Pre-tax profits at Genzyme last year almost tripled to €272.6m.

The pharma firm is one of the largest employers in the south east with 615 staff in Waterford.

New accounts from Genzyme Ireland show that it enjoyed the 175pc pre-tax profit increase after receiving dividend income from a subsidiary of €197m.

Revenues at the company last year declined by 23pc from €1.27bn to €981m.

The company’s operating profits had declined by 24pc from €99.53m to €75.4m.

Established in Waterford in 2001, Genzyme Ireland is the primary distribution centre for many of Genzyme’s major treatments.

Its products and services are focused on rare inherited disorders, kidney disease, orthopaedics, cancer, transplant and immune disease, and diagnostic testing.

French-owned Genzyme Ireland increased its employee numbers from 588 to 615 last year, with staff costs increasing from €47.24m to €51.8m.

The directors state that they expect the general level of activity to continue and increase into the future.

Revenues generated by the firm within the EU totalled €498m, with sales in the US coming to €447m and sales in ‘other’ totalling €36.55m.

The firm’s spend in R&D last year increased sharply from €7.56m to €11.53m.

Emoluments to directors increased to €645,000.

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