Pre-tax profits at the main Irish arm of pharma giant Johnson & Johnson last year declined by 35% to €4.47 billion.
Accounts filed by Janssen Sciences Ireland UC show that profits decreased as revenues dipped by 2% from €11.6 billion to €11.39 billion.
During the year, the firm paid a dividend of €5.9 billion to parent firm, Janssen R&D Ireland Unlimited Company.
The pre-tax profits for 2024 of €4.47 billion follow pre-tax profits of €6.9 billion in 2023 where the firm's profits benefited from a €3.2 billion dividend from a subsidiary.
The Ringaskiddy registered company recorded post tax profits of €3.93 billion in 2024 after incurring a corporation tax charge of €544.13m.
This followed a corporation tax charge of €616m in 2023.
On business risks to the business, the directors state that the global geopolitical landscape continues to be unpredictable, with ongoing tensions that have the potential to disrupt markets and supply chains.
They state that "global trade tensions and tariffs could introduce new cost pressures, particularly on raw materials. These factors may put additional strain on business costs".
In a post balance sheet event, the directors disclose that on June 23 this year, the company proposed to make a distribution of €5.2 billion to the company's sole shareholder, GH Biotech Holdings Limited.
The firm recorded an operating profit last year of €4.7 billion and €206.3m in other finance expenses and €40.47m in net interest payments reduced the firm's profits to a pre-tax profit of €4.47 billion.
Numbers employed by the business last year increased from 1,188 to 1,309 and staff costs rose from €132.45m to €162.34m.
Pay to directors last year totalled €2.49m that included €396,000 for compensation for loss of office.
The principal activity of the company is the research, development, manufacture and commercialisation of pharmaceutical products for the treatment of various diseases. The firm also engages in the manufacture of biomedical products.
A breakdown of the firm's revenues show that €539m in sales were recorded in the Republic of Ireland, €5.4 billion in North America and €5.45 billion in EMEA.
The profit last year takes account of €913m in non-cash amortisation costs and €1 billion in Research and Development (R&D) costs.
The company had shareholder funds of €34 billion on December 29 that included accumulated profits of €6.1 billion.
The directors state that in a second post balance sheet event on June 23 a subsidiary named Janssen Irish Finance Unlimited Company proposed to make a €4.3 billion distribution to the company.
Reporting by Gordon Deegan
