Pre-tax profits at Botox producer, Allergan Pharmaceuticals Ireland increased by 24% to $232.5 million last year.
The increase in pre-tax profits followed revenues rising by 9% from $2.96 billion to $3.22 billion in the 12 months to the end of December, 2019.
Allergan has made Westport the 'Botox capital of the world' and the new accounts show that 75% or $2.4 billion of the company’s $3.22 billion in revenues last year came from the anti-wrinkle treatment, Botox.
The remaining 25% of sales came from eye care pharmaceuticals produced at the company’s Westport plant.
The revenues from Botox remained flat at $2.4 billion while the growth at the Westport site came from the 52% increase in sales of the eye care pharmaceuticals.
The US was the company’s largest market accounting for 67% of all revenues.
Westport is Allergan’s only Botox manufacturing facility across its global network and is one of the group’s largest production sites.
On the impact of Covid 19, the directors said that the company’s portfolio of medical aesthetic products has been most significantly impacted by the pandemic as the products are generally administered through elective procedures.
The company's parent, Abbvie has reported that global Botox cosmetic revenues decreased by 43% cent to $226 million for the second quarter of this year while global revenues of Botox therapeutic products declined by 22.3% to $297 million during the second quarter.
Last year, Abbvie announced its $63bn purchase of the Allergan group and the deal was completed this year.
Allergan first set up on a greenfield site outside Westport 43 years ago and it has provided a bonanza to the Co Mayo tourist town which according to the 2016 Census had a population of 6,198.
The success of the plant is crucial for the local economy and staff costs last year increased by 13 per cent from $82.9 million to $94.1 million as the numbers employed increased by 121 to 1,279.
Pay to directors last year totalled $1.14 million.
The directors state that the company has capital projects in progress to expand its production capacities to strategically position its manufacturing facility for the introduction of new products.
The company continues to operate its manufacturing facilities at or near normal levels.
In January of this year, Allergan Pharmaceuticals Ireland acquired the economic rights to Botox and other products from a connected company for $1 billion.
Shareholder funds at the end of last year totalled $410.5 million.