Allergan's Westport Botox plant makes $1.5 billion profit due to record sales of Boto | ABBV Message Board Posts


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Msg  720 of 729  at  12/1/2023 12:56:42 PM  by

jerrykrause


Allergan's Westport Botox plant makes $1.5 billion profit due to record sales of Boto

 Pharma & Healthcare Monitor Worldwide
 

Allergan's Westport Botox plant makes $1.5 billion profit due to record sales of Botox

 

Westport's status as the global production capital of Botox was further enhanced last year as world wide sales of the treatment from a local manufacturing plant increased by $1.25 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% jump in pre-tax profits to $1.51 billion (1.37 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 company overall revenues increased by 25% or $1.1 billion, rising from $4.34 billion to $5.44 billlion.

The Co Mayo plant is parent 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%, rising from $3.63 billion to $4.88 billion as eye care pharmaceutical sales declined by 22% from $716m to $561.39m.

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 $109.28m last year.

The company's largest market is the US, which accounts for 68% or $3.25 billion in sales followed by Europe, Africa and the Middle East which account for 14% of revenues at $742.4m.

The accounts show that its revenues from the Asia Pacific region increased 13 fold from $43m to $567m while Latin America revenues increased from $5.96m to $154m.

The profit in 2022 takes account of combined non-cash depreciation and amortisation of $1.59 billion.

The accounts - signed off on November 16 - show that the business recorded an operating profit in 2022 of $2.27 billion and net interest payments of $753m reduced the profits to $1.5 billion.

The business recorded post tax profits of $1.32 billion after incurring a corporation tax charge of $190.72m.

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 $1.39m that included emoluments of $1.33m 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 companys shareholder funds totalled $8.2 billion - including accumulated profits of $1 billion.

Abbvie's $63 billion purchase of the Allergan group was completed in 2020.

 


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