Westport’s status as the global production capital of Botox was further enhanced last year as worldwide sales of the treatment from a local manufacturing plant increased by $1.25 billion (€1.14 billion) to a record $4.88 billion ($4.43 billion).
New accounts filed by Allergan Pharmaceuticals Ireland UC show that the Westport-based firm recorded a 14 per cent jump in pre-tax profits to $1.51 billion as it benefited from a global surge in the demand for Botox produced at the plant.
Hollywood stars and celebrities, Nicole Kidman, Cameron Diaz, Courteney Cox and Kim Kardashian have all admitted that they have used the wrinkle erasing drug, Botox in the past.
Allergan first set up on a greenfield site outside Westport 46 years ago, and it has provided a bonanza to the Co Mayo town and the north-west region.
The new accounts show that the company's overall revenues increased by 25 per cent or $1.1 billion, rising from $4.34 billion to $5.44 billion.
The Mayo plant is parent company Abbvie’s sole manufacturing facility for the production of Botox worldwide.
The accounts for Allergan Pharmaceuticals Ireland UC show that Botox sales increased by $1.25 billion or 34 per cent, rising from $3.63 billion to $4.88 billion as eye care pharmaceutical sales declined by 22 per cent from $716 million to $561.39 million.
Numbers employed increased by 127 from 1,210 to 1,337 in 2022 and the business’s contribution to the local economy is underlined with staff costs totalling $109.28 million last year.
The company’s largest market is the US accounting for 68 per cent or $3.25 billion in sales followed by Europe, Africa and the Middle East which account for 14 per cent of revenues at $742.4 million.
The accounts show that its revenues from the Asia Pacific region increased 13-fold from $43 million to $567 million while Latin America revenues increased from $5.96 million to $154 million.
The profit in 2022 takes account of combined non-cash depreciation and amortisation of $1.59 billion.
The accounts - signed off on November 16th - show that the business recorded an operating profit in 2022 of $2.27 billion and net interest payments of $753 million reduced the profits to $1.5 billion.
The business recorded post-tax profits of $1.32 billion after incurring a corporation tax charge of $190.72 million.
In 2022, staff numbers were made up of 656 in production, 349 in quality, four in administration and 328 under the heading of ‘indirect’.
Pay to directors totalled $1.39 million, which included emoluments of $1.33 million and $57,000 in pension contributions.
The directors state that the company has major capital projects in progress to expand its production capability and to strategically position its manufacturing facility for the introduction of new products.
At the end of December 2022, the company’s shareholder funds totalled $8.2 billion, which included accumulated profits of $1 billion.
Abbvie's $63 billion purchase of the Allergan group was completed back in 2020.
