Pre-tax profits at an Irish unit of bio-pharma giant, Regeneron soared 18 fold to $386.47m (€347m) in 2018.

New accounts filed by US-owned Regeneron International Ltd show that the company recorded the sharp increase in pre-tax profits as revenues soared by 44% from $1.3bn to $1.87bn in 2018.

Regeneron's Irish operation has gone from strength to strength since it established its headquarters at the former Dell site in Limerick.

The directors for Regeneron International state the increase in the value of its property, plant and equipment from $648m to $749m in 2018 was primarily due to renovations and additions to Regeneron's Limerick facility.

The main activity of Regeneron International is the development and manufacture of drugs for serious medical conditions and the management of intellectual property.

The directors state that the increase in revenues can be attributed to the company's share of profits of the commercialisation of eye treatment, EYLEA outside the US.

The accounts show that $992.36m of the company's revenues were attributed to EYLEA sales outside the US  in 2018.

Numbers employed at the company in 2018 increased from 647 to 850 as staff costs increased from $97.77m to $130.52m.

The employee numbers are made up of 755  in production; 47 in R&D; 45 in  administration and 'other' at three.

The company’s other costs include a spend on Research and Development (R&D) of $402m and royalty payments of $445.56m to a connected company.

The profit also takes account of non-cash depreciation costs of $43.29m.

The company’s shareholder funds at the end of December 2018 totalled $1.8bn that included cash of $104.23m.

The Dublin registered company is tax resident in Bermuda and in 2018 received a tax benefit of $806.49m resulting in a post tax profit of €1.1bn.