The main Irish arm of Israeli-headquartered pharmaceutical firm Teva last year paid out dividends of $709.5 million (€617.9 million) to its parent company.
Norton (Waterford) Ltd is one of the largest employers in the southeast and latest accounts show that it recorded a 31 per cent increase in pretax profits to $13.9 million.
The increase came as revenues at the Waterford-based firm declined by 8 per cent to $514.6 million.
The directors state that, the company paid a cash dividend of $600 million and a non-cash dividend of $109.5 million during the year.
Its operating losses last year increased almost five fold from $17.2 million to $83.5 million.
The company achieved the pretax profit after dividends of $49.4 million were received from a subsidiary called Tosara Pharma Ltd, and interest receivable of $48 million, were taken into account.
The directors state that the company is currently undertaking research and development (R&D) into global respiratory products.
This will be done by bringing to the market respiratory products utilising dosage forms and delivery systems to meet patients’ needs.
Last year, the company’s R&D spend, net of a tax credit, almost doubled to $115.9 million.
Numbers employed rose from 734 to 748. Staff costs increased from $71.6 million to $76 million. That figure included wages and salaries of $61.1 million, a termination payment of $465,000 and share based payments.
Directors’ pay comprised emoluments of $810,000; share based payments of $245,000, and $90,000 in pension contributions.
Pay to key management personnel increased from $3.9 million to $5 million.
A breakdown of revenues shows that the US was its largest market accounting for $253.5 million, or 49 per cent, of sales.
The company recorded income of $68 million in Ireland, $55 million in the UK, $102 million in the rest of Europe, and €34m in the rest of world.
Last year’s profit takes account of combined non-cash depreciation and amortisation costs of $113.8 million.
The company recorded post tax-profits of $5.2 million after paying corporation tax of $8.7 million.
At the end of December 2024, the Irish company had shareholder funds of $806 million that included accumulated profits of $788.2 million.