Pre-tax profits at main Irish arm of pharma firm Emergent Biosolutions increase by 41%

Pre-tax profits at the main Irish arm of pharma firm Emergent Biosolutions last year increased by 41 per cent to $186.5 million (€177.3m). According to new accounts filed by Emergent Operations Ireland Ltd, the company recorded the $55.5 million pre-tax profit increase from $131.9 million to $186.5 million after revenues rose by more than $100m from $271.77 million to €372.16 million.

The directors state that last year the company – formerly Adapt Pharma – paid out dividends of $110.5 million and made distributions of $27.4 million.

They disclose that in March of this year the firm paid a further dividend of $28.1 million to parent firm Emergent Biosolutions Ireland Ltd.

The firm last year recorded post-tax profits of $163.23 million after paying corporation tax of $23.27 million.

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The continued growth trajectory at the company helped to persuade US group Emergent Biosolutions part with $635 million in 2018 for Adapt Pharma that created a massive pay day for that amount for six Irish businessmen, including Seamus Mulligan.

Waterford entrepreneur and pharma industry veteran Mr Mulligan and his team invested €115 million to set up Adapt Pharma, and Mr Mulligan stood to gain $550 million from the $735 million deal that included $100 million being paid over provided that certain milestones are reached.

The soaring revenues and profits at the company is based on the company’s overdose rescue drug Narcan nasal spray that is being used in the battle in the ongoing opioid crisis in the US.

In 2014 the firm acquired the worldwide development and commercialisation rights for the Nazalone nasal spray product. It was fast-tracked by the US regulator, the FDA, and came on the US market in early 2016 just as the US raised the profile on an escalating problem with opioid drugs such as fentanyl.

In 2018 the drug came under the spotlight after it reportedly saved the life of singer Demi Lovato after an overdose at her Hollywood home.

Last year the company employed an average of 24 people, and staff costs increased from $4.7 million to $4.9 million.

At the end of December last the firm had accumulated profits of $123.28 million. Its cash funds increased from $7.6m to $11.6 million.

Last year globally Emergent Biosolutions recorded revenues of $1.79 billion.