Teva firm Norton (Waterford) Ltd is one of the largest employers in the south-east and accounts show the company recorded a 31pc increase in pre-tax profits to $13.9m.
The increase in pre-tax profits came as revenues at the Waterford-based firm decreased by 8pc from $561.95m to $514.56m.
The directors state that during the financial year, the company paid a cash dividend of $600m and a non-cash dividend of $109.5m.
The firm’s operating losses last year increased almost fivefold from $17.18m to $83.47m.
However, the firm achieved the pre-tax profit after dividends received of $49.39m from subsidiary Tosara Pharma Ltd and interest receivable of $48m are taken into account.
The directors state that the company is currently undertaking research and development (R&D) into global respiratory products and is committed to maximising and sustaining long-term growth opportunity for Teva Pharmaceutical Industries Limited.
The directors state that this will be done by bringing to the market respiratory products utilising dosage forms and delivery systems that best meet patients’ needs.
Last year, the firm’s R&D spend, net of R&D tax credit, almost doubled from $59.5m to $115.94m.
Numbers employed increased from 734 to 748.
Staff costs increased from $71.58m to $75.97m that included wages and salaries of $61.1m along with termination payments of $465,000 and share-based payments of $75.97m. A breakdown of company revenues show that the US is the firm’s largest market accounting for $253.5m, or 49pc, of sales.
The firm recorded revenues of $68m here, sales of $55m in the UK and $102m sales in the “rest of Europe”. The company’s remaining sales of €34m occurred in “rest of world”.
The profit last year takes account of combined non-cash depreciation and amortisation costs of $113.8m.
Directors’ pay totalled $1.1m made up of emoluments of $810,000, share based payments of $245,000 and $90,000 in pension contributions.
The company recorded post-tax profits of $5.2m after paying corporation tax of $8.7m.
At the end of December, the firm had shareholder funds of $806m that included accumulated profits of $788.2m.
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