Sanofi-based subsidiary Genzyme Ireland Ltd recorded the surge in profits as revenues increased by 14pc from €1.57bn to €1.78bn, new accounts show.
Sanofi bought Genzyme’s global business in 2011 and has since invested more than €700m in the Waterford facility.
Pre-tax profits of €308.29m last year follow a €169.22m result in 2022.
The directors state Genzyme’s turnover and profit increased due to the profit mix and transfer prices across the group.
Underlining the importance of Genzyme to the Waterford economy, staff costs at the firm last year increased from €80.26m to €90.15m including share-based payments of €1.21m.
The firm employs: 334 in manufacturing; 295 in quality, research and development; 131 in administration; 77 in engineering and 68 in materials.
It recorded post-tax profits of €270.9m after incurring a corporation tax charge of €27.38m.
Established in Waterford in 2001, Sanofi Ireland is a primary distribution centre for many of the firm’s major treatments.
Its products and services are focused on rare inherited disorders, kidney disease, orthopaedics, cancer, transplant and immune disease, and diagnostic testing.
The firm also provides debt-financing services to other Sanofi group entities.
Its revenues were generated by €1.6bn in pharma sales and interest received from group undertakings amounting to €186.9m.
The firm’s spend in research and development last year increased from €11.25m to €13m. Non-cash depreciation costs totalled €31.89m. The profit also takes account of foreign exchange difference losses of €2.98m.
Payments to directors increased sharply from €321,000 to €479,000 due to an increase in board numbers with remuneration made up of €440,000 in emoluments and €35,000 in pension payments.
The shareholder funds of €8.72bn includes accumulated profits of €1.11bn.
Underlining the firm’s planned continued expansion, the directors had authorised, but not contracted for, capital commitments of €103.15m at the end of last year and contracted for capital commitments of €14.57m.
Site head at Sanofi Waterford is Kilkenny native Amy Brennan.
Ms Brennan – appointed to the board in January last year – leads one of the largest private employers in the south-east where employee numbers increased from 869 to 905 across 27 different nationalities.