Irish based pharmaceutical firm records huge profits

Pharmaceutical firm UCB Manufacturing Ireland have gained massive profits, chiefly arisen from the sale of the IP of its Parkinson’s disease drug.

New accounts show that the company recorded pre-tax profits of £461 million and revenues at the firm, previously Shwarz Pharma, rose from €114.6 to €136.35 million.

With the profit from the sale, alongside restructuring costs and fixed asset impairment, a net exceptional gain of €479.7 million was resulted in.

The directors’ report discloses a dividend payout of €175 and that employment numbers by the firm reduced from 124 to 120 last year.

The sale of the IP of Neupro was made to centralise the IP of UCB’s main products. The IP was thus sold to a connected firm in the UCB group. Neupro works as a skin patch which provides continuous drug delivery and efficacy for the treatment of Parkinson’s disease.

Last year the firm recorded after-tax products of €409.89 million after paying corporate tax of €51.9 million.

The Belgian-headquartered company's cash pile last year increased from €1m to €364.7m.