The Irish arm of bio-pharmaceutical giant Amgen has invested $407m (€353.3m) on capital expenditure on its Dun Laoghaire manufacturing facility over two years.
That is according to accounts filed by Amgen Technology Ireland UC which show that pre-tax profits at the firm increased by 10% to $824..43m for 2024.
The rise in profits at the US headquartered firm followed revenues increasing by 41% from $3.97 billion to $5.62 billion. In 2024, the Irish unit paid out a dividend of $283.2m.
The directors reveal that in 2024, the firm investment $224.2m on capital expenditure relating to the installation, construction and testing of manufacturing facilities at the Dun Laoghaire site and this followed a spend of $182.8m under the same heading in 2023 - a total of $407m across the two years.
The firm is continuing to invest at the south Dublin site as the company is expanding its workforce there by over 1,000 to a projected 2,888 by 2035.
The planned expansion over the next nine years is revealed in recently lodged planning documents with Dun Laoghaire Rathdown Co Council concerning plans for an additional 1,087 new car spaces made up of a six storey 853 space car-park and 234 surface car spaces.
Amgen is the current sponsor of the Irish Open which is being staged at US President, Donald Trump's Trump Doonbeg golf resort in west Clare in September.
The 2024 accounts also show that the company expects to recognise a $1 billion impairment loss for 2025 concerning its Otezla medicine being included in the US Medicare Drug Price Negotiation Programme.
The firm's Otezla is used in the treatment of psoriasis and a note attached to the accounts states that in a post balance event the US Centre for Medicare and Medicaid Services selected Otezla for inclusion in the Medicare Drug Price Negotiation Programme under the Inflation Reduction Act.
The note states that this was earlier than anticipated and is expected to result in reduced pricing and lower cash flows for the product in the US from January 1, 2027.
As a result the firm in March 2025 the company performed a discounted cash flow analysis and as a result, the company expected to recognise an impairment loss of circa $1 billion for 2025.
The accounts for 2024 show that profits were hit by a $1.2 billion non-cash amortisation charge on its intellectual property. Profits were also hit by net interest payments increasing more than four fold from $32.49m to $139.38m.
The company recorded a post tax profit of $717.6m after incurring a corporation tax charge of $106.82m.
Numbers employed at the south Dublin based unit increased by 78 from 953 to 1,031 in 2024 as staff costs from $138.35m to $160.37m.
Directors' remuneration rose from $1.25m to $1.74m.
Shareholder funds at the end of December 2024 totalled $4.8 billion that included accumulated profits of $2.27 billion.
Reporting by Gordon Deegan
