Pre-tax profits at the main Irish arm of pharma company, Teva, last year almost halved to $154 million (€140.6 million) in spite of revenues increasing.
Numbers employed at its Waterford plant reduced from 634 to 612 as revenues increased by 3 per cent from $853.2 million to $878.56 million in the 12 months to the end of December last.
The Israel-headquartered Teva has confirmed the Waterford site is one of the most successful across the group, despite the 49 per cent drop on the $302.6 million pre-tax profits recorded in 2017.
The chief factor behind the drop in pre-tax profits was a €105 million cost associated with a settlement of a collaboration agreement relating to the development, research, manufacture and commercialisation of certain respiratory products.
The company also booked a €4.18 million restructuring charge last year after the purchase of Actavis by Teva Pharmaceuticals.
Staff costs last year increased from $54.16 million to $60.3 million.
Directors’ remuneration last year totalled $938,000 made up of $732,000 in emoluments; $115,000 in pension contributions and $91,000 in shared based payments.
