PRE-TAX PROFITS at the Irish arm of global biotechnology company Genzyme last year increased by 30 per cent to €34.8 million as revenues reached almost €1 billion.

In accounts just filed, Genzyme Ireland Ltd show the increase came on a 24 per cent rise in revenues to €980.4 million in 2010. The company’s US parent has since been acquired by French pharma giant Sanofi.

Established in Waterford in 2001, its products and services are focused on rare inherited disorders, kidney disease, orthopaedics, cancer, transplant and immune disease and diagnostic testing.

The increase in pre-tax profits is due largely to a drop in interest payments. The company paid €8.3 million in taxes last year. In 2009, it received a tax credit of €1.9 million.