Pharmaceutical company Newry Norbrook multiplies profits by six
Veterinary pharmaceutical company Newry Norbrook managed to more than six-fold profits in 2021 after regaining lost market share due to the Covid-19 pandemic.
He posted an operating profit of £ 28.4million this year, a jump from what he called ‘disappointing’ of £ 4.4million in 2020.
The company blamed the turnaround on its ability to overcome supply chain challenges and difficult operating conditions due to the pandemic.
He said he was on the right track for further strong growth in a buoyant veterinary pharmaceutical market.
“After returning to normalized supply levels, we sought to regain lost market share, working with our customers with whom we have close and strong long-term relationships,” said Liam Nagle, President and CEO from Norbrook. “Our teams have relentlessly supported the resumption of activity over the past year, while adapting to work under the Covid-19 protocols that were necessary to ensure a safe working environment. We are deeply grateful for the continued support of our employees.
He said investments underway in recent years have paid dividends with £ 12million invested in the past year alone.
“As we realize the benefits of our capital investments, with £ 75million invested over the past 6 years in manufacturing facilities, science labs and with our strong pipeline of new product launches, Norbrook is well positioned. for the future “.
The company’s turnover was also up, climbing 9% year-on-year to £ 231million.
Norbrook Laboratories was founded in 1969 by the late Lord Ballyedmond.
It manufactures medicines and other pharmaceutical products for animals at its bases in Newry, Republic, United Kingdom, Europe, United States, Africa, Australia and New Zealand for the sales worldwide, spending a considerable amount on research and development (R&D).
It invested £ 10million in R&D in 2021 to focus on developing new products.