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Pre-tax profits at AbbVie’s global production facility for Botox, in Westport, last year declined by 27pc to $1.1bn (€1.04bn).
New accounts filed by Allergan Pharmaceuticals Ireland UC show that the Westport-based firm recorded the reduction in profits as revenues declined by 4pc from $5.44bn to $5.23bn.
Hollywood stars and celebrities Nicole Kidman, Cameron Diaz, Courteney Cox and Kim Kardashian have all publicised their use of the wrinkle-erasing drug Botox in the past. Allergan first set up on a greenfield site outside Westport 47 years ago, and it has provided a bonanza to the Co Mayo town and the north-west region. The company continued to expand last year as numbers employed increased by 15pc from 1,337 to 1,533, and the business’s contribution to the local economy is underlined with staff costs totalling $128.
82m last year. The Co Mayo plant is AbbVie’s sole manufacturing facility for the production of Botox worldwide. The accounts for Allergan Pharmaceuticals Ireland UC show that Botox sales decreased by 3pc from $4.
88bn to $4.74bn as eyecare pharmaceutical sales declined by 12pc, from $561.39m to $492.
9m. The company’s largest market is the US, accounting for 70pc or $3.64bn in sales, followed by Europe, Africa and the Middle East, which account for 15pc of revenues at $771m.
The profit in 2023 takes account of combined non-cash depreciation and amortisation of $1.59bn. The accounts – signed off on October 23 – show that the business recorded an operating profit in 2023 of $1.
69bn, and net interest payments of $582m reduced the profits to $1.1bn. The business recorded post-tax profits of $968m after incurring a corporation tax charge of $143.
14m. In 2023, staff numbers were made up of 594 in production, 372 in quality, four in administration and 563 under the heading of “indirect”. Pay to directors totalled $1.
055m that included emoluments of $1.01m and $41,000 in pension contributions. “The company has major capital projects in progress to expand its production capacities and to strategically position its manufacturing facility for the introduction of new products,” the directors state.
At the end of December 2023, the company’s shareholder funds totalled $9.17bn, which included accumulated profits of $2bn. A note attached to the accounts under “contingent liabilities”, states that the company has a contingent liability up to $9m which relates to a capital grant from IDA Ireland, whereby the grants received become repayable if certain terms and conditions of the grant agreement are not met.
The sales of Botox have continued to increase in 2024. AbbVie recently reported that Botox sales – made up of cosmetic and therapeutic – total $4.44bn for the first nine months of this year.
The Botox sales were made up of Botox Cosmetic at $2.03bn to the end of September, and Botox Therapeutic, which amounted to $2.4bn for the same period.
AbbVie recently stated that following Food and Drug Administration (FDA) approval in the US, Botox Cosmetic is the first product with four aesthetic indication areas: forehead lines, frown lines, crow’s feet lines, and now platysma bands, making it the first product of its kind to go beyond the face..
