Pre-tax profits at the main Irish arm of pharmaceutical firm, Teva slumped by 92% to $9.44m (€8.62m) in 2022.
Norton (Waterford) Ltd is one of the largest employers in the south east and accounts show that the company recorded the drop in pre-tax profits after revenues decreased by 31% from $822m to $564m.
Numbers employed at the Waterford company in 2022 increased from 656 to 697 that were made up of 497 in manufacturing and 200 in management, selling and distribution.
Staff costs decreased from $65.84m to $60m that included share based payments to $1.72m.
The pre-tax profits of $9.44m follow pre-tax profits of $121.34m in 2021.
The firm did not pay out any dividend in 2022 after paying out a dividend of $420m in 2021 and $387m in 2020.
The directors state that they consider the company's performance during the year and its year end position to be in line with business expectations.
A breakdown of company revenues show that the US is the firm’s largest market accounting for $343.7m - or 61% - of sales.
The firm recorded revenues of $60.67m here along with sales of $59.9m in the UK and $90m sales in 'Rest of Europe’. The company’s remaining sales of €9.6m occurred in ‘rest of world’.
The profit in 202 takes account of combined non-cash depreciation and amortisation costs of $109.25m
Directors’ pay totalled $1.03m made up of emoluments of $757,000; share based payments of $195,000 and $84,000 in pension contributions.
Pay to key management personnel totalled $3.74m that included salaries of $2.87m, share based payments of $522,000 and $351,000 in post employment benefits.
The company recorded operating losses of $1.93m and net interest payments received of $11.42m resulted in the pre-tax profits of $9.44m.
The firm incurred Research & Development charges of $42.42m net of R&D tax credit.
The directors state that the company is currently undertaking R&D into global respiratory products and is committed to maximising and sustaining long term growth opportunity for Teva Pharmaceutical Industries Ltd by bringing to the market respiratory products utilising dosage forms and delivery systems that best meet patients' needs.
The company recorded post tax profits of $1.2m after paying corporation tax of $8.17m.
At the end of December 2022, the firm had shareholder funds of $1.51bn that included accumulated profits of $184m.
