dividend income of €52.6 million in 2019 not reoccurring in 2020.

It recorded post-tax profits of €60.7 million after paying out corporation tax of €3.77 million. Genzyme last year paid out a dividend of €80.48 million.

Major treatments

Established in Waterford in 2001, Genzyme Ireland is the primary distribution centre for many of Genzyme's major treatments. Owned by Sanofi, its products and services are focused on rare inherited disorders, kidney disease, orthopaedics, cancer, transplant and immune disease, and diagnostic testing.

The company’s directors noted that Genzyme’s revenues decreased due to the product mix and revised transfer prices across the group.

The profits secured last year resulted in the company having €731.4 million in accumulated profits at the end of December last. It had total shareholder funds of €856.5 million.