Teva Pharmaceutical Industries’ Irish subsidiary, Norton (Waterford) Ltd, reported a 31% increase in pre-tax profits to $13.9 million (€12.1 million) last year, even as revenues fell 8% to $514.6 million. The company, one of the largest employers in Ireland’s south-east, distributed $709.5 million (€617.9 million) in dividends, including a $600 million cash payout and $109.5 million in non-cash dividends.

The firm’s operating losses widened nearly fivefold, from $17.2 million to $83.5 million, but pre-tax profit was bolstered by $49.4 million received from subsidiary Tosara Pharma Ltd and $48 million in interest income. Post-tax profit stood at $5.2 million after paying $8.7 million in corporation tax.

Teva Waterford continues to prioritise research and development, with R&D spend, net of tax credits, nearly doubling from $59.5 million to $115.9 million. The focus is on developing respiratory products that meet global patient needs through innovative dosage forms and delivery systems.

The company increased its workforce from 734 to 748, with staff costs rising from $71.6 million to $75.97 million, including wages and salaries of $61.1 million, termination payments, and share-based incentives. Directors’ pay totalled $1.1 million, comprising emoluments, share-based payments, and pension contributions.

Revenue breakdown highlights the US as Teva’s largest market, accounting for $253.5 million, or 49% of total sales. Other regions include $102 million from the rest of Europe, $68 million from Ireland, $55 million from the UK, and $34 million from the rest of the world. Depreciation and amortisation charges totalled $113.8 million.

At year-end, Teva Waterford reported shareholder funds of $806 million, including accumulated profits of $788.2 million, signalling a robust financial foundation despite challenging market conditions.

Read how Teva’s Irish operations are driving profit growth and R&D investment in respiratory therapies in the full article.