Pre-tax losses at the main Irish unit of eye care product firm Bausch + Lomb increased by 4.5% to $959.7m (€925m) in 2023.
Accounts recently filed by Bausch + Lomb Ireland Ltd show that pre-tax losses increased as revenues rose by 15% from $1.938 billion to $2.22 billion.
The pre-tax loss of $959.7m follows pre-tax losses of $917.77m in 2022.
The pre-tax loss takes account of non-cash amortisation costs of $873.59m and non-cash depreciation costs of $28.8m.
The loss also takes account of an increase in research and development costs for $827.82m to $873.59m.
The company recorded an operating loss of $700m and interest payments of $259.8m added to the losses.
It received a corporation tax credit of $106.69m which resulted in a post tax loss of $853.02m.
The directors state that they consider the financial position as satisfactory.
On the company's future developments, the directors state that the company expects to be in a position to continue to increase its eye care sales through continued growth and strengthening of relationships with its customers.
The business expanded during the year as the company in September 2023 purchased from Novartis, XIIDRA, the first and only non-steroid eye drop specifically approved to treat the signs and symptoms of dry eye disease focusing on inflammation associated with dry eye.
The deal has cost Bausch + Lomb $1.75 billion in an upfront cash payment and potential milestone obligations of up to $750m.
Staff costs increased from $121m to $125m. Directors' pay increased from $1.68m to $1.8m made up of $1.7m in emoluments and $103,000 in pension contributions.
The accounts show that the US was the company's largest market accounting for 62% or $1.38 billion in sales while Netherlands accounted for $276.7m in sales with Japan accounting for $125.67m in revenues. The company recorded Irish revenues of $3.6m.
Numbers employed declined from 1,594 to 1,577 - made up of 1,304 in production, 237 in administration and 36 in selling and distribution.
In a post balance sheet event, the company received a capital contribution of $161.77m.
At the end of December 2023, the company had shareholder funds of $1.74bn. Cash funds increased from $19.9m to $38.75m.
Reporting by Gordon Deegan
