Profits double at Loughrea pharma company

Galway Daily news Chanelle Pharma to create 60 new jobs in Ballinasloe

The Loughrea based pharma company Chanelle Pharmaceuticals Manufacturing saw its pretax profits more than double to €2.72 million last year.

The Irish Times reports that newly filed accounts from the pharma giant showed a 144 increase in profits before tax in the financial year ending in April 2018.

Employee numbers at the Loughre based company also rose by 39 people last year to a total workforce of 281.

Chanelle is a privately-owned pharma company that specialises in generic pharmaceutical products, working in human and animal genetics to create products to go on the market once patents expire.

It currently hold over 1,700 animal health licences registered in the EU, more than any other company, with a further 500 registered globally.

In human medicine, the Chanelle Group hold 800 medicine licences around the world.

The increase in profits at the Chanelle Group, founded by Loughrea native Michael Burke, comes as revenues grew by 16 percent in the same period to €45 million.

Chanelle expects to add hundreds more jobs in Loughrea with the addition of a new manufacturing facility starting construction this year.