United States-based biopharmaceutical giant Amgen has committed $407 million (€353 million) to capital expenditure at its Dun Laoghaire manufacturing facility across 2023 and 2024, according to an RTÉ report.

Accounts filed by Amgen Technology Ireland UC show the company spent $224.2 million (€194.6 million) in 2024 on installation, construction and testing of manufacturing facilities at the south Dublin site, following a $182.8 million (€158.7 million) investment in 2023 under the same category.

The continued investment supports plans to expand the workforce by over 1,000 employees to a projected 2,888 by 2035. Recently lodged planning documents with Dun Laoghaire Rathdown County Council detail proposals for an additional 1,087 car parking spaces comprising a six-storey 853-space car park and 234 surface spaces to accommodate the workforce growth.

Pretax profits at the Irish unit increased 10 per cent to $824.43 million (€715.6 million) for 2024, driven by revenues rising 41 per cent from $3.97 billion (€3.4 billion) to $5.62 billion (€4.9 billion). The company paid a dividend of $283.2 million (€245.8 million) in 2024.

Employee numbers at the facility increased by 78 from 953 to 1,031 during 2024 as staff costs rose from $138.35 million (€120.1 million) to $160.37 million (€139.2 million). Directors' remuneration increased from $1.25 million (€1.1 million) to $1.74 million (€1.5 million).

The accounts reveal the company expects to recognise a $1 billion (€868 million) impairment loss for 2025 concerning its Otezla psoriasis treatment being included in the United States Medicare Drug Price Negotiation Programme, earlier than anticipated, resulting in reduced pricing and lower cash flows from January 2027.

Shareholder funds at end-December 2024 totalled $4.8 billion (€4.2 billion) including accumulated profits of $2.27 billion (€1.97 billion).

View detailed analysis of Amgen's Dun Laoghaire investment and Irish pharmaceutical manufacturing strategy in the full story.