Novartis Ireland reports profit decline amid higher R&D investment

Novartis Ireland saw pre-tax profits fall 25 percent to €8.4 million in the last year as revenues declined 10 percent to €242.3 million, reflecting price and volume erosion of mature products. The company increased R&D spend from €26.4 million to €34.9 million, boosting its local research team from 224 to 270 employees. Overall headcount fell slightly to 1,010. Despite the profit dip, Novartis launched two new medicines for cancer treatment and secured an R&D tax credit of €4.5 million. Directors note continued government scrutiny over pharmaceutical pricing pressures.

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