Wyeth Ireland, which produces 40,000t of infant formula, reported an 11% increase in sales last year.
ADVERTISEMENT
Wyeth Nutritionals Ireland, the Irish subsidiary of the multinational infant nutrition giant Wyeth Nutrition, saw pre-tax profits more than double last year to $337m (€286.5m).
Wyeth Ireland, which produces 40,000t of infant formula from its manufacturing site in Askeaton, Co Limerick, reported an 11% increase in sales last year to just over $650m (€553m). This was attributed to increased demand for its infant formula products from buyers in China.
Operating profits for the year increased 71% to $349m (€297m), giving Wyeth Ireland an extraordinary profit margin of 54% in 2016. However, this sharp increase in profits was due to the once-off sale of intellectual property rights which netted just over $100m.Once this exceptional income is stripped out, profits for the year stood at $247m (€210m). This left the business with a profit margin of 38%, which is still incredibly lucrative.
ADVERTISEMENT
The accounts show Wyeth Ireland paid $152,000 in dividends to its parent company at 2016 year-end.
Register for free to read this story and our free stories.
This content is available to digital subscribers and loyalty code users only. Sign in to your account, use the code or subscribe to get unlimited access.
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
CODE ACCEPTED
You have full access to the site until next Wednesday at 9pm.
CODE NOT VALID
Please try again or contact support.
Wyeth Nutritionals Ireland, the Irish subsidiary of the multinational infant nutrition giant Wyeth Nutrition, saw pre-tax profits more than double last year to $337m (€286.5m).
Wyeth Ireland, which produces 40,000t of infant formula from its manufacturing site in Askeaton, Co Limerick, reported an 11% increase in sales last year to just over $650m (€553m). This was attributed to increased demand for its infant formula products from buyers in China.
Operating profits for the year increased 71% to $349m (€297m), giving Wyeth Ireland an extraordinary profit margin of 54% in 2016. However, this sharp increase in profits was due to the once-off sale of intellectual property rights which netted just over $100m.Once this exceptional income is stripped out, profits for the year stood at $247m (€210m). This left the business with a profit margin of 38%, which is still incredibly lucrative.
The accounts show Wyeth Ireland paid $152,000 in dividends to its parent company at 2016 year-end.
If you would like to speak to a member of our team, please call us on 01-4199525.
Link sent to your email address
We have sent an email to your address. Please click on the link in this email to reset your password. If you can't find it in your inbox, please check your spam folder. If you can't find the email, please call us on 01-4199525.
ENTER YOUR LOYALTY CODE:
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
SHARING OPTIONS