Pay to directors at the main Irish subsidiary of Covid-19 vaccine maker, AstraZeneca increased four-fold to $12.98 million (€12 million) in 2021.
New accounts for the Dublin based Alexion Pharma International Operations Ltd (APIO) show that it recorded pre-tax losses of $101.42 million in 2021.
The pre-tax loss of $101.42 million followed a pre-tax profit of $1.42 billion in 2020.
In 2021, revenues at the business increased by 9 per cent from $5.17 billion to $5.64 billion.
The firm operates facilities at Blanchardstown in Dublin and in Athlone and numbers employed here in 2021 increased from 633 to 762. Staff costs totalled $118.3 million.
The APHIO business is to extend further here with plans for a $360 million manufacturing plant currently before Fingal County Council.
AstraZeneca completed the $39 billion purchase of Alexion’s global operations in July 2021.
The directors state that post acquisition by AstraZeneca, the Irish unit “remains a key manufacturer and distributor as part of the Rare Disease Unit of the parent”.
The directors state the company continued to operate successfully in 2021 and received regulatory approval for drug substance facilities in Dublin and Athlone in 2021 and 2022.
Pay to directors increased by 313 per cent from $3.13 million to $12.98 million made up of emoluments of $2.45 million, $10.44 million under long term incentive schemes and $84,000 in pension contributions.
Nine directors served during the year including ceo of Astra Zeneca, Pascal Soriot who was appointed to the board on August 1st 2021. The firm added three new directors last year and a note states that seven of the directors are paid by a fellow company.
The AstraZeneca 2021 annual report disclosed last year that Mr Soriot’s 2021 pay package totalled (sterling) £13.85m.
A large factor behind APIO recording a loss in 2021 was it making a $775 million payment to Roche owned Chugai Pharmaceutical Ltd to settle a legacy 2018/19 patent infringement case.
The payment was made in the second quarter of 2022 but the $775 million payout appears as a charge in the 2021 accounts.
The firm recorded a loss after its non-cash amortisation and impairment of intangible fixed assets increased by $687m from $1.775bn to $2.462bn.
The firm’s R&D costs also increased by $256 million from $793 million to $1.049 billion while intercompany charges totalled $538.3 million.
At the end of December 2021, the firm had shareholder funds of $3.07 billion. The company’s cash plunged from $796.5 million to $41.38 million.
