Irish arm of pharma firm Roche returns to profit after revenues rise almost 30%

The main Irish unit of Swiss-owned pharma giant Roche last year returned to profit after revenues increased by 29.5 per cent to €87.3 million. According to returns just filed with the Companies Office, they show that Roche Ireland Ltd recorded a pre-tax profit of €222,717 in 2011 after sustaining a €12.3 million pre-tax loss in 2010.

The plant at Clarecastle, Co Clare, returned to profit after revenues increased by €19.9 million – from €67.4 million to €87.3 million – in the 12 months to the end of December last. However, the filings disclose that in a post-balance sheet event, Roche Ireland booked a €14.4 million asset impairment charge relating to the Roche Group terminating all activities in May 2012 concerning the production of a new drug, Dalcetrapib.

Roche Ireland had acquired the assets in anticipation of the commencement of production of the potential blockbuster drug at its Clarecastle plant, and preparatory work was well advanced and planning permission secured by Roche for the facility’s expansion to cater for the production of the new “good cholesterol” drug to combat heart disease. However, arising from results of a late-stage trial, Roche decided to abandon the trials “due to a lack of clinically meaningful efficacy”.

A review of the Roche operations at Clarecastle followed the decision but the group re-affirmed its commitment to the plant, where 234 are employed.